Developing Your Skills with a FOREX Micro Account
A FOREX micro account is a type of account that is offered by many different FOREX brokers in the world. With a micro account, you can gain valuable experience in the FOREX market. With a micro account, you are trading a very small lot size. You can actually trade .01 standard lots. When you do this, it means that you are trading $.10 per pip. Here are a few reasons that you may want to consider using a micro account to develop your skills.
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Importance of Micro Accounts
- Develop strategies--When you are trading in the FOREX market, you need to get your strategy down first before you risk significant amounts of money. The same principles will work regardless of whether you are trading .01 lots or 10 lots. Using a mini account first will allow you to work the kinks out before you play with big money.
- Learn how to use charts--When you start trading for the first time, you need to become very comfortable with currency charts. A FOREX micro account will give you access to trade the charts in real time.
- Learn money management--When you trade live with real money, you will be able to practice money management techniques. You should only risk 1% to 3% per trade, and calculating this with pip values takes some practice.
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