Buying/Selling and different types of accounts

Beginner Questions
#1

Hello everyone,

I am kind of confused regarding the different account types which are offered in the market. Can someone briefly list the differences between a micro/mini…etc account? If there is some chart that could be helpful also :o
Another question is regarding the pip: Do I set how much I want a pip’s value to be; like for example $1 per pip or $10 per pip or is it predefined according to the account type?

Sorry for the newbish questions,
Thanks to all contributers :stuck_out_tongue:

#2

you can adjust the lot size in any account on a trade by trade basis, to do that, for instance in a standard account 1 lot EURUSD is $10 per pip but you could also trade 0.1 lots for $1 per pip or 0.01 lots for 10 cents per pip or 10 lots for $100 per pip. If you want to trade smaller amounts than that you need a mini account to trade for instance 1cent per pip

#3

Thanks for the fast and clear reply SDC :slight_smile:

#4

All the accounts these day are set up by Standard value. Which mean the contract size in MT4 will be 100,000. Depends on the broker if they allow you to trade into micro, if they did it mean you can trade as low as 0.01 lots.