DislikedHi
I hope that this won't be too funny for you, but I have maybe stupid question
My broker is currently Oanda, but due to some missing futures I decided to change it.
But here is the problem
I choose Al trader on meta platform.
But I just can't calculate the leverage and minilots etc.
With Oanda with 1000$ I bought 2000 units and that was 1:2 leverage.
But Al trader offers minilots... What does that mean?
With a 1000 $ account I buy 0.1 lot. Does that mean 1:10 leverage?
Sorry, but I prefer to ask then to make a -$ mistake
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P.S. Sorry for off topicIgnored
0.1 lot is I believe 1 minilot or worth $1 per pip. Nothing to do with account leverage your broker offers - the broker leverage has to do with margin or amount of cash needed to maintain a position.
If you have $1K account and risking 2% per trade that equals $20 or 20 minilot pips. You won't be able to take many trades with 20 pip risk.
I would suggest funding your account with more cash and trade 2 mini lots at a time to get a real feel for money trading while maintaining the 2% captial risk. Also make sure you understand this money is for your education and may more than likely lose it. If you must trade microlots with 1K then 1 microlot pip is worth $0.10 so 2% of 1K $20 is your risk - if your stoploss for trade is 50 pips : 50 X 0.1 = 5 --> $20/5=4 or 4 microlots - if you follow Phillips first profit target you would exit 2 microlots at first profit target.
Personally I don't think you will get the full emotional training trading microlots.