Hi everyone.
I'm trying to sort out some of the terms used between systems.
When placing a trade using MT4 software I'm asked for the "volume" of my trade and in my trade MT4 Trade Ledger, my position is stated in "size" which appears to by the same as "volume."
The help file for MT4 defines "volume" and "size" as "lots." I have a demo account with $10k in it and I am using micro-lots (at least I think that's the case), so 1 lot would be 1,000 what ... units of currency ... so $1,000USD? And I have 10 lots in my $10k account? Am I getting that right?
And then in the Oanda FXGame I'm asked for "units" when I place a trade. Is this units of the base currency (USD in the case of a trade of the EUR/USD currency pair)?
What I'd like to be able to figure out in the final analysis is how to place an equivalent order on each system, so I'm trying to figure out how to translate between "volume," "size," "lots," "units," "pips," and good old USD.
I know I'm gonna get this sorted out eventually.
Thanks for any light you can shed on this.
I'm trying to sort out some of the terms used between systems.
When placing a trade using MT4 software I'm asked for the "volume" of my trade and in my trade MT4 Trade Ledger, my position is stated in "size" which appears to by the same as "volume."
The help file for MT4 defines "volume" and "size" as "lots." I have a demo account with $10k in it and I am using micro-lots (at least I think that's the case), so 1 lot would be 1,000 what ... units of currency ... so $1,000USD? And I have 10 lots in my $10k account? Am I getting that right?
And then in the Oanda FXGame I'm asked for "units" when I place a trade. Is this units of the base currency (USD in the case of a trade of the EUR/USD currency pair)?
What I'd like to be able to figure out in the final analysis is how to place an equivalent order on each system, so I'm trying to figure out how to translate between "volume," "size," "lots," "units," "pips," and good old USD.
I know I'm gonna get this sorted out eventually.
Thanks for any light you can shed on this.
Best,
- Iggy