The investment business is very sophisticated. You have to know the core functions of the market and only then you will be able to survive in trading. The reason why we are referring to the word “survive” is due to the exponential growth of struggling traders. You can assume more than 90% of traders are losing money. If you want to be more accurate and focus on the statistics, you will find that only 3-4% of the traders can make a consistent profit.
Trading requires strong analytical knowledge. Without having a strong analytical skills, it is nearly impossible to make your life better. People become biased because they think having big money is the only obstacle. But the investment is nothing as you can use the leverage. Top brokers like Saxo can allow you to trade with leveraged accounts so that you can earn more money without investing millions of dollars. Based on the size of your investment you should select your account type. This article is going to teach you how to trade with different accounts.
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Those who are starting to trade as a beginner and the size of the investment is less than $300, should go for the cent account. The reason you should trade with a cent account is because of the lot size variation. Instead of using the standard lot, you can trade with a micro lot. People often love to learn to trade in a cent account since it involves emotion. You don’t have to spend a huge amount of money on a cent account to learn to trade. It is a thousand times better than a demo account. But still, if you feel that cent account has no value, a demo account is the best way to learn to trade.
The standard account
Things become interesting when you start investing more than $1000 in the trading account. The majority of the UK trader’s investment more than $1000 and start trading. In this case you need to find a standard account. Make sure the broker which you are trading with is highly regulated. Trading with an unregulated broker is like risking a thousand bucks. No matter how much money you invest, you should always stick to the well-reputed broker. You can’t use a fancy tool that is available from high-end brokers. But if you carefully select your broker, you will be able to find a decent one which will help you to make a big profit.
The professional trading account
After trading in a standard account for a few months or years, you might feel the urge to use a professional Forex trading account. This is where you need to choose a broker like Saxo. They have a propriety trading platform and a dedicated customer support team for each trader. If you ever run into a problem, you can expect to get a perfect solution within the shortest possible time. Moreover, they are always working hard to add new features to the trading platform so that retail traders can execute quality trades without having any problem. Once you become good at analyzing the market dynamics, it won’t be too tough to make some serious profit and change your life.
Know more about the trading environment
Different types of trading account offer different features. But a premium or professional account will always give you the best tools. If you can use the premium trading account, you can expect to make a decent chance in your trading approach. There is no reason to risk a big sum of money while exploring the new features of a trading platform.
Once you become good at analyzing the market dynamics, you will know the premium account is one of the key things you need as a currency trader. Focus on your trading skills and read more about this market. Last but not least, select the account you use carefully.