I am new to the whole trading scene so I hope I am asking this question correctly. I don’t see an option with my trading platform to switch my practice account from micro to mini. I cant find an option to change the lost size. (working forex.com platform) I would like to start my live career trading 10k lot sizes so is it safe for me to assume that it is very different from 100k lot sizes? I mean as far as p/l t/p lvls and such? I have read that I should practice what I intend to trade… is there an option with a broker to do this? Thanks everyone for your answers, Raven
Hi,
Big difference in 10k lots and 100k lots
Try Oanda they let you trade any unit size you want
Plug some numbers into this and you will see the difference
Profit Calculator | Calculate Forex Profit | OANDA FXTrade
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Hi
You can take a look on the fxcm.com or fxsolutions micro/mini acc.
For fxcm.com you can open a micro acc as low as $25 and the good things is the spread had been reduced to half during normal condition. Example the eurusd spread had become half from 3 to 1.5 only which is good for the scalper.
For the fxsolutions.com you can have micro/mini or standard acc by just changing the manage account rules starting from 1k to 100k lot.
Hope this will help : )
Sorry Raven got to add more here.
To play a 100k lot ideally you must had $10,000-$20,000 while for the 10k lot ideally you must have around $2,000 in your acc. Again it depends on how much experience you had in trading as you can loss a lot in trading so maybe you can try the micro acc first and then gradually increase it to mini acc as you gain more experience in trading.
GL to you. : )
Thanks Guys for your suggestions and comments:) It’s been a great help. I guess I will just need to tackle a mini account to see what I can do with it. One other question, are your trading styles different for a mini/or micro account. What I mean is do you trade with more lots since you make less per pip, or do the rules of your trading system (whatever it may be) apply across the board regardless of what you are trading. Thanks for answering:) Raven
Hey Raven,
Good to see your interest in Forex. If I can share a story that may help you.
I opened a MINI account at FXCM with 500.00. I lost it all within 2 weeks. Not saying you will loose like I did, but a very important thing to remember is to never trade more than 2-3% of your account in any trade. Whatever your opening account value is should determine your trade size. I switched to a FXCM Micro account. Now with a 200$ balance, my risk is no more than $6.00(3%). That equals roughly 2 micro lots of 1000.00 with a roughly 25-30 PIP Stop loss. I get stopped on 2 lots I limit my loss to $6.00.
If you dont use strict money management you are gambling.
If you gamble you will loose it all eventually. That simple.
Whatever way you decide to go good luck, Forex is the best. Take the Babypips school and you will be on your way to the bank.
Ya, i’d say that your system should be able to work across the board. The thing you want to remember is your risk/reward which can play into which timeframe you are in.
If you are working with a low time frame, then you’re stop loss can be smaller because the swings on the smaller time frames will be shorter, so if a trade goes bad you won’t be broke. But this also lends to how much you can possibly make on a single trade. If, after demoing and checking your strategy, you can make on average 40 pips a trade but your stop-loss needs to be 80 because of the natural retraces of the currency, then you probably will end up losing your money.
In case that didn’t make sense to you, you basically want your risk/reward ratio to be even or more on the reward. If you can’t get that, then you want to make sure that your success rate is much more than your loss rate. Either way then, you’ll be up.
To factor stop/loss and take profit depends on the time frame you use. Strategies are almost always able to be taken to higher and lower time frames, but as you do that the retraces and trends will increase or decrease also, meaning your stops and take profits will also change. So all those things need to be taken into account.