Live Trading
FXCM Mini Account |
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Open with as little as $300
Trade lot sizes of 10,000 units
Trade with 200:1 leverage
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Spreads as low as 1 pip
The Mini account can be a useful asset in assisting traders to cultivate a disciplined trading strategy without focusing on P/L, while still benefiting from the distinctiveness of trading with real money. When trading larger volumes on the standard account, traders with smaller account balances tend to watch their equity fluctuate and base trading decisions on emotional reactions to these fluctuations. For example, traders tend to resist closing-out trades at a loss by rationalizing a market turn around. Traders also tend to immediately take their profits when the market is moving in their direction, rather than maximizing their gains by letting their profits run.
For example, a 20-pip profit on 1 EUR/USD lot (10,000 Euros) is equivalent to $20 on the mini account. However, with $5000 in a 100k account 20 pips on 1 lot of EUR/USD (100,000 Euros) is equivalent to $200 or 4% of the account equity.
Mini Account: 20pip P/L on 1 lot of EUR/USD = ± $20
100K Account: 20pip P/L on 1 lot of EUR/USD = ± $200
A $200 profit could compel a trader to close this winning position, but could prevent much larger gains of 100 pips or more. Similarly, no one wants to realize a $200 loss so, traders tend to hold a losing position until the loss is too much to bear. On the Mini account, $20 may be somewhat insignificant and the emotion may be taken out of the P/L. Traders can then focus on the proper chart points, trade signals, and really learn currency trading without paying attention to their P/L. In the long run, this will lead to more profits and fewer losses.
In order to set up an account, please visit:
https://secure2.fxcorporate.com/fxtr/?plugin=0 where you can complete an online application or download a paper application and
fax it to: FXCM at
1+212.897.7669.
Please make sure to select "Mini Account" when indicating which account you would like to open. Following that, government regulation requires that you send copies of two forms identification to FXCM (one must be a government issued ID, one must be a proof of address).
Information about the
FXCM 100k accounts.
