You have heard, or you know exactly you can make money online? But what is the process for making money from online sitting at home? Well, if you want to do some freelance work, you should have proper knowledge of a work. It can be designing, programming, writing, and more.
But, if you don’t have any technical knowledge and you still want to make money, forex trading is the best way for you. you only need some money for the investment.
Before going through the whole process, you need to create an account for the trading. Also, you need to choose the right broker for trading. Though you will find different trading platforms, I will suggest you start with the fxtm.
There are different fxtm account types with which you can start trading. Here I am going to introduce different account types for forex trading.
Standard Trading Accounts
This is the most common type of Forex account with which most of the people start their trading. This account type will give you access to standard lots of currency where each of which is worth $100,000.
However, it doesn’t mean that you need to invest this amount of money for starting the trading. There is a ratio for the investment which is known as margin and leverage. You can star the trading with only $2000 of investment. Usually, this type is popular and easy to start.
But there is a con for the account. Most of the broker will demand a particular amount of reserve for trading. It can be from $5000 to $10000. Also, if you lose, there is a good chance that you will lose the whole invested money.
Read Also : How To Find The Best Forex Broker
Mini Trading Accounts
If you want to start trading with small lots, this type of account is great. In most of the brokerage accounts, a mini lot is comparable to $10,000. If you want to take fewer risks, can start with this type. The starting investment can be from $250 to $500 based on the broker. However, there the profit is also comparatively low.
Managed Trading Account
This is the advanced type of forex account. Here, you only need to invest the money and highly professional traders will decide when to buy and when to sell. If you have enough money for trading, can start with this type. There is less chance of making losses. However, professionals make the decision doesn’t mean that you will always make a profit. But the chance of profit is higher in this type.