The forex market has caught the imagination of many people who dream of making lot of money through it
. But most of these people are either scared of the risks or dont know how to start. These people will naturally want to start in small amounts. These people can open a mini forex account and start trading right away. One can engage in mini forex trading without investing a large amount of money, making it perfect for new comers. They can trade in the different base currencies available - JPY, CHF, GBP, EUR, and USD.
When trading in small amounts it is natural that some restrictions will be placed on these traders. They can have a limited number of open trades at a time and a time limit on how long each trade position can be kept open. To enable account holders to overcome these restrictions micro lots (0.05 lots) were created.
Mini forex trading with the help of a mini forex account means that the trader can adjust the leverage according to his wish. These trader can start as low as 1:100 or as high as 1:500. The higher the leverage greater is the amount of money the trader is allowed to trade in.
The traders can also make use of the Forex Expert Advisors. This Forex Expert Advisors is a MTS (mechanical trading system) that helps traders make well informed decisions by simplifying the equation. With this MTS the trader neednt constantly monitor the forex market.
Mini forex trading can be done by all including Muslims. For them an Islamic version of the mini forex account is available. This account does not break Muslim beliefs and the Sharia law. These accounts are swap free and the account holders will not be not charged any interest when they hold overnight positions.
Mini forex account holders can upgrade at anytime without having to pay any fee for upgrading.