So can I set it up so 1 pip = 1 dollar?

Quote from IronFist:

Ok now I'm confused. I thought the value of a pip varied with the size lot you bought. Does a "mini account" confine you to only trading 10k lots? What if I wanted to adjust size so 1 pip was $2, or $10, or $8.24?
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Buy 1 mini-lot for $1.00 per pip.
Buy 2 mini-lots for $2.00 per pip.
Buy 10 mini-lots for $10.00 per pip.
 
Quote from forex-forex:

Buy 1 mini-lot for $1.00 per pip.
Buy 2 mini-lots for $2.00 per pip.
Buy 10 mini-lots for $10.00 per pip.
More...

I see. So you can only buy mini-lots in integer values?

Besides size, are there any fundamental differences between mini-lots and regular lots?
 
Quote from IronFist:

Besides size, are there any fundamental differences between mini-lots and regular lots?
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No. 10 mini-lots ($10,000 x 10) are the same as 1 regular lot ($100,000).
 
Quote from IronFist:

So is it like $1 per unit? I mean to buy a 10k lot would that be $10k? And if you wanted to buy a 10k using less than $10k, then you'd be using margin, right?

Sorry, I completely understand margin as it relates to stocks, but something about FX always trips me up.
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Yeah I understand man trust me.

Each unit equals $1 size of trade...

So 10,000 units equals 1 mini lot or $1 per pip, and 100,000 units would be 1 standard lot or $10 per pip (this of course may vary slightly depending on the cross you're trading, but it's close enough).

You can actually trade down to as low as 1 unit or .01 per pip...

100 units would be .1 per pip, and 1000 units would be .10 per pip....

does that help out?
 
Quote from IronFist:

I see. So you can only buy mini-lots in integer values?

Besides size, are there any fundamental differences between mini-lots and regular lots?
More...

You can buy any size lot you want, ie 1,749 units if you want to.

The round numbers were just used for illustration purposes.....hope it helps.
 
Oanda has a risk calculator within their platform so you can punch in a position size and it will tell you what each pip will be worth. No minimums there and interest paid by the second. They are indeed a good outfit, the questionable part is the retail forex market imho...

how many times would I go to bed with a currency pair at a given price, and come back in the morning to see the pair at the same price but my position stopped out! Use ultra wide worst case scenario stops, or no stop at all! good luck to you.

asp
 
You guys helped answer my questions. Thanks.

I read something on Oanda's site about if you want to hold positions overnight* you're supposed to sell them and rebuy an identical lot? What is that all about?




*I thought FX was open 24 hours a day. How are there "overnight" positions, anyway?
 
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