Every forex broker has similar instructions to open a to open a new day trading account. After you request the simulator, you will receive an email with instructions to open your account.
Forex Broker Advantages
A forex broker provides a lot more benefits to traders (especially active traders) than a stock brokerage firm does. MT4 is the trading platform I like the best. MT4 has a become a bit of a standard in the retail forex trading industry and very popular for algorithmic traders who run automated day trading systems.
Minimum Acct Size: $250 USD
Trading Platform: MetaTrader (MT4)
Managed Trading Account
If you want to open a managed account, there are professional traders out there who trade for investors. Please make sure you do the proper due diligence before you participate in any managed trading account. Anything that sounds too good to be true, usually is!
Minimum Managed Acct Size: Varies, but can be as little as $5,000 to as high as $1M in some cases.
Trading Robot or Automated Account
A robot account can be a managed account that makes automated trading decisions for you. It can also be a signal service that executes or mirrors the trades in your account. No robot works forever unattended, so make sure there’s always an experienced human trader behind the wheel even if automation is used.
Minimum Acct Size: Varies, but can be as little as a few hundred dollars to a few thousand.
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