Friday, July 24, 2009

Which types of accounts are available for forex trading?

There are many different types of forexaccounts available to the retail forex trader.
Demo accounts are offered by forex brokers as a way to introduce traders to their software and execution methods.
live account is an account opened by traders with real money deposited in order to start trading for real profit.
Mini accounts, and full accounts are the most common types of funded accounts. Mini accounts are similar to regular trading accounts; however currency is traded in lots of 10,000 rather than 100,000. This allows for lower mandatory initial deposits, and greater customization of risk management.
It is important that the currency trader consider what they want to get out of their account, before deciding on the type to open. Demo accounts, and mini accounts, are great for the retail forex trader to learn a profitable system, and get used to the execution methods of the broker. For the currency speculator that doesn’t want to trade by themselves, a managed account would be better.



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