Glen remember that one trading can’t be better than any other. It’s just these suits traders’ style and needs better. Day trading if you ask me has more potential, when we speak in terms of percentage on smaller sized trading accounts. Swing traders on the other hand have a better chance at maintaining their percentage returns even when their account’s increasing in terms of value. Like I started with $500 with smaller charts with xm and fxview and as my profits increased I reinvested bigger amounts and tried other strategies too.
If a trader does not want any stress and the affair to be less time-intensive, swing trading can be the ideal pick.
Really Calvin? Till now I had the idea that swing trading happens at a much slower pace and much more lapses between entering and exiting the trade. This is no cake walk and still requires a lot of patience and discipline from the trader’s side.
Are you still using the same brokers? I was just going through this thread and found some good insights, curious to know journeys of different traders.
As a matter of fact I am, still going strong with fxview as well as ic markets. See the thing is that in the initial phase of trading traders generally keep switching brokers to throw the blame at some other person/organisation for their own losses. Most of them never admit their own weak strategies or lack of a solid trading plan. Of course it takes time, and broker choice is important, like the spreads I get with mine are favourable, but the most important factor is having a strong trading plan. Rest everything falls in place.
I guess there’s no trading style which is free from stress and panic.
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?