Really? You are expecting 50$ daily profit from only 300$? Then I must say, you haven’t any idea about the reality of the Forex business!
@NaguibSawiris
well… CLEARLY from the OP’s first question
he doesn’t have an idea of the reality
but then so many newbies here don’t
all we can is answer his question politely and hope that he eventually gets it
and… that he gets it, BEFORE HE LOSES A LOT OF MONEY and has the good sense to try his theory on a demo account before going live HINT HINT hehe
but… WE KNOW HE WON’T
we know he’ll be back here saying
"I blew out my account, many i need to change my strategy… blah blah blah"
Hopefully he gets it
You are correct in saying that 0.2 X 2500 is 500$, but I trade 0.02 lots which is 2 cents per pip and that equates to 50$ for 2500 pips. I trade with FxPro and they definitely allow me to trade even down to 0.01 lots. Maybe I am wrong but:
1.0 = 1$
0.1 = 10 cents
0.01 = 1 cent
No it’s not
this is clearly when you are making the mistake
0.01 LOTS = 10 cents per pip (When trading currency)
so
0.02 Lots = 20 cents per pip, Not 2 Cents per pip
Mathematically, when talking about money, 0.02 = 2 cents
because
there are 100 cents to $1
aka 1.00
and 1 cent less would be 0.99 hence 99 cents
hence everything on the decimal side is cents
hence 0.02 = 2 cents
but when talking about LOTS
1 Lot does NOT equal $1 per pip
IF IT DID, then yes… 0.1 would be 10 cents per pip and 0.01 would be 1 cent per pip
BUT IT’S NOT
1.0 standard lot has a PIP VALUE of $10 Per pip DO YOU GET THAT
so…
0.1 lots = $1 Per Pip and if we go an order of magnitude lower than that we get
0.01 Lots = 10 cents per pip you can’t trade lower than this (at least not with my broker)
so again
0.02 Lots = 20 cents per pip
not 2Cents per pip
now as for this
No You’re not wrong
my broker allows trading of a min of 0.01 lots as well
but it means it’s 10 cents per pip
it’s not 1 cent per pip
if a broker allowed 1 cent per pip (and i think some do) it would be 0.001 Lots
I stand corrected thank you. Just for clarity though, If I have a short trade and it moves from 1.24472 to 1.22738, that represents 1734 pips right? If you times that by 0.02 that gives me 34.68$
Wrong!
Its 173.4 pips.
Have you read the free school here?
No I I have to admit, I haven’t.
as eddie already told you
You’re wrong
try this, it might help make things easier
when you are faced with
1.24472 to 1.22738
do this…
1.2447 to 1.2273
or this
2447 to 2273
MUCH EASIER huh
174 pips
so depending on what 0.02 Means
you will get this
if its 0.02 Lots (aka 20 cents per pip) it means $34.80
Hello Martin; unfortunately I didn’t get your point! Can you please describe it differently?
@NaguibSawiris
ok… well you said this
and then i agreed with you by saying this…
what do you need clarified
the Clarification is… I was agreeing with you .
i’m not sure what else you need clarified
let me know
No mate; it’s okay! Cool! Actually the word: “OP’s” confused me.
oh…
OP (Original Poster)
1 Like
Thanks a lot mate; you are always awesome!
thanks appreciate it
1 Like