please could you explain how this is possible. I could make a trade and catch a similar amount if pips as another person who’s trading the same lot size, but I’d get far less money. Please could you explain to me what I’m doing wrong?
It’s not doing sth wrong, but sth is indeed different.
First there is your account currency. As I see it, your account is in USD and the account of the other person in ZAR. You need to convert one account to be able to actually compare them.
You’re trading 1 micro lot which is 0,01 and has a value of 10ct per pip. So if you make 314 pips * 0,1 = 31,4 USD.
For the second position of the first person: he made 66,2 pips and a profit of 988,83 ZAR = 66,2 USD
So 1 pip should equal 1 USD, which doesn’t fit with a position of only 1 micro lot.
Maybe he bought 10 micro lots (10 x 0,01) . I don’t know if you could see that on the screenshots as well.
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Thank you for your response I highly appreciate it. I’ll keep monitoring it, it’s not the first to I’ve notice a big disparity between my profits and someone else’s Even if we caught a similar trade. Thank you Miss Yen.
So a position of 10,000 (BUY or SELL) means that every time the pair moves 0.0001 (i.e. ONE PIP) then we will make a profit or loss of $1.00 depending on which way it moved. We can do this for any trade size. The calculation is simply the trade size times 0.0001 (1 pip).