Understanding Order Qty in Forex

[[email protected]]

Hi,

I recently started looking into Forex and have a connection with FXCM

Can you please advise what the Quantity 0.01M means?

What is the quantity I need to use to trade 1 Full Lot = $ 100K?

Is it 1M or 0.1M?

Please explain how the quantity is designed in forex?

Thanks!

[NinjaTrader_Cameron]

Hello,

Thank you for your note.
The breakdown of the lot sizes is listed below.

A standard or full sized lot is equal to 0.1M
A mini lot is equal to 0.01M
A micro lot would then be 1000.

[[email protected]]

Thank you for your reply.

Just to confirm then, if 0.1 is a Full Lot THEN 1.0M would be 10 Full Lots?

I was not able to see anything below 0.01M so FXCM does not allow Micro Lots?

I am just educating myself.....

Thanks!

[NinjaTrader_Cameron]

Hello,

Yes, that is correct 1.0M or 1 million would be 10 full lots.

You can manually type 1000, to get to micro lots, however you may want to check with your broker to verify that your account supports Micro lots.

[[email protected]]

Great, Thank you

I just realized that the "M" stands for Million.....

Now it will be easy for me to remember!

Thanks!

PEDRO

[[email protected]]

SIM account only shows Full Lots in FOREX

Today I realized that the Demo account only shows Full Lots and my Live account shows Mini Lots.

Is it possible to have the Sim101 show Qty in increments of Mini lots (0.01M -> 0.02M) instead of Full Lots 0.1M -> 0.2M?

[NinjaTrader_Kyle]

Hello [email protected]

Unfortunately NinjaTrader's simulation account can work with standard lots only.