I'm gonna ask some very dumb questions. No, really, I am...

[lappyhappy]

Having some trouble getting a few things to click in my brain:

1. Let's say I want to buy EUR/USD and the price is 1.46500. If I buy 100000 units, how much money would I make if I sell at 1.46510 (an increase of 10 pips)?

2. Let's say I think the USD is going to increase in value compared to the EUR. In this case, I would want to buy USD/EUR, correct? But I don't see any option for this in my program. There are a bunch of EUR/XXX options (including EUR/USD) and a bunch of USD/XXX options (but no USD/EUR). In other words, how would I set up my order if I think the USD will go up compared to the EUR?

3. When calculating Fib Retracement levels on your chart, which of the swing lows and swing highs do you use? Do you use the swing low for the day, hour, minute? Or do you check all of these? Or does it depend on if you're trading on the min/hour/day and you would just check the Fib levels for the time period that applies to your trading style?

Thanks,
LappyHappy

[daydreamer65]

QUOTE=lappyhappy;69557 Having some trouble getting a few things to click in my brain:

1. Let's say I want to buy EUR/USD and the price is 1.46500. If I buy 100000 units, how much money would I make if I sell at 1.46510 (an increase of 10 pips)?

1st off you do not need to show pipettes ie 1.4650(0) to 1.4660(0) would
be 10 pips, (your example is 1 pip) this would then yield 10 x $10approx. =
$100.

2. Let's say I think the USD is going to increase in value compared to the EUR. In this case, I would want to buy USD/EUR, correct? But I don't see any option for this in my program. There are a bunch of EUR/XXX options (including EUR/USD) and a bunch of USD/XXX options (but no USD/EUR). In other words, how would I set up my order if I think the USD will go up compared to the EUR?

There is no USD/EUR pair, it is EUR/USD, & if you thought the USD was going to get stronger you would go "short" (sell) the EUR/USD pair.

3. When calculating Fib Retracement levels on your chart, which of the swing lows and swing highs do you use? Do you use the swing low for the day, hour, minute? Or do you check all of these? Or does it depend on if you're trading on the min/hour/day and you would just check the Fib levels for the time period that applies to your trading style?

Fibonacci Arcs & Retracements - Technical Analysis

A look at the school on babypips may be a good idea too.

Forex Training & Education: Beginner Foreign Exchange Currency Trading

[lappyhappy]

Many thanks.

[lappyhappy]

I've been demoing Oanda's platform and I have some general questions about trading.

Let's say I buy 100K units of EUR/USD. When I click "sell" to sell 100K units of EUR/USD, it comes up in my account as another transaction, rather than taking my current 100K units out of my account.

I'm used to stocks where you buy 100 units and then if you're going to sell 100 units, well, it would take them from the 100 units you already own, not give you a second set of 100 units to sell.

So what I've been doing in the demo account is when I buy 100k units and then want to sell it, rather than clicking "sell", I just go to edit that transaction and click "close" for those units. Same with when I sell 100K units and the price goes down, I just go in and "close" those units and take my gains.

But I'm afraid that by just going in and clicking "close", that I'm closing that position at market rather than at a set price... am I right about that?

I think to sum up, how can I buy units of EUR/USD in such a way that I set the buy price (limit order, I know that) but then it automatically gets sold at a preset value (is it possible to put in the "buy" and "sell" price for the same block of units at the time of purchase?) Same with the opposite (ie - set prices to "sell" and "buy" at time of sell.)

[daydreamer65]

Originally Posted by lappyhappy

I've been demoing Oanda's platform and I have some general questions about trading.

Let's say I buy 100K units of EUR/USD. When I click "sell" to sell 100K units of EUR/USD, it comes up in my account as another transaction, rather than taking my current 100K units out of my account.

I'm used to stocks where you buy 100 units and then if you're going to sell 100 units, well, it would take them from the 100 units you already own, not give you a second set of 100 units to sell.

So what I've been doing in the demo account is when I buy 100k units and then want to sell it, rather than clicking "sell", I just go to edit that transaction and click "close" for those units. Same with when I sell 100K units and the price goes down, I just go in and "close" those units and take my gains.

But I'm afraid that by just going in and clicking "close", that I'm closing that position at market rather than at a set price... am I right about that?

I think to sum up, how can I buy units of EUR/USD in such a way that I set the buy price (limit order, I know that) but then it automatically gets sold at a preset value (is it possible to put in the "buy" and "sell" price for the same block of units at the time of purchase?) Same with the opposite (ie - set prices to "sell" and "buy" at time of sell.)

1st off forget all you know about stock trading accounts.

The webpage below is the Oanda users guide, read it through,
learn how your platform works, learn how quotes, margin & leverage
work in forex.

FXTrade Platform User Guide

In forex you are in fact selling one currency while buying another,
then profiting from the change in those currencies, either up or down.
Also your margin value is a deposit value, this is returned at the end
of the transaction, minus/plus your profit/loss.

Oanda's market order gives you all the info you require to learn the
account side of this business, units available, trade value, pip size,
margin used, if you set a take profit & stop loss it also tells you
projected profit or loss.