help on calculating values/lotsizes etc
Rather have someone on this forum tell me if my calcs are good because the Oanda mentioned above is MetaTrader on Oanda. I used that to try to verify my lot sizes as I cant do it on IBFX. Oanda allows you to buy in dollars and uses units. But i am using IBFX which trades in Lots.
So anyone able to help me
the only mistake u have is 0.1 on EURUSD = 10000
therefore
EURUSD: $10000/1.3895/10000 = 0.72
supposed to be
EURUSD: $10000/1.3895/100000 = 0.072
the only mistake u have is 0.1 on EURUSD = 10000
therefore
EURUSD: $10000/1.3895/10000 = 0.72
supposed to be
EURUSD: $10000/1.3895/100000 = 0.072
ok thanks very much appreaciated
ok thanks very much appreaciated
[Replacing a lengthier comment...]
The lot size varies by broker and account type. On an IBFX standard account, the lot size is 100,000. On an IBFX mini account, it's 10,000. The most typical lot size on an MT4 broker is 100,000, but there are plenty of examples of 10,000, 1,000 and even 100.
The standard way of looking at it (e.g. http://www.investopedia.com/terms/c/currencypair.asp) is that with a lot size of 10,000, then if you long 1 lot EUR/USD @1.3845 then you are buying EUR 10,000 and selling USD 13,845. If you close the position @ 1.3846 then you sell your EUR 10,000 and buy (back) USD 13,846, making you a profit of $1. In other words, the lot size refers to the base currency (XXXyyy), not to the deposit currency of your account. If your account is in e.g. GBP, then the credit on your account will be whatever $1 currently is in GBP, e.g. $1 / 1.5984 = £0.63
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Please can someone tell me whats if anything is wrong with my thinking assuning the prices for each pair are correct:
Values for 1 Lot:
EURUSD 10,000 x (eurusd price) 1.3895 = $13895
GBPUSD 10000 x (gbpusd price) 1.5958 = $15958
EURJPY 10000 x (eurjpy price) 105.79/(usdjpy price)76.135 = $13895
GBPJPY 10000 x (gbpjpy price) 121.50/(usdjpy price)76.135 = $15958
Lot size of $10000 in the following currency pairs:
EURUSD: $10000/1.3895/10000 = 0.72
GBPUSD: $10000/1.5958/10000 = 0.63
EURJPY: $10000/EURUSD 1.3895/USDJPY 76.135/100 = 0.95
GBPJPY: $10000/GBPUSD 1.5958/USDJPY 76.135/100 = 0.82
ONLY ON OANDA:
if I buy $10000 of EURUSD and $10000 of GBPUSD then lot sizes are the same and
if I buy $10000 of EURJPY and $10000 of GBPJPY then their lot sizes are the same