Everyone picks a trading account type based on preference, but I have seen many new traders who open the wrong account type with their broker. What I mean by this is that they open a standard account just because they are able to and I think all broker have their minimum in order to open a standard account set way too low.
I know opinions differ, but I think that you should not trade in a standard account with less then $20,000. Anything below that should be traded from a mini-account.
My suggestion has always been that new traders should start in a mini-account and trade there until they can upgrade to a standard account through trading profits they have earned and not through bigger deposits. In the end each trader needs to decide the right approach, just throwing this idea out there for new traders to consider.
I know opinions differ, but I think that you should not trade in a standard account with less then $20,000. Anything below that should be traded from a mini-account.
My suggestion has always been that new traders should start in a mini-account and trade there until they can upgrade to a standard account through trading profits they have earned and not through bigger deposits. In the end each trader needs to decide the right approach, just throwing this idea out there for new traders to consider.
