Before you even think about starting trading with a mini account, you should get your practice with a demo account and pay careful attention to the warnings and disclaimers and take heed. And only start the mini account with what you can afford to lose as it’s very risky. I have yet to formulate a strategy to trade profitably with a mini account, I have traded my bosses’ 100k accounts successfully, but I can’t seem to get the jist of trading with the mini account. I think it is different when you have “more money to play with” so to speak. You ultimately get to keep positions (whether going long or short, buying or selling) open longer. And there is the leverage advantage. I have lost almost $400 with my mini account so far (I did make profit, but my losses were greater)…and I won’t stop until I get it, because I know I can do it.
So the first thing you do is to open the account with the trading platform of your choice, You can start with 300 on one, or less, there is even one you can start trading with as low as $25, I opened this particular account with $29, and I now have $70, that worked for a while. then see if you can find a successful way to trade your mini account, You have to be disciplined, you have to know when to stop, when to cut your losses, or take your profits, don’t be greedy, it can be up one minute, and down the next. Practice working with limits, Take profit limit and stop order limits and/or trailing stops. Never risk too much on one position, and with the mini account, it would be better to keep one position open at a time. I find that with trading even if you do not understand the technical analysis fully, you can use the fundamentals. For those who understand the technical analysis, pay close attention to the support and resistance levels. I love trading, it gives me a rush, especially when I can get up early, say between 1:00-4:00am put in my limits and realize my profits in the mornings. You have to choose the times you trade carefully, keep away from the markets, and don’t try to scalp when it is volatile(when pairs change rapidly), in doing my analysis, I found out that I lost more money during the volatility. And it is not something that can be learned overnight, it takes time, practice and lots of studying. But I would say keep at it, as it can be very rewarding for those who develop a strategy.