base. As a result, they would instantly decline to entertain any
proposal to start trading in forex, preferring to remain with trading
stocks and shares which is more affordable. This is simply not true,
because in forex trading, you can start off with minimal capital when
you utilise a forex mini account.
There are four main advantages of a Forex Mini Account.
1. Low Minimum account size
$300 will allow you to start a forex mini account. This is affordable
for most people to start off with in forex trading. When you consider
forex trading as a business, there are very few businesses costing
only $300 as a startup capital offering lucrative prospects of
earnings within a very short time.
2. High leverage
You can get leverage of 200:1 In the mini forex account, there is a
small margin deposit required fixed at $50 for per lot traded. This
amounts to a stunning leverage of 200 to 1. One of the key factors to
accelerate profits is to use trading vehicles of high leverage, and a
forex mini account certainly meets or fulfils the definition of high
leverage.
3. One pip is equivalent to $1
Trading in pips allows the new forex trader to scale down his risk.
With such a low denomination, the trader is able to deal with forex
trading with less pressure and more discipline. For example, a 20-pip
floating loss is approximately $20, so that if you have a 20-pip
sudden move against the direction of your trade on a 100K account,
that is translated into a $200 floating loss. In every transaction, by
using a Mini account, the trader does not end up with a total loss as
he loses only a small amount on every losing transaction. This allows
him to follow his trading strategy in a disciplined manner.
4. A smaller trade size
The mini forex account trades in smaller contract sizes of 10,000
units which is 1/10 th the size of the standard account. This smaller
trade size allows traders an opportunity to trade live with less
overall risk. As a result, a beginner can transit or move into forex
mini trading quickly from paper trading. While the standard lot is
10,000 units, the beginner trader can increase trading to more lots or
units as he gains experience and confidence, and as his profits
increase as a result of disciplined trading.
One hidden benefit of trading the mini forex account is that traders
can become familiar with the quality and also the reliability of the
forex trading platform or trading station of his broker. This is
because the forex mini account utilises the same state-of-the art
trading software as that for normal sized forex trading.
Mini accounts are recommended for traders with account balances of
less than $10,000, allowing them more trading opportunities without
over leveraging their account and hence get more staying power in the
market.
We will discuss how you can exploit these features of a forex mini
account to your advantage in Part #2 of this article so that it is
easier to earn a consistent income trading on low capital and lower
risk.
Building Wealth in Forex with Only 10 Minutes a Day!: http://w10minfx.imunity.com/
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