Micro Lots

Hi

spot forex brokers such as alpari now offer micro-lots -

eg.
1 lot in GBPUSD = $10 per pip
1 micro-lot in GBPUSD = 0.01 lots = $1 per pip
1 mini-lot in GBPUSD = 0.1 lots = $0.1 per pip

I think micro lots are a really good idea for the newbie to gain competence with, without risking bankruptcy, but still with the excitement of trading with real money.........Perhaps a good idea as the next step along the route of progression after successful demo trading.

Even better for the newbie, Oanda has no minimum account size and no fixed lot sizes at all. You can literally trade 1 USD, GBP, EUR, etc., or any multiple thereof. Plus their demo platform has no expiration. You can use it forever.

Rhody Trader said:

Even better for the newbie, Oanda has no minimum account size and no fixed lot sizes at all. You can literally trade 1 USD, GBP, EUR, etc., or any multiple thereof. Plus their demo platform has no expiration. You can use it forever.

Click to expand...

That is good.

interbankfx
FXDD
pfgfxlite

also do micro-lots.

Although always check whether a spot forex firm is regulated by NFA, FSA etc. Remember what happened with refco :!:

Rhody Trader said:

Even better for the newbie, Oanda has no minimum account size and no fixed lot sizes at all. You can literally trade 1 USD, GBP, EUR, etc., or any multiple thereof. Plus their demo platform has no expiration. You can use it forever.

Click to expand...

I think oanda fxtrade is the best model for fx trading from a client point of view. Because if you have $5k and want to risk 1% per trade, you simply select $50 and it calculates the lot size for you.

Oanda are coming at this from the opposite direction than the majority of brokers, and i think its the best one for me.

Oanda also seem fairier in that they calculate interest debits/credits by the second, and all customers are subject to this. It's not just clients who roll trades into the next day that are subject to interest debs./creds. This makes their interest debits/credits slightly more competitive than the one or two brokers who base debits/credits on rollovers into the next day, that i have compared them with. This makes Oanda a better for clients who hold from day to day.

Under normal market conditions, oandas spreads are also among the narrowest in spot fx.