FXCM is now offering a micro forex trading account that allows you to trade with only $25! Now there's no excuse for not experiencing the real world feel of trading in a live trading environment.
The micro account allows you to trade micro sized $1K sized lots as opposed to the traditional $10K lot sizes. This means pips are approximately $0.10 instead of the normal $1. The benefit is that you can trade with less money and less overall risk.
The spreads on the micro account are also pretty good:
- USD/JPY 1.1 pips
- GBP/USD 1.8 pips
- EUR/JPY 1.2 pips
- EUR/GBP 2.3 pips
- EUR/USD 1.3 pips
- USD/CAD 2.3 pips
- AUD/USD 1.4 pips
- NZD/USD 2.5 pips
- USD/CHF 1.7 pips
- GBP/JPY 4.1 pips
If you're interested in the Forex market, you've probably registered for a demo (practice) account with one of the forex brokers. After experimenting with a demo account, many would be forex traders lose interest and stop trading.
Demo trading lacks the true real life feeling of risking your money and getting a reward for that risk in the form of profits. With a micro forex account, you can have the thrill of risking a few cents per trade.
Skip The Movies & Start Trading
The average cost of going to the movies for two people is about $40 (USD). Considering that you'd probably easily blow the $40 having fun – why not put $40 into a forex micro account and see what you can do with it?
Forex trading is one of the most valuable skills that you can develop. The sooner you start trading with real money, the sooner you can start to benefit financially from forex trading. Play it safe and only trade with money you can afford to lose.
If you want to learn to trade the forex market successfully, putting a few dollars into a micro forex trading account is a great idea. If you don't consider $40 to be a ton of money, you may want to set up a real mcro account and trade it instead of a demo account.
For the total beginner, I would recommend a demo account to allow you to make mistakes. Making mistakes is one of the ways you learn to trade the forex market. The mistakes point out things that you don't yet understand.
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