When you trade in micro lots, mini lots or standard lots, is this just determined by the amount of cash in your account or just by the price that you yourself bid when trading ?
Also, whenever I research a review for a platform to see which is best to put money into, there always seems to be lots of bad points and bad reviews. This seems to be wide spread, should I just find a demo account I’m comfortable with, put in a very small amount of cash and just trial it for real ?
It seems like a real mine field when it comes to platforms. What do the pro’s use ?
The above image is a sample of the MT4 platform order entry panel. The volume field is where one can select the number and size of lots for the order. “1.00” would be one standard lot. “0.01” would be one micro lot. “0.30” would be three mini lots.
This:
is one micro brew.
“Don’t put ANY money into a platform.” - A pink duck at the park.
Ignore the reviews of others (including mine). Try everything personally. Think for yourself.
You already know the most important thing as you said it: “a very small amount of cash”. May you find riches and more importantly: self-actualization.
Cool thanks, looks Like a dark ale to. Enjoy
I think you are confided about brokers and platforms. Your broker is not the platform and most forex brokers will offer you MT4 as it is the cheapest solution for them. Now when it comes to broker and which one to pick that is up to you and where you feel comfortable with. I would ignore the reviews as many of them could be paid reviews to make brokers look bad or traders who took bonuses and did not read the terms and conditions.
Seems you completely missed the quick of the Money Management :D. You adjust lot size according to the risk you’re going to take from the trade. In a nutshell, if you want to lose/earn fast you choose full lot or more, if you hunt for a slow&small gains then set mini or micro lots and less. Trading with 1.0 lot in XXX/USD pairs one pip move will cost you ~10 bucks, means 10 pips against you is 100 bucks loss and vice versa.
If you want to get some pleasure from the process of real trading and not catch Margin Call in a couple of seconds/minutes after you open a trade I strongly recommend to stay under 0.5 lot in case your deposit is less than 1K$.
Don’t be scared with unfounded beefs from newbies using their 300-400 bucks to enter standard lot positions and getting wiped out in a blink of eye. Retail trading is quite complicated thing and being brilliantly unspotted is impossible for any STP/ECN/A-book/B-book broker.
Currently I’m with Hotforex you can check their Micro account, I believe it’ll suit you as a newbie. But keep my advice as a backup choice, run some search through babypips and FPA, sure postings there will clear out a lot for you.
Good luck
I will advice you read about Margin Call. You trade lot size according to the total equity you have. That’s the wisest thing to do. You don’t trade big lots when you don’t have enough money to cover for price movements. If you have a small capital you trade small lots. For example I have several accounts and the smallest I have has $1,000 and i trade micro lots on that account so I have enough free margin keep me in the business.
Reviews about forex products are generally bad. I interviewed someone who worked inside FXCM and he told me the percentage of winners there is just 1%. So it means 99% people are losing. Do you expect them to make good reviews about trading or trading products for that matter? I used to believe at least there are 5% winners in the game. So if lots of people are losing, lots of people are going around making forex look like a bad thing. They lose and vent their frustration on any forex product, platform or whatever. So don’t listen to anyone, especially about reviews people right. With that said be careful in the wild because there are lots of sharks out there to rip your hand off. Go with what makes you more comfortable. Something that makes things easy for you. There will be bad reviews about anything! Like it or not. Even Jesus had enemies.
I trade with Dukascopy using JForex and I am happy about it. If I had to look for reviews, I for sure would find millions of bad stuff, but why bother if I’m making money.
All the best. Let me know if you need any help.
Thank you very much. I should read and research more before throwing daft questions out there !!! Thanks
it has a nice color into it. I would love to have that infront of me right now. LOL but yeah, reviews and feeds are to be taken as a reference maybe or part of your own reserach , testing is the best part of any trading, like start with a test money about a 100 bucks maybe to see how the system goes and how it will react before pushing through with the whole investment. best of luck.
Starting with a demo account is always a good idea for beginners, but I would trade with a similar amount to the one you are intended to trade in live, just to make it more real.
I second that and would add try to feel the pain when you lose as if it was real
Hello guys here is a great way to test your trading skills with real money using the no-deposit bonus offered by Capital One Forex broker.
A friend has tried it and says its a wonderful offer that allows traders to even withdraw profit.
I would say take a broker that has more good than bad. EVERY broker has bad reviews, but not all of them are deserved.
Take a look at the fca website, they recommend staying clear of capital one forex as they are not regulated
It is important to consider your leverage level before selecting a the type of lot to use, i.e micro lot, Standard or mini lots. Ideally, if your are using a leverage of 1:5, then it would be good to just use the standard lot, for 1:50 and 1:500, then it would be ideal to apply mini and micro lots respectively.