Need info. for mini account broker

Hello Guys.

Can anyone tell me? what is mini account? pardon my ignorance.
What is spread?
I am currently sign up FXCM they do have good mini account spread? OMG.. now very confuse..

Any help! need some light here.
I am planning to join James16 group and to learn how trade in forex.

Hello SurfingWave and welcome.

In a mini account the value of 1 pip is around 1 dollar (it depends on which currency pair you trade). In a regular account it is around 10 dollars.
In a mini account you can start with a small balance as low as 300 dollars although I would not recommend that small.

Since you are so new and asking these types of questions I suggest you first try a demo account where you do not use real money. This will allow you to practice. Practicing and trying the trading ideas that will begin to flood your way will take quite some time. Think in terms of months.

The spread is the cost of making a trade. It goes to the broker or dealing desk where you have your account. You will see, when you get an account set up that there is a Buy and Sell or some have Ask and Bid price for each currency pair. The difference between the B/S or A/B is the spread. For instance with many accounts the pair Euro / Us Dollar has a spread of 3 pips. In order for you to make any money, the pair must move in the direction you chose, buy or sell, more than 3 pips.

I am sure a lot of folks on this thread will be along soon to help you out more. Keep asking questions.

Lou

Mini Account
http://fxcm.com/why-trade-a-mini-exchange.jsp
With min-account, you can play small(minimum around a dollar a pip), lower minimum account size.
With regular account, you play around 10 dollars a pip minimum. require more capital in your account.

Spread
http://fxcm.com/spreads-and-margins-exchange.jsp
Spread is the price difference between buy and sell. For example, EUR/USD has a spread of 3 in FXCM. so the price between buy and sell will be 3 pips (Buy: 1.1903 Sell: 1.1900 Or Buy: 1.2003 Sell: 1.2000).