I have a question in regards to fractional pips and placing trades.
At the moment, I am using a site to obtain forex signals and demoing them with my broker.
The problem I have is that the site supplying the signals only uses 3 or 4 decimal points when to place the trade, for example: EUR/USD place trade at 1.0860 followed by recommended stop loss and take profit figures.
My broker uses 5 decimal points. How do I convert the figures to 5 decimal points so I can use the figures with my broker. For instance what would ‘1.0860’ be with 5 decimal points so I can apply it to my broker.
Hope that makes senses and some one can help. If someone has the answer can you also please explain if it was a figure with only 3 decimal points.
At times, you will see “the figure” referred to. This would be a price of the form 1.08 (with 2 decimal places). If you understand the answers above, then you will see immediately that —
I did try that a few weeks ago to add the zero on the end but when I did that, on the website whenever the stop loss or take profit was reached the websites trade would end obviously. But on MT4 my trade just continued and didn’t end when it reached the stop loss or take profit even though I added an extra zero, which is why I was confused.
I even then tried to add 9 to the end, for example the website would say ‘stop loss 1.2345’ so I tried ‘1.23459’ and again it didn’t work.
What’s the name of the signal service you are using?
Which broker are you using?
Is the signal service linked electronically to your demo account? Or, do you manually enter trades into your demo account, using prices suggested by the signal service?
For example if it says 1.083 to 1.090 (7 pips change) it means a change of 70 in 5 decimal
In case it says 1.08 to 1.09 it means 700 change in 5 decimal.
Easy as that.
But I prefer to use signals and everything that deals with 5 decimals to avoid confusion, my FXCM and Hotforex’ charts are 5 decimals…