Could it be possible to reduce the Minimum traded quantity down on some of the major forex pairs?
GBP/USD is perfect @ 100, but EUR/USD @ 500 is a little high for a small account.
I understand that this only affects smaller account sizes, but sometimes people like to learn with a smaller account rather than pop a few thousand in to start with.
100 and 500 are small. Let me explain:
Normally forex is traded in lots. There are 3 major lot sizes:
Standard lot = 100.000 units
Mini lot = 10.000 units
Micro lot = 1.000 units
EURUSD with a micro lot uses about €30 margin. So you are trading with €1000/$1000. Per pip you wil have. a profit/loss of about €0,10. If you would trade 100 units, you would have to wait 100 pips to earn €1. 100 pips is a lot for EURUSD.
Understood.
Makes perfect sense now. Thanks 