Which account should be preferred for a forex beginner?

Andrew6

Recruit
Messages
2
Hello,
When a person is interested in doing Forex trading, he or she has to face a lots of confusions about account types, initial deposit, spread, leverage, profit withdrawal option and lot more related. I have already practiced demo on two Forex brokers all about three months and still I am learning. Now, it would be a great helpful, if I could be confirmed which account will be perfect for a beginner as there are few account options like, cent account, micro, standard, ecn, zero spread account option. Also glad to know about the in suitable initial deposit amount. Thanks in advance for your precious guideline.
 

Ross Bourque

Banned multi and spammer for ForexChief
Messages
37
Forex is now becoming an easier online earning source for any age group. No matter a trader is a man/woman/ an old retired person all have versatile trading accounts options in the forex market. Traders can get an easy access to forex market with the use of diverse trading accounts type: micro trading accounts; standard trading accounts or executive accounts. But for the beginners I think smaller amount investment is best. So; for beginners my suggestion will be to work with micro trading accounts.

By working with smaller trading lots our concentrations remain in one direction. Excessive large accounts can divert new babies from the proper forex trading methods since they will always be in continuous fear of losing large sum of money.
 

Andrew6

Recruit
Messages
2
Thank you very much for your honest opinion. Surely it will be a great helpful guideline for me as a new baby. I will try to ahead with micro account first.
 

nahiyar

Private, 1st Class
Messages
816
Yes all new traders need to trade on micro account after demo trading . When he feels now he can deal with live trading he can test his abilities on micro account . This account is cheap in terms of investments and you can get real experience with your own money invested in account. it will not only help you but also give you confidence of real trading you can go to invest more in future.
 

baby_trader

Recruit
Messages
14
Hello,
When a person is interested in doing Forex trading, he or she has to face a lots of confusions about account types, initial deposit, spread, leverage, profit withdrawal option and lot more related. I have already practiced demo on two Forex brokers all about three months and still I am learning. Now, it would be a great helpful, if I could be confirmed which account will be perfect for a beginner as there are few account options like, cent account, micro, standard, ecn, zero spread account option. Also glad to know about the in suitable initial deposit amount. Thanks in advance for your precious guideline.
You should start with a micro account. Try out your strategy first small, then after some time if you were profitable, slowly increase your account, BUT remember trade money you are comfortable losing it. I do it the same way so I don't really feel painful after a couple of small loses.
 

mparama

Private, 1st Class
Messages
62
I feel to suggest you to start first with a demo account for 2/3 month then open a live account and start trading with mimi lot (0.01). Stay away from "zero spread " account as it means "Market Maker" ( you are not in the real market but you play against the broker. Choose a real ECN broler, usually they have for EURUSD spread from 0.00 or 0.05 to max 1.5. avoid as well brokers with only STP as they are not Market Makers but pass you orders directly to the Liquid providers who usually have the "last look" with huge slippage.
 
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iMusingKiMi

Sergeant
Messages
896
Just start with micro and test yourself. I believe it won't affect you at all if you are profitable no matter what account you use.
 

bigdolly

2nd Lieutenant
Messages
1,007
Hello,
When a person is interested in doing Forex trading, he or she has to face a lots of confusions about account types, initial deposit, spread, leverage, profit withdrawal option and lot more related. I have already practiced demo on two Forex brokers all about three months and still I am learning. Now, it would be a great helpful, if I could be confirmed which account will be perfect for a beginner as there are few account options like, cent account, micro, standard, ecn, zero spread account option. Also glad to know about the in suitable initial deposit amount. Thanks in advance for your precious guideline.

Typical path for forex beginners consist of demo, cent and full-fledged live accounts. Every stage of transition should be accompanied by the complete mastering of the respective type of account and the understanding of what next upgrade will bring to you - more opportunities or more risk. I started from a demo 5 years ago and have been cautious to trade real money because I was unprepared to that. Only after two years of extensive studies, including finance I felt myself realizing all risks, enough for productive trading where I realize my mistakes and correct them.
 

Kavinander

Recruit
Messages
12
I am also a beginner and I choose demo account and as per my knowledge demo account is best for Newbie
 

AlecR

Corporal
Messages
93
I am also a beginner and I choose demo account and as per my knowledge demo account is best for Newbie

Demo is best ? Really !
Well how you will make money in demo account? You cannot make money in demo account so it cannot be the best account type for anyone. It can be a good to start thing for newbies but not best.
 
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