Show profits in pips or dollars?

Hello everyone and thank you for your time,

I searched for this question but did not find anything, in my MT4 I have the option of showing my live trades profits in pips or dollars and I was wondering what the experienced trades do here?

You see, if I leave it in dollars then it might have a negative impact on my psychology later on when I become a better trader and trade with big lots, I might only be 15 pips in profit but because it is showing me 3000$ or something, I might get tempted to close the trade and not let it run as 3000$ is plenty for the day, but if I could only see that I'm only up 15 pips I might let it run.

The same can be said for the reverse of the above, I might get VERY jittery when I see I have a LOSS of 3000$ compared with the scenario that I will see I'm only 15 pips down.

I thank you all in advance for your kind replies.

Hello FB

In a way, you answered your own question. If you get emotional looking at the money, then measure your results in pips. If you ever increase your account balance in a short amount of time, whether it's from winning trades or simply adding cash, those bigger position sizes can effect you in a bad way. First time I experienced it, I called it P and L shock. Like if you go from trading a few minilots to 4 standard lots. The first few times you open a trade and it goes a few pips against you, combined with the spread, and you see your open trade go several hundred dollars into negative territory, it's easy to start making poor decisions. If looking at pips is easier than looking at dollars, by all means display your trade in pips. Just make sure you've converted your stop to a dollar amount before you open the trade, to be sure it is within your MM rules.

All the best
Bill

I did it this way. Go to tools --> option --> chart tab --> untick the "show trade level"

In this way, I trade what I see and no longer get emotional off. Juz all your tab that showing u pips or either dollar.

What you nid to be in ur mind is, where is your exit.

In pips

Thank you gentleman for your kind answers, yes I think I'm more comfortable with pips showing as I have a pretty low tolerance for loss.

I appreciate your replies.

in pips like to think of it in #'s rather than $'s less psychology