Plan: Opening account with Ooanda to trade smallest lots possible.
Goal: Only trade 1% of my account size on 50:1 leveraged account. Every 2 weeks I will be depositing $25-$50.00 into my account.
Question: When setting my order, What amount of lot size do I select? 1 Lot on micro account is 10,000 units right? So what percentage of a lot would I buy to equal 1% of $50.00? Thanks everyone for helping me.!
Oanda is pretty neat. If you go into the options, you can actually have it automatically set to the percentage you’d like to have at risk. Also there are pip calculators in the software to help you select unit size.
Good work on having a conservative strategy. I would hold off on adding more funds into the account until you can first show that you’re profitable. Start small like $25 and get comfortable with that.
Thats great news! Thanks so much for the reply. I am hoping to get my account active within next few days. I am really happy there software can do that.
You should be working with their demo platform to make sure you understand it before you start live trading.
Standard lot = 100,000 - Approximately $10 a pip
Mini Lot = 10,000 - Approximately $1 a pip
Micro lot = 1,000 - Approximately $.10 a pip
Nano = 100 - Approximately $.01 a pip
Cheers!
Fi
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Then there’s a ‘lot’ of a lot… 10X std lot ($1m)! LOL. Biggest trade I’ve put on as a retail trader is 1.8 ‘lot of a lot’. 