Mini Forex Trading Part #2 - How You Can Instantly Benefit to Create A Consistent Income Trading Forex
If you are a forex trader, and you want to start off by learning the important aspect of disciplined trading and honing your skills in following your trading methodology, then what you need is a mini forex trading account. By using a mini forex trading account, you can concentrate on your trading methodology and strategy without being too distracted with profits and losses.1. Moving from Paper Trading to Mini forex Trading
The mini forex trading account is perfect for you to transit from a paper trading environment into the real world of trading. In any normal situation, as a beginner, you will probably have started to learn to trade using a demo account, where losses and gains are all make belief. This is called paper trading. Once you have gone into consistent profits by using your trading methodology with trading the demo account, you will then be ready to move into the real world of trading. However, as you will want to have less risk, a mini forex trading account will be suitable for you.
2. Characteristics of a Mini forex trading account
The mini forex trading account carries the same benefits of full size normal trading accounts, but the main difference is the contract sizes in both accounts. With mini forex trading accounts, the contract size is based on 1/10th the size of the standard account. This means the capital for opening a mini Forex account is much less and you would require around 100 to 300 dollars. For a mini forex trading account, one PIP is equivalent to one dollar for EUR/USD and GBP/USD currency pairs, as a comparison.
3. Leverage in mini forex trading accounts
The leverage in the mini forex trading account is very attractive, and is around 200 to 1. In any trading account, you are using the principle of leverage. In the mini forex account, there is a small margin deposit required fixed at $50 for per lot traded. This amounts to a stunning leverage of 200 to 1 (10,000/50 = 200)!
Author : http://1forex-trading.blogspot.com/
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