ive have a formula on excel that sets my pip value depending on how many pips im risking. to get this pip value i have enter the right amount of units on oanda’s platform . i have a formula that works with the USD pairs (pip value * price / 0.0001) but it just fails when it comes to other pairs.
i have to guess at the amount of units in order to get the right pip value.
it’s quite time consuming
some help would be greatly appreciated
Oanda has a PIP/Profit Calculator under “Tools” to calculate value. That’s what I use to determine how many units I need to purchase based on my flactuating pip value.
Thanks for the info guys…helped alot
Maybe this was just a misstatement or I’m not understanding what you’re doing, but your pip value cannot be derived from the number of pips you have at risk.
ok what i do is this…on any particular trade , i determine how many pips im willing to lose (i.e 40pips) then i divide that by the amount im risking on my account on that trade (ie 2%) this then gives me my desired pip value.
i then need to find the right amount of units that would give me this pip value on
Oanda.
I do this so when my stop loss hits, i know i’ve lost 2% and not more than that.
(any suggestions on this method ?)
OK. I get what you’re doing now.