What Does It Cost to Trade Currencies?
An online currency trading account (a micro-account) may be opened for as little as $1! Mini-accounts start at $400. Do not laugh -- micro- and mini-accounts are a good way to get your feet wet without taking a bath. Unlike futures, where the size of a contract is set by the exchanges, in FOREX, you select how much of any particular currency you wish to buy or sell. Thus, a $3,000 grubstake is not unreasonable as long as the trader engages in appropriately sized trades. FOREX mini-accounts also do not suffer the illiquidity of many futures mini-contracts, as everyone essentially feeds from the same Interbank currency pool directly or indirectly.
Position sizing vis-à-vis your grubstake is an inherent learning tool in FOREX.
You are encouraged to make good use of it in
By Michael Duane Archer