Don’t forget the spread - there are always two prices to a quote.
When you bought at 1.10540 that was the buying price you would pay to buy, or the ask price. Most charts show the bid price, the selling price you would receive when you close the long position. Some charts show the mid-price, the average between the ask and the bid.
When you say price went up to 1.10545, which price do you mean?
it was EUR that went up…I’ve been looking up on how people calculate their profits / losses but they’re so confusing, guess it’ll take time for me to fully understand this bit
Its easy to forget spread and enter a buy order too low. This buy order can be either an entry order or a stop-loss on a short position.
Bear in mind the broker can widen the spread at any point without notice and this happens multiple times a day on each market. The spread does not show on charts, so its very easy to have a stop-loss hit when price seems to have not gone anywhere near that level. Or an order not triggered when you think price has been to that level. And you always have to deduct the spread form your profit calculations.
Ah so brokers can change the spread and alter their profits…? since the spread is usually taken by the brokers yes ? I checked the comission and it says 0
Think of it like a shop. You go into the shop and buy a shirt for $10 (the bid price). The shop did not buy the shirt for $10, they only paid $6. The difference is the spread and this goes to the shop.
But the shop did not charge you to enter or charge you to make a payment at the cash desk, so their commission is zero.
The last figure you see is not added always remember that for example if you buy at 1.1110 and the price move to 1.1119 you are yet to make any pips until it moves to 1.1120 before you can say you just made 1 pips
Ughhh I’ve asked my friend to calculate for me and he came up with about ~ 10 USD as well … I guess somewhere went wrong along the way , guess I’ll just let it slide then
My best guess is that the value slipped as I sold the position hence
I think you are making very hard work from a simple issue here. If the position is still open then you know your actual open price and if the position is closed then you know from your trade history both the actual open and closed price. If you cannot work out the result then post both actual values relating to this trade here for us to look at.
It is not going to help you resolve your question if the position is open and you are just taking whatever the last price shows without regard to whether it is ask, bid, or mid.
Therefore whenever any trade is closed the result is converted to your account currency.
In this case, your gain of USD10 would have been converted at the prevailing GBP rate, which was then around 1,2880 at that time, i.e. 10/1,288= GBP 7,76
