Starting out in trading is something that not everyone can afford. The fact is that apart from hours of learning and training you have to invest no less than $1000. Unsurprisingly only real enthusiasts are willing to risk such a big sum. Fortunately, we have a solution for those having a smaller deposit – opt for Forex brokers with $1 minimum deposit!
A cent account is a type of account where you trade risking not dollars but cents. The difference between a standard account and a cent one is shown below:
In this case, the profit or loss on the “cent” deposit with a transaction volume of 0.1 lot will be from 100 cents, on the classic one – from $100.
To open a cent account, you need:
While this process may seem long, it really isn’t. And one more important point: keep your username and password in a safe place.
In principle, trading on a cent deposit is practically no different from the one where a standard one is used. The main principle is to buy low and then sell high.
When a trader opens a position in the foreign exchange market, it means that they form an order: to buy or sell.
To open an order, you need:
After that, you need to carefully monitor the change in price. A position can be closed in two ways: by automatically triggering Stop Loss or Take Profit, or manually.
Experienced traders wish they knew about cent accounts from the very start of their journey. Therefore, leverage the services of Forex brokers with a $1 minimum deposit. Only in this case, the first steps in trading would be thoughtful and will not lead to disappointment due to large financial losses.
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