Forex mini Account
If you are new to forex trading, start with mini account.
This is what I am doing, you can open an account with just USD300 for a lot size of USD 10,000
You start with one lot i.e. USD100 margin required for USD10,000.1 pip value=USD1.00
My target profit is 100 pips per week, my maxmimum risk per trade is 20 pips, target profit per trade is 30 pips
As I increase my account balance to USD 500, I may trade 2 lots and you can increase the no. of lots as you increase your balance.Do not be greedy, evaluate your skills as you go along.
When your acount grows to USD 10,000, you can open a regular account with a minimum amount of USD2000.For USD1000 your lot size is increased to USD100,000
You can remain with mini account as long as you are comfortable with it but the reward is not as exciting if you do not play the regular account.
Forex is rewarding but at the same can kill you, There is a lot to learn and don't be fooled by greed.
This is what I am doing, you can open an account with just USD300 for a lot size of USD 10,000
You start with one lot i.e. USD100 margin required for USD10,000.1 pip value=USD1.00
My target profit is 100 pips per week, my maxmimum risk per trade is 20 pips, target profit per trade is 30 pips
As I increase my account balance to USD 500, I may trade 2 lots and you can increase the no. of lots as you increase your balance.Do not be greedy, evaluate your skills as you go along.
When your acount grows to USD 10,000, you can open a regular account with a minimum amount of USD2000.For USD1000 your lot size is increased to USD100,000
You can remain with mini account as long as you are comfortable with it but the reward is not as exciting if you do not play the regular account.
Forex is rewarding but at the same can kill you, There is a lot to learn and don't be fooled by greed.
posted by Langat at 2:09 AM
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