Lot Size Question

Beginner Questions
1

Hello,

I opened a MT4 Demo account with $3000 and the leverage is 1:20. When I opened up a trade in eur/usd, in the area to select lot or volume size, I used babypips position size calculator to determine the size to trade. I assumed this is a micro lot account, so I chose the micro lot size that the calculator spit out which was as low as 0.004 (I think).

When I tried to order, it said I didn’t have enough money but then when I tried 0.04 (mini lot selection the calculator spit out) the order went through.

This left me confused. Any explanations?

Also, how can I find the lot size the account is using because it didn’t say when I was selecting the account.

2

Right click on the instrument (say, USD/JPY) on Market Watch panel and click on specification. From there a popup appears titled “Description”

Look for contract size. If it says 100000, it is standard lot.

1 Like
3

Phew thanks!

Since I’m handling the account pretty good (at least for a beginner haha), now I know I’m comfortable trading standard lots, which I was told was a no-no, if you don’t have a lot of capital.