Minimum contract

[mabeth]

The minimum contract I can trade increased today from 0.25 to 1 (GBP/USD Mini). Is this just me? 😳

[mabeth]

48 minutes ago, mabeth said:

The minimum contract I can trade increased today from 0.25 to 1 (GBP/USD Mini). Is this just me? 😳

I have just talked to the support, they told me that this actually happens to everyone after the first month. Sorry for the unnecessary post! 

[PaulKg]

Hi Mabeth,

I'm not sure this is correct. I have noticed, this change also only now, and I have the account for many months open. I'm trying to call them also, but I cannot reach them. If I want to take a lower risk e.g. 0.5% of my account on one specific trade of e.g. GBPJPY and my Stop Loss is 415 pips, i.e. on a e.g. 55.000 euros account (then 415 pips is approx. 350 euros). But, if I want, as I said to risk just 0.5% of my account, i.e. 280 euros, how can I do that? I have noticed on discussion within the community, that I cannot reduce leverage manually. Is there a way to achieve that?

Thanks!

Edited March 23, 2020 by PaulKg

[PaulKg]

Hi again!

Maybe @Caseynotes could help us.

Thank you very much in advance!

[Caseynotes]

On 20/03/2020 at 11:05, mabeth said:

I have just talked to the support, they told me that this actually happens to everyone after the first month. Sorry for the unnecessary post! 

 

2 hours ago, PaulKg said:

Hi Mabeth,

I'm not sure this is correct. I have noticed, this change also only now, and I have the account for many months open. I'm trying to call them also, but I cannot reach them. If I want to take a lower risk e.g. 0.5% of my account on one specific trade of e.g. GBPJPY and my Stop Loss is 415 pips, i.e. on a e.g. 55.000 euros account (then 415 pips is approx. 350 euros). But, if I want, as I said to risk just 0.5% of my account, i.e. 280 euros, how can I do that? I have noticed on discussion within the community, that I cannot reduce leverage manually. Is there a way to achieve that?

Thanks!

Hi, yes you have run into a problem. To reduce the amount of leverage used you decrease the trade size but IG impose a minimum and you have found it, so though the account is of a reasonable amount you need deep pockets to trade on the larger time frame charts while using a large stop loss. 

So working backward if you want a 415 point stop on gbpjpy then on the cfd platform with the mini contract the 415  stop with the minimum contract size of 1 mini lot equates to 41,500 yen risked which converts to 350 euros, somewhat more than the 280 euros or 0.5% of the account size you wanted. Being unable to lower the trade size further you would need to either up the amount risked from 0.5% of account size or decrease the size of the stop loss.

The other alternative is to use the mt4 platform which usually offers a far lower minimum trade size.

[PaulKg]

2 minutes ago, Caseynotes said:

 

Hi, yes you have run into a problem. To reduce the amount of leverage used you decrease the trade size but IG impose a minimum and you have found it, so though the account is of a reasonable amount you need deep pockets to trade on the larger time frame charts while using a large stop loss. 

So working backward if you want a 415 point stop on gbpjpy then on the cfd platform with the mini contract the 415  stop with the minimum contract size of 1 mini lot equates to 41,500 yen risked which converts to 350 euros, somewhat more than the 280 euros or 0.5% of the account size you wanted. Being unable to lower the trade size further you would need to either up the amount risked from 0.5% of account size or decrease the size of the stop loss.

The other alternative is to use the mt4 platform which usually offers a far lower minimum trade size.

Hi again @Caseynotes!

Thank you very much for your quick and detailed answer!

Do you know if ProRealTime platform offers also lower minimum trade size?

Thank you in advance!

[Caseynotes]

1 minute ago, PaulKg said:

Hi again @Caseynotes!

Thank you very much for your quick and detailed answer!

Do you know if ProRealTime platform offers also lower minimum trade size?

Thank you in advance!

as I recall, not used for years, but prt has the exact same minimums as the IG web based platform.

[PaulKg]

Just now, Caseynotes said:

as I recall, not used for years, but prt has the exact same minimums as the IG web based platform.

Great. I really do not like and not agree with this policy, especially when IG is also stating always, that traders should trade with correctly managed risk. It makes no sense to have the option of micros only on MT4, if the provider is the same, i.e. IG. To have a proper risk management of 1-2% risk per trade, you need an account of minimum 17500-35000e. So MT4 is the only solution.

Thank you again Caseynotes for your answers! It is always very kind of you!

[Kodiak]

https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/orders--stops-and-limits/how-do-i-partially-close-a-position