Forex micro lot demo account
The Forex account types you trade will affect how you first protect, and then grow that capital. A trader wishing to open a new account can generally choose between 3 types of Forex accounts: Standard, Mini, and Micro Nano.
These accounts differ in provided leverage , and, depending on the broker, different minimum deposits required to open that account. Most frequently opened is a Standard Account. It's important to note that just because you have a standard trading account doesn't mean that you are required to trade with one lot size, you always have the option to use lower lot sizes.
As you probably guessed, a Mini Account allows you to trade with a mini lot size. A Micro Nano Account reduces the potential loss even more; it is one-tenth of a Mini Account, though it is not offered by all brokers. For new traders not familiar with trading, a Micro Account or demo account would be a good option to start with. Standard lots are for institutional sized accounts. This is where things can happen in a hurry… good or bad. So just be carful, consistent, and disciplined.
Moving down in lot sizes are mini lots. For many traders our there, these sized lots make a lot more sense. A mini lot is 10, units of your account funding currency. If you are a beginner and you want to start trading using mini lots, be well capitalized. A micro lot is a lot of units of your accounting funding currency.
Micro lots are very good for beginners that need to be more at ease while trading. However, there are dangers associated with managed forex account. While some investors may diversify their portfolio by opening trading accounts with different managed forex traders, some people are simply convinced that they can open a managed forex account and allow someone else to trade it on their behalf.
That can happen and there are a few good traders out there with great results. However, finding these traders is a difficult task. If you are looking to open a managed forex account, I will advise you to do your due diligence. If you are not convinced, don't do it. Take little baby steps and learn forex trading yourself.
To continue your forex trading education, now that you know the different kinds of forex trading accounts available to you, please head back to Forex Trading Tutorial. You can also continue your studies with the topic Pivot Points Are you new to forex trading, then I strongly recommend the course Beginning Forex Trader. This course comprised of clearly laid out video and audio designed to take you from A-Z of Forex Trading. You will learn everything you need to know to start trading the Forex the right way.
Forex Demo Account This is a free practice account that you can open with any forex broker. It is very important that you use this forex demo account in the beginning, until you become comfortable with how the forex market really works. You need to open a free forex demo account. As part of your forex education, you will be using your free demo account to test and implement what you learn from this forex tutorial.
There are many brokers who will allow you to demo trade for only 20 days, while others will allow you to trade for 30days. You can always open a new demo account. But I love to follow my test trades for at least six months. So if you like a practice account that does not expire then open your demo account here Forex Micro Account A Forex Micro Account is meant for traders new to online currency trading.
I will strongly advise against this if you want to stay in the game for long. Let me explain why.