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Quoting ciciDislikedGBP/USD = Cable (from Trans-Atlantic cable between US & Britain)
EUR/USD = Euro or Fiber
USD/CHF = Swissy
USD/CAD = Loonie (from bird on Canadian coin)
AUD/USD = Ozzie
EUR/JPY = Euppy (pronounced "Yuppy")
GBP/JPY = Gopher
EUR/GBP = Chunnel (from channel tunnel between Britain & France)
USD/JPY = YenIgnored
Quoting jeffbDislikedIf I have 100k in the account 2% of that is $2,000.
How do I figure units to trade with on GBP/USD in Oanda?
Can I take the units available and divide by 2% ??
GBP/USD units = 2,700,000
Ignored
Quoting merlinDislikeddamn dial, thats one heck of a great post!
jeff b, if you dont get this concept, jut read dial's post over and over until you get it, he has provided the easiest way to understand how to do the calculations. its all about the pip value and the size of your stoploss in pips. if the pip value is $10, and you have a 30 pip stop, its easy to see that your risk is $300. you just have to figure out the pip value of the lot size you are trading, determine your stoploss in pips, then back it into the amount you are willing to risk.
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MerlinIgnored
Quoting ArcaneInvestoRDislikedIve just read the money management thread and im still a little confused about the use of low leverage. Once I have demo'ed for a while im going to deposit $1000 to a mini or micro account. I know that I shouldn't risk more than 2% of this per trade, which is $20. If i use leverage of 3:1, does this mean that per trade my lots will be 3 x $20 = $60? I dont think it does as this would only make me extremely small profits. Can anyone please advise?
Thanks in advanceIgnored
QuoteDislikedthis would only make me extremely small profits
QuoteDislikedI know that I shouldn't risk more than 2% of this per trade, which is $20. If i use leverage of 3:1, does this mean that per trade my lots will be 3 x $20 = $60?