Get advantages of Forex Day Trading !
SO you will be controlling 10,000.00 or one lot in currency's for $1,000.00 and for each pip on movement you can make $100.00. With the mini account you can control one tenth of a lot. $1000.00 for $100.00 and your pip is worth $1.00.
Just so you may understand a pip is what an increment movement in a currency is. You buy it if you think it'll go up and sell it if you think it'll go lower. Naturally there are charts and all kinds of paths to say what's going to happen. It just takes learning the in's and out's, swings and roundabouts. These spread change depending on the trades. You may learn more about all of this when you start out.
The smartest thing to do is to start with a demo account or what we call a paper account where you do everything like it was real money but it is only on paper. So you are able to learn the in's and out's and learn the way to read the charts and the way to grasp the basics. These are the world events that effect the currency's. They each deal with different strategies at having a look at the charts and their movements. It fun and exciting, and infrequently a drag. Often you may win a hundred to 5 hundred pips. Then there are times you can lose pips too. But thats where there account management comes in. You find out how to control your risk taking.
Usually the most crucial sin or failure comes when you let your emotions get anxious. Most the time it doesn't work and will cost. So with good account management understanding the assorted charts you can take $300.00 and change it into $6000.00 in half a year or less.