Africatrader said
Hi Theo

Why is it not possible to also enter your stop losses and exit targets BEFORE placing a trade on MT4. Given the unpredictability of the markets that anything can happen anytime at any given moment, how do I protect myself if the market moves against me, while I am busy modifying the trade after placing to enter my stop and exits?

Regards

Lesley

You will need to use the correct software if you want to be protected as much as is possible, here at EFX we use something called the "Trade Manager" for example. ** ** Register Here for Free Membership to see this image/link ** **.

You also have some basic tools with the free members download package that can help you manage things and I'm sure there are tools around the web that you can use. I have been using the Trade Manager for so many years that I couldn't imagine trading any other way.

Why is it not possible to also enter your stop losses and exit targets BEFORE placing a trade on MT4. Given the unpredictability of the markets that anything can happen anytime at any given moment, how do I protect myself if the market moves against me, while I am busy modifying the trade after placing to enter my stop and exits?

Regards

Lesley

On any pair that goes to the 3rd decimal place the last digit is 1/10th of a pip
The pip count is on the 2nd decimal place - 140.080

So 1.68820 moving to 1.68685 is a move of 13.5pips

Thank you once again. One more thing. Since my plan is to"collect" about 250 pips a month to stay on track, I will appreciate if you can clarify the pip issue for me on MT4. I got to become a 50 - 100 a week trader. I trade mostly off the 4 hour chart, but plot my main S/R on the daily. I use the daily is my gauge and the 4 hour to enter trades.

On MT4 one can use the cross hair feature to determine your pips or click on any "live" trade, click the left button of your mouse, go to profit and either choose to be shown your how you are doing in either points (pips), term currency and/or base currency. I choose points. But it sometimes show 3 digits while the price has not move much. It will show me a difference of 135 points between 1.68820 and 1.68685.......do I read this is 135 pips or just 35 pips?

I know it probably sounds a very dumb and stupid question, but I am learning.

Regards

Africatrader

Trade a 1.0 ($100,000) position size and you will win/lose roughly $10 per pip.
With 1:2 leverage you can't do that on a $10,000 account because it would need to use $50,000 of margin.

Leverage doesn't matter if you are smart about it and it is extremely useful

Example: You enter a 1.0 lot size trade on a $10,000 account

1:2 leverage = you need $50000 of your account for margin to be in the trade..
you can't do it

1:50 leverage = you use $2000 of your account for margin to be in the trade..
you have $8000 left to use at $10 pip if the market goes against you for a while.

1:100 leverage = you use $1000 of your account for margin to be in the trade..
you have $9000 left to use at $10 pip if the market goes against you for a while.

1:200 leverage = you use $500 of your account for margin to be in the trade..
you have $9500 left to use at $10 pip if the market goes against you for a while.

1:500 leverage = you use $200 of your account for margin to be in the trade..
you have $9800 left to use at $10 pip if the market goes against you for a while.

*These are the rough USD amounts but not exact!

 

If you are only trading 1-2 pairs then as far as I am concerned I will always take the maximum leverage available because it just doesn't matter, it only helps.

I remain thankful for your input. However I am a bit confuse, although I understood most of what you said. Is it not possible to earn $ 10 per pip with a 1:2 leverage? I am a bit wary to over leverage myself. My main search is to see how I can earn $ 10 per pip with the lowest leverage.

Africatrader

Leverage is your friend and I always go for as much as I can get, some people may say otherwise but it makes no logical sense not to take as much leverage as you can get. The only way it could hurt you is if you try and open too many positions or too large a position and trade beyond your means. When leverage is used correctly it just means you use the smallest amount of your account size possible to be in a position.** ** Register Here for Free Membership to see this image/link ** **

I you are getting around $1 per pip then you must be trading only 0.1 lot size, in order to make 25% on your account you will need 250pips profit at $10 per pip and in order to get that you will need to trade a 1.0 lot size. This is where leverage is your friend because in order to open up a 1.0 lot size with 1:100 leverage you will only us $1000 of your margin/account size, in order to open up a 1.0 lot size with 1:2 leverage you will need to use $50000 of your margin/account size, which you can't do on a $10,000 account.

Theo

I am demo trading $ 10000 on MT4 and my goal is to grow my account with 25% each month. My leverage is 1:2 and I am "trading" standard lots. My goal is to earn $10 per pip.

I have started well and is doing well so far, but feel something is missing in my set up.

I will need to average about 250 pips as per my plan and increase my lots size as the account grow. However I only get about $1 per pip and wonder where I went wrong.

Can anyone advise me where I am going wrong, please?