Hello all,
Please don't flame me, I'm a newbie
I tried to read the sticky but it went over my head.
So I've demo-ed for a couple of months and want to open a live account to start 'feeling' trading with real money.
But I still can't get my head around leverages, lot sizes and the like. My aim is to trade EURUSD with $1000 at $1/pip (Is this the wrong way of thinking?).
So I look at Onada and they offer leverages from 50:1 and below and I didn't see any mention of mini accounts -- so I guess it's standard lot size? To get the $1/pip I'm looking for -- say I open a account, deposit $1000 with the leverage 50:1, then I enter a trade with 0.1 lot, then I'm trading with $1/pip, is this right?
Finally, which is the most recommended MT4 broker for beginners? I've tried to search but there are so many threads pointing in so many directions that I get lost.
Thanks,
Divya
Please don't flame me, I'm a newbie

So I've demo-ed for a couple of months and want to open a live account to start 'feeling' trading with real money.
But I still can't get my head around leverages, lot sizes and the like. My aim is to trade EURUSD with $1000 at $1/pip (Is this the wrong way of thinking?).
So I look at Onada and they offer leverages from 50:1 and below and I didn't see any mention of mini accounts -- so I guess it's standard lot size? To get the $1/pip I'm looking for -- say I open a account, deposit $1000 with the leverage 50:1, then I enter a trade with 0.1 lot, then I'm trading with $1/pip, is this right?
Finally, which is the most recommended MT4 broker for beginners? I've tried to search but there are so many threads pointing in so many directions that I get lost.
Thanks,

Divya