MINI ACCOUNTS

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. In addition, the Mini account allows traders to become familiar with FXCM, specifically the quality and reliability of FXCM dealing practices and the stability of the FX Trading Station.
Develop a Disciplined Trading StrategyAsk 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 this trend 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 as (or even more important than) determining entry points. Because the pip value on the Mini Account is about $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 a 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 ConfidenceThere 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 your potential. 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 $10,000FXCM 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 provides execution and service reputed to be among the highest quality in the FX industry. When you trade online with FXCM you receive:
An intuitive and user-friendly trading software
Rapid execution from live, streaming prices