HELP: Error: Not Enough Money

[kayinb]

Hi,

I'm new to the forex scene, but I do have $10 USD in my account. I wanted to buy GBPUSD at .01 but the systems says I dont have enough money. .01 is 1% of $10 so why is it saying I dont have enough money? 

[Eleni Anna Branou]

kayinb:

Hi,

I'm new to the forex scene, but I do have $10 USD in my account. I wanted to buy GBPUSD at .01 but the systems says I dont have enough money. .01 is 1% of $10 so why is it saying I dont have enough money? 

0.01 is 0.01 lot of 100.000 units of the base currency, GBP in your case.

So 0.01 lot is 1.000 GBP.

[Kenneth Parling]

kayinb:

Hi,

I'm new to the forex scene, but I do have $10 USD in my account. I wanted to buy GBPUSD at .01 but the systems says I dont have enough money. .01 is 1% of $10 so why is it saying I dont have enough money? 

Hi there,

Maybe it's time for you to study some of the most important things - Leverage, Margin, Balance, Equity, Free Margin, Margin Call And Stop Out Level In Forex Trading and you find an article RIGH HERE about this. Hope this helps you out ;)

Good Luck,

Kenneth

[Enrique Dangeroux]

kayinb:

Hi,

I'm new to the forex scene, but I do have $10 USD in my account. I wanted to buy GBPUSD at .01 but the systems says I dont have enough money. .01 is 1% of $10 so why is it saying I dont have enough money? 

The error is correct. You should not invest money but invest time in order to understand trading forex. There are books, there are websites https://www.babypips.com/learn for example.

Good Luck.

[William Roeder]

1. 0.01 standard lots is 1% of 100,000 or 1000 GBP. That is irrelevant.
   
2. You don't have enough free margin to open the order.

   For accounts that will be trading in 100,000 currency units or more, the margin percentage is usually either 1% or 2%.
             How does margin trading in the forex market work - investopedia.com

   Either put $2K in, switch to a micro or nano account.

[Joel Simmons]

Put $10 more into the account and see if the error goes away :)