Settings Question for EA

Beginner Questions
1

Hello everyone! This site has tons of info and I am excited. I have been using a demo account thru forexgen and have had extremely awesome results. I want to switch to a live mini account. But I have questions on the settings. I know that the it would be 1 pip as opposed to the 10 pips on my demo account now. I wondered about controlling more lots to increase profit. What would you put your account settings at to be on the safe side with only $1000 in the account. It seems as though I understand the standard demo account pretty well but for some reason, it is throwing me off when changing to the live mini. I don’t want to screw it all up the first trade if you know what I mean. Thanks to all that respond!!

Lots:
UseMM:
LotRiskReducer:
MaxLots:

2

I’m new to Forex myself, but if I understand your question correctly, you’d trade using .1-sized lots on a mini versus the 1.0-size lots on the standard account.

If you haven’t already done so, go through the “school of pipsology” here. It’s been a great help.

As to you alluding to using more leverage, you obviously are able to, but with such a small account size ($1k) be careful how much you use. According to the lessons here, experienced traders generally don’t use more than 3:1 leverage.

Remember this: in a mini lot (.1), 1 pip move = $1. In a standard lot (1.0), 1 pip move is $10. So if it goes 30 pips in a few seconds an you’re trading standard lots, you just lost (or gained) $300.

Good luck, hope I at least shed some light on your questions.