new trade in MT4

The 'Not enough money' error in MetaTrader 4 (MT4) occurs because the platform is indicating that you don't have enough free margin to open a trade with the desired lot size while keeping the risk within your specified limit. To resolve this issue and open a trade while risking only 1% of your $5,000 account, you can do the following:

Adjust Your Trade Size: Reduce the lot size of your trade to a level where it doesn't exceed the available free margin while still allowing you to risk 1% of your account. You mentioned that you should place 0.23 lots to risk $50, but it seems that this exceeds your available margin. Try a smaller lot size.

Lower Leverage: If you're using high leverage, consider reducing it. High leverage can consume your margin quickly. Lower leverage means you'll need less margin to open a trade.

Review Your Account: Double-check your account balance, equity, margin, and available margin to ensure that your calculations are correct.

Avoid Over-Leveraging: Make sure you are not over-leveraging your trades, as this can quickly deplete your margin. It's essential to manage your risk responsibly.

Consider a Different Pair: If you're trying to trade a pair with high volatility or a high margin requirement, consider trading a different currency pair with lower margin requirements.

Use Stop-Loss Orders: To limit your risk, always use stop-loss orders when opening a trade. This will automatically close the trade if it goes against you, helping to protect your account.

Consult Your Broker: If you continue to have issues, reach out to your broker's customer support for assistance. They can provide guidance specific to your account and the platform they offer.

Remember that it's crucial to trade within your risk tolerance and to ensure that you don't overextend yourself. Risk management is a fundamental aspect of successful trading, and it's wise to stick to your risk limits and trade sizes that won't put your account in jeopardy.