Absolutely brand new to Mt4, have used it and my account for around 2hours.
So I have not done any thing unusual (not a complete idiot lol) but I am stumped and not sure if my MT4 and set up is correct?
Ill list what I have done and im pretty sure you will see my point or question.
Mt4.Find signal provider, He keeps a 10k balance USD,
I have opened the same account like for like and deposited $1k (he recommend min 500, but 1000 is better).
Total equity: 1000 USD
My leverage is currently set to the maximum which is :
Ok great so whats the issue?
When I open my Mt4 and the Journal Sync's it displays.
Signal - Subscriber has balance : 100 000 00 USD, leverage 1:50Signal - signal provider has balance 10 644.40 USD, leverage 1:500
my options are currently set to
Signal is: https://www.mql5.com/en/signals/129797
I guess I will disengage the signal (turn off) because I am seeing my balance recognized as 100k? not 1k.if his balance as also another cent account also showed in the same manner then I would not have any question but his is showing as true 10k but mine is different but same like for like account etc.
Any one understand this?
Would really appreciate help
thanks every one,
Your problem is the difference in leverage. Even though you keep 10 times the balance of the signal provider, you are only copying with a 85% ratio, because your leverage is 10 times smaller (1:50 instead of 1:500).
So you will have about 10 times lower growth each month.
ok, I see.
Over all with this signal and set up at what balance amount if not now would you recommend I contact the broker to have my leverage increased up to 1:500.
The balance will be brought up to £3000 on the 30th March
With mt4 displaying the currency as 100k, this would not be any issue in transaction?
thanks for your ear and eye on this, I appreciate the help a lot.