Hello, this is my first post here, and I want to thank the mods of this site for having created such an active and educational community.
I've opened a demo account 2 weeks ago, I've read a lot of thread here and on other forums, and I'm beginning to understand the basics of forex trading.
Yesterday I had a few winning trades using Fozzy Method, but something was strange about the amount I won.
here it is:
sell |0.30 |eurjpy |161.31 |161.61 |160.67 |2007.04.19 05:22 |160.67 |0.000.00 |-6.74 |119.52
So EUR/JPY 3 mini lots, 64 pips in my direction
USD/JPY was at 118.68, so the pip value of any xxx/JPY is $0.84 (with 10,000 lot size)
but the broker here give me (119.52/64)/3=$0.62, how does he come to this number?
Another one:
sell |0.30 |usdjpy |118.90 |118.80 |118.34 |2007.04.19 03:10 |118.34 |0.000.00 |-7.30 |104.27
3 minilots, 56 pip profit
with USD/JPY @ 118.34, pip value is $0.84 (for 10,000 lot size)
3 lot, so $2.52 for 3 minilots *56= $141,12 profit, compared to the 104.27 of the broker. Again, where am I wrong?
Also the column before the last is the 'swap'. I read in some article about it that it involves some kind of interest rate, but what is it exactly ?
Thank you
I've opened a demo account 2 weeks ago, I've read a lot of thread here and on other forums, and I'm beginning to understand the basics of forex trading.
Yesterday I had a few winning trades using Fozzy Method, but something was strange about the amount I won.
here it is:
sell |0.30 |eurjpy |161.31 |161.61 |160.67 |2007.04.19 05:22 |160.67 |0.000.00 |-6.74 |119.52
So EUR/JPY 3 mini lots, 64 pips in my direction
USD/JPY was at 118.68, so the pip value of any xxx/JPY is $0.84 (with 10,000 lot size)
but the broker here give me (119.52/64)/3=$0.62, how does he come to this number?
Another one:
sell |0.30 |usdjpy |118.90 |118.80 |118.34 |2007.04.19 03:10 |118.34 |0.000.00 |-7.30 |104.27
3 minilots, 56 pip profit
with USD/JPY @ 118.34, pip value is $0.84 (for 10,000 lot size)
3 lot, so $2.52 for 3 minilots *56= $141,12 profit, compared to the 104.27 of the broker. Again, where am I wrong?
Also the column before the last is the 'swap'. I read in some article about it that it involves some kind of interest rate, but what is it exactly ?
Thank you