forex order types
forex order types
Is buying & taking physical custody of currency good?
I want to buy foriegn currencies & already have an idea of which ones. I am not putting in a great deal (maybe $100 sporatically here & there, put in over time). Is it a good idea to go to a currency exchange place downtown & just buy it & let it grow, which it has & all indications show it will, even more & faster.
Most of those Forex (not bashing any trader or broker, thats just the most popular one that I see) type traders tend to have high minimums just like brokers in order to do business, plus fees. I know that exchangers have fees too, but considering that I cant get into the market any other way, what do you think?
Box815:
Thanks for the insight! I know that I would be up against issues like that, but what are the options, if any, other than doing that & not being able to do it at all, using the big currency brokers with high minimums?
No, what you’re suggesting is, to be blunt, stupid.
To actually buy $100 of a foreign currency is very expensive. First, your bank will charge you a fee. Mine charges $2.00. Then they sell you the currency at a disadvantageous price. Let’s say you’re buying Euros. The value of the Euro may be $1.32 but they’ll charge something like $1.35. So, you’re out over 2% and you have some Euros. Now, you can’t earn any money on your Euros. No one will let you deposit them in an account that will earn interest so they’re just sitting there.
But, let’s say you’re right and the Euro appreciates 10% against the dollar. You have to pay another $2 fee to change them back into dollars (plus the spread between what they give and what they’re worth, $1.32 vs. $1.35 in the previous example.). You will have made roughly 7.58 Euros, or about $10, less the original $2 fee, less the second $2 fee or about $6. Whoopee.
And, it’s not guaranteed that the currency you buy will appreciate. If inflation picks back up a little and the Fed raises interest rates again then all currencies will lose value against the dollar.
The expenses involved in what you’re trying to do will increase your risk of loss dramatically. This is the same reason that low cost stock market strategies, such as index funds, are so popular.
forex order types
Forex Stop Loss Calculator – Calculating FOREX Profits and Losses
When trading currency you deal with much smaller divisions than when dealing with actual cash. For example the smallest denomination of US is currency is the penny ($0.01) but on the FOREX market it can be traded down to $0.0001. The smallest division that a currency can be traded at is known as a pip. A pip is short for Price Interest Point; this is sometimes also referred to as points. Currencies are traded in very large lots so even a small change in the value can create a significant profit or loss. If you are trading $100,000 in US dollars a single pip is worth $10 so a change of 60 pips or 6/10 of one cent will generate a profit or loss of $600 depending on the direction of the move.
When trading currencies various lot sizes are not unusual but 100,000 units are considered a standard lot. A single unit is what ever the name of that particular currency is for example when trading Japanese currency a single unit is the Yen. Some trades are done in lots of 10,000 these are commonly referred to as mini lots. Even though lots of various sizes are possible the majority of trades involve standard lots of 100,000 units. Forex Stop Loss Calculator
The size of the pip is based on the currency type; different types of currencies have different pip sizes. For example the Yen pip is 0.01 where as the US dollar has a pip of 0.0001. Both the type of currency as well as the size of the lot determines the actual value of the pip. Using the US dollar as the quote currency (second currency) such as CAD/USD then the pip always equals $10 for a standard lot and $1 for a mini lot. For other currencies it is easiest to use a pip value calculator to determine the pip value.
In the FOREX market there are a variety of order types available for making trades. You need to have a solid working knowledge of the different order types to be a successful FOREX trader.
Market Orders – This is simply an order to buy or sell at the current market price. Market orders can be used to enter or exit a position. Market orders can be dangerous during times of high market volatility. The price can change significantly between the time that you enter your order and the time when it is actually recorded or executed. The amount that the market changes between the time that an order is placed and when it is executed is known as slippage. Depending on market conditions slippage can result in the gain or loss over several pips. Forex Stop Loss Calculator
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Forex Order Types by Deltastock
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