Online forex trading or currency trading is growing in popularity among the different ways that you can make money on the internet, however it can be very complicated and difficult to consistently earn a profit. The learning curve can be steep when it comes to learning how to trade the forex market, and the emotions and realities of trading live with your own money is the reason that so many people do not end up as profitable traders. One of the best ways to overcome the hurdles of forex trading is to sign up for a demo account with a broker of your choice and begin trading on their software platform.
One of the most popular forex trading software platforms in use today is called Metatrader, and this platform has a community of different traders around the world who use it as well as offering the ability to implement automated trading strategies.
Trading your demo account as if it was a live forex account with real money can be an excellent learning experience, but this cannot fully replicate the emotions and the experience that goes along with trading real money in a live market environment. However when you are just getting started with forex trading, you might not have enough experience to confidently trade large amounts of real money in the market.
For this reason, the best way to get started with real money on a small scale is to sign up for a micro forex account. There are three main types of forex trading accounts which are standard accounts, mini accounts, and micro accounts. When you are trading currencies in the foreign exchange market you will always be trading in units called lots, and the lot size is different for each of these accounts. For the micro account that we are focusing on, the size of each lot is $1,000.
Compared to the lot size of a standard account which is $100,000, this is a decrease by a scale of 100 yet it can still offer you the great opportunity to get started earning a profit by trading with live money without assuming a large amount of financial risk. Most traders will start out by losing some money in the beginning simply because the foreign exchange market is very complicated and it can take a while to become profitable, but you can use a forex micro account to start small and slowly increase the size of your trades to earn money in live market conditions.