Good day house!!!
Please, how can I reduce my lot size in MT4 below 0.01.
And again what is the advisable lot size to use for beginners.
I don’t think that a lot size can be reduced below 0.01 it is the minimum lot size to enter a trade
And the lot size you choose will depend on the amount of capital you want to risk on a trade, the Position Sizing topic from BabyPips explains it in detail Position Sizing - BabyPips.com
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0.01 is the smallest lot size that you can trade. If you are taking about forex pairs, 0.01 lot size will enable you to place of 1000 units of the pair which is the smallest that you can trade. 1 standard lot has a contract size of 100K units. Thus, you cannot go below 0.01 lots.
And if you are a newbie, micro lots that is 0.01, 0.02, 0.03 etc are good to go. Once you have gain enough confidence you can more to mini lots. However, standard lots should be left untouched until and unless you have gained enough experience in trading.
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Thanks for your feedback.
Meaning traders posting their trade pages on IG showing their lot size like 0.001, 0.002, 0.005 are scammers?
When I saw those lot sizes, I was kinda confused and decided to ask.
Thanks @Obakeng27 for your feedback.
Meaning traders posting their trade pages on IG showing their lot size like 0.001, 0.002, 0.005 are scammers?
When I saw those lot sizes, I was kinda confused and decided to ask.
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I’m not sure if they are scammers 
but then I don’t think that it is possible for a lot size to go beyond 0.01
There are 4 size of lots standard 1, 100 000 units, mini 0.1, 10 000 units, mikro 0.01 1 000 units, and nano 0.001 100 units. Preschool lesson 42 What is a Lot in Forex? - BabyPips.com
You can’t on a standard account. If you trading bank is too small for 0.01 to be viable then look into a cent account
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Try the position size calculator - Position Size Calculator - BabyPips.com
I use it often. If supported by your broker, the calculator will also give your position size in units instead of lots.
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Great tool, cause it’s time consuming trying to calculate your position size by yourself
Its pretty strange to me… Its actually not possible as per my knowledge. Cant say if they are spammers or not but yes its really not possible to place that lot size manually.
You can’t reduce it below 0.01 on mt4 but a cent account can serve for trading a lower size.
Micro lot is the size that you should begin with. It is the best for beginners to learn about risk management. With a smaller lot size when a currency moves your profitability will not be impacted to an extent how it is possible in standard lots. But even whether trading on micro lots (0.01 lot) is possible or not will depend on your broker. Some offer only standard lots. Some good micro lot brokers are xm, fxview and fxopen.
As a matter of fact even trading on nano lot is possible (it does exist) it is 0.1 volume of micro lot. Brokers like oanda offer that, but as per my thinking that’s too small a unit to trade and might not be able to clearly teach anything on trading.
I am not sure if that can be done on MT4, for a lower trade size that is nano lot you will have to try a different platform. But even micro lots are a good place to begin. You will be able to manage risk effectively with 0.01 lot. so you can go ahead with it.
There are no real traders on Instagram or Telegram. They are all scammers.
Does Oanda offer cent accounts? I want to trade as small a trade size as possible with my $50. Keen on Oanda as I heard a lot of good stuff on them.
They don’t have any minimum balance requirements, so might serve your purpose.
I don’t think Oando offers cent account, I’m very sure about hotforex, perhaps this could help Brokers with cent account.
I am using justforex, try them for cent account.
Some brokers that I know that don’t need any big initial balances are instaforex, fxview, xm, avatrade. But none offer trade size lower than 0.01 lot.