I just want to make sure I understand this correctly.
If I buy/sell x lot, will it use x (USD) capital?
0.01 = 1,000 * quote price
0.10 = 10,000 * quote price
1.0 = 100,000 * quote price
So say if I want to buy/sell 0.01 GBP/USD at 1.30
I would have to have 1,000 * 1.30 = $1,300 and $13,000 for mini lot?
I hope this is clear what I’m trying to ask.
Thanks in advance.
The amount would depend on your broker’s margin requirement.
The best way to find out is open a demo account and try opening trades. The platform will usually tell you how much margin you need to open the trade.
I see. I’ve downloaded a Metatrader to try out some brokers. I need to do more research on the brokers.
If you’re new, I’d hold off using MT4/MT5. It’s not the most user friendly platform.
Instead, try the web platforms of FXCM, Forex.com, Oanda, or IG.
2 Likes
Ok. I’ll definitely give those a try. It has been a little challenge for MT ha ha.