From Good Hands

The smaller version of the normal Forex account is the squeezed-down Forex mini account. The minimum amount needed for forming an account is $2000 for the standard account. A mini account can be opened with as low as $400.

Mini accounts involves what are recognized as “mini lots”. For a Standard FX account, the pip value is $10 meaning if the market moves advantageously for you in say 100 pips then you would make $1000. Your pip value for a mini account, though is $1 and if the market moves 100 pips in your way your profit would be $100.

If you seek a smaller account, there is even a “micro account”. A micro account may be opened for as low as $25. If the market goes 100 pips in your way in this type of account your profit would be $10.

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The mini and micro accounts are used by beginner traders for their preference. While demo accounts that want no money for trading are on hand, mini accounts have a value all their own.

That goal is that you will be transacting with real money. Using it grants you to trade in a manner that will resemble your trading behavior in the event that you settle to open the standard FX account.

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In case of a Demo account, having no bona fide money means no concrete risk. Therefore this play money is not really traded thoughtfully. This is the reason so many novice Forex traders do fascinating things in their Forex demo account but then do awfully when trading with real money in a standard account.

Your task while trading your Forex mini account is to sharply imitate what you will do when you step up to a standard account. Its an actual trading scenario that will sync your skills while approving to risk just a minor sum of money.

Make certain that you manage your mini account with the same level of respect and risk control that you will use with your standard Forex account. The end result would be successful FX trading by engaging the applicable discipline levels.

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Finally, when you are content with your percentage of earnings on your mini account, you can then elevate to the standard account knowing that you now possess the skills vital to succeed.

Disclaimer: Currency trading is high-risk, may result in substantial losses, and is not appropriate for every person.

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