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[QUOTE="robertslynnp, post: 260981, member: 85064"] Prior to trading, you must first choose a reputable forex broker and then fund your account with your first investment. You should keep in mind that your forex broker may provide you with a variety of trading accounts. because it enables traders with all levels of trading capital to open an account and implement their trading strategies while properly managing risk. As a result, it is crucial to select a trading account that will work with your trading funds. There are now three main FX trading accounts: 1. Standard account - The most popular type of account for traders with sufficient funds. 100,000 units of the currency you want to trade make up one lot in a basic account. Thus, $10 or the currency of your account is equivalent to 1 pip move. 2. Mini account β This account is appropriate for traders with limited trading capital. Accordingly, any account with a balance of less than $10,000 is referred to as a micro account. The currency you want to trade is thus represented by one lot in a micro account, which is 10,000 units; for example, 1 pip is equal to $1. 3. Institutional account: Businesses and fund managers can keep their money in this account. The same lot sizes apply as with the basic account, however because there is more trading, spreads are less. [/QUOTE]
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