In my opinion the Babypips school here is one of the best sources as many other people would agree. I recommend you to check it if you haven’t done that already. There are a lot of free video tutorials and books in the web as well. And of course the forum, you could find a lot of threads which could help you with your question. Here are some examples:
1.00 means one standard lot which equals 100 000 currency units. For example 1 lot of USD - 100 000 USD
Buying 1 lot of EUR/USD means that you buy 100 000 EUR for respective amount of USD (according to exchange rate).
Selling 0.05 lot of EUR/CHF means you exchange 5000 EUR to respective amount of CHF.
Hope its clear.
Cheers.
Thanks Phil for breaking it down “Barney Style” as my son would say. It makes perfect sense!
Just place your first order on a pair you think will probably make a profit based on news and the charts given. If you blew on your first order, thats normal and go back on schooling here and think why you blew it. You won’t learn until you blew an account. Anyway, you are in a demo account. I am too and been trading successfully. But don’t know if I am doing it right till I can get a loss. I just but low and wait till I have a profit then sell. Its a bit slow but its my strategy.
Good morning everyone!
@Drekieyja thanks for the thoughts! I am going to test both the RSI and the Stochastic. I use a bit different settings for RSI than the 14-period default setting. I use a 7 period instead so it moves a bit faster.
This morning I sat down with my morning coffee to see if I could test this strategy a bit. Being a computer programmer, my first thought was to see if I could automate the strategy. I did some a few quick Google searches, and found that while my eyes can s…
[quote=“Dego, post:3, topic:119086, full:true”]
I still don’t know how to calculate the profit. I made 10.2 pips how do I get now to 0.87€ earned?[/quote]
In order to explain this calculation, we need 2 pieces of information which you have not provided: (1) your position size, and (2) the price of EUR/USD at the time you entered your trade.
I’m going to guess at that information, in order to give you an answer.
I’m guessing that your position size was one micro-lot (1,000 units),
and I’m gu…
Am I doing this right?
I want 2% risk on a €100 euro account with a risk of 100 pips on EUR/USD, micro lots(1000 units).
Risk: 100 * 0,02 = €2 risk.
Pip Value Calculator: 0.09 per pip
Risk Pip Value = €2 / 100 pips = 0,02 per pip.
Volume: 0,02 / 0,09 = 0,22
So I can enter in Metatrader at the volume 0,22?
Hi folks,
I started my trading journey with forex in February and up till September I was loosing big percentage due to hitting stop losses all the time or closing the trades being afraid to see big minuses. However, in September being influenced from some reading or some podcast I started to put my stop losses way further than before. For example now if I open a trade and expect some return I put stop loss with RR ratio 10:1 or 20:1 not like before 1:2. In that case I just wait long and then c…
EUR/USD represents the price of the euro in terms of the U.S. dollar. How “expensive” is the euro in terms of dollars? Right now it’s about $1.20. That’s written this way in forex terminology: EUR/USD = 1.2000
In any currency pair, the first currency listed is called the base currency, and the second currency is called the quote currency (or, sometimes, the cross-currency). The base currency is “quoted” in units of quote currency. So if XXX/YYY = 1.2345, that means that one unit of XXX cu…