I have a couple of questions regarding trading with Metatrader.
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[li]How do I know which session am I buying/selling the pair;
[/li][li]How do I use leverage in a demo account (Varengold) so I can better understand it.
[/li][/ol]
Regarding 1. I wish to understand if that information is available inside metatrader or I have to be aware of the time each market opens and closes and go by that. Still regarding 1. how do I know if I’m buying from the NY market or the London market at the times they overlap for example?
Regarding 2. I wish to be able to test different levels of leverage before I start live trading (still months away).
If you look at the top of the page and click on school, you’ll find most of your answers there. Once you finish the school and have a little bit of experience post anything here you don’t understand.
not included, a custom indicator can do that though, e.g. see attachment
better this way, e.g.
it really does not matter, has no effect in trading; the bid/ask prices matter. Occasionally and depending on broker those prices get closer during the sessions’ overlaps.
i know a few brokers allow changing an account’s leverage at least for live accounts, in any other case one can open multiple demos to multiple brokers with various leverage.
considering that there are so many brokers offering decent accounts for deposits as low as 10 bucks, imho it is a waste of time to demo-trade for more than one month.
I asked about which market the trade is done because in some systems it is recommended to close the trade at the end of the day as to not be exposed to interest. I thought that it was implied that the trade is made at a specific market and we have to close the trade at the end of the day on that market.
it’s a broker thing (not a market’s session thing) as far as i know.
either way you just have to run through the relative documents in the broker’s site for “swap rates”, usually together with “spreads” and “margins”, and check at which time (broker’s time) they apply the interest / swap; and convert this to your timezone ofcourse.
When you trade with most forex brokers and banks around the world, rollover interest is only applied to open trades once every 24 hours.
For most firms, this occurs at 5pm New York time since that corresponds with the end of one 24-hour trading day and the start of the next. That means if you have an open trade at the stroke of 5pm then you will either earn or pay rollover interest on that position. However, if you close your trade out before 5pm, then no rollover interest will be applied.
For example, if you opened a trade at 4:59pm New York time on Thursday and closed it at 5:01pm then rollover interest would apply even though the trade was only open for 2 minutes. On the other hand if you opened a trade at 5:01pm New York time on Wednesday and closed it at 4:59pm on Thursday, then no rollover interest would apply even though the trade was open for 23 hours and 58 minutes.
The reason rollover interest works this way is so that day traders can get in and out of short term trades and not have to worry about earning or paying rollover interest as long as they have no trades open at the stroke of 5pm New York time. More information about rollover interest is available in this article.
Welcome to BabyPips
PS: If you’re still curious about when each of the trading sessions begins and ends, there’s an app for that!
Just visit the babypips school and educate your self as much as you can. I believe that after a while you’ll have all the answers you need. Answering you questions now doesn’t make a sense because you are so far away of everything.
