Looking for better forex / mt4 trading site - page 2

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SDC: 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 ?

Imo, brokers probably enjoy taking advantage of these types of confusion.

I don't think a 5-Digit broker would ever advertise his Spreads as 30-pips.

What I've noticed them doing instead is saying something like the following:

"We offer Spreads as low as 0 Pips" ... When they actually mean 0.9 Pips or 9 Points.

Ditto.

 

I thought that too ubzen lol .. What happens when you call the spread by MarketInfo() ? My broker has always been 4 digits so I havent tried that on a 5 digit broker.

 

well thx for the response, i was beginning to think i was loosing my sanity.

So there IS something wrong here then, its not just me ?

I was trying to follow this chaps trading method http://www.bustathief.com/earn-money-with-forex-trend-follower/

he says :-

STOP LOSS: 5 points (+spread!) below recent LOW

ALTERNATE STOP LOSS: 20 points on default pairs and 25 point on more volatile pairs such

But obviously i can not use a SL of 5points +spread or 20/25 points because it will not allow it (even if he meant pips it still wont allow it) but he says its a strategy devised for forex.

Heres an even better one, i know its crypto currency but you can see where im getting so confused what a pip and point is according to MT4


We got 27417 pips here ^^, but i am more interested in why mt4 on forex shows incorrect pips and mixes pips and points ?

It says at least 80 pips and then in the input field it says points but it does not mean points because if what the chap above said is correct then 80 pips is 800 points but the input field allows any input >= 80

It's all just very confusing :(, sorry to keep repeating that im confused but i really need to understand the fundamentals before going forward and mt4 just dont seem to be helping.

Cheers all.

 

Practice on a 5 digit demo server like the MetaQuotes demo. It wont take long to figure out point/pip relationship after you made a few demo trades and see the results.

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