Excerpt from: Forex Training
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| October 30, 2009 | | Trading with a mini forex account | There are different types of forex trading account, but the mini forex account can be a great way to get used to the movements of currency trading -- without needing a lot of capital.
A mini forex account is one that requires smaller amounts of money. Instead of needing $2,500, as with a regular forex trading account, you only need to $250 to open a mini forex account. However, the lot sizes are also smaller: 10,000 for a mini account vs. 100,000 for a regular forex account.
This means you are using less money. While you get the same leverage, your gains (as well as your losses) will be smaller than if you use a standard forex trading account.
A mini forex account still has risks, though. You can still lose a great deal of money, and you should be sure that you understand what you are doing. But a mini forex account can be a good step when you are done with your practice forex account and ready to start trading with actual money.
| Topic Tags: forex account, forex trading, mini forex, mini forex account, practice forex, practive forex account, trading account | |
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