Its a journey, regardless of how much you think you know about Forex trading.
That feeling will probably stay with you for years buddy.
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I completely agree with this. The element of anxiety doesn’t completely get away.
As a scalp trader, trading on an hourly chart, where would you suggest I set my MA, I currently have them set at 5 SMA and 10 SMA.
I don’t use them, so could advise.
You have to find what works best for you.
Hello Amber, maybe you can help me, I placed a trade using a demo account. I was trying to place a long order on EUR/USD @ 1.13897 and a S/L @ 1.13870. My T/P was 1.13987, but for some reason, i was unable to place a T/P there, so I tried 1.14000, and I was unable to place it there. After playing with the numbers I was able to place a T/P @ 1.13998. I was expecting the trade to close out once the price hit 1.13998, but it didn’t. So I wind up closing out the trade at 1.14052. FYI my goal today was just to enter a trade, set a Profit target with the hopes the trade would close out once the target was reached, or exit the trade when I saw it going against me. I’m not sure i recorded the correct buy price, as I for got to write it down
Question regarding PIPs. yesterday I placed a trade on my demo account. (after having finished the babypips course, and learning to trade on the meta4 platform) I placed a long trade for EUR/USD @ 1.13897 and closed out @ 1.14052. Would I be correct by saying i made a total of 155 pips?
Today I placed a long trade for USD/CHF @ .94240 and s/l closed me out @ .94360, would I be correct in saying i gained 120 PIPs on that trade? The reason I asked, after doing the math on a calculator the numbers didn’t look right.
That is 15.5 pips or 155 points or pipettes. There are 10 points in a pip. The pip is the 4th decimal place on this currency pair.
As above, that is a 12 pip gain.
Thank you I’m still learning how to calculate and determine pips, I’m getting thrown off when it comes to setting my stop loss and profit target
Hi there!
If you have set the S/L and T/P while placing the order then it should execute once the price triggered. this maybe happened because of the volatility in the market. sometimes your order doesn’t execute at the set price because of the high volatility in the market at that time.
You can right click on the order to modify or delete it. You can search videos on youtube regarding MT4 basics or you can take help of your broker
On today 07/20/2020, I executed a long order for EUD/USD @ 1.14299, then a few moments later, I attempted to modify my order by placing a stop/loss at 1.14199 and T/P 1.14499 and when I hit execute, my trade got closed out. Any idea why that would happen?
Whenever you set S/L and T/P your trade executes once the price is triggered.
There is a terminal bar below the chart, you can do a right click on your open trades and modify your order. For putting a new trade, right click on any pair and click on New order. It is a user friendly platform, you will get a hang of it once you get to know how to use it properly.
I find MT4 very convenient to use, especially for forex trading.
It’s totally your choice, if you like MT4 platform for forex trading then you should carry on with it.
is it a good platform?
You need to first locate the terminal window. Select ‘view’ from the top toolbar and you’ll be able to see the terminal option. Clicking on that will take you to your order from where you can make the changes. This is what I do for modifying my orders on MT4 on Fxview and ATFX. Hopefully should work for you.
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Both names sound unscreened to me
Actually Atfx & Fxview are regulated by FCA in UK. I don’t think if they can actually be called vulnerable innit.
Actually there’s a difference - for example FXview is Charlgate Ltd - they are registered with the FCA but regulated by Cyprus.(where they are domiciled) - so if a problem you’d go there for redress.