Forex Mini Account – A Forex mini Account the same as the standard account, except it allows the trader to trade mini lots. Mini lots are 1 tenth of the size of a standard lot.
If we refer to the same example above of the long GBP/USD position, but instead use 1 minilot instead of 1 standard lot, we would be buying $10,000 GBP and selling dollars. Minilots are essential for traders will a smaller account balance.
Most brokers now offer traders the opportunity to open a mini account. For most forex trading strategies, a mini account is suitable for account balances over $10,000. Do not be fooled by brokers allowing you to open a mini account very small amounts.
Nearly all these accounts end disastrously in a margin call. A mini account is often suitable for new and experienced traders alike.
No comments:
Post a Comment