XAUUSD wrong lot sizing on GBP denominated account? - page 3

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DomGilberto:
Ok - So I check with Alpari UK and they're returning this - This is a GBP denominated account...

SNAP !

So you Broker has messed it up . . . give them a call and thank them for wasting your time

 

Yea I think It looks that way - I am speaking to them as I type this. Getting a little frustrated with them as they're talking to me like an idiot. "Go on our site and you can see what the price per pip is..." (facepalm).

I'm being told that "1 Troy Ounce || 1.00, is equal to £0.01 pence PER tick 0.01 on XAUUSD"... ?

 

If that is correct then how does this make sense :

Current open XAUUSD position: 137.60 points up - open P & L £17.22 ... I'm no wizard with numbers but I have 2 troy ounces open which is supposed to be £0.02 pence per 0.01 tick...

137.60 * £0.02 = £2.750

1376.0 * £0.02 = £27.52

13760 * £0.02 = £275.2

None are correct...

That's according to what this FXCM specialist is telling me lol!?

 
DomGilberto:

If that is correct then how does this make sense :

Current open XAUUSD position: 137.60 points up - open P & L £17.22 ... I'm no wizard with numbers but I have 2 troy ounces open which is supposed to be £0.02 pence per 0.01 tick...

137.60 * £0.02 = £2.750

1376.0 * £0.02 = £27.52

13760 * £0.02 = £275.2

None are correct...

That's according to what this FXCM specialist is telling me lol!?

How does troy ounces relate to your position size in "lots" ?
 
1 Troy ounce is equal to "1.00" in MT4...
 
Its frustrating to have to move broker - is there a work-around with them?
 
DomGilberto:
Its frustrating to have to move broker - is there a work-around with them?
Yes, talk to some at your Broker who doesn't wipe their elbow with toilet paper and get them to set the symbol settings correctly. That is probably a near impossible task though . . .
 

Ok - after a long chat with them (FXCM), they cannot change this within MT4. I can however see what the price per pip is within there Trade Station... I'm really bloody annoyed at myself for going with them and not checking this!

I've been advised that the work around is as follows:

Account: GBP £10k
Risk: 1% per trade

Trade stop distance: 137.64 pips

£100 GBP / 137.64 = 0.7265

0.7265 x GBPUSD rate ( 1.59834 ) = 1.1612

1.16 lots - However you can only do 1.00 lot minimum. $0.10 / 1.59834 = 0.06256

( 0.06256 * 11 ) x 137.64 = £94.71


Now, is this difficult to write?

 
"1.00" within MT4 ALWAYS equates to $0.10 cents per "0.01" MODE_TICKSIZE.

Could I not simply involve the bid price of GBP/USD to calculate the lot sizing with these rules? I cannot be bothered to move brokers considering that I have just started trading with them... it's hassle...
 
Could someone pick holes at this for me - Want to double check with others to see if you think this is a good temporary fix? -- Please keep in mind, where I have put the custom constant GBPUSD exchange rate for the purpose of ST, what will of course replace that is MarketInfo( "GBPUSD", MODE_BID) for the formula's.... 
//get our buystop price from below the ma and our takeprofit based on our r:r ratio.
      
      double pips_to_bsl = buyPrice - BuyStopPrice;
         Print(" pips_to_bsl is: ", buyPrice, " - ", BuyStopPrice, " = ", pips_to_bsl);

2013.11.11 17:22:27     2009.01.02 08:00  V1 - XAUUSD XAUUSD,H1:  pips_to_bsl is: 890.33 - 865.07 = 25.26

      double Risk_divide_pips_to_bsl = risk_amount / pips_to_bsl ; 
         Print( " Risk / pips: £", risk_amount, " / ", pips_to_bsl, " = ",  Risk_divide_pips_to_bsl);

2013.11.11 17:22:27     2009.01.02 08:00  V1 - XAUUSD XAUUSD,H1:  Risk / pips: £ 80 / 25.26 = 3.1671

      double ExchangedLots = Risk_divide_pips_to_bsl * 1.59687;
         Print( " Risk / Pips * GBPUSD Exchange rate is: ", Risk_divide_pips_to_bsl, " * ", 1.59687, " = ", ExchangedLots);

2013.11.11 17:22:27     2009.01.02 08:00  V1 - XAUUSD XAUUSD,H1:  Risk / Pips * GBPUSD Exchange rate is: 3.1671 * 1.5969 = 5.0574

      
      double priceperlot = 0.10 / 1.59687;
         Print( " Converting 1 troy ounce $0.10 into GBP equivalent: ", priceperlot);

2013.11.11 17:22:27     2009.01.02 08:00  V1 - XAUUSD XAUUSD,H1:  Converting 1 troy ounce $0.10 into GBP equivalent: 0.0626

      
      double Lots = MathFloor( (ExchangedLots * priceperlot) * pips_to_bsl);
         Print( " The correct lots allocated to this trade is: ", Lots);

2013.11.11 17:22:27     2009.01.02 08:00  V1 - XAUUSD XAUUSD,H1:  The correct lots allocated to this trade is: 7
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