I am new to here, and want to ask what is the formula to come up with the loss of -103.65?
My buy price is 1.10472 sell price is 1.09973 Diff=0.00499
with 0.2 lot
with a stop loss of 500 pips on a volume of 0.2, will fetch you a loss of 100$.
whats the problem
I guess, 500 pips with volume of .2 will mean 1000$ loss in a standard account, unless you are using a mini account, there are a few brokers that institute 1$ per pip per one trading lot size, but majority of brokers are using standard account.
A PIP is defined as 0.00010 (or 0.010 for Yen pairs.)
Percentage in point - Wikipedia
It's not 500 pips it's 500 points/50 pips. 0.00499 is 49.9 pips.
49.9 pips * 0.2 std lots * ~$10/pip/std lot = ~$98. If your account currency isn't Euro or CHF then there's an additional conversion factor, thus the approximate $10 per.