BTCUSD, Points / pips and "Invalid Stops"

[Jason713]

Hi,
New user here, and new to forex and similar trading, too.

I've been playing with GFX on MT5 with a couple of demo accounts as I try to get comfortable with the process, and I'm just totally confused where BTCUSD is concerned!

I set up a chart for BTCUSD as per the "Meteor Shower Blitz" (#2 on the gfx settings page); BTCUSD, M5, SL 50, TP 100, 2/2, etc. No trades happened. Eventually, I figured out that I could see some minimal logging from the 'bot on the Experts tab, and I kept seeing various OrderSend entries that ended with "[invalid stops]". Ok, so, I guess that means that the stops being specified by the bot don't make sense. I can imagine that; the spread is kinda big compared to other charts, both numerically, and visually.

So, I tried increasing them to 400 (sl) and 800 (tp), and let them ride for a while. Still no trades. A few minutes ago I changed it to 4000 and 8000. Nothing yet, but I'll leave it there for a while.

I get that in BTCUSD, a pip is 0.1 (vs .0001), but what does a point, as Galileo FX uses it in SL and TP, mean?

Things I've recently read, trying to sort this out:

Pip Calculator - Best Tool w/ Live Data 145K+ Symbols

Accurate pip value calculator covering all relevant instruments and asset classes.

www.cashbackforex.com

The Difference Between Pips, Points, and Ticks

Learn the differences between points, ticks, and pips and how each is used by investors to measure price changes in stocks, securities, and indexes.

www.investopedia.com

Thanks!

 

[Joeboy]

It sounds like you're diving into some interesting settings with BTCUSD on MT5, but running into some confusion with the stops.

BTCUSD typically has a larger spread, and your broker may require SL/TP to be a certain distance from the current price. I would suggest for test purposes try to set your stop loss at 0 value first. Then you can adjust from there.

However, It’s a good practice to start with larger SL/TP values, especially for volatile instruments like BTCUSD, and gradually reduce them once you find the broker’s threshold. You can also consult your broker’s support to confirm the exact stop level requirements for BTCUSD on MT5.

 

[Jason713]

Ok, thanks. That's kinda what I'm doing (just playing with values), except I haven't tried setting them to 0. Of course I wouldn't do that with a non-demo account, but I guess there's no harm in doing it in a demo.

 

[Joeboy]

Ok, thanks. That's kinda what I'm doing (just playing with values), except I haven't tried setting them to 0. Of course I wouldn't do that with a non-demo account, but I guess there's no harm in doing it in a demo.

Yeah and then adjust from there, also please know that A pip for most forex pairs is usually 0.0001, but for BTCUSD, a pip is generally considered as 0.1 due to the larger price range.

So, if you set your SL to 4000 points, that corresponds to a $40 price movement (since 1 point = 0.01 for BTCUSD)

 

[Jason713]

Cool - thanks.
I had just figured out the 4000 ~ $40 and modified my config to reflect that, switching my SL/TP from 0/0 to 12000/24000.

It's now proceeded to lose money like a champ
(fake money, I mean)

At least it's placing orders now.