Trade Forex Trading

Minimum Deposit Brokers Trade Accounts

If you trade gold and want to open a real account, and you are trying to learn a couple of things first, you've found the perfect learning website.

Opening a real trading account is nothing like a demo one. In the real world, you don't have unlimited cash. Maybe you're starting with $1,000, $5,000, $10,000 - or maybe you're lucky and have $50,000 to play with.

Start by picking your gold leverage. If you handle XAUUSD well, go with 100:1. If not, pick 50:1. If you lack demo practice, choose 10:1. Even with 100:1 on your account, do not use full leverage. Limit trades to 5% of it, or max 5:1. The rest keeps free margin to hold open positions, as brokers require.

Another key consideration is determining the type of account you'll open, depending on your starting capital for trading.

If you have $1000 or less

Open a micro account with $1000. Stick to micro lot sizes for trades. Ignore your broker if they push bigger sizes. Anything larger raises risks beyond your capital. See Minimum Deposit Brokers Trade Accounts. Trade micro lots to protect your money and earn profits.

If you've got $10,000

Start with a mini account using $10,000. You can trade mini lots only. This amount lets you trade and earn profits with low risk on mini contracts.

If you have $50,000 dollars or more

If you have $50,000 or more then you've got enough capital to open standard lots, & you can open a standard account. With $50,000 dollars then your capital is enough to transact the standard contracts without much risk to your capital. However, ensure that you as a trader have read this guide: xauusd money management and gold money management methods.

The other thing to know is that to open a live account you have to send to send to your broker a copy of Government Issued ID card and a copy of a utility bill that is showing your physical residence address. Some traders are surprised when asked for these documents, but all traders send them before opening their trading account, it is a requirement by all regulators that requires regulated brokers to get these documents before accepting a deposit from anybody. Also make sure you select a regulated broker who way your money is safe.

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