Newbie Needs Help Choosing a Micro Account

[Solstice]

Hey,

I am new to forex and need help picking a micro account. I have created a practice account on FXCM.com and in the first 3days and 4 nights have managed to get a 41% return. I am still learning alot but I had a question about micro accounts.

It seems like people cannot day trade in micro accounts like you would with an account that has a balance of $25,000+. Are there any micro accounts that have a spread that will not eat all of your profits up and still allow you to day trade? I was looking to put $200-$300 into an account and give it a shot.

[Brien]

@Solstice

Hey,

I am new to forex and need help picking a micro account. I have created a practice account on FXCM.com and in the first 3days and 4 nights have managed to get a 41% return. I am still learning alot but I had a question about micro accounts.

It seems like people cannot day trade in micro accounts like you would with an account that has a balance of $25,000+. Are there any micro accounts that have a spread that will not eat all of your profits up and still allow you to day trade? I was looking to put $200-$300 into an account and give it a shot.

I’m really curious how you made 41% return in 3 days, and how much capital you were risking per trade.

[Solstice]

I’m really curious how you made 41% return in 3 days, and how much capital you were risking per trade.

Ofcourse I would not be able to do the same with a real money account because I would be more risk averse. For this account I risked 80%+ per trade.

[Solstice]

It was fun but very risky. I got pretty lucky on some of the trades:

[Jason_Rogers]

@Solstice

Hey,

I am new to forex and need help picking a micro account. I have created a practice account on FXCM.com and in the first 3days and 4 nights have managed to get a 41% return. I am still learning alot but I had a question about micro accounts.

It seems like people cannot day trade in micro accounts like you would with an account that has a balance of $25,000+. Are there any micro accounts that have a spread that will not eat all of your profits up and still allow you to day trade? I was looking to put $200-$300 into an account and give it a shot.

Hi Solstice,

Welcome to the forum

We no longer make the distinction between micro accounts and standard accounts, since all FXCM accounts now have the ability to trade microlots. That means you have access to the same spreads as all other FXCM standard account holders, and there are no restrictions on day trading.

It’s good that you already realize that the risks you have been taking on your demo account would not work in the long run when trading live. Many successful traders try not to risk more 5% of their account on a single trade. Others try not to risk more than 2% per trade. You mentioned that you’re new to forex, so you might want to look at the BabyPips lesson on Position Sizing.

Jason

[krafty]

you can try etoro.com, it also allow you to copy top traders. i tried their service for the last 6 months and find it to be good. as for other fx provider, they just want you to put in a lot of cash regardless whether you new or not, not advisable for a start. 2 cents. cheers!:5:

@Solstice

Hey,

I am new to forex and need help picking a micro account. I have created a practice account on FXCM.com and in the first 3days and 4 nights have managed to get a 41% return. I am still learning alot but I had a question about micro accounts.

It seems like people cannot day trade in micro accounts like you would with an account that has a balance of $25,000+. Are there any micro accounts that have a spread that will not eat all of your profits up and still allow you to day trade? I was looking to put $200-$300 into an account and give it a shot.

[peleus]

Do 75% per trade. I’ve been told that by that number, you will have a high percentage of gaining profit. Not really that big but it comes in steadily.

[Master_Forex_IB]

So much profit is not easy to gain in forex trading . It is like a bet on forex trading where you will get high profit or total loss.I use micro accounts where my deposits are low , My profit and loss is also a little with it. It gives me a chance to get real trading practice with all specifications I will understand how to manage my own amount.