If you encounter the "Not enough money" error in MetaTrader, it means that you are trying to open an order but don't have a sufficient amount of free margin to do so. Here are several reasons why this may happen and how to resolve them.
Common Causes
- Lot Size Too Big: The lot size you are trying to open requires more margin than you have available.
- Small Leverage: The leverage on your account is too small, requiring more margin for each trade.
- High Margin Requirements (HMR): During major news events, the leverage may be temporarily lowered, increasing the margin required.
Solutions
1. Check Free Margin: If there are open orders, the margin is reserved for those orders, which might reduce the free margin available for new orders. You can check your Free Margin in the terminal to see how much is available.
2. Margin Calculation:
- Forex: Margin = lots × contract size ÷ leverage × percentage ÷ 100
- CFD: Margin = lots × contract size × market price × percentage ÷ 100
- CFD-Index: Margin = lots × contract size × market price ÷ tick size × tick value × percentage ÷ 100
To find the margin calculation mode (Forex, CFD or CFD-Index), right-click on the trading instrument in your MT4/5 terminal, move to Contract Specifications, and find the required field.
After calculating the margin, you will receive the result in margin (base) currency, and after that you must convert it to the account currency to understand the required margin amount for the order.
3. Decrease Lot Size: If the calculated margin is more than your free margin, decrease the lot size to reduce the margin requirement.
4. Make a Deposit: Adding funds to your trading account can increase your balance and free margin.
5. Understand High Margin Requirements (HMR): During major news events, HMR may apply, which temporarily lowers leverage and increases margin requirements. For more details, check our HMR FAQ and the Economic calendar to stay updated on upcoming major news events.
6. Increase Leverage: If the leverage is too low, it affects the amount of margin required. Check and increase your leverage if needed. Pay attention that increasing leverage contains high risks of losing assets during trading.
By understanding and applying these solutions, you can resolve the "Not enough money" error and manage your trades more effectively. For any further assistance, feel free to contact JustMarkets support.