First Day of Demo Account, First 8 orders. Volume?

Beginner Questions
1

Hey everyone,

I’m trading in the gbp/jpy pair and I’ve started a demo account with ibfx, I have a few questions about it.
I put in 3000 dollars and have been doing trades. But I think I was putting my stoploss too close to the open/close (whether I was buying or selling) so that the trade would stop when the rates went to the stop loss and my first 7 orders I lost money.

This was my 8th order (did it after I finished 1st grade):
sell 10.00 GBPJPYm at 207.69
sl: 208.05 tp: 0.00
closed 10.00 at 207.20
(49 pips)

What I don’t get is the volume I order, ‘10’. What is that, 10 lots? With this volume of ‘10’ I don’t know how much I am trading. Also from the drop-down box for options on volume it only goes up to ‘8’, am I ordering too much?

Could I do this with a real account? I made $470 on this trade, or am I leveraging too much? Where does it tell me if I am leveraging and by how much?

Thanks in advance!

2

Ok now you’ve had your fun step away from the platform, time
to do some reading, luckily enough you have all weekend while
the markets are closed.

Babypips school should be a good start.

Then read all the directions on “how to use” your platform which
should be on their website somewhere.

PS The “volume” you are using is 10 mini lots which equals one lot
& that equates to approx. $10/pip. Remove the zero & trade 1 mini lot
ie $1/pip on Monday.

Have fun.

3

ok, thanks, I’ll try some more next week after I’ve read some more.

4

What I don’t get is the volume I order, ‘10’. What is that, 10 lots? With this volume of ‘10’ I don’t know how much I am trading. Also from the drop-down box for options on volume it only goes up to ‘8’, am I ordering too much?

[I]You can enter any number you want in the in the volume box[/I]

Could I do this with a real account? I made $470 on this trade, or am I leveraging too much? Where does it tell me if I am leveraging and by how much?

[I]I would suggest that 10 minilots on $3K account balance might be a tad risky. Not knowing what your leverage is set to, assuming 100:1, your account would be blown after a 200 pip drop or so and the GBPJPY tends to do that in the space of a day. Have fun, go through baby pips over n over.

Have a great weekend every one[/I]