What Lot size is equal to £1

[DaveB]

I am opening a Forex account that deals in Lots and I have only spreadtraded in UK pounds, can someone tell me what Lot size is equivellent to £1.

It would be even better for me if there was a UK spreadtrade broker who used MT4 as there charting software and dealt in Uk pounds.

Dave

[Trevman]

doesn't quite work like that, since your buying currency with currency the rates are always changing and thus the value of your trade is too, but 2 lots will get you close..... otherwise use oanda and buy enough units to make £1 (but it wont stay like that forever)

[DaveB]

Thanks Trevman, I read somewhere that for the EUR/USD trading the mini $1= 1pip and for the standard $10 = 1pip. Now is this comparison static or do they fluctuate? If they are static where can I get simlar information on other pairs?

Regards,
Dave

[Trevman]

it fluctuates, because the markets do. the only time 1pip will equal £1 forever is if you trade XXX/GBP, anything else will change.

if you trade EUR/USD your pounds in account must first be converted to dollars and then traded against the euros.

http://uk.finance.yahoo.com/currency...submit=Convert

USD/GBP currently is 0.4881. thus trading 10k EUR/USD will be 1pip = 0.49p OR 100k will be 1pip = £4.88

[RebateFX]

It's interesting to note that 0.1 lots of usd/cad is now worth more than $1 per pip. It's a great pair to trade now