For any aspiring forex trader there are a logical progression from a demo/sim account to a mini forex account, and then later on when you have millions of dollars – a regular forex trading account.
A mini forex trading account is also a very good way to make the transition from “monopoly” money to real money. You can get used to the psychological effect of trading with real money without losing an arm and a leg if you have a losing trade.
A mini account is also a very good way to control you risk if you are starting out with a relatively small account.
It astounds me if I here about forex traders who opens a regular account with $5000. With that kind of leverage it will only take a couple of losing trades before you are out of business.
I would recommend that you open a mini forex account if you have $20 000 or less to start with. It is just so much easier to control your risk with a mini account if you have this amount of trading capital.
Most forex brokers these days offers a mini forex account, and they are all very keen to get your business. Some of the good ones I have used are:
- ACM forex
With any one of these forex brokers you can not go wrong in opening a mini forex account
To recap here are some of the benefits of a mini forex account:
- You can start small
- Controls your risk
- Get used to trading with real money