What is leverage in trading?

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<article class="grid">   <header class="grid-col grid-col-12 tpl-article__layout tpl-article__layout--header tpl-article__layout--header-no-lead-asset" data-test="article-header"> <div class="grid-col grid-col-12 tpl-article__layout-logos sponsored-reskin--small"> </div>  <div class="grid-col grid-col-12 tpl-article__layout tpl-article__layout--header site-header__breadcrumbs-article-reskin " data-test="tpl-article-navigation"> <div class="primary-secondary-channel-name__wrapper"> <a class="primary-channel-name" href="/money/"> Money </a> <div class="primary-secondary--separator"> <svg data-test="breadcrumb-chevron-icon" xmlns="http://www.w3.org/2000/svg" width="7" height="10" viewBox="0 0 7 10" fill="none"> <path d="M1 1L5 5L1 9" stroke="#767676" stroke-width="1.5"/> </svg> </div> <svg class="primary-secondary--arrow " viewBox="0 0 13 7" xmlns="http://www.w3.org/2000/svg"> <path id="Vector 356" d="M1 0.749911L6.49999 6.25L12 0.749912" stroke="white" stroke-width="1.17857" 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tpl-article__layout--content "> <div class=" " data-js="article-body" data-test="tpl-article-body-recipe"> <div class="tpl-layout__mobile"> <div class="tpl-layout__mobile-byline"> <span class="e-byline e-byline--multi" data-test="byline"> <span class="e-byline__meta"> <span class="e-byline__details"> <a href="/authors/h/hk-ho/holly-thomas/" class="e-byline__link" data-test="byline-link" rel="author"> <span class="e-byline__author" data-test="author-name">Holly Thomas</span> </a> <div class="tpl-date__mobile outsideByline">  <time class="e-published-date u-meta " datetime="2024-11-22T16:00+0000" data-test="time"> 22 November 2024 4:00pm GMT </time> </div> </span> </span> </span> </div> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>Trading strategies are designed to help individuals become more successful investors. Leverage is a type of trading strategy that involves being able to own a larger holding of assets than you’ve actually paid for.</p><p>Here, <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/" target="_blank" rel="noopener noreferrer">Telegraph Money</a> explains how leverage in trading works, and outlines the risks and benefits.</p><ul><li><a class="ck-custom-link" href="#what-is-leverage-in-tradingundefined">What is leverage in trading</a></li><li><a class="ck-custom-link" href="#how-does-leverage-workundefined">How does leverage work?</a></li><li><a class="ck-custom-link" href="#benefits-of-leverage-tradingundefined">Benefits of leverage trading</a></li><li><a class="ck-custom-link" href="#risks-of-leverage-tradingundefined">Risks of leverage trading</a></li><li><a class="ck-custom-link" href="#how-is-leverage-calculatedundefined">How is leverage calculated?</a></li><li><a class="ck-custom-link" href="#leverage-in-trading-common-questionsundefined">Leverage in trading common questions</a></li></ul><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="what-is-leverage-in-tradingundefined" name="what-is-leverage-in-tradingundefined">What is leverage in trading?</a></h2><p>Also known as margin trading, leverage trading works on the idea that you can use a smaller amount of money to gain exposure to larger trading positions.</p><p>It means you can gain greater exposure to a market while putting up only a fraction of the full trade value. You could enhance your position size by five, 10, 20 or even 33 times the amount of your initial outlay.</p><p>You can do this across a variety of financial markets, such as stocks, <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/investing/stocks-shares/etf-guide-cash-stocks-shares/" target="_blank" rel="noopener noreferrer">exchange-traded funds (ETFs)</a>, foreign exchange (forex), indices, commodities and some government fixed income.</p><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="how-does-leverage-workundefined" name="how-does-leverage-workundefined">How does leverage work?</a></h2><ol><li>Decide on the asset you want to trade in.</li><li>Choose the level of leverage you want to instruct. It’s usually illustrated as a ratio.</li><li>Speak to your broker to action the trade.</li><li>Pay your margin. An example is, say you want Amazon shares worth £1,000, with a deposit of £200. Your broker would provide the remaining £800, enabling you to open a position five times greater than your initial deposit.</li><li>Losses and gains are calculated on the full size of the position, not your initial outlay.</li></ol><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="benefits-of-leverage-tradingundefined" name="benefits-of-leverage-tradingundefined">Benefits of leverage trading</a></h2><ul><li>Leverage allows traders to boost their exposure to financial instruments and open much bigger trades, but with smaller levels of capital investment.</li><li>It can significantly increase the potential returns on an investment as gains are calculated on the full size of the position, not your initial outlay.</li></ul><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="risks-of-leverage-tradingundefined" name="risks-of-leverage-tradingundefined">Risks of leverage trading</a></h2><ul><li>It’s a <a class="ck-custom-link" href="https://www.telegraph.co.uk/money/investing/how-start-trading-guide-beginners/" target="_blank" rel="noopener noreferrer">high risk approach to investing</a>, which can potentially lead to big losses.</li><li>Losses are amplified as they are calculated on the full size of the position, not the amount you invested.</li><li>There are broker charges to factor in, and you’ll have to pay even if you make a loss on your investment.</li><li>You can get into financial difficulty if you drop below the minimum levels of money in your trading account required by your broker and cannot afford to repay them.</li></ul> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id="wrp-df3d2552-9882-490b-93b6-053a83e2b32b" class="wrp-df3d2552-9882-490b-93b6-053a83e2b32b part-wrp" style=""><iframe id="df3d2552-9882-490b-93b6-053a83e2b32b" data-type="particle" src="https://cf-particle-html.eip.telegraph.co.uk/df3d2552-9882-490b-93b6-053a83e2b32b.html?direct=true&id=df3d2552-9882-490b-93b6-053a83e2b32b&template=cls" class="tmg-particle embed wrp-df3d2552-9882-490b-93b6-053a83e2b32b " title="How To Become a Millionaire Newsletter" data-business-type="editorial" loading="eager" scrolling="no" frameborder="0" allow="web-share" style="width: 100%; min-width: 100%; border: none; position: relative; display: block; padding: 0px; margin: 0px;"></iframe><div style="display: none;" class="particle-newsletter-overlay"></div></div><link rel="stylesheet" type="text/css" href="https://cf-particle-html.eip.telegraph.co.uk/df3d2552-9882-490b-93b6-053a83e2b32b/css/cls.css"> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="how-is-leverage-calculatedundefined" name="how-is-leverage-calculatedundefined">How is leverage calculated?</a></h2><p>Your total profit or loss will be calculated on the full position size, not your margin amount.</p><p>So, if you paid £200 to open a position worth £1,000 with a company whose shares were priced at 100p, your margin would be 20pc.</p><p>If the company’s share price rises by 40p, your 1,000 shares are now worth 140p each – a £400 profit. Yet, if the share price dropped by 40p, you’d have made a £400 loss – double your initial amount paid.</p><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="leverage-and-marginundefined" name="leverage-and-marginundefined">Leverage and margin</a></h2><p>Leverage and margin are related in that they are both involved in allowing investors to use borrowed money to invest and hopefully enhance profits.</p><p>Leverage is the amount that your capital is magnified by, expressed as a ratio. Margin is the money from the investor used to gain the enhanced exposure to a chosen asset.</p><p>When one increases, the other decreases by the same.</p><p>For example, if the leverage ratio is 20:1, the margin factor is 20pc. This means that the investor needs to deposit 20pc of the total investment value to open the trade.</p><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="which-products-are-leveragedundefined" name="which-products-are-leveragedundefined">Which products are leveraged?</a></h2><p>Any financial product that allows you to take a position that is worth more on the market than your initial outlay is a leveraged one.</p><p>The main leveraged products include:</p><ul><li><a class="ck-custom-link" href="https://www.telegraph.co.uk/money/investing/forex-trading-what-is-it-and-how-to-trade/" target="_blank" rel="noopener noreferrer">Forex trades</a></li><li>Contracts for Difference (CFDs)</li><li>Spread bets</li><li>Options</li><li>Futures.</li></ul><h2 class="u-heading-size-large u-heading-style-normal"><a class="ck-anchor" id="leverage-in-trading-common-questionsundefined" name="leverage-in-trading-common-questionsundefined">Leverage in trading common questions</a></h2><h2 class="u-heading-size-medium u-heading-style-colour">How much leverage is good for trading?</h2><p>There is no right or wrong amount of leverage. It all depends on your appetite for risk.</p><p>Remember, losses – and gains – are calculated on the full size of the position, not your initial outlay so you need to be comfortable with a potential and magnified loss.</p><p>If you’re at the more cautious end of the scale then perhaps a lower level of leverage like 5:1 or 10:1 might be suitable. If you’re at the more adventurous end of the scale you will likely want to go much higher.</p><p>However, the sky isn’t the limit for all assets. For retail investors (in other words, ordinary investors), City watchdog, the Financial Conduct Authority (FCA), limits leverage to 30:1 for major currency pairs, for example. Equally, some brokers might choose an upper limit to restrict exposure to risky markets.</p><h2 class="u-heading-size-medium u-heading-style-colour">Do I have to pay back leverage?</h2><p>Leverage requires borrowing – and this loaned money must be repaid. In leverage trading, you’re required to maintain a certain amount of money (initial margin) in your broker trading account to cover potential losses.</p><p>If your account falls below the required margin – perhaps if you suffer a string of losses – you will face what is referred to as a “margin call”, where you’re asked to fund the account to make up the difference. During this time you won’t be able to open any new positions – you will only be able to close existing ones.</p><p>Some brokers might simply close your positions before your balance goes negative to avoid investors falling below that minimum requirement.</p><h2 class="u-heading-size-medium u-heading-style-colour">What is the safest leverage for beginners?</h2><p>Beginners might want to start with low leverage to help them to limit losses and manage risk easily. Broadly speaking, a good rule of thumb is to begin with a low leverage of, say, 1:10.</p><p>You can get used to the strategy and how it works and build up to higher and more risky levels as you progress in time.</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id="wrp-4a25f7ad-151d-4fc5-a04f-3dca7292058b" class="wrp-4a25f7ad-151d-4fc5-a04f-3dca7292058b part-wrp" style=""><iframe id="4a25f7ad-151d-4fc5-a04f-3dca7292058b" data-type="particle" src="https://cf-particle-html.eip.telegraph.co.uk/4a25f7ad-151d-4fc5-a04f-3dca7292058b.html?direct=true&id=4a25f7ad-151d-4fc5-a04f-3dca7292058b&template=cls" class="tmg-particle breakout-box wrp-4a25f7ad-151d-4fc5-a04f-3dca7292058b " title="More articles on investing [to use at end of articles only]" data-business-type="editorial" loading="eager" scrolling="no" frameborder="0" allow="web-share" style="width: 100%; min-width: 100%; border: none; position: relative; display: block; padding: 0px; margin: 0px;"></iframe><div style="display: none;" class="particle-newsletter-overlay"></div></div><link rel="stylesheet" type="text/css" href="https://cf-particle-html.eip.telegraph.co.uk/4a25f7ad-151d-4fc5-a04f-3dca7292058b/css/cls.css"> </div> <div id="recipe-enabled" data-recipe-enabled="true"></div> </div> <div class="u-separator-top--loose u-separator--branded">  <aside id="comment" class="comment" data-comment-config="{"authorMode":false,"articleCommentingConfig":true,"convConfig":{"articleId":"A3mRM9rrlMzc","viafouraEnvironmentId":"00000000-0000-4000-8000-010fdf3f0a45"}}" data-js="comment" aria-label="Commenting" data-test="join-conversation-section"> <div class="comment__header-container" data-js="comment-header-container" data-test="comment-header-container"> <h2 class="comment__header">Join the conversation</h2>  <div class="comments__social">  <button class="comments__button comment__show-button e-button e-button--large e-button--centered-text" data-js="comment-load" data-label-loading="Loading..." data-test="comment-load" data-event="showComments"> <div class="comment__show-text">Show <span class="e-comment-count__number" data-js="comment-count"> </span> comments <svg class="e-button__icon comment__toggle-icon e-button__icon--right e-button__icon--large" viewBox="0 0 13 7" xmlns="http://www.w3.org/2000/svg"> <path id="Vector 356" d="M1 0.749911L6.49999 6.25L12 0.749912" stroke="white" stroke-width="1.17857" stroke-linejoin="bevel"/> </svg> </div> </button> <div class="comment__policy-container comment__policy-mobile"> <div class="comment__policy" data-test="comment-policy"> The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. 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