What differences between a standard practice account and a mini account?

Hi

I have been trading on a practice sysytem and I am winning more than I am loosing so I am considering opening a mini account. Before I do I would like to check a couple of things, What are the differences between a standard practice account and a mini account? Is the margin that Forex take at the point of the trade larger on the mini account than on the standard practice account? Are the Forex market rates the same for mini and standard accounts.

As you can see from my questions, my concern is, I can make money with a 5,000,000 avaiable balance on a standard practice account, but with economy of scale can I still make money with an availble balance of say 200,000?

Of course every broker is different. I use GFT. Basically the only difference between a standard account and a mini account is the lot size, standard being 100,000 lots and mini being 10,000 lots. So 10 minilots = 1 standard lot.

Might I make a suggestion: Use mini-lots no matter how big your account. You will have much more precise control over your risk. What if you want to make a trade for 1.5 standard lots? You cannot. But if your trading a mini account you can trade 15 mini-lots.

There are some broker stipulations to trading mini-lots, but when you set your account up tell your broker your reasoning for trading mini-lots and he will most likely set you up with a “standard lot account” but you can trade mini-lots. I don’t know all of the details on this aspect, my broker was able to set it up like that for me though.

You will likely not see any mechanical differences between your broker’s demo platform and the live one. Prices and executiong will probably be very, very close if not identical. Yes, there could be difference in lots and margin levels depending on your broker. Best to ask or check their website.

As for the trading, you’ll find it quite different - mostly in your head. Start very small in the live account until you can get your head around the emotional differences.