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By XTRAVAGANZA · Posted
By XTRAVAGANZA · Posted
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Question
YinkaIGDemo
Why is IGMT4 pip values and profit and loss not the same.
I understand how the calculation is made but not why. My understanding of FX trading is that since I do not physically own the assets, I cannot understand why my profit and loss the pip values is not the same as REAL actual profit and loss, for example, pip value of +10, account value of +£7.12 for EURUSD TRADE.
I have tried to change this on new MT4 download by choosing fx gbp in the new setup, but the problem persists.
This is made worse when I looked at the "fees" involved; 12%-13% on margin/spread or 24%-26% roundtrip. Converting from sterling to USD is about 30% loss. Therefore I am penalised by about 50% on each Opened and Closed trade.
Yet IG advertises that no commission and low spreads.
I would be grateful for an answer please before I start Live trading.
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