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Forex Mini Account - Am I Eligible?If you were just learning about Forex Markets a good idea for you would be what is called the Forex mini account. The mini account is also great for those who want to start off with a fairly low investment. A mini account can be opened with only...
Online Forex Trading - Making Money Has Never Been Easier
In the past most, if not all Forex trading was limited to banks and huge financial institutions and would have benefited a lot from online trading. Lately however, with the increase in the availability of the Internet, web-based Forex trading has...
Quality Forex Education Resources
Forex education is available for those interested in learning to trade foreign currencies. An individual can learn forex trading on select forex websites and from downloadable software. Books, CDs and traditional software packages are available on...
Successful Online Forex Trading With A Mini Forex Account
Forex trading is one of the most highly considered occupations for many persons looking for an income generating activity that will allow them to set their own hours and live where they please. This thanks to its great advantages over other income generating occupations and its high profitability potential; among these advantages you will find that forex is extremely easy to access thanks to the internet; and also you will notice that forex has a high liquidity along with a high leverage.
Additionally there exists a great feature in Forex trading for those that are just starting and learning the ropes of this activity. There is something called, a Mini Account, and it uses a different leverage calculation than a regular account. This is, instead of trading full-size currency lots (100,000 units), you'll trade small lots that are just 1/10 the size (10,000 currency units), which will greatly reduces your risk. Pips in a Mini Account are worth, on average, $1 instead of the $10 value they regularly worth in a regular account. The Mini Forex account offers up to 200:1 leverage, this means that just a $50 margin deposit will allow you to trade lots worth roughly $10,000 , but the smaller lot sizes, with correspondingly smaller pip values, means that you'll be assuming less total risk.
In short these are the characteristics of
a Mini Forex account:
- Minimum required account deposit = $300
- Recommended required account deposit = $2,000
- Traded in 10,000-unit currency lots
- Default Margin: set at 0.5% ($50 per mini-lot)
- Leverage = 200:1
Thought you’ll be trading a mini account, you will be still enjoying all the benefits that full-size forex account holders enjoy; including, same state-of-the art trading software, charts, resources, etc. As mentioned earlier, these mini accounts are ideal for new Forex traders because they will be able to develop a disciplined, rational forex trading strategy without excessively focusing on profits and losses.
Also there is no maximum trade volume when you use a mini account. Although the standard trade size is 10,000 units, you are not limited to trading one lot. You can trade many lots at once. For instance, you can trade 10,000 units, 50,000 units or 200,000 units. So, if you want to start Forex the right way you should seriously consider opening a Mini Forex account first and start building your Forex trader career from there.
You can learn how to trade EUR/USD, USD/CAD, GBP/USD or any other major currency pair the right way. You can find more information here:
=> http://www.1-forex.com/FX/5
Written By: Adrian Pablo
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