besides the margin and capital requirements, could someone elaborate the differences from trading micro? It would stand to reason that trading 10 cents per pip would mirror trading large lots and follow the same rules only larger balance requirements
The risk is different and obviously it tests your psychology.
Trading $10 or even $20 a pip, you can afford to watch your account go down by 40pips. With $50 a pip, it’s easy to lose it watching your account go down by that much. I am currently experimenting with $50 a pip in certain situations. Earlier this month, I tried it for the first and only time so far. I had a trade that I was confident of the direction it was going but I was not sure if I had got in too late. I watched my account go to -10pips (-500 dollars) before getting to +4pips all within the first 15-20 minutes of the trade and then I just completely lost it and closed the trade to re-enter at a better price. Boom! The pair then went on 300pips in my direction in the next 48 hours.
If you are certain of what you are doing, then it can be a rewarding approach but, like me, it may take a few tries until you get used to putting that much on the line. Needless to say, unless you are a millionaire, you may need to use tight stops. Also, don’t watch your trades. If you can, trade and then go nap or visit friends for an hour or two to get your mind off what the market is doing with your money.
Trading 50$ a pip is way too much unless you know what you’re doing…that’s 5 lots. You either have a bunch load of money or a gut strong feeling when trading that way 
For example, a good “gut strong” feeling would be calling the top on GBPUSD back in July…now that would be 5 lots spent good
That’s not a bad idea. You should be aware that a Cent account allows you to use micro lots and open less risky trades. Going for 50.00 per pip is like taking away one of the benefits of a micro account. I believe those who use micro accounts are either newbies or those who wants to test a strategy or a broker. You should lower your pip value.
It all depends on your balance. If you have $300,000 then trading micro lots would be a waste of time, really. If this is your investment and you trade $50 a pip then a $5,000 would hardly leave a mark. If you began trading with micro lots and you are jumping to 5 lots, that’s a different story as the who commented before me said, psychology kicks in. But if your first trade is 5 lots the psychological effects would be the same as trading micro lots. Think about it.