Mini Trading Account
The FXCM Mini account was designed for those who are new to the FX
market. The Mini account trades in smaller contract sizes of 10,000 units,
1/10th the size of the standard account. The smaller trade size gives traders
the opportunity to trade live with less overall risk or exposure to the market.
In addition, the Mini account allows traders to become familiar with FXCM, more
specifically the quality and reliability of FXCM dealing practices and the
stability of the FX Trading Station.
Develop a Disciplined Trading Strategy
Ask any successful trader and they will tell you that the key to trading
success is discipline. Everyone has heard the expression “cut your losses and
let your profits run” yet how many traders actually practice this?
Many traders will hold on to losses hoping it will reverse eventually, only
to see the loss get progressively larger. These “irrational” trading decisions
are based on emotional reactions to fluctuating profits and losses, a common
pitfall for new traders.
Losses can AND WILL occur. A trader's ability to limit his losses is just as
important (or even more important) than determining entry points.
Because the pip value on the Mini Account is just $1 per pip, traders can
focus on developing a disciplined trading strategy, basing decisions on pip
movement and market conditions NOT P/L.
Consider the Following Example: When trading an FXCM Mini account, a 30-pip
floating loss is approximately $30. That same 30–pip move against you on the
100K account now becomes a $300 floating loss. By starting with a Mini account-
a trader loses only a small amount on every losing transaction making it easier
to stick to a disciplined trading strategy. Generating larger losses on the 100K
account can be detrimental to new traders as the temptation to hold on to the
loss is much greater based on the size of the loss.
Start Small. Build Up Confidence
There is NO MAXIMUM trade volume on the FXCM Mini account. Although the
standard trade size is 10,000 units – you are not limited to trading one lot!
For instance, you can trade 10,000 units, 50,000 units or 150,000 units. This
means as you become more seasoned and build up confidence you can slowly
increase the size of your positions to maximize profits (or you may possibly lose).
In fact the trade size of 10,000 units allows for more flexibility in terms of customizing the size of
your trade. The ability to customize the size of the trade enables better risk
management.
Ideal for Accounts under $10,000
TurkishFX recommends that all traders with account balances less than $10,000
trade a Mini account. This gives you more staying power in the market, and the
ability to take advantage of multiple opportunities without over-leveraging your
account. If you over-leverage your account you will not give yourself room for
error. Even if you are correct on the direction of the market, minor
fluctuations can generate a margin call and liquidate a good position.
Take a Mini Challenge!
Due to the over-the-counter nature of the FX market, execution varies
depending upon the firm you trade with. FXCM has the reputation of providing
high quality of execution and service in the FX industry. When you trade FX
online with FXCM you receive:
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An intuitive and
user-friendly trading software
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Instantaneous execution from live,
streaming prices*
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Fixed spreads intra-day and night*
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Guaranteed fills on stops/limits*
But don't just take our word for it. For just $300
you can open and fund a live FXCM Mini account and see for yourself.
New accounts can be up and running in as little as one business day (subject
to method of funding). Convenient Funding options are:
*All stop-loss, limit and entry orders are guaranteed against slippage except
in extraordinarily volatile market conditions. All quotes and trades are subject
to the terms and conditions of the Client Agreement accessible through this
website.
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