Lot calculation for BTC/USD. What is the USD value of 0.01 lot ?
Hi I am trying to get mt head around lots and pips etc. and well am really struggling with trying to understand it all.
I understand that 1 lot = 100 000 units and 1 mini lot equals = 10 000 units and 1 micro lot = 1000 units.
So am I correct in saying that units equal dollars in BTC/USD pair ?
So the broker I am wanting to use has a minimum order of 0.01 lots so in other words the minimum per order would be $1000.
So if I want to place 30 orders at 0.01 that would mean that I would be trading $30 000 if all orders were filled ?
As I am a beginner I am trying to minimize risk and am using the 1:1 leverage option.
How much would I need to fund my account with in dollars if I wanted to place all 30 orders and how could I minimize my risk if the market went against me ?