Solutions For Newbie Traders
POSTED by: on 12/18/2009
Many times I’ve heard people are afraid of trading because they do not lose their money that they’ve been saving for a lifetime. They prefer place their money in bank than invest their money at forex. I understand for their thinking, I also do not lose my money too.
Years ago, I didn’t interest with forex because I didn’t want to lose my money. I started trading when I knew there are solutions for me to learn trading. Actually there are alternatives for people to start trading forex.
They can trade using demo account and learn trading for several months and then they can evaluate their trading. When I started trading, at first time I opened demo account and I did trading for months until I got profit consistently and I knew all about my trading platform. I can’t traded using demo account longer as demo account could make me didn’t feel the pressure of trading. I just did buy and sell without worried about losing my money. Demo account is good for you if you are still looking for your trading system based on your style. But it can’t be used for test your emotions. It’s okay if you want to test your trading system at demo account but you can trade at demo account forever. At least you should get profit from your trading. You can trade in forex and get big profit then you tell it for everyone you meet that you can be a good trader. But it’s nothing. You don’t get anything if you don’t trade using real money and get real profit. However you should choose the second one.
Nowadays mini account is very popular. Many newbie or even professional traders open mini account. There are several reasons for having mini account. For newbie traders, mini account is good solutions for them to test their trading system. Yes, you’ve tested your trading system at demo account but you’ve not tested your emotions yet. Mini account provides you to trade with small money. It can be just 10% of standard account.
With using mini account you don’t have to be afraid fo losing all money you have. There are brokers have mini account with minimal deposit just $200. There are brokers give you smaller than $200 but I recommend you to choose broker with good reputation. Good brokers usually just have mini account with minimal deposit $200.
Using mini account is not as same as with demo account. Using demo account doesn’t need your mentality. Trading with mini account will assist you to be discipline trader. Why? Because you are using your own real money. Altough you use your small money. You will get pressures. But as long as you learn seriously, do not change your trading system and always stick with it then you will be a good trader.
Trading is not getting-rich-faster strategy. Trading is your business. Mini account can be your small business. Just trading and always follow your trading system, you’ll get profit regularly and your account will be bigger until you can change it to standard account. You can’t expect move your account to standard account faster. It needs long time whatever your trading system.
If you ask me what type my accounts are. I can be smile with you and telling you that some of mine are mini account. For me, mini account has other advantages. I can’t only test my new system but I can know how good or not my broker is. This is the reason why professional traders also like mini account.
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