It was a happy trading week for me because I made a few profit with my UFXMARKETS mini account. I invested in 5 foreign currency pairs: USD/GBP, USD/AUD, USD/EUR, USD/NZD, and USD/HKD. I bought all 5 mini lots last August 11 and sold all of them last August 17. I made $151.37 from all these transactions. I bought USD/GBP mini lot for GBP0.6448 and USD/AUD at AUD$1.0878. The USD/EUR cost me EUR 0.75 while the USD/NZD cost NZD$1.2447. Lastly, the USD/HKD cost HKD$7.7554.
It was a good week. I only lost money from my USD/AUD and USD/EUR mini lots. However, I earned more money from the other 3 mini lots so I still managed to earn US$151.37 last week. You see, this is the beauty of trading forex mini lots. I don’t lose a fortune. For the USD/AUD foreign currency pair, I only lostUSD$8.27 and for the USD/EUR foreign currency pair I lost USD$4.00. So overall, I lost only USD$12.27. If I had been trading standard lots, the losses would have been magnified.
But, mini lots also have its disadvantage. I only earn a few profits because I had less capital. For the USD/GBP foreign currency pair, I earned USD$75. I earned USD$86.71 from the USD/NZD mini lot and USD$1.93 from the USD/HKD foreign currency pair. I could have earned more profits I opted to trade standard lots.
But it’s ok. I don’t have any regrets because I don’t believe in putting all my eggs in one basket. If something goes wrong, all my money will go down the drain. I don’t want that to happen. I’m saving up for my retirement fund. Although I won’t be retiring in the near future, I’m still careful with how I invest my money. You see, forex trading can be risky. Sure, I can earn a lot of money from it but I can also lose everything if I’m not careful.
UFXMARKETS is a Reliable MINI LOTS Provider!
Thus, I’m very fortunate that UFXMARKETS offers a kind of forex account which allows trading of mini lots. The person I talked to when I inquired from UFXMARKETS was very accommodating. I told him that I wanted to try forex trading because I read that it can be a great investment but I don’t want to invest a lot of money especially when I’m a new forex trader. So, he offered me a mini forex account. I signed up with UFXMARKETS and had been trading mini lots ever since.