I need some help understanding lot sizes please

Beginner Questions
1

Hello, I am new to forex trading and have been thru the babypips school which is fantastic.
I am having trouble working some things out. It does not seem to add up to me.

Yesterday I took a buy trade on demo account on GBPJPY. My account is in USD.
I used this lot size calculator to work out my position size based on account balance of $3400

see pic

Image01.jpg700×505 53.6 KB

This is the trade taken on MT4 platform with my demo broker account with Trade 24

Image02.jpg700×48 8.67 KB

According to the lot size calculator each pip is worth approx $2
Yet my trade only made $4 profit.

I really confused and need some help as this to me is mst important step in trading. Working out position and lot sizes.

Any help is much appreciated.

2

Sorry the image is not better. Details are:
Type size symbol price s/l t/p close price profit
buy 0.03 GBPJPY 166.928 167.070 167.336 167.070 $4.17

3

If i’m reading that correctly you intended to trade 3 [I]mini[/I] lots but instead you traded 3 [I]micro[/I] lots. You might want to spend some time reading up on those terms.

4

Thanks for the reply and info. I think I am misreading the lot size calculator. Thanks again.