Entering a new order in MT4

[donsls]

I am trying to demo trade with MT4. When I select the New Order option,I see a dropdown called Volume. Not sure what this is. I am new to the software,and the help is not that great.

[FringFX]

I am trying to demo trade with MT4. When I select the New Order option,I see a dropdown called Volume. Not sure what this is. I am new to the software,and the help is not that great.

Volume refers to the quantity of your trading position. If you trade stocks this is similar to the number of shares.

Check the User Guide for help (shortcut: press F1).

MT4 is user-friendly. you will get familiar with it in no time.

[donsls]

So volume =lot size ?

[dafttrader]

Depends on how your broker has set mt4 ip. For me volume = £per point. Call your broker and ask them fir a definitive answer

[RainMan]

MT4 sucks for placing orders. I hate it with a passion.

Maybe show us a screen shot.

Try "easy order" script for more intuitive order placing.

[donsls]

I have attached the screenshot of the new order screen. Here the volumn starts with 0.01 and goes to 8.

[RainMan]

There you have 0.05 lots selected.

1 lot is $100,000 (for GBP/USD)

So your 0.05 lots is a $5000 trade.

It is all explained here in Babypips preschool:

Lots, Leverage, and Profit and Loss | How Do You Trade Forex? | Learn Forex Trading

You should definitely read the whole school of pipsology on this site. It will answer many such questions.

[donsls]

Thanks a lot.

[Steve Lee]

Thanks a lot.

Also the Major MT4 Brokers have great tutorials to guide you through the trading process as well.
FXCM has the best training on MT4 I have found. The number 1 rule I would caution you, is stay away from the hedging mt4 allows you to do. It lets you hold a buy and a sell signal at the same time. It could get very confusing doing that.

[donsls]

Thanks a lot for all the replies. I have opened the demo account with Alapari. Hopefully they are good. No winning pips so far in demo Might take a while.