I have spent a good amount of time perfecting my strategy and want to get a profit percentage that is possible as per my calculations only on a mini or a higher account. Should I go ahead with a mini account or stick to micro account how most traders advise?
What’s the other important stuff that you guys keep in mind?
this is the perfect trading place where you can get live trading experience , as newcomer i always used micro account where i used high leverage and all my strategies.
In my opinion micro accounts are better for small amounts. You can easily trade with them without losing much. Works for me. For you I would say it should come down to how much you are ready to risk.
Have you tried trading on demos first?
Since how long you have been trading? Its better to trade on micro lots to avoid unbearable losses
See if you are already aware of how everything works in forex, you can start with trading mini account. Anyway there is not much profit that you’ll be able to make through micro accounts, however it can give you a good idea of market dynamics without having to risk a lot.
You can surely start with mini accounts but I won’t suggest them if you are really new to this. There is risk with them so why lose even a little money when you can actually make more later.
I am not completely new to this, nor I am an expert by any means. I have spent good enough time on demo accounts and have looked at all the probabilities with my strategy. I don’t want to start with a very small amount because I don’t want to rely on margin to build profit.
I haven’t had that good an experience with a mini account so I don’t really recommend those. Micro accounts are good though. Small investments don’t poke that big a hole in your pocket.
High leverage while starting out! Isn’t that a tad bit risky? I am always in favour of micro accounts, so on that I’m with you, but as far as leverage goes, I see it more as a risky proposition. It’s better to use low leverage, especially in the beginning years.
First start with the micro account after you start making profit go for mini account.
What account were you trading on your demo account? In live ideally you should use the same! But goes without saying, don’t expect similar results. I started with a demo account with IG but on going live was highly disappointed with the dismal figures on my trading system. I am now practicing on the micro account of Fxview. When I reach consistency I’ll move to bigger accounts.
Even if I want to invest a higher amount? Would a micro account be a good fit then?
You can also go with a standard account for that matter. Depends on your capital size and risk management.
Depends on your strategy, if you think it is working on Mini, go ahead.
Always, go with what works best for you.
I kept my trading capital between 20 to 30k in demos, but I don’t plan to invest all my savings together at once. In terms of trade size, I experimented with different ones.
On demo it did, but you know I started getting all kinds of doubts when so many traders told me that it’s a bad idea. That micro accounts are like stepping stone and stuff.
1 Like
Make sure, you use the same conditions on live as you used in demo such as capital etc.
Really? I actually had a bad experience by doing as I pleased, or deemed to be right. Isn’t the reason we make a trading plan is so we don’t then trade as per what our mind starts telling us?
1 Like