Forex Mini Trading is the right way of starting to know more about the Forex market. It helps to learn about money management because you are trading with your money but it is not sufficient money which causes lot of tension. Forex mini trading helps the trader to learn two lessons which are very essential for the traders. The first is money management and how to manage stress when it occurs while trading. You have to understand certain things when your considering opening a Forex mini trading account.
Generally Forex mini trading accounts will be opened by new traders who have sufficient funds to open a real account. You can open a Forex mini trading account with 50 dollars to 300 dollars but real account needs you to have 2,500 dollars to open it. In the mini account, the minimum trading size is about 10,000 for single contract but the lot sizes for real account is about 1,000,000. The little size offers the traders the chance to trade with small amount of risk.
Most Forex brokers have the same amount of currency pairs available which are EUR/USD, USD/CHF. GPB/USD, USD/CAD, AUD/USD. When you have 200 dollars in the mini account and if your broker provides 100:1 leverage, you can be able to trade about 20,000 dollars in the market. You have to use the leverage with caution, because it gives the opportunity to gain profit as well as loss, but with a Forex mini trading account, you can get only up to 1/10th the size. By having a Forex mini trading account, you can receive the same kind of informational perks like you would with a regular trading account. You can use charts, trading platforms, spreads, market analysis, customer service and more. By trading with a mini account, a 20 pip floating loss is about 20 dollars, so the trader can lose only a little amount, but it will be easy if you follow a disciplined strategy while trading. Learning and executing a good disciplined strategy are the main factors for success in Forex Mini trading accounts.
A Forex mini trading account will help you to test your trade performing time, spread movement, and services. To get a real account experience, you can use the software for trading. You have to consider all the transactions seriously as it was on a real account. With the help of broker, you can do your trading effectively but finding the right broker is important for your trading. Only with the help of Forex mini trading account, you can check the trading performance. It will help you to understand what will work and what does not work in the Forex market. You have to follow a quality system by choosing them. You have to apply the same in to your Forex trades and check whether it can be continued if you invest big amount in the Forex trading. A Forex mini trading account provides larger benefits to the traders and it was designed to help the beginners who are finding difficulties to invest a big amount of money in the Forex market.
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Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology by Brett Steenbarger.
Technology has changed how we trade the Forex so some details may be useless in older books.
Let me know what you think of the books I’ve included in the list and
if you think I left any out in the comments below.