Suggest scaling up your strategies even if you are not ready and try to be disciplined with them. You can test them in another demo on your own time. What could happen: you wipe your account, you weren't going to win anyway ! you somehow end up on the podium ! you learn something and go back and make the prize money in your own account ! forget about prize money and be positive ! Please learn the trade and grow yourself in knowledge to be a cut above the rest. Remember about, i don't know but the percentage of traders who don't make it seems to be around 90%, give or take ? As you can see it is not that easy, so find a mentor who has been there and learn the trade or you are one of the 90% on the stockpile.
On MT4, when I open an order and see 0,01, 1... Is 0,01 a micro lot? And 1 a mini lot? or is 1 a standard lot?
The MT4 platform minimum lot-size that can be traded is 0.01 no matter what type of account is traded. --- Standard Account uses a 100,000 unit lot-size, and the 0.01 lot is called a micro-lot (1,000 units in trade, could be dollars, euros, whatever the Account-currency is). --- Mini Account uses a 10,000 unit lot-size, and the 0.01 lot is called a nano-lot (100 in trade). --- Micro Account uses a 1,000 unit lot-size, and the 0.01 lot is called a pico-lot (10 in trade). Cent accounts trade nano-lots or pico-lots and there is some confusion there as different brokers name these accounts differently.
Oh my goodness. I see people come up with different terms every day,hehe. Crazy. Thank you but I was not asking for what micro, mini and standard mean. I know what they are. You have few typo errors though. 1 Standard lot represents 100.000 $/eur/gbp/etc... and the lot is on my platform is displayed as 100 (K). Or I guess MT4 displays it as 1. Money exposure is usually between 500 and 700 of currency per 1 standard lot. 1 mini lot represents 10.000 ... and the lot on my platform is displayed as 10 (K). Or as MT4 displays it (or should) as 0.1 Money exposure is usually between 50 and 70 in currency per 1 mini lot. 1 micro lot represents 1000 of currency.... and on my platform is displayed as 1 (K). Or as MT4 displays it as 0.01 Money exposure is usually between 5 and 7 in currency per 1 micro lot. (depends on the currency pair). Under the condition that leverage of the account is 1:200, of course.
But because I use TS2 I got little confused with how MT4 displays it. MT4 is terrible at that. And I have never heard of such thing as nano and pico lot. That is ridiculous. It doesn't even make sense. But thumbs up for the effort. :) Yes, confusion starts when people start making terms up instead of just sticking to the standard. Sad.
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