Anybody use IBFX Trader 4?

Hi all,

I've recently started a demo account using Interbank FX Trader 4. I find it quite user friendly. I just have a few questions regarding the software for anyone using it:

1) say im trading EURUSD, volume 8, and buy, gaining 4 pips... the number under "profit" reads 32 (8*4 im guessing). My leverage is 200:1 btw. What does the 32 mean? Have i gained $32 in profit? I gained 4 pips with volume 6 and got 24 under the “profit” heading. Also, The highest volume im permitted is 8. isnt it possible to trade at more than 8 per pip?

2) what does “volume” stand for anyway?

thank you all

pip_rugrat

You are trading on an IBFX mini account. Volume in this case means mini lots so entering 8 buys 80k or 8 mini lots.
When you click in the volume field on the order window. You should be able to enter a number higher than 8 using the keypad rather than the preset pop-up selections.
If you want to enter the same number of mini lots on most orders you can go to the top menu on MT4 - Go to 'tools' 'options' 'trade' and change the setting under 'size by default'.

thank you vwine,

i've found tht the max volume i can enter = 50. i aim to gain 30 pips a day, so if i were to enter a trade such as this i could, theoretically, gain $1500. now i dont mean to sound greedy, but how can i reap a higher profit without aiming for more pips? change volume? trade on a standard account?

thank you

Rugrat,

Forex trading is scalable - you can play for any size stake you wish, provided that you have enough money in your account.

For any xxxUSD pair:
-- Each "standard" lot involves $100,000
-- Each pip ($0.0001) moved = $100,000 x 0.0001 = $10

Hence:
-- If your trade volume (or "position size") = 0.01 lot = 1 micro lot, then each pip moved = USD 10c gained or lost
-- If your trade volume = 0.1 lot = 1 mini lot, then each pip move = USD 1.00 gained or lost
-- If your trade volume = 0.2 lots = 2 mini lots, then each pip move = USD 2.00 gained or lost
-- If your trade volume = 0.5 lots = 5 mini lots, then each pip move = USD 5.00 gained or lost
-- If your trade volume = 1 (standard) lot = 10 mini lots, then each pip move = USD 10.00 gained or lost
-- If your trade volume = 2 (standard) lots = 20 mini lots, then each pip move = USD 20.00 gained or lost
and so on.

So if, for example, you buy 0.5 lots, and price rises 30 pips, you would win 30 x $5 = $150 (less any transaction costs: spread and/or swap).

Leverage:
-- If your broker allows you 100:1 leverage, then you only need $1,000 in your account to trade a 100 x $1,000 = $100,000 position (i.e. 1 standard lot).
-- If your broker allows you 200:1 leverage, then you only need $500 in your account to trade a 200 x $500 = $100,000 position (i.e. 1 standard lot).
and so on.

More info in my posts here and here

There's also a wealth of info in the Babypips school - for example, the answer to your questions re volume and lot size can be found here

Good luck,
David

thanks hanover...that clears things up a bit more.

how would i go about adding pivot points to the chart? i've tried but so far i cant find out how to do it. any ideas?

thanks