When I go to trade XAUUSD I can only select 1.0 as my lot size on MT4. Does anyone know how I figure out my Profit and Loss when im looking to risk 1% of my account?
I only ever risk 1% but 1.0 lot size is far too much for my liking, especially when 1 pip movement actually equals a lot more.
Is there a math sum to work out 1% risk of a gold trade and how that translates into lot sizes when i want to execute?
Hope this question makes sense.
Usually the smallest you can trade is 0.01 lots which is equivalent to buying 1oz of gold.
If your stop loss is $1 away then 0.01 lots is risking around $1.4 aud so if your account balance is 1000 then you’ll trade 0.07 lots to risk 1%.
I have messaged my broker about this as I can only select 1.0 lot size. I can not go any lower than this.
What i did notice was that instead of XAUUSD being Gold vs US Dollar, it is Spot Gold.
I dont know if that makes any difference but at the end of the day I literally cannot change my lot size to anything smaller than 1.0 on my MT4. I dont have this issue with any other pair
I am able to place a micro lot of gold on my MT4 platform so you can check with your broker as some brokers allow 1.0 as a minimum lot size to trade.
Me too. Checked with fxview, was able to place micro lots. Better check with your broker
That is rather strange, I have account with 3 brokers, and I am able to place micro and mini lots of trades of gold with all of them. You should consult your broker about that.
You can try another broker in that case which allows you to trade lesser lot of gold.You can try another broker in that case which allows you to trade lesser lot of gold.
This normally doesn’t happen with the brokers that I have used in the past. You can try contacting your brokers and see what’s the issue