what is volume in mt4

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is there any restriction on selecting a volume in mt4? what is the function of volume? suppose if I have 50$ in total money with my broker, what is the ideal volume in this case? at this stage I have .01 volume?
 

This is a programmers forum.

To learn the trading basics view some webinars from your broker (or search for them) or by a book.

The specifications what you are allowed to trade can you get from your broker.

 
nadeemenglish:
is there any restriction on selecting a volume in mt4? what is the function of volume? suppose if I have 50$ in total money with my broker, what is the ideal volume in this case? at this stage I have .01 volume?
You first need to learn the basics by going to "School" - In this case, may I suggest the "School of Pipsology", which will help you learn about Forex and all those trading essentials!
 
nadeemenglish: is there any restriction on selecting a volume in mt4? what is the function of volume? suppose if I have 50$ in total money with my broker, what is the ideal volume in this case? at this stage I have .01 volume?

Perhaps you should read the manual. There is minLot and maxLot.

You asked for lots being a function of money. Insufficient, you also need to know how much the market could move. A .01 lotsize is $0.01 per point (5 digit broker) but if the market move 100 pips that is worth only $10.

  1. In code
    • You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
    • Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerlot + CommissionPerLot) (Note OOP-OSL includes the SPREAD and DeltaPerlot is usually around $10/pip.)
    • Do NOT use TickValue by itself - DeltaPerlot
    • You must normalize lots properly and check against min and max.
    • You must also check FreeMargin to avoid stop out
  2. Use a GUI: Indicators: Money Manager Graphic Tool - MQL5.community traders' Forum - Page 5 'Money Manager Graphic Tool' indicator by 'takycard'
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