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five digit price quotes

  • #1
  • First Post: Jan 5, 2009 4:33am Jan 5, 2009 4:33am
My forex broker made me an unpleasant surprise for 2009, five digits quotes, and I simply hate it.

Just to kill my curiosity, is there any way I can change it back to 4 digits quotes, except from changing my broker? Personally, I doubt...

Thanks for you help.
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #2
  • Jan 5, 2009 4:36am Jan 5, 2009 4:36am
Quoting semar
My forex broker made me an unpleasant surprise for 2009, five digits quotes, and I simply hate it.

Just to kill my curiosity, is there any way I can change it back to 4 digits quotes, except from changing my broker? Personally, I doubt...

Thanks for you help.
And the lucky question is........

Who is your broker?
  • #3
  • Jan 5, 2009 4:42am Jan 5, 2009 4:42am
Alpari I bet.

Same situation here. Also the chart objects are getting 'drift' now which they never did before, so any time-price studies become useless if you move more than two time frames from that upon which they were drawn.

I can not see any huge benefit from adding another decimal place - perhaps if I was trading millions then over a length of time the differences might add up but I suspect the difference evens itself out in the long run. I doubt it is something that traders have demanded from their brokers. It just takes another fraction of a second to input orders and there is more scope to make errors.
  • #4
  • Jan 5, 2009 8:12am Jan 5, 2009 8:12am
Quoting birdt
I can not see any huge benefit from adding another decimal place - perhaps if I was trading millions then over a length of time the differences might add up but I suspect the difference evens itself out in the long run. I doubt it is something that traders have demanded from their brokers. It just takes another fraction of a second to input orders and there is more scope to make errors.
Same opinion here. Plus, it is not like the spreads have dropped under a pip....

So, anyone knows how to take this out
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #5
  • Jan 5, 2009 8:36am Jan 5, 2009 8:36am
Agreed, let's watch the spreads. I read somewhere that 5 digits allow to provide more accurate spreads like for example 1.5 pips, which could turn into a real competitive advantage.
  • #6
  • Jan 5, 2009 8:49am Jan 5, 2009 8:49am
5 digits on the fxpro that im using. Spreads very low though, but i would like to reverse to the oldschool as well
  • #7
  • Jan 5, 2009 9:55am Jan 5, 2009 9:55am
Looks like it is time to move my charting elsewhere. I fired off an email to support outlining my problems and got this back.....

I just realised that the email I received had some sort of confidentiality disclaimer so here are the pertinent points:

Quote
Dear Tom Bird,

blah blah blah

"it is not possible to switch back to the 4th decimal."

yada yada yada

"5th decimal makes no difference for the pitchfork."
So that is that, despite including the screenshots of the time-price object drift and my insistence that this is a new problem, they are not offering any further solutions.
  • #8
  • Jan 6, 2009 3:54am Jan 6, 2009 3:54am
I just realized the only advantage of the five digit quotes: now I can go hunt "hundreds" of pips in just one short trade...

Ps. it seems I also lose "hundreds" of pips
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #9
  • Jan 6, 2009 1:53pm Jan 6, 2009 1:53pm
MT4 should really include the option to not display the 5th digit on charts, where it's not really needed. QuoteTracker offers this, and I'm sure other charting packages do as well.

However, considering MT4 still lacks the basic ability to set local time zone display, I don't think they'll offer this other option anytime soon..
  • #10
  • Jan 7, 2009 12:23am Jan 7, 2009 12:23am
I feel that it's just another way for the brokers to make money.
If it has not already started, then it will only be a matter of time.

I bet they can't wait to start slipping trades by 0.00002 or 0.00005.
Those small amounts will surely add up very fast.

I hope I'm proven wrong and the client receives the benefit.


Coder
  • #11
  • Edited 2:28am Jan 7, 2009 1:07am | Edited 2:28am
ha! - It should help us. you know they were screwing you by at least 0.00009 on every trade when you couldnt see it since 139.0000 and 139.00009 look the same with 4 digits.
  • #12
  • Jan 7, 2009 2:12am Jan 7, 2009 2:12am
I hate it. It confuses the hell out of me and I can't quite twig why?

max
Gravity goes both ways in forex...
  • #13
  • Edited 4:09am Jan 7, 2009 3:34am | Edited 4:09am
A broker who recently introduced it told me that it was implemeneted to improve quality of the prices and that most clients seem to be happy with this. I can't think what market research would have revealed this to be a positive change or that any customers would be any more positively affected than 'indifferent'. I think most traders response would be 'unnecessarily confusing'.

For the record, the object drift that I was experiencing was due to me not increasing the max bars in chart history after re-downloading the software - increasing the number to accomodate all the pivots that the object was drawn from and scrolling back on the desired time frame seemed to remedy the problem.
  • #14
  • Jan 7, 2009 3:54am Jan 7, 2009 3:54am
wonder how come brokers don't read these threads...
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #15
  • Jan 7, 2009 7:55am Jan 7, 2009 7:55am
I guess we'll have to deal with. Sounds like more and more brokers will use that 5th decimal and that newcomers to the forex will see 5th decimal as natural.
  • #16
  • Jan 7, 2009 10:41am Jan 7, 2009 10:41am
My broker is abt to go 5 digits too, and I am so damn worried...

This actually means that everything mutliplies by 10 right? i.e if I am looking for a stop of say 100 pips for a trade currently, after the new settings that same stop is now 1000 pips?!?!?

If true I feel least interested in the increased profits that can be made, the stop sizes are freaking me out
I believe . . .
  • #17
  • Jan 7, 2009 10:55am Jan 7, 2009 10:55am
Quoting ghous
This actually means that everything mutliplies by 10 right? i.e if I am looking for a stop of say 100 pips for a trade currently, after the new settings that same stop is now 1000 pips?!?!?
No. The pips are the same, nothing in your trading is going to change, only that the same prices are expressed as 1/10 of a pip. A stop of 1000 of tenths of a pip is the same stop of 100 pips. It's awfully inconvinient, but it's probably becoming the standard way of showing price.
sans peur et sans reproche
  • #18
  • Jan 7, 2009 11:26am Jan 7, 2009 11:26am
Quoting ilanr
No. The pips are the same, nothing in your trading is going to change, only that the same prices are expressed as 1/10 of a pip. A stop of 1000 of tenths of a pip is the same stop of 100 pips. It's awfully inconvinient, but it's probably becoming the standard way of showing price.
Personally, I'd find it a lot easier if the last decimal digit (the new one) was expressed as a fraction of a pip in MT4 (with a decimal point) instead of as an integer. If you trade manually, the order window does something like that, shows the "new" decimal digit in a smaller size so that it is easier to ignore it. The problem is with the terminal window, when looking at profits, setting trailing stops... It is almost like a redefinition of the pip. It'd help a lot if MetaQuotes introduced a decimal point here, so that where before we had 10 pips now we would have 10.0 (instead of 100).
  • #19
  • Jan 7, 2009 11:42am Jan 7, 2009 11:42am
Is there anyone experience problem with their EA on this broker that using 5 digit price quotes?...since EA are mostly programmed to TP,SL with 4 digit price quote
  • #20
  • Jan 7, 2009 11:43pm Jan 7, 2009 11:43pm
Quoting ilanr
No. The pips are the same, nothing in your trading is going to change, only that the same prices are expressed as 1/10 of a pip. A stop of 1000 of tenths of a pip is the same stop of 100 pips. It's awfully inconvinient, but it's probably becoming the standard way of showing price.
oh ok...

So is rounding off a valid solution? I mean if i see 1.45671 as the price can i read it as 1.4567??
I believe . . .
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