Micro or a Mini account?

A micro account is a common type of account that allows investors (mainly retail traders) to access the forex market. Forex micro lots are equivalent to 1,000 units of the base currency. Essentially, a standard account lot is equal to ten mini account lots which is equal to ten micro account lots.

I agree with Paul here, knowing how to balance risk with profits is the most critical part of trading, per se the foundation of a good strategy.

Actually I myself am of the same view, glad to hear I am not alone with my hearts.

@scrandhorse You are not wrong in any way. There are decent enough brokers like ig, pepperstone, forex.com, fxview, fxcm, etc which have good and easy trading conditions. Using them is important, and then it is all about your planning.

Ya but I suppose the intensity of stress can vary, but that again depending on a person’s psychological set-up.

Which works better for increased profits?

Well, if you are just looking for getting some experience and practice, then you should consider micro accounts. Although there is not so much that you can make through them, the risk is quite low since the transactions are relatively low or smaller in terms of volume. Good luck!

I’m not a fan of micro accounts as such since the only valid option is to trade during the opening time or there is an impact of prospective profits. They don’t work for me.

I stick to a micro account.

I hope the commissions are lower on these brokers. I mean I have been looking for cost effective platforms for some time now. Really need to manage my expenses at this stage.

How much capital are we talking about here?

It depends on you, if you are ready to trade with a higher amount then you can move to mini account but if you are still not sure and don’t want to take a higher risk then you can stick to a micro account

I have practiced a lot and I think I am ready now. Don’t mind risking because that is what trading is all about right?!

Are micro accounts really good for beginners? I read it a while back, couldn’t figure it out yet. Any thoughts?

i guess its time to move to the minim account.

Yeah and they are also less risky. I like them too, mostly because they give me complete control over managing my account. Works for me.

See they are like a step up from demo accounts and you really don’t have to worry so much about them. The initial deposits on them are quite low and they are comparatively safe. If you want to get a good feel of live accounts, I’d say go for micro accounts.

Yes, it does. A strong and positive attitude is a must for trading. So, stay positive and focus on your trading plan.

Alright, thanks mate!

You can go ahead with the micro account first, it is always advisable to try it on a smaller lot first to get the hang of it. Once comfortable, you can switch to bigger lot size.