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Interest in Forex? Try a Mini Trading Account

April 22, 2009 by  
Filed under Forex Market

If you want to try your hand at Forex, but don’t want to risk big dollars, try mini Forex trading, which is a perfect way to trade in the major currency pairs, without risking your nest egg before you know what you’re doing

So a computerized smaller forex trading system delivers the many features of an average foreign currency trading system though the small business sizing offers you the opportunity to deal accept a lesser amount of chance or even contact with the marketplace. The actual mini fx trading podium, thus, is right for a novice or perhaps completely new buyer, who are able to have a experience of the actual fx trading current market with no disturbing very much about gain and also great loss.

Your foreign currency tiny stock trading platforms include the choice of starting some sort of tryout bank account where you acquire absolutely free having access to on-line forex trading prices, announcement and even might industry foreign currencies, however with virtual cash. After you get the self-confidence it is possible to open up a real dwell bank account in the minuscule forex trading program~software. That tiny fx trading system will help you to start out genuine working with small fx contracts.

If you are a seasoned trader and looking for the best and most cost-effective web based forex trading software, try a mini account forex trading account so that you can judge the effectiveness of the platform with minimal risk.

Most of the mini forex trading platform opens your mini account with as small as $100. The trading platform allows you to trade 10,000 of base currency per lot whereas the standard minimum on real forex is $100,000. You receive the advantage of margin requirements of the mini forex trading platform which may be 0.5% of the actual value of contract you can trade. This comes about $50 per lot.

You can control $10,000 with this $50 deposited on your mini account with the mini forex trading platform. Here you can trade currencies without any commissions and even get profit with positive ‘Swaps’.

An ideal mini forex trading platform should incorporate front end and back office functionality to provide information and dealing or trading capabilities on forex market. The platform should be based on user friendly formats allowing easy navigation and customization of pages to suit your specific requirements.

In a mini forex trading platform you should be able to place market orders on real-time prices and execute your trade instantly. You must have the facility of setting a stop order which closes a trade automatically once it reaches the value you specify. In your mini forex trading platform you can place a limit order which close the trade when it reaches the profit value you are targeting.

Your mini forex trading platform must present a record of past and present trading activity through which you can easily monitor positions and orders combined with margin account management. It should provide access to forex instruments and comprehensive charts, different technical studies including Moving Averages, Bollinger bands, Elliot waves etc.

For choosing a mini forex trading platform you should look for:

Easy to use interface and ability to use multiple trading strategies

Can execute multiple types of orders with multi-currency based account

Complete technical analysis package with in-built indicators and charting tools

The ability to create different custom indicators

Should be functional in different time periods

Option of receiving advice and market information

Multilanguage Support.

Forex is a great way to trade, but if you want to start a little bit smaller, consider the mini.

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