Hey guys, I have an account with an account balance of $200 dollars and I use the baby pips position size calculator to figure out my position size.
I know I only have 200 units of currency which makes it a nano lot, if I’m not mistaken. when I use the position size calculator I get this for example.
My confusion is this. Which of the lots’ value do I use?
Standard Lot (0.0024)
Mini Lot (0.024)
Micro Lot (0.24)
Nano Lot (2.4) — I’m assuming there’s a nano lot.
I don’t know of any broker , anybody correct if I am wrong, but you can only use .01
I am sure you are going to Demo first? I started a demo in June how I turned $200 into $457 in two weeks. I started another this Month and listed the trades.
Tabius Lee
Demo for My Proof Profit Strategy
It’s funny your post this now. I was just looking at the bp size calculator the other day. Found the results confusing.
The decimals after a lot, mini lot micro lot.
I think it would be more easily understood by just using a single decimal representation with a label “lot” so the size of 1 lot would be 1.0, for a 1 mini lot .1, for a 1 micro lot, .01.
Personally I think the current layout is confusing.
KC
They are all the same amount. .0024 standard lots is the same as .24 micro lots.
Oanda is the only broker that I know of that allows you to trade in units rather than lots. You can place a trade with 1 unit.
With a $200 account it would be 0.0024, which would be 240 units. If you went up to 0.024 that would be 2400 units and you would be way over leveraged.
However, the OP was 2 weeks ago and old news now.
