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?)
Anyway, thanks for any advice.