To trade with confidence, you need to feel in control of your trading. One way to do this is to be sure that you are using the right lot size for your account. In this guide, we will show you how to change lot size in MT4 so that you can trade comfortably and with peace of mind.
What is lot size in MT4
The lot size in MT4 is the volume of trade that is executed on each order. It is also referred to as the contract size. When trading forex, a standard lot consists of 100,000 units of currency. However, you can trade in smaller increments known as mini lots and micro lots. A mini lot consists of ˆ10000 worth of currency, while a micro lot only consists of 1000 units.
You might be wondering why anyone would want to trade such small amounts. The answer lies in leverage. Leverage is a feature offered by brokers that allows traders to control larger positions with less capital. For example, if you have a $1000 account and are using 50:01 leverage, you can control a $50,000 position.
How to change lot size in MT4
If you’re new to trading or using MT, then you might not be familiar with how to change the lot size in MT. That’s okay! In this blog post, we’ll walk you through how to do it so that you can trade with confidence.
First things first: what is a lot? A lot is simply the amount of currency that you’re buying or selling in a trade. The standard lot size is 100,000 units of currency. But if you’re just starting out, you might want to trade with a smaller lot size so that you don’t risk as much money.
Now let’s get into how to change your lot size in MT. To do this, go to the “Tools” menu and then select “Options.” In the options window, go to the “Trade” tab and then look for the “Lot Size” field. From here, you can enter in the lot size that you want to trade with.
What are the consequences of changing your lot size in MT4
If you’re not careful, changing your lot size can have some pretty undesirable consequences. For one, your account balance will be subject to more volatility as your position sizes increase. This could lead to a situation where you find yourself margin called and having to close out positions at inopportune times. Additionally, if you don’t have a solid risk management plan in place, increasing your position sizes can also lead to blowing up your account.
So how can you change your lot size in MT4 while still maintaining confidence in your trading? Here are a few tips:
– Make sure you have a well-defined trading strategy that takes into account your desired level of risk.
– Only increase your position sizes gradually as your account balance grows.
– Make sure you have a solid risk management plan in place that includes stop-losses and limits on how much of your account balance you’re willing to risk on any given trade.