Thanks to the advice of o990l6mh, I am attempting to use the FXTrade platform from Oanda for my trades and MT4 for my analysis. He was right about the Market Order window in FXTrade being much better. I can adjust the lots however I want in terms of nano lots and see the direct impact on my risk in terms of price and pips.
I made two trades yesterday but I’m not seeing the balance in my MT4 account. The trades were over 1000 lots and both happened to be winners. If I’m doing what I think I’m doing, my balance should have gone from $270 to about $284. Oanda shows my “balance” in terms of 100,000+ so I assume they’re factoring in leveraging or something, I’m not really sure. I also tried closing out MT4 and logging back into my Oanda practice account but it doesn’t update my balance. Did I do the trades wrong and I didn’t actually win enough in dollar amount to reflect a change?
I have oanda demo account and as far as I understand mt4 balance and fxTrade balances are separate.
For instance I have a £1,000 normal account and £2,000 MT4 account (on your account homepage you can see the mt4 ones have mt4 logo).
So if I trade using mt4 on my account screen the mt4 £2,000 would be changing.
If I trade using fxTrade then my 1,000 normal balance will be changing.
As I see from the screenshot you provided your fxtrade balance (main account balance) is $100,000 ( i assume your account currency is $). 1,000 units order would make 1 pip = $0.1.
So if I understand right from screenshot, your fxtrade balance was $100,000 and your MT4 balance is $270. When you traded using fxTrade you actually used your $100,000 account, you never touched the MT4 $270 one. Thus you can see that your main, fxTrade account is larger 100,019.70 to 100,023.11 (which is $3.41) while your MT4 balance is unaffected.
Go to your accounts home page where you can change leverage and balance (if its demo) and see for yourself.
EDIT: Just to clarify if you want to analyse charts using MT4 and make orders using Oanda fxTrade, then its the main fxTrade account that is important, the amount in MT4 account does not matter. So got to your account page, change balance on your primary account from $100,023 to whatever you want to practice with and trade. Just keep in mind that mt4 balance does not matter as you only be using mt4 for analysis.
Ahhhh…I think I did create an account when I was first diving into this FX stuff. I didn’t know what I was doing so I set up a $100,000 account because that was the default. I can’t check while at work, but I bet I am launching the wrong account when I sign into the FxTrade platform.
