Base Currency Exchange Rate

I don’t understand what it is for and which value I have to take when I am trading in Euro. Is it an automatic value? Must I change it for every trade manually?

Thank you for explanation and handling! 🙂

 

 

Hello,

 

depends your your brokerage account currency. If you trade different than Usd dollar you can set conversion rate there

okay, and where can I find it? Do you have an example for me? Thanks! 🙂

Hi…

 

My broker is trading in AUD$.

 

Current USD exchange rate to AUD is:

 

1 USD$ is 1.32 AUD$ – (as at 18/4/17) – However, this rate changes on a regular basis.

 

2 queries:

 

Is the number/rate I enter in the “Base Currency Exchange Rate” field 1.32?

 

What happens when the rate changes? (do you have to keep updating this field manually? – (this does seem right).

 

Thanks…

 

But when you have to update this field manually with this rate as 1Trader said, then you must update it on daily basis. Is that right?

That shouldn’t be. It’s an EA. It should update this automatically. So it should better ask for the currency (Eur, Aud, etc.) and then get the rate automatically from the broker.

Hello,

 

yes, if you use fixed % risk MM and want to keep max risk consistent you would need to update it as the rate fluctuates (lets say market moved more than X% then you adjust). The logic is when you set rate to 2.0 the EA will trade 2 times more lots to offset YOUR CURRENCY / USD difference while setting the rate to 0.5 will make EA trade half the size of the original setting

 

You do need to use the setting though. Some users are just relating everything they do in trading to USD and that’s why we added this option

Thank you!