how to change code between FX markets
- This topic has 21 replies, 3 voices, and was last updated 6 years ago by
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It’s not due to the value of a pip, which is always the same but in the currency involved, so if you trade EurUsd 1 pip=10 us$ and if you trade EurJpy 1 pip=10 Yen.
You need to start with a capital expressed in Yen, not Euros or Pounds or us$.
If you start backtesting with GBP 10,000 to trade EurGbp which is roughly 0.8 then all is ok, while if you trade GbpJpy which is roughly 144.2 then you need to use 144 as much Yen to start backtesting.
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how do I automatically trade this market with a smaller amount?
Are you taking account of the exchange rate (see attached) when you want to trade a smaller amount?
So you want to trade less than 1 Yen per pip?? So less than 1 pence per pip / point??
as you can see my screen shows a totally different Sell/Buy pair then yours GraHal
Your flag shows as UK … why aren’t you using the the Spread Betting Account (not CFD Account)? Then you will get same Buy/ Sell pair as me.
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In real life it’s the same, the difference is that your broker does the conversion automatically, ProBackTest doesn’t.
If you trade GBP 10,000 to buy EUR, you’ll buy roghly EUR 12,500 and each pip will have a value of EUR 1.25, that is roughly GBP 1.
If you trade GBP 10,000 to buy YEN, you’ll buy roughly YEN 1,440,000 and each pip will have a value of YEN 144, that is roughly GBP 1.
Buy 1 mini contract GbpJpy or EurJpy on your demo account to see what is reported live as profit/loss.
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The upcoming version 11, due within 1-2 months, will allow backtesting multiple instruments at the same time, that is you will be able to backtest your strategy on GbpAud,EurUsd and GbpJpy (I don’t know how many they can be) at the same time. ProBackTest is said to be able to take the different currencies into account by then!
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I think this is very confusing and so very important to stress out on the back-testing tool especially next to the initial capital box
I agree, looking back I think I sussed it out by trial and error, but I do recall querying it once with IG.
Put your suggestion above to PRT on the dedicated Topic on here and also direct to PRT via the Contact Form below.
https://www.prorealtime.com/en/contact
Oh and please look at / set up your Spreadbet Platform (can only be used if taxed as UK based) everything is in GBP and 1 Contract is £1 per point no matter what Index, Currency or Stock you are trading. Sounds weird I know, but IG achieve this by changing the value of currency etc to a common base (multiply by 1000, 10,000 etc).
Also Spreadbetting is tax free so if you make millions you get to keep it AAAAAALLLLLLLL ! 🙂
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