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JackDinn
23
JackDinn  

Hi,


Im very new to a lot of the trading scene so please excuse my ignorance.


I have come from the crypto currency world and have become interested in other markets, I was advised a site where i could trade forex http://www.forexyard.com/


I started a demo MT4 account but found that i could not put SL's or set limited bid/ask's anywhere near the current price, in fact they have to be 80 pips above/below ? http://i.imgur.com/e7cFUtA.png


I contacted the site and they said it was just how they worked, so im not putting up with not being able to set SL's where i want them (half way down the screen rather than below my time frames lowest low is no good and worse i have to buy/sell at market or 80pips above/below.


So what im asking is why do they set mt4 up like this in the first place and second can anyone please recommend another broker site that uses MT4 and at least has forex for a beginner.


Many thx.


EDIT:

Iv now found that pips are not points which makes it even more confusing (see my screen shot above) it says it has to be more than 80 pips at the bottom but then in the input fields it calls them points but still will not let you put in a number lower than 80 :-/, v confused

qjol
3243
qjol  

we are not allowed to discuss brokers here

it's 80 point that means 8 pips

MarketInfo(Symbol(), MODE_LOTSTEP);
JackDinn
23
JackDinn  

ok we'll not talk brokers (although i'll add that to my list of things i dont understand why :-/ )

but it is 80- pips, firstly it says 80- pips at the bottom of my last screen shot and secondly i just tried to move a SL on one of my buys and i get this

http://imgur.com/8wqS0lQ

pic shows bid at 102.949 and it wont let me set a sl for my buy at 102.870 (see modify bar grayed out & says need 80 pips in text at bottom)

thats 79 pips

and if i move it to 80 it does allow it

http://imgur.com/bP2KVGf

102.948 - 102.868 = 80 pips


Unless i have misunderstood pips, i was believing a pip is the lowest decimal for the pair in this case 0.001

Basically im trying to put my SL's under a support/resistance point and it wont let me i have to put it half way down the graph . Also a lot of the bots set SL's at 20-50 pips ish which this wont allow it just throws that same error "Invalid SL or TP"

What am i not understanding, why cant i put SL's where i want ?? :(


Cheers.

qjol
3243
qjol  

JackDinn:

Unless i have misunderstood pips, i was believing a pip is the lowest decimal for the pair in this case 0.001
no a pips is 0.0001 for currencies like EURUSD

& 0.01 for currencies like USDJPY

0.00001 by the EURUSD
& 0.001 by USDJPY called a point
JackDinn
23
JackDinn  

Ok thx but why does it say 80 pips at the bottom ? does it mean 8 pips ? (and it also says pips on the graph line when you drag out the SL too ?), its no wonder im confused

http://imgur.com/vr4LW3b

and i still cant set SL's or set bid/orders where i want, 80 points seems a long way down/up when your supposed to minimize your potential losses


why is this limet applied ?


where can i ask about recommended brokers ?

ydrol
590
ydrol  
Google 'forex forums' and the the first 4 or 5 links that are not adverts should cover the post popular places to ask. (except *.mql4.com :) )
JackDinn
23
JackDinn  

yea thats cool i just thought this would be the most obvious first port of call for such a question .


so why does mt4 have pips written all over the place when it does not mean pips ?

ydrol
590
ydrol  
If I'm understanding you correctly, search this forum (and others) for various combinations of 'pips points 4/5 digit brokers difference'
JackDinn
23
JackDinn  

please look at my screen shots (please magnify fully)




If mt4 keeps using pips when it means points no wonder im so confused

Alain Verleyen
Moderator
33339
Alain Verleyen  
JackDinn:

please look at my screen shots (please magnify fully)




If mt4 keeps using pips when it means points no wonder im so confused


You are right, it's confusing. But only Metaquotes can answer you about that.
Ian Venner
2584
Ian Venner  

I would take a guess and say it is because when a broker chooses to use 5 digits, we are to assume they consider a pip is 0.00001 as opposed to a 4 digit broker who still considers a pip is 0.0001 ? Having said that what do they do about the spread, do 5 digit brokers call it 3 or 30 ?

12
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