How many Pips do I need to gain to earn $50?
For some of the forex symbols 1 pip and 1 Lot are ~10$
If so you need 5 pips of a 1 lot-position.
All depends on TickValue and it differs based on your base currency and currency you have.
deklin:
I want to set a take profit for trades that will result in a specified dollar gain.
How can I calculate this? In the examples below, what math will I need to use to set a take profit that will result in a $50 gain?
- You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
- Account Balance * percent = RISK = (OrderOpenPrice - OrderStopLoss)*DIR * OrderLots * DeltaPerlot (Note OOP-OSL includes the SPREAD)
- Do NOT use TickValue by itself - DeltaPerlot
- You must normalize lots properly and check against min and max.
- You must also check FreeMargin to avoid stop out
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I want to set a take profit for trades that will result in a specified dollar gain.
How can I calculate this? In the examples below, what math will I need to use to set a take profit that will result in a $50 gain?
Thanks!
Pair: NZDUSD | Entry Price: 0.770000 | Volume: 53000