Trading fx on a proper platform as opposed to spread betting

[Rugby Trader]

I've been spreadbetting for a while now on various platforms including SLM/GKFX's MT4 platform.

I opened a demo account at FXDD and placed a demo trade this morning at what I thought was £/$1 a point
When I logged in I just now I was 10 pips down and over £/$200 down which I wasn't expecting.

It suddenly occurred to me that proper brokers deal in lots.

Can anyone point me to some resources about trading on a proper forex brokers platform.
Such as what is a lot, how do you position size, is a lot the same on each currency, etc..

thanks in advance

 

[brettus]

I've been spreadbetting for a while now on various platforms including SLM/GKFX's MT4 platform.

I opened a demo account at FXDD and placed a demo trade this morning at what I thought was £/$1 a point
When I logged in I just now I was 10 pips down and over £/$200 down which I wasn't expecting.

It suddenly occurred to me that proper brokers deal in lots.

Can anyone point me to some resources about trading on a proper forex brokers platform.
Such as what is a lot, how do you position size, is a lot the same on each currency, etc..

thanks in advance

1 lot is 100k usually, so if you trade EURUSD for example you will be buying or selling 100k EUR ag USD. Your profits realise in the secondary currency which is USD in this case. 100k EURUSD is 10$ per tick. 100k USDJPY is 1000 JPY per tick and so on.