Mini Account
A Forex mini account is an account for Forex where it is somewhere between demo trading and real trading online of Forex. This type of an account has a very low position size that requires a little amount to open such as $1000 to start. When you are looking at the margin you will find that you only need $10.00 to open a position. This allows the learning of Forex using real money but is low on the risk factor side. Accounts are offered by many different reputable brokers who can be found with careful research on the internet.
One thing to remember is that Forex mini account I are executed by computer instead of a human being, You do have money at risk here with this type of an account, but you are able to practice some form of money management without too high of a risk when it comes to this type of an account. This makes it much more suitable for learning all about such things as swing trading or position trading. It is not, however suited for scalping in RL for reasons such as this: spreads are not favorable, slippage, and generally just not a good idea to try with a mini account.
You have a great deal of ease of application when it comes to a Forex mini account as far as money management will be concerned. Being able to know and practice both money management and risk management is the most important step in trading. This can be considered even higher than knowing how to trade properly. It goes without saying that if you master this type of account, you will have a better chance to go into the live world of trading in Forex.
While it is beneficial to trade using a Forex mini account, there are caps put on them by brokers such as number of positions, amount of money, ect. This is to discourage a lot of people from using them. However this is a great way to be able to get experience without losing your shirt. If you want to make more money than just the minimum, you will have to have a live account in order to do so. The experience that you gain using an account like this can prepare you for the real time trading of a live account. it makes the transition much easier than going straight from a demo to a live account.