Start Forex Trading with $10,000 - Standard Forex Trading Account
Standard Forex Accounts use contract sizes of only 100,000 currency units. These Standard Forex Accounts are often appropriate for traders without a lot of capital and can sometimes be opened with only a $10,000 minimum balance - this account would be suited for those wanting to start forex trading with $10,000.
This option allows forex traders to start forex trading with $10,000 because the trader to open trades in Standard lots.
If an exchange rate for EURUSD is quoted at 1.2000, then the smallest transaction available in a Standard forex account is worth $120,000 used to buy 100,000 EUR. With forex trading leverage of 100:1, this is only $1,200 of your money. This option is generally best suited for equity balances that are between $10,000 and $50,000
For Standard lots - Minimum Price Movement of 1 pip = $10
In Forex, one standard lot is the standard trade minimum of a given currency pair. But many forex brokers offer fractions of this standard trading lot to enable more retail traders to access the forex market - this account is suited for those wanting to start forex trading with $10,000. Being able to offer Standard lots and micro lots reduces the minimum transaction size thus giving the beginners and also those without a lot of capital to start investing with an opportunity to get a feel of the forex market.
There is availability of online forex tutorials that trader can read even before opening an account, & to get extra practice without investing money should open a practice Forex demo account with a forex broker. Practice account money is equal to virtual money and therefore traders can practice placing trades without investing real money.
During the forex training period using the demo account, the beginner traders will learn the key factors needed to trade the forex market such as: forex basics education, money management in forex trading, Forex trading plan & trading systems.
The types of Forex strategies used and the skills required for any of these 2 are essentially the same - those required for the Standard forex account or Micro forex account are same the only difference to be adjusted. For traders wanting to begin forex trading with $10,000 then the Standard forex account is the account type they will need to specify when opening a forex account. To learn about the money management rules for traders who want to start forex trading with $10,000.
