Oanda is a well-known name in the forex industry, offering traders a platform that is easy to use and navigate. The platform also comes with a range of tools and features that can help traders make informed decisions and maximize their profits. One such feature is the ability to customize the extra digits in Oanda for forex. This feature is particularly useful for traders who want to fine-tune their trading strategies and optimize their trades. In this article, we will explore how to customize those extra digits in Oanda for forex.
What are extra digits in Oanda for forex?
Extra digits in Oanda for forex refer to the decimal places used in the prices of currency pairs. For example, the price of EUR/USD might be quoted as 1.17235. In this case, the extra digits are the 5 that come after the decimal point. The number of extra digits can vary depending on the currency pair and the broker you are using.
Why customize extra digits in Oanda for forex?
Customizing extra digits in Oanda for forex can be beneficial for several reasons. Firstly, it can help traders to fine-tune their trading strategies. For example, if a trader is using a strategy that relies on small price movements, they may want to increase the number of extra digits to get a more accurate price. Secondly, it can help traders to optimize their trades. By having more accurate prices, traders can make more informed decisions about when to enter and exit trades, potentially increasing their profits.
How to customize extra digits in Oanda for forex?
Customizing extra digits in Oanda for forex is a simple process. Here are the steps to follow:
Step 1: Log in to your Oanda account
To customize extra digits in Oanda for forex, you will need to log in to your Oanda account. If you do not have an account, you will need to create one.
Step 2: Go to the ‘Account Settings’ page
Once you have logged in to your account, navigate to the ‘Account Settings’ page. This page can be accessed by clicking on the ‘Settings’ tab in the main menu.
Step 3: Select ‘Decimal Pricing’
On the ‘Account Settings’ page, select ‘Decimal Pricing’ from the list of options. This will take you to a page where you can customize the extra digits in Oanda for forex.
Step 4: Choose your preferred decimal places
On the ‘Decimal Pricing’ page, you will see a drop-down menu that allows you to choose your preferred number of decimal places. The number of decimal places you can choose from will depend on the currency pair you are trading and the broker you are using. Typically, you will be able to choose from 4, 5, and 6 decimal places.
Step 5: Save your settings
Once you have chosen your preferred number of decimal places, click on the ‘Save’ button to save your settings. Your new settings will be applied immediately.
Conclusion
Customizing extra digits in Oanda for forex is a simple process that can help traders to fine-tune their trading strategies and optimize their trades. By having more accurate prices, traders can make more informed decisions about when to enter and exit trades, potentially increasing their profits. If you are an Oanda trader, we recommend customizing your extra digits to suit your trading style and preferences.
