Micro Accounts For New IG Traders?

[Caseynotes]

Is anyone interested in campaigning IG to start up micro accounts?

It is quite clear that in this new IG Community most participants are new traders.

 

Three years ago IG had a 50 pence per pip minimum level which was tough enough for a new trader but then raised it to £1 per pip. Experienced traders have already gone beyond that but if you are a new trader you can't experiment and learn at that level of risk. Do IG want to encourage new traders or not?

 

Four years ago their demo account was limited to one month. That's understandable because demo accounts can only allow you to learn how to use the platform, demo will never allow you to learn how to trade. You need to be able to risk real money or you just won't learn how to control your trading.

 

Starting low and building up your account size and proportionately building up your trade position size is the key to success. 

Why doesn't IG encourage this?

[Guest Soni]

I agree, a smaller stake size is required.

[Caseynotes]

Are you demoing on a weekly chart? Another reason why demo accounts are a bad idea. Demo accounts are to allow you to get familiar with a platform and maybe do some back testing (debatable, honest back testing is extremely difficult, sub conscious bias nearly always interferes). But demo accounts will never teach you trading psychology or trade account management, in fact, a demo account will teach you bad habits that will kill you when you go live.

 

If you are demoing on a weekly or monthly chart the 200 pip stops generally needed means that at a 2% account risk per trade then your (real) account size must be at least £10,000 using the minimum £1/pip. But more importantly, how can a demo account teach you to sit through 5 straight losers (of course it will happen).

 

Leave the weekly and monthly charts the the hedge fund managers. Give yourself some room to manoeuvre concerning stop size and £/pip ratio.

 

Best advice ever, practice one setup over and over, start with as small a £/pip ratio as possible with a view to building it up as the practice improves your execution. 

 

 

[HannahL]

Hi 

 

Thanks for your message!

 

We do offer demo accounts for an unlimited amount of time (although live data feeds cannot be active after 2 weeks), and the main purpose of these are to familiarise you with our platform, products and features, and help you practise placing trades and understanding the markets.

 

As a 'new' live trader, we offer a 50% reduced minimum bet size for the first couple of weeks, to let you get the feel for trading with real money - as you say, this is completely different psychologically!

 

Our minimum bet sizes can vary, so we will take your feedback into consideration about this.  However, we do like to see a certain minimum consideration on trades, which is why we have chosen the levels we currently have.

 

Let us know if you have any more questions or comments.

 

Thanks!

 

Hannah

[Guest Niyi]

Micro Account should be a standard for IG, Why? How can IG justified micro dealing on MT4 account but not on the main platform. I am comfortable using Proreatime tool but no other broker have it. 

 

Then trading with IG with minimum of Mini Account had made me not to trade with IG any more as i don't have the risk level understanding five years back when I started with IG. Now I trade with other brokers because the freedom to manage your risk is important, how can one trade using the amount you can not afford due to the restriction.

 

Hope in future IG will do what its right to attract new trader, I dream I can be with IG but I can not due to no mini lot trading. 

I can not see the reason why not, if IG could not even offer Leverage of 1:500 then please allow trader to deal with freedom. 

 

[Guest bearbull]

I totally agree. 50p per pt. should be available for all markets. The minimums on IG are discouraging.

[Guest Alan]

I totally agree. Beginners could control risk much easier.