Starting out trading forex is a very simple proposition: sign up with an online broker, download any software, deposit some money and you are ready to trade. Most of the reputable brokerage firms have a practice account facility where they will open an account, deposit fake money into the account and allow you to start trading in real time.
Some of these same brokers are also offering to open an account and start you trading for real using a very small deposit, say $100. Even with a 200:1 leverage applied, this amounts to only $20,000 - nowhere near enough to make a forex trade. My own feeling is that these "mini accounts," are a complete waste of time and money (see leverage) and possibly just plain dangerous. In the unlikely event that you do make money with a $100 deposit and are then tempted to place a larger one, anything you learned trading at this level will not apply to a substantially larger trade. Try a practice account with one of the larger banks instead. N.B Trading on a practice account, regardless of how realistic it is, is not the same as trading for real. If it doesn't matter whether you win or lose, you will behave differently to the way you will act when money is at stake
Some of these same brokers are also offering to open an account and start you trading for real using a very small deposit, say $100. Even with a 200:1 leverage applied, this amounts to only $20,000 - nowhere near enough to make a forex trade. My own feeling is that these "mini accounts," are a complete waste of time and money (see leverage) and possibly just plain dangerous. In the unlikely event that you do make money with a $100 deposit and are then tempted to place a larger one, anything you learned trading at this level will not apply to a substantially larger trade. Try a practice account with one of the larger banks instead. N.B Trading on a practice account, regardless of how realistic it is, is not the same as trading for real. If it doesn't matter whether you win or lose, you will behave differently to the way you will act when money is at stake
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