Forex Mini & Micro Accounts

Discussion in 'Forex Education' started by FXexpert, Jan 6, 2009.

  1. FXexpert

    FXexpert Master Trader

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    This Article Can Be Found At: Forex Secrets Blog

    Many of the most trusted brokers offer Mini & even Micro trading accounts for new traders who want to learn the ropes of trading Forex without having to risk a large investment to do so. Mini accounts are live trading accounts in which a trader can deposit a small sum(generally $50-$250 minimum), these accounts allow traders to learn trend following techniques, try signal services & other trading software and, most importantly, gain experience in a real time trading situation.

    It's proven that brokers which offer Mini trading accounts attract more new traders, are usually more trustworthy and have an easier time getting larger deposits from traders who once had a Mini account(traders who learned the basic of Forex & decided to make a larger deposit into their account).

    Whether you're a new trader or an experienced Forex guru, look for a Mini account option when choosing a broker, it could be the difference between success & failure.
     
  2. andy003

    andy003 Master Trader

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    Its most judicious to start trading through mini or micro accounts.Better still to paper trade or demo trade.

    Demo trading helps traders practice with live market data while the money is only unreal.
     
  3. effx

    effx Active Trader

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    Of course it's better to paper trade first but when you start live trading, it's better to start with mini or micro account depending on your amount because if you start with standard right away, you're risking too much.
     
  4. Karl Strauss

    Karl Strauss Active Trader

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    ECN markets

    Hi forum:
    I think micro accounts are the best way for beginners, obviously after some time practicing with a demo account. You should use ECN markets, are less risky.
    Karl Strauss
    Economist
    Harvard University
     
  5. ForexTrader

    ForexTrader Master Trader

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    I believe mini accounts are best for beginners.
     
  6. ForexVillage

    ForexVillage Active Trader

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    I agree - you shouldnt trade a large account until you can prove to yourself that you are a profitable and successful trader.
     
  7. RockFX

    RockFX Active Trader

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    Hi
    Try ****** for mini accounts. They also have the biggest choice of online trading platforms in the world.
     
    Last edited by a moderator: Feb 20, 2009
  8. onlinestock

    onlinestock Active Trader

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    I dont know exactly what will work for me, I need suggestion over this. Can anybody give me? I have recently invested $1000 in forex. How helpful is this? Please advise.
     
  9. Enivid

    Enivid Administrator Staff Member

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    With $1,000 I'd recommend only mini Forex trading.
     
  10. FXexpert

    FXexpert Master Trader

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    I recommend starting with a demo account before making any real deposit if you're a new trader.
     
  11. pipmanager

    pipmanager Active Trader

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    couldnt agree more with FX expert.. mini/micro accounts only if equity is sub 1000!!!. anything else and i give you five minutes in the market... i know sounds harsh but its the pragmatist in me talking.
    a mini account has the added benifit of feeling real market emotions over demo trading.. i recomend demo to check your technical skills and the a micro/mini account to profile yourself pschycologically..(bad spelling)...thats how i started... though a few years back brokers were not quite up to the mark with offering such accounts when they realised there was demand the stepped up..
    check these guys out on google WSD Global Markets... perhaps try live support cause i know they offer mini/micro accounts but not sure if website has mentioned it. no slippage on the trades with these guys..
     
  12. FXexpert

    FXexpert Master Trader

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    I would like to try them out on a mini or demo as well, do we know what country they're regulated in ?? They're history and reputation ??
     
  13. devis77

    devis77 Active Trader

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    I agree 100% that you SHOULD open a demo account a step into the "real" deal only after you had some positive experience. Getting income some a noticeable amount of time, the problem is that no matter how hard you try, you will never get the same experience, feeling and conditions as live.
    I traded demo mostly to learn the platform in details, then started live with micro account and begin with a loss.
     
  14. nalu

    nalu Confirmed ProfiForex Representative

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    Mini account in forex requires small amount of capital as little as $250 to get started. With mini account a trader can customize the trade and and have greater control of risk . Mini account is mostly ideal for beginners.
     
  15. Rambo35

    Rambo35 Confirmed PaxForex Representative

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    I do agree with you that new traders should use a mini or micro trading accounts for their learning and getting experience. In my opinion this is the only good way for developing working trading strategy. All those who think that they can learn from demo account they are just wasting their time.
     
  16. triplet

    triplet Active Trader

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    A mini account is ideal for beginners because you can deposit little amount of money and it can be easily managed there by reducing the amount of money at risk.
     
  17. fxapex

    fxapex Active Trader

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    mini or macro accounts are good for new traders although they can get the market experience by opening a demo account too.
     
  18. evaa.soraya

    evaa.soraya Banned

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    Mini and micro accounts??
    Is mini smaller than micro account??. I do not know what is mini account
     
  19. joescholz

    joescholz Banned

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    The two accounts are virtually the same, the major difference is the minimum capital base needed for starting each of the accounts. For micro account, you need very little amount to start up, as low as $1 for Profiforex and similar platforms or $5 for Oanda; while mini account, you may need up to $1,000 to maintain the account.
     
  20. FlexiPip

    FlexiPip Banned

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    Sure demo account is first step. But when u start real one its better to choose Micro. I did it.
     

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