Getting the Most From a Micro Forex Account
Starting with a micro account does not mean you can avoid the demo stage. It is important to start to know both of your system and your broker’s platform in demo mode prior to going live. This cuts down on the chances of making technical mistakes or mistakes in the execution of your system in your real money account, provided naturally that the platform remains the same in demo as for the real market. Usually you will be using high leverage on the account or trading more than one lot, so you maximise the amount you can make from winning trades.
This implies that any loss is probably going to have an enormous impact. So you need a system that only makes tiny losses. Don’t choose a system with a very high win rate because it is probable the losses, when they are doing occur, will be heavy. Instead, look for a system with more steady results.
Used in this manner, a micro foreign exchange account can be the easiest way to get started with noob currency trading.