How to calculate order position size / total amount in USD? - page 2
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No.
I am guessing that you want to calculate how much you would lose if your SL is hit.
So calculate the loss that you can expect ie. with a buy OrderOpenPrice -StopLoss
divide that by TickSize to see how many ticks are at stake
multiply that by TickValue and you will get how much you will lose if you place an order of 1.00 Lots.
No, that's not what I want, I want to know "how much" is 1 Lot, before buying 1 Lot, I think is a really basic thing.
I mean, if I buy 1 Lot of bread, they will tell me ok it's 1kg of bread and it's $150USD for example, and I will pay $150USD, that's the real thing.
When I'm buying 1Lot in BTCUSD what does that mean? how many BTC I'm buying? and how much in USD is that? (knowing just one of those I can deduct the other)
Right now is like opening a position blindly to me, I don't know how many shares I'm buying and what is the amount in USD I'm investing on that, I don't care the risk, I just one to know how many shares and usd is 1 lot before opening it, is that possible?
Learn Forex Trading at School of Pipsology - BabyPips.com
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You place the stop where it needs to be - where the reason for the trade is no
longer valid.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.
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Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice -
OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the
SPREAD, and DeltaPerLot is usually around $10/pip but it takes account of the
exchange rates of the pair vs. your account currency.)
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Do NOT use TickValue by itself - DeltaPerLot
and verify that MODE_TICKVALUE is returning a value in your deposit
currency, as promised by the documentation, or whether it is returning a value
in the instrument's base currency.
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You must normalize lots properly and check against min and max.
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You must also check FreeMargin to avoid stop
out
Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5=0.1 Lots maximum.MODE_TICKVALUE is not reliable on non-fx instruments with many brokers.