Is this set-up OK? (OANDA MT4)

Hello.
I finished the school of pipsoligy a little over 2 weeks ago and opened a demo account with OANDA. At first I haven’t been looking to make money in their demo. My focus was to get used to looking at charts and candles while testing all the bells and whistles of MT4 (eg. does a stop loss [I]really[/I] work?).
Now, I am ready to demo some hard earned fake cash, but I would like to do it as realistic as possible. Can someone please take a look at my set up (and tell me what’s wrong with it)?

OANDA MT4:

Account:1,000$.Because if I ever go live, I won’t start with more than this.

Account Leverage: 50:1. Because with proper volume/ lot size and stop losses this isn’t a problem. Right?

Volume/Lot: (.1) Now, I thought trading EUR/USD at this level with OANDA, would be roughly 1 dollar per pip? But when I check my profits/ points tab, it seems like it’s .010 per pip.

Just to make sure, let’s say the EUR/USD is 1.42315. Then goes up to 1.42325. Now from my studies, the forth number from the decimal point is the pip. That would be one pip? Or is it 10 pips!

BTW,do you know of a good EA that can let me know the true pip value in dollars while I trade? (that’s the first time I used the term EA, aren’t I cool?):smiley:
Anyway, thanks for any advice.

the 4th decimal on EUR/USD is a pip.

In your example 1.42315 to 1.42325 the move is indeed 1 pip.
If the quote currency is in USD ( Such as EUR/USD) and your account money is in USD then 10,000 units would make 1pip = 1 dollar. If the quote currency is not in dollars (and your account is still in dollars) then you should work out how much units you need to buy to make it 1pip = dollar, there’s such tool on this website.

Also you can try the oanda software that you can log into using their website, it has a very nice lots size and pip value calculator.

In MT4 0.1 lot is indeed 10,000 units.

I’m a beginner myself.

Thanks.
I went to OANDA and calculated the different currency prices.