Troubleshooting: Lot Size
The Trade Log is set up to help you avoid making entry mistakes. One place it does this is checking lot sizes on the Trade Input tab.
You may see a message like this at the top of the tab:
Or it may say “standard lots may be the wrong lot type”, “micro lots may be the wrong lot type” or “units may be the wrong lot type”.
Why It Appears
The Trade Log compares three things and sees if they make sense together:
- The gross value you entered having made or lost
- The number of pips you made or lost
- The lot size you entered
If it determines that it wasn’t possible for you to have made or lost as much or as little as you claim with the number of lots you used and the number of pips gained or lost – then it flashes up that pink message.
Things to Check First
If you’ve manually entered your trade, check that you put these values in correctly:
- The value (amount of money) you made or lost. Make sure you are entering the gross value. (Not sure? Read this).
- The entry price
- The exit price
- The number of lots or units you used.
Next Check This
If you still see the error message – or if you’ve imported your broker’s trade statement – then the error is coming from how you initially set up your account on the Account Tab.
Go back to the Accounts Tab now and click the account and you’ll be able to change the Lot type.
The Lot Type: Choose Standard, Mini, Micro or Units. If you are confused, think of what 1.0 means to your broker when you place a trade and match that to this selection. Here are some examples:
- If 1.0 = 1 standard lot then use “Standard Lot”.
- If 1.0 = 1 mini, then use mini lot.
- If you think “I trade mini lots” but you enter each trade as 0.1 then set the account for Standard Lots.
If you have your lot sizes wrong and then fix it – first verify that on new trades that you enter or import.
The trades already entered do not get fixed retroactively. You’ll have to re-import them or individually modify their lot size to accommodate the initial incorrect setting you created them with. Changing the kind of lots sizes your broker uses does not change trades that are already in the database incorrectly.