Why Can't I Enter Micro Lot Sizes?

Beginner Questions
1

Hi All and thank you for reading my first newbie post. I’ve been learning Forex with a mentor and this forum was recommended…Ok so, basically it’s recommended as a newbie and for any balance under $500 to use a micro lot size (0.01) but I am unable to enter that lot size in my MT4. The minimum I am able to select is 0.1 (mini lot size) , I can’t select or type 0.0 as the lot size selection only goes down to 0.1. There is obviously something I’m not understanding, can someone help a newbie out please?

Why can’t I enter micro lot sizes in my mt4?

2

Depends on what the broker decides. I suggest you change to a more amenable micro lot size broker like Pepperstone, and open a MT5 platform, which is MT4 update. IC markets offer the same.

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3

Ah I see!..thank you. That explains a lot. I guess leverage also plays a part?

5

Yes, regulated traders offer a leverage that could range from 30:1 upwards. Depends what country you are in…

6

Yes, I appreciate your suggestion. I also think in the same way. Using micro lot sizes is necessary for you to keep your trades out of risk.

7

Ooh that’s interesting. Didn’t realize some brokers don’t even allow micro lots. Who’s your broker @Andre36 ?

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9

Initially, I was also facing this issue and later on one of the traders suggested me to do just what you suggested. And I did change my broker and shifted to a micro lot size broker and it’s okay.

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10

Well, I’ve discovered with my broker it depends on the pair you’re trading. I’m with IG. They do offer micro lot sizes it just depends on what pair you choose to trade. Most major pairs only have mini lots while smaller ones are micro. I don’t know if this is just a thing IG does or if it’s common with other brokers. @ponponwei

11

Oh that’s weird! You’d think they’d offer micro for major pairs at least. I’m with Forex.com, I’ve not noticed anything like this - but then again I only trade major pairs so who knows. I was planning on opening an IG account too though. How’s your experience been so far?

12

if you are new to trading dont go with live, just stick with demo, but while you are at it, its okay to bombared support with question just to clarify things out before commiting, some might see 500 as small, but thats kinda a lot, I would even suggest less than a 100 if possible for first time live traders, wont hurt that bad to burn haha

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13

I agree. I’m learning through a mentor and I think personally if you don’t have someone to guide and hold your hand a little don’t bother going live from pdfs and YouTube unless the person you’re learning from offers 1 on 1 coaching or guidance. You’ll blow your account. The only other situation is if you’ve found a strategy, practiced it for a while on demo and have been profiting. Its then just up to you learning the pair and back testing and see how it performs at high volatility times etc.

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14

It depends on the broker’s conditions.
Some do not give you the permission

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15

Make sure that you have selected the right account type, some brokers offer different account types with different minimum deposit, lot size etc.

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16

Thank you, I’m finding this out now.

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17

Oh nice! How long have you been with this mentor?

18

are you using micro lot size?

19

yes it sounds right. it depends on the brokers and account types.

20

That is mostly the case.