I started learning about FX Trading a bit more than a month ago for the first time in my life. I am about 80% through Preschool. I do not have a trading plan yet. I am using a demo from FXCM with MT4. I chose MT4 as I like it and think it is suitable for a day trader.
I do not know or have a strategy yet for when to get in as I find it very difficult at this stage. For the moment I just get in when spotting a trend line.
I missed out on some good trades this week, I think…
The numbers below indicates how much the price moved. I am a bit confused with reading how many pips.
[B]Question:[/B] The first line below that indicated change of 0.00826, do this read as 82.6 pips or something else?
[B]Question:[/B] If getting in on these 2 trades buying & selling micro lots, would profit translate to €14.605 if EURUSD 1.1311 meaning 0.0001 / 1.1311 * 1000 * (82.6 * 2) = €14.605 or $16.52?
[B]Question:[/B] And if the trade were made by using a standard lot size, profit = €1460.5 or $1652?
EDIT: Added exact times when events occurred.
21 April 2016 (Thursday)
eurusd went up by 0.00826 (1PM GMT) and down (2PM GMT) again by 0.00826 (82.6 pips?)
eurjpy went up by 0.917 (1PM GMT) and down (2PM GMT) again by 0.917 (91.7 pips?)
gbpusd went up by 0.01154 (1PM GMT) and down (2PM GMT) again by 0.01154 (115.4 pips?)
usdchf went down by 0.0064 (12PM GMT) and up (2PM GMT) again by 0.0064
audusd went down (2PM GMT) by 0.00576
22 April 2016 (Friday)
gbpjpy went up (5AM GMT - 9PM GMT) by 4.323
usdjpy went up (5AM GMT - 9PM GMT) by 2.397
eurjpy went up (5AM GMT - 9PM GMT) by 1.856
