not enough money error

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hello 

i am new in forex and have a question

now i have 122$ equity in my account and want to get a sell position in EURTRY for 0.01 lots. my leverage is 1:100 but it says "not enough money".

but 0.01 lots sell in EURTRY equals 1000 euro and eur/usd is 1.07 so it requires 1070 dollars and because of leverage , i need 10.7 dollars equality. 

 but i don't know why this error occurs. can anyone say why my calculation is wrong ?

thank you.

 
Hi, I had this same error and for me it was because an inactivity fee was deducted from my account so I didn’t have enough money in there to make a trade. That could possibly be it. I’m trying to figure out how I can get this back 
 
If you are worried about margin and leverage, you are not controlling your risk.
  1. Never risk more than a small percentage of your account, certainly less than 2% per trade, 6% total to the account. Risk depends on your initial stop loss, lot size, and the value of the pair. It does not depend on margin and leverage. No SL means you have infinite risk.
    1. You place the stop where it needs to be — where the reason for the trade is no longer valid.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.
    2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
    3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
                MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum 2017.10.10
                Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum 2018.02.11
                Lot value calculation off by a factor of 100 - MQL5 programming forum 2019.07.19
    4. You must normalize lots properly and check against min and max.
    5. You must also check FreeMargin to avoid stop out

    Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.

 
Char2112:  inactivity fee was deducted from my account … I’m trying to figure out how I can get this back 
  1. Only your broker can deduct from your account — ask them about it. There is no "get back."

  2. Don't double post! You already had another thread open.

              General rules and best pratices of the Forum. - General - MQL5 programming forum
 
William Roeder:
If you are worried about margin and leverage, you are not controlling your risk.
  1. Never risk more than a small percentage of your account, certainly less than 2% per trade, 6% total to the account. Risk depends on your initial stop loss, lot size, and the value of the pair. It does not depend on margin and leverage. No SL means you have infinite risk.
    1. 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.
    2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
    3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
                MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum 2017.10.10
                Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum 2018.02.11
                Lot value calculation off by a factor of 100 - MQL5 programming forum 2019.07.19
    4. You must normalize lots properly and check against min and max.
    5. You must also check FreeMargin to avoid stop out

    Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.


thank you for your good advices. definitely these advices will help me for my future trades.

but i still have my question. can you say why that error happens? 

i should mention that my account is demo.

 
Hamed Damirchi:

hello 

i am new in forex and have a question

now i have 122$ equity in my account and want to get a sell position in EURTRY for 0.01 lots. my leverage is 1:100 but it says "not enough money".

but 0.01 lots sell in EURTRY equals 1000 euro and eur/usd is 1.07 so it requires 1070 dollars and because of leverage , i need 10.7 dollars equality. 

 but i don't know why this error occurs. can anyone say why my calculation is wrong ?

thank you.

Check in you broker website what is the margin requirement for EURTRY, usually it is much higher than for EURUSD

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