since im australia do i have to convert max sl to aud I assume so. also with 1 pip = 10 USD / lot is that for the currency pair eur/usd or will I have to convert that to aud too?
im abit confused according to peperstone website the one u linked shouldn’t it be 1/ lot size since we are using mini lots? wouldn’t 10 be a standard lot?
also if I’m trading lets say eur/jpy it would it be 1000 (JPY) / 0.3? or would I need to convert that to USD sorry for any confusion
Hi @tomo22, when I visit Australia, we can meet 
. I usually stay at Adelaide.
When you open a CFD account, you will need to choose the base currency. For example you use AUD as your base currency, so the Pip value will be in AUD. You then have to calculate your risk base on AUD. Don’t try to mix or convert them. If you are using 1000 AUD, 2% will be 20 AUD, the same to USD.
If you go through the article, it is very clear.
- 1 Pip in 1 Lot = 10 USD
- 1 Pip in 0.1 Lot = 1 USD
- 1 Pip in 0.01 Lot = 0.1 USD.
If your account is using AUD, then everything will be in AUD.
If you are trading an instrument that doesn’t reflect your base currency it will be a bit difficult. You need to calculate yourself. You can open a position, then you look the open price, current price and profit. By dividing the profit by the different of opening and latest price, you will have the pip value.
For example USDJPY will have around 9.8 USD / lot. The EURJPY is around 10.2x.
You have to try with your demo account to find out. This is main the purpose of demo account, to validate specification of an instrument.
Note:
- Different type of instruments have different specification and lead to different pip value.
- Pip Value can be depend on rate conversion if you are using different type of currency. Example, i have accounts with SGD, AUD, USD, EUR and GBP. When I trade exotic pair the pip value will be different. As a beginner, not to worry. This information just to let you know, the formula above is not absolute.
Check Vantage Markets Australia (vantagemarkets com/en-au/)
They offer 1:1000
1 Like
Have you checked out Fxview or Fxpro? They have leverage upto 500x and 200x respectively and both are well-regulated.
“They” might be, but the subsidiary companies under which the higher leverage accounts you’re talking about are opened, with 500x/200x leverage are not. Their higher leverage customers are therefore not protected by a real regulator at all.
Many of them are inexperienced enough not to understand why that matters so much, and some even imagine that the fact that Fxview or Fxpro might also run other, separate brokerages which are well regulated somehow, magically, vicariously helps them in the event of a dispute about their account.
It doesn’t.
It’s really disheartening not only how few people understand this simple, factual, objective, verifiable reality, but how eager many others are to offer “advice” on the basis of significant misunderstandings. 
Ah, good - thanks very much for that. Do you use them yourself? No great problems?
Lol, maybe it’s true what they say, that “you can’t have everything?!” 
Yes, I do use them and have done for about 4yrs. As you say, on Tom Hougaard’s recommendation - he is definately not an affiliate, I can assure you.
No problems, excellent.
1 Like
Up to you.
As @Heteroskedasticity points out, client funds are not offshore but held at Barclays Bank London.
I understand what you mean, but I believe the op was looking for a broker that offers higher leverage than 1:30 which isn’t possible with an ASIC regulated broker. I also don’t think it makes Fxview and Fxpro unreliable options because they do hold credible regulations such as FSCA and SCB under which they must comply with certain standards of customer protection. From a safety perspective, both brokers are reputable, offer negative balance protection, and maintain transparency regarding the segregation of customer funds. Lastly, mine was only a suggestion so the op could do his own research before making a decision.
1 Like
I live in Melbourne australia haha. If you are there sure then!
As a beginner would you recommend just trading AUD pairs since my currency is in AUD?
If I am correct if my currency is AUD and I trade the eur/usd and take a long position wont I have to convert my AUD to EUR? Like in terms of seeing how much AUD it would require?
Hi @tomo22, When I’m visiting Melbourne … surely 
I don’t find AUD’s pair attractive, actually. The other thing is the spread. Compare to other major pair, I will give priority on major pair (other than AUDUSD). For beginner, the best pair will be EURUSD, GBPUSD, USDCAD, USDCHF. You can also trade AUDUSD, USDJPY.
These pairs are more attractive, starting from euro 's time. So you have to wait until 17 Melbourne time. It will get more movement after 23:00 Melbourne time.
No need to bother first. In term of exposure … there will be a formula for it. You will get headache thinking of it when you have to learn how to trade. 
If you can’t fit your timezone with euro / new york time, you start first with AUDCAD. You can open 0.01 and look at the profit / pips and also exposure. You can start with 500 AUD. All profit will be still in AUD, 1 pips will be around 10 AUD / lot. Monitor how exposure works with your balance. Different pairs have different number. It’s not important actually, focus only on profit is better
1 Like
of course that would be awesome 
I can fit my time with EUR/NYC timezones. do you know what the formula is. Because if I want to calculate SL wont I need to know how to calculate my currency/transfer it to USD or whatever if I’m trading a eur/usd pair? Or do you think I should just leave it?
@TYGMedia do you ever have one of those weeks were nothing is going to plan and you are just constantly losing trades? or just not thinking correctly? How do you get over this stuff?
Hi @tomo22, Good evening, Melbourne is pretty cold today. Need more grog to live in
The formula is pretty simple:
For example … You have 2 accounts, AUD and USD (for comparison).
The Pip Value for
- EURUSD, 1 pip = 10 USD / lot
- AUDCAD, 1 pip = 7.4 USD / lot.
When you trade with USD Account,
- EURUSD every 1 pip movement will up and down 10 USD if you open 1 Lot. If you open 0.01 Lot, that will be 0.1 USD.
- AUDCAD every 1 pip movement will up and down 7.4 USD if you open 1 Lot. If you open 0.01 Lot, that will be 0.074 USD.
When you open AUD account, you need to find out first the latest AUDUSD rate. For example at this moment AUDUSD is 0.67956.
So you need to convert the pip value
- EURUSD is 10 USD / pip / lot. In AUD it will be 10 / 0.67956 = 14.71 AUD / pip / lot.
- AUDCAD is 7.4 USD / pip / lot. in AUD it will be 7.4 / 0.67956 = 10.89 AUD / pip / lot.
So every pips movement of you AUD account will be
- EURUSD every 1 pip movement will up and down 14.71 AUD if you open 1 Lot. If you open 0.01 Lot, that will be 0.1471 AUD.
- AUDCAD every 1 pip movement will up and down 10.89 AUD if you open 1 Lot. If you open 0.01 Lot, that will be 0.1089 AUD.
There are some brokers set pip value for AUD Account the same with USD account. For example EURUSD pips value 10 USD / pip / lot, when you open AUD account the pip value is also 10 AUD / pip / lot. This one we need to find out by ourselves by trading in their demo account.
The most important thing is your risk management. If you trade EURUSD, for example you SL is 20 pips. You want only risk 1% of your account. Your balance is 200 USD. So, the risk will be 2 USD for each 0.01 lot position.
When you open an AUD account, you need to convert 200 USD to 294 AUD.
the 1 % from 294 should be 2.94 AUD.
When you are trading only few pairs, you will get this problem But the more instruments you trade with, you will have many opportunity. Only pick the best one, will reduce your losses. As beginner, I won’t advice you to trade more than 4 instruments. Avoid index, commodity, energy and minor pair. Stick to major pair, except for AUDCAD. 
Note:
I just find out above link. You can find out your pip value with other base currency.
1 Like
@TYGMedia ohh okay that makes sense. So once i find the conversion result which is the pip value I can enter that in the SL formula and thus regulate my MM and risk thank you
1 Like
hmm so its roughly quite the same obv there’s a difference but close numbers
1 Like
do you think its worth having a 2% risk at a capital of $2000? My question is because if I’m to risk 2% of 2000 which is $40 and according to the current calculations of EUR/USD price my SL will only be 6-7 pips. do u think that SL is too tight?