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Your PC does not have to be running in order for your trades to be active, EA or no EA.
The volumes you speak of are lot sizes; 1.0 being one standard lot, 100k of the main currency pair you are trading (ex. EUR/USD, you are buying 100k of Euros and selling 100k of USD, the Euro being the main currency pair). Depending on your leverage this can require $2000 (50:1), $1000 (100:1), $500 (200:1), or less ($ for dollar pairs, € for EUR pairs, etc) in available margin (account balance).
0.1 refers to 1/10th of a standard lot, or 1 mini lot.
www.babypips.com is a great resource for new traders, check it out.
I have read through baby pips' whole site nearly a half dozen times. I'm not stupid, I just learn things better when people show me. I'm a Hands-on type of learner.
So what does 2.00-8.00 in "volume" mean then?
I always see people saying you got to keep your MetaTrader4 open and running for as long as the EA is active. Now I'm a bit lost lol.
By the way man, thanks for your help. Really appreciated dude.
Volume on the order window is the volume you are trading, the amount of lots. It goes from 0.01 through 8.00 by default but you can add any number in manually.
So selecting 8.00 on a $10k mini acct, would be $80,000?
I Don't understand why the broker would let you do this. LOL I really don't understand the margining of accts/lots... can someone plz explain it here in lamens terms, or direct me to a better site than babypips?
It's not about what your broker would allow, it is the default setting that's all. Look the normal leverage on a retail fx account is 100:1. This means to open one standard lot which is valued at 100,000 USD/EUR/GBP you need 100th of this sum in your available margin or 1000 USD/EUR/GBP.
If you opened a trade with 8 standard lots on your account it would cost you $8000 (USD Pairs) of your margin leaving you with $2,000 in available margin. At 8 lots each pip is approx. $80, so if the trade moved against you by 25 pips you would be "margined out" and you would be left with the 8000.
When I make a trade, I select the lot size at .10.
Since .10 = $10,00 I am using my whole account to make this one trade, correct?
I am only able to make 1 trade at a time when I use my whole account size (.10), correct?
So if I want to execute 6 trades at a time, I would need to make them all 0.01? This is only $1,000 per trade. = 10 cents per pip, correct?
For example, I made a trade last night (.10 lot size) and I profited $70 (70 pips). If I lost the trade, my SL was set at -50 pips. If I was Stop-Lossed, I would have lost -50 pips aka -$50.
So if I lost last night's trade, my initial DEPOSIT would be at $950. I would not be able to trade .10 lots anymore, correct?
Is there any way around this? Even if I make 500 pips in one month, being able to only trade 0.01 lot sizes is only a $50 profit at the end of the month. This is what I will have to do if I trade 3-6 orders at a time, which is what I am doing.
I doubt you are only using 10:1 leverage, more than likely you are set to 100:1 at the least, as most retail brokers set mini and micro accounts at 200:1.
At 100:1 leverage you are able to trade up to $100,000. If your leverage was 10:1 and you opened 1 mini lot, 0.1 lots, you would be margined out automatically because of the spread.
Either way I would not recommend anything more than 1 mini lot on $1,000 USD, actually I wouldn't even trade one mini lot as the risk level is 10% which is very high. Money management is key in trading on leverage. You can have a system that wins 90% of it's trades and still loose money with improper MM.
Here I will post what my statement looks like. I have to post them in 2 separate halves because of how long the page is. Also below you will find what I selected when I made my account. (just copy/paste and remove the space between imageshack and .us)
Now I know, I made the mistake of selecting 1.0 lots for the first 6 trades... Thats why I cancelled them and made them .10 lots...
PLEASE HELP! Whats going on??
MODS/ADMIN: I AM SORRY I WASN'T ABLE TO UPLOAD THE IMAGE ONTO THE FORUM BECAUSE OF THE SIZE ISSUE. I GUESS THIS FORUM DOESN'T ALLOW HYPERLINKING, OR EVEN POSTING THE ACTUAL URL. SO I HAD TO SET UP THE ABOVE LINKS AS SHOWN. PLEASE DON'T TAKE THEM DOWN, IT IS JUST SO WE CAN GET THIS ISSUE RESOLVED. THANK YOU
a couple noob forex questions...
Linear Mode
