Question about "super micro accounts" | Forex Factory

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Question about "super micro accounts"

  • #1
  • First Post: Dec 13, 2007 5:53pm Dec 13, 2007 5:53pm
Hi traders,

Hoping someone can give me some guidance on this.

I stumbled across LiteForex.org during my research on brokers. They have a very interesting setup where they allow you to trade cents (like $0.01(USD) - you know - pennies) in a dollar account.

The idea is interesting to me as a psychological tool to be trading actual money but at a very low level - tens of dollars - instead of demo trading where no actual money is on the table.

So, here are my questions:

1) What does everyone think about "super micro accounts" like this?

2) Has anyone had any experience with LiteForex.org? (their ratings on Forex Bastard aren't terrible but are also not great)

3) Are there any reputable brokers who offer a service like this?

4) Is Santa Claus real? (I've heard some nasty rumors lately)

Thanks much for your feedback!
Best, - Iggy
  • #2
  • Dec 13, 2007 6:37pm Dec 13, 2007 6:37pm
u can use oanda.

altho i dont see the logic behind using such little accounts.

the whole point of trading live is because you want to make money. good luck trying to turn ur dollar in to 100 lol.

also u wont give a shit if u lost that dollar. might as well demo trade.
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  • #3
  • Dec 13, 2007 6:51pm Dec 13, 2007 6:51pm
Quoting jjk2
u can use oanda.

altho i dont see the logic behind using such little accounts.

the whole point of trading live is because you want to make money. good luck trying to turn ur dollar in to 100 lol.

also u wont give a shit if u lost that dollar. might as well demo trade.
Hi jjk2,

Thanks for your response.

I hear you regarding the small amount of money, but starting out for me I think it would be a nice step between demo trading and the big jump to setting up a $10,000 account to trade standard lots. Or even to setting up a $1,000 account to trade minis.

Oanda looks like the way to go.

I want to get some of the emotional juice of trading real money without trading so much that I can't manage the psychological fall-out.

Losing $100 would be a bid deal to me right now, so trading in that range and building up from there makes sense to me while I'm woodshedding my trading chops.
Best, - Iggy
  • #4
  • Dec 13, 2007 7:06pm Dec 13, 2007 7:06pm
hey iggy,

my recommendation is just to open a smaller account with Oanda as tehy let u trade any sizes.

see how that goes, if u build more confidence, go for the live thing.

i should've done the same thing risking like a few hundred dollars instead of constantly demo trading. u learn so much faster with a live account even if its hundred dollars.
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  • #5
  • Dec 13, 2007 7:14pm Dec 13, 2007 7:14pm
Quoting jjk2
u learn so much faster with a live account even if its hundred dollars.
Hey jjk2,

Yeah, that's what I'm thinking. I can be so emotionally removed when I'm demo trading.

Lose $3,000 ... so what ... it's not real money.

But I know I'd be feeling the loss of even as little as $100 real money! It's not a financial burden to my lifestyle, but it would certainly sting. I'd be treating that trading account like the real trading account it is.

Thanks for your input. I really appreciate it.

I think I'm gonna open a small account now that I've done a bit of demo trading.

Time to start getting my feet wet with some real bones, but nothing I can't live without!
Best, - Iggy
  • #6
  • Dec 13, 2007 7:45pm Dec 13, 2007 7:45pm
oh yes. 100 dollar is still a lot for me as im a student hahaha. it buys you many many boxes of instant noodles!
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  • #7
  • Dec 13, 2007 8:04pm Dec 13, 2007 8:04pm
Quoting jjk2
oh yes. 100 dollar is still a lot for me as im a student hahaha. it buys you many many boxes of instant noodles!
So funny bro. I just had noodles for dinner.

Man I wish I had started studying Forex trading when I was a student. You're gonna be leaps and bounds ahead of the crowd as you get older.

Keep learning this stuff and you will have a very good life.

In the mean time, enjoy the noodles. It will be worth it in the end!
Best, - Iggy
  • #8
  • Dec 13, 2007 8:11pm Dec 13, 2007 8:11pm
haha wont take u long until u will be making money. its all about state of mind and attitude.

on a sidenote, i know a guy who only ate ramen for entire semester, he got scurvy! who the hell gets scurvy in our age and in this decade?
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  • #9
  • Dec 13, 2007 8:35pm Dec 13, 2007 8:35pm
Quoting jjk2
haha wont take u long until u will be making money. its all about state of mind and attitude.
I hope so. Well, more than that, I believe you. Working on getting my head right and getting down to business.

Quoting jjk2
on a sidenote, i know a guy who only ate ramen for entire semester, he got scurvy! who the hell gets scurvy in our age and in this decade?
Damn bro, that's funny. I heard a similar story and thought it was an urban legend. But that makes two. I guess guys do stupid things. Poor bastard!

Don't get yourself into that mess with the noodles.
Best, - Iggy
  • #10
  • Dec 14, 2007 4:56pm Dec 14, 2007 4:56pm
I remember the first time I demo'd Oanda a while ago I executed a trade for like +20 pips and couldn't figure out where my profit was. I had put in the margin size and actually made like 20/100's of a dollar or something.
The basis of a democratic state is liberty. ~ Aristotle
  • #11
  • Dec 14, 2007 5:15pm Dec 14, 2007 5:15pm
Quoting Vensik
I remember the first time I demo'd Oanda a while ago I executed a trade for like +20 pips and couldn't figure out where my profit was. I had put in the margin size and actually made like 20/100's of a dollar or something.


Dig you figure out how to size your position to make the pips worth some actual $?

I know Oanda uses units instead of lot sizes, so you have to put in much larger numbers than you would if you were trading mini- or standard lots.
Best, - Iggy
  • #12
  • Dec 15, 2007 9:17am Dec 15, 2007 9:17am
Here's a thread you might be interested in, too:

http://forexfactory.com/showthread.php?t=60736

Many people think that these accounts are useless and losing money in them won't matter. But, consider the percentage loss, not the dollar amount.

If you have a $50 account and lose $10, that may not seem like a lot of money. But, looking at the percentage, it's 20% of your account! Now, that's a lot. Who would say that losing 20% of your account is nothing? Who would be willing to lose 20% of their $10,000 account and not even blink?

It's all relative.
  • #13
  • Dec 15, 2007 10:50am Dec 15, 2007 10:50am
My opinion is if you have to trade pennies, you should just keep your money in a savings account and earn interest.

Clif
  • #14
  • Last Post: Dec 15, 2007 5:10pm Dec 15, 2007 5:10pm
Quoting In2Blues
Here's a thread you might be interested in, too:

http://forexfactory.com/showthread.php?t=60736

Many people think that these accounts are useless and losing money in them won't matter. But, consider the percentage loss, not the dollar amount.

If you have a $50 account and lose $10, that may not seem like a lot of money. But, looking at the percentage, it's 20% of your account! Now, that's a lot. Who would say that losing 20% of your account is nothing? Who would be willing to lose 20% of their $10,000 account and not even blink?

It's all relative.
Hi In2Blues,

Thanks for the referral thread. Very insightful stuff there.

Quote
My opinion is if you have to trade pennies, you should just keep your money in a savings account and earn interest.

Clif

Hey Clif,

Gotta disagree with you. Definitely looks like this type of account could be very useful to many people. Check the thread to which In2Blues referred in his previous message and I think you'll get a bit of a different perspective.

Situations, financially and psychologically, vary from person to person, so a blanket statement is unlikely to apply to all. However, if this sort of account isn't for you, so be it.

I think it might just be the thing for me.
Best, - Iggy
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