Why is $1000 "Not enough money" to open a trade?
New at this and I don't understand why I can't trade. My broker is Eightcap. I'm using a demo account on WebTrader which is similar to the MT4 app except some things are missing. I put $1000 into the account. I set volume to 0.01 and leverage to 1. That should make the size of the trade as small as possible, right? I try to open a trade and get "Not enough money". I tried several currency pairs and it's always the same. I tried again with $10,000 in the account and then it works. Why is $1000 not enough to open a trade when volume is 0.01 and leverage is 1? Thanks
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Bcs you cant use 100% of your Account value to Open a trade
locutus85:
New at this and I don't understand why I can't trade. My broker is Eightcap. I'm using a demo account on WebTrader which is similar to the MT4 app except some things are missing. I put $1000 into the account. I set volume to 0.01 and leverage to 1. That should make the size of the trade as small as possible, right? I try to open a trade and get "Not enough money". I tried several currency pairs and it's always the same. I tried again with $10,000 in the account and then it works. Why is $1000 not enough to open a trade when volume is 0.01 and leverage is 1? Thanks
New at this and I don't understand why I can't trade. My broker is Eightcap. I'm using a demo account on WebTrader which is similar to the MT4 app except some things are missing. I put $1000 into the account. I set volume to 0.01 and leverage to 1. That should make the size of the trade as small as possible, right? I try to open a trade and get "Not enough money". I tried several currency pairs and it's always the same. I tried again with $10,000 in the account and then it works. Why is $1000 not enough to open a trade when volume is 0.01 and leverage is 1? Thanks
Because leverage 1 means that you have no leverage at all and 1 lot/contract is $100,000 so your 0.01 lot size trade is $1000 and you can't open that trade with a $1000 account, you need more balance in order to have room for losses.
You either have to increase your balance or your leverage.
Eleni Anna Branou #:
Well, raising the balance isn't an option because I want to be able to do this on a live account. So, what should I set leverage to? 100? Would that mean that the initial value of a trade would be worth $10? That would mean I could open a trade with only $20 in the account. Since the market is closed I can't test this.
Because leverage 1 means that you have no leverage at all and 1 lot/contract is $100,000 so your 0.01 lot size trade is $1000 and you can't open that trade with a $1000 account, you need more balance in order to have room for losses.
You either have to increase your balance or your leverage.
locutus85 #:
Well, raising the balance isn't an option because I want to be able to do this on a live account. So, what should I set leverage to? 100? Would that mean that the initial value of a trade would be worth $10? That would mean I could open a trade with only $20 in the account. Since the market is closed I can't test this.
Well, raising the balance isn't an option because I want to be able to do this on a live account. So, what should I set leverage to? 100? Would that mean that the initial value of a trade would be worth $10? That would mean I could open a trade with only $20 in the account. Since the market is closed I can't test this.
Yes, now you've got it, that's what leverage does.
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