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  Forex Mini Accounts – What You Need to Know
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Misys Financial Software

Introduction to forex trading

Forex trading in simple words means trading with currency. Forex, FX, Foreign exchange, it means trading with currency and right now it’s the fastest growing market in the world. Trillions of dollars are traded every day. The main players in this market are banks, investors, hedge funds and regular people who are interested in taking a bite from this trillian dollar market, regular people like me and you.

The purpose of Forex traders is to get profit from buying and selling foreign currencies (also gold and silver). For example you can use Euro to buy US dollar or you can sell Euro for Yen. The exchange rates are constantly changing due to demand and supply, world news, stuff happening in politics, economics and so on (more on this topic in next articles).

The main idea is of course, like with any investing objects, to buy cheap and sell high and to take profit in between. Compared to the stock market forex is a 24/7 market.

In order to successfully trade in forex market, you definitely need to know the overall basics of investing and market analysis. You also need to get familiar with the structure of forex, the different mainly traded currencies, how and why the prices changes exactly, what are the main reasons behind the price changes, what affect them; what are the principles behind the price formations; what are the risk levels; how and where can you get the information to minimize your risks; how to analyse the currencies; how to predict price movements. So there is lots of things to know before you can actually start trading.

Forex trades (trading on board internet platforms) are non-delivery trades. This means that currencies are not physically traded. Instead there are currency contracts which are agreed upon and performed.

What are forex mini accounts?
The easiest explanation is that forex mini accounts ae simply small forex accounts. They are usually used by beginner traders who want to gain experience in the forex market without commiting too much money for starters. The size of a normal lot is usually $10, the size of a mini lot is $1. Using mini lots makes it easier for the beginner trader to control his risks. One normal lot is 100 000 units while one mini lot is 10 000 units. What it means is that one pip (1/1000) change in currency pair equals $1 when trading a mini lot.

Before entering forex market and starting to play with your mini account, it is advisable you first learn about forex trading in order to minimize the risk of loss. But once you are ready, go ahead and open a forex mini account here. You only need to deposit $25 to get started.


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