Remember that you should stick to trading no more than few mini lots at once. It is highly advised to not use standard lot sizes for mini accounts offered by most of Forex traders, as it is very expensive for a mini account like yours. Aim for a micro lot of 1000 units. This will make your risks in Forex trading reasonable and will allow to achieve some positive performance even if your trading path starts with a consecutive losses.

When you invest $200 with 1:500 leverage, you'll be able to operate with virtual funds of $100 000. As a beginner, if you open 1 standard lot of 100 000 units, you are putting $10 at risk for every pip that goes up and down. How many pips would it require to wipe out your account? Not so much – 20. Also this 20 will already include the spread paid.

If you open 1 mini-lot of 10 000 units, then you will be risking $1 for each pip and your account will lose only $20. That is why it is important to select micro lots in your case. Micro lot of $1000 units will decrease the cost of 1 pip to $0,10. Losing 20 pips would mean losing $2. 10 cents may sound not so attractive in terms of making big profits quickly.