Why Choose More Micro Accounts Than Mini Accounts and Demo Accounts?
For a beginner forex trader, of course there is a dilemma that they feel when entering the market and spending a large amount of money for trading. Choosing a micro forex account really allows a new trader to enter the market and trade in a safe way like a professional trader.
WHO IS THE FOREX MICRO ACCOUNT?
A mini forex account will bring more risk than a micro account. Therefore, micro accounts will provide an ideal platform for beginners. Micro accounts can be used with little money. Micro accounts can be opened only by issuing a minimum of 10,000 units while a standard account requires around 100,000 units.
However, a trader who has experience even if only uses a micro forex account when he wants to experiment with new strategies. Then, they can decide whether to use the strategy or not on a larger scale, but this certainly depends on success or failure. The amount traded on a micro account can increase or decrease as needed. Some experienced forex traders will use all types of forex accounts to spread risk and gain increased profits.
CHOOSING A MICRO ACCOUNT VS. DEMO ACCOUNT
Some people can argue about micro accounts, although in reality the benefits of demo accounts offered by many forex sites are far greater than opening a micro account. However, since a demo account has nothing to do with real currency, prospective traders will not be exposed to real losses. Exposure to risk will occur if you use a micro account, and because the amount traded is small, the lost money will never be too high. Of course there will be opportunities to produce real profits and improve trading techniques. But the fact is, a forex trader will be more successful if he starts using a micro account and then becomes a ruler in their market.
LEARNING TO ANALYZE GRAPHICS AND PLANNING THROUGH MICRO ACCOUNTS
Choosing a micro account also provides a great opportunity for you to start interpreting charts and planning in real trading scenarios. Micro account accounts provide traders with daily practices, and when they decide to trade in higher amounts, they are ready to develop graphical analysis and planning.
TRANSITION FROM MICRO ACCOUNT TO STANDARD ACCOUNT
Making the transition to a standard account is also much easier after you “burn your finger” on a micro account. This will make each individual appreciate the importance of taking the right steps to reduce losses and increase profits. This will also give traders an unexpected experience in the Forex market, without really making a lot of losses.
Even the forex trading community will appreciate individuals who have practiced their traditions in live settings. You can get tips from an experienced trader after starting trading on a micro account, and the benefits can definitely be felt. In this way a trader can aspire and be ready to enter a standard account, to then trade with a large amount of money in the currency market.
Regardless of your activities in the forex market, make sure that whatever you do is well considered, because after all the success of trading depends on how you take and choose the decision. If you are good at managing things, surely the activities you are doing will provide many benefits.