A new forex trader may be tempted to use a mini account with their automated forex software. These are real direct accounts that use a tenth of the size of standard accounts. These days they can meet any broker.
A new trader has many options:
1. Use a standard account and trade directly, using between standard 1000 and and 5000 from the beginning. Obviously, this is not the best way to learn.
2. Start trading directly in a Money Forex account. You usually need 250 for these accounts but you can find brokers that will get you started even lower.
a. Start with a demo account where you are acquiring trading skills without any real money cost, then when you are making a steady profit, your capital reserves and money or full depending on your strategy. Convert to a size brokerage account. .
Disadvantages of Money Trading Account and Online Forex Software
When you trade in small lots, you have to pay more to the broker in commissions. Your benefits will be eaten up further. This can affect you in the long run, whether it is a profit or a loss. Therefore, it is recommended to run a mini account as long as you do not have sufficient funds to convert to a standard account.
Whatever your choice, just remember to risk forex trading, like all investments that promise high returns in the short term. Only risk losing money.
Also, you need to choose the best Forex software. This is a must have, for any Affiliate, promoting any program. A good forex robot will mean that you are always familiar. You don’t have to be in front of your PC during the day. The robot will take care of the technical analysis for you and enter and exit the trade. It will be very difficult if you do not work. All other merchants use the software so if you decide that you have no real loss.
#Disadvantages #Forex #MiniAccount
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