How to calculate how much you pay for a currency? | Forex Factory

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How to calculate how much you pay for a currency?

  • #1
  • First Post: Sep 2, 2010 5:50am Sep 2, 2010 5:50am
Hey. I have a question.

How can you calculate how much you are going to pay for something?

This moment I'm writing the eur/gbp is trading at 0,8324.

That means that I need 8324 euros to buy 10.000 units (0,1) lot?

Please help me understand that.
  • #2
  • Sep 2, 2010 6:15am Sep 2, 2010 6:15am
Quoting Gbiz
Hey. I have a question.

How can you calculate how much you are going to pay for something?

This moment I'm writing the eur/gbp is trading at 0,8324.

That means that I need 8324 euros to buy 10.000 units (0,1) lot?

Please help me understand that.
No, you need £8,324 to buy €10,000.

In general XXX/YYY is the YYY price of XXX, for example GBP/JPY is currently at 129.65, that is you need Y129.65 to buy £1.
  • #3
  • Sep 2, 2010 6:30am Sep 2, 2010 6:30am
Quoting medici
No, you need £8,324 to buy €10,000.

In general XXX/YYY is the YYY price of XXX, for example GBP/JPY is currently at 129.65, that is you need Y129.65 to buy £1.
Yeah but my account is in euros. So that means that I can't buy a 0,1 lot right?

And in eur/jpy I can buy a lot more easily beause a eur is 107,xx jpy right?
  • #4
  • Sep 2, 2010 7:12am Sep 2, 2010 7:12am
Quoting Gbiz
Yeah but my account is in euros. So that means that I can't buy a 0,1 lot right?

And in eur/jpy I can buy a lot more easily beause a eur is 107,xx jpy right?
Then you are, effectively, buying £8,234 for €10,000, and so on.
  • #5
  • Sep 12, 2010 7:36pm Sep 12, 2010 7:36pm
Quoting Gbiz
Hey. I have a question.

How can you calculate how much you are going to pay for something?

This moment I'm writing the eur/gbp is trading at 0,8324.

That means that I need 8324 euros to buy 10.000 units (0,1) lot?

Please help me understand that.
Since you mention Lot Size-- 0.1 of a lot
I think you need to consider your account leverage 100:1 ? and account type-- Standard, Mini or Micro account to answer this question.

You might try downloading this little application I found at:
http://currensys.com/FreeForex.php
When I was seaching Forex Factory for a lot size calculator

You can input your account size & type etc. and calculat the value of any pair- it even downloads quotes for current pricing

You can play around with it and see what effects different changes have.
It might help you understand

I hope this helps
  • #6
  • Last Post: Sep 13, 2010 1:54am Sep 13, 2010 1:54am
thanks man.
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