Morning from South Africa.
Can you guys give me a bit of background info on how to determine or setup lot sizes using metatrader4? Does on change sizes under volume in the new order window or how does it actually work? I am obviously quite new to forex and playing on a demo account currently.
Also, need a bit of info on reliable and trustworthy brokers who can be used? I would like to use someone where low risk is involved i.e. very low deposit, low spreads and comms. and where I could possibly not lose more than my actual account.
you need to manage your self for cash management
1- 0.01 (micro lot size)
2- 0.1 (mini lot size)
3- 1 (Standard Lot size)
and so on. Please keep study you will get more info according to your requirement
Start with the minimum on your Demo account. If you experiment with an EA that asked for an input of what percent to risk, chose a small number like 1% or 2% until you can decide what level of risk you can afford.
Brokers will not usually let you get anywhere near going to negative balance because their program is to force you out. The only practical way you will lose more than your account is if you hold a position that gaps up or down against you for some reason. A lot of currencies do this every once and a while. Examples: Everybody goes to sleep thinking it is ok to be long the GBP the night of BREXIT voting and wake up to a huge crash where their stops were useless to get you out in time. Or suddenly the national bank decides to stop supporting its currency and the bottom suddenly falls out (Swiss Franc last year.)
This is why you want to trade with a DEMO account for a long time so you see the impact of events like this. Like Yoda said, "Be afraid, be very afraid."
If you stick with the big brokers you have less trouble. They promise less, don't match your deposit, and generally are OK when you Google the brokers name with the word SCAM in the search.
Don't start spending money on programs with big promises--there are lots of free EAs in Codeshare and Marketplace. You will lose money with them but you can learn a lot.