Forex newbie

I come from an options background, so I know how to calculate my position size, risk, profit at target, etc. I have searched the web for the equivalent trades on currency pairs and I am left with more questions than answers.

When I buy 10 contracts of SPY for $1.50/share I spend $1500 to open the trade. If the option price moves $0.10 in my favor I make $100.

1. If I were to go long 1 mini lot on the EURUSD, what would I spend to get into the trade assuming I am not using margin?

2. On this same trade, how many pips will it have to move in my favor to make $100 on the trade?

Thanks,
Dana

 

Pardon me for my silly answer but have you tried to trade any forex broker's demo account yet..?

 

I tried a couple of demo accounts. But when I bought a mini lot it didn't tell me how much I spent on it.

 

You can check it in contract specifications. Right click on the pair in table of instruments then specifications. There in the window you can see margin requirement. I assume you are using MT4 as trading platform.

 

Sorry, I am using Ninjatrader 8 right now.

 

No, I'm not about to drop forex in the near future, that's a fact, and I'm not about to give up.

 

That's nice never give up the Forex Trading. But be very much serious while trading it as if not, you could suffer huge loss in future, which would be irreparable.

 

But you are not having knowledge and you are still trying the old strategy is not going to help you to gain profit. If you are failing then you must start with learning so that if you are doing something wrong you can find it.

 

Yeah, we need to learn about various strategies that are there in the Forex and we need to learn how to modify them to earn some good money online.