Out of interest, is there any account size limit, or rather any “implications” of having a large account with Oanda.
In my demo accounts I made about 10 different accounts and tradeddifferent sizes just to get used to the numbers.
so I had 50 000, 1 mill 2 mill, 5 mill 10 mill and really the only limiting factor I could see was that when you trade in the millions, you can only put in single trades up to 10 000 000, so if your account is at 5000000, and you want to put in largish trades, you have to put in a whole bunch of trades at 10 million each.
but thats only a practical issue.
My question relates more to what implications there are, if any, with growing a very large account, ?? (In my dreams)
[QUOTE=“UpcomerFX;621190”]I was right about AN, rallied for 60 pips and the China news hasn’t even released yet. It could go further. Thing is, our EA trade is heading back to our entry. Not worried about my SL but was hoping to give myself more of a cushion heading into the news event. About the Oanda, it happens to the best of us. I’m not exactly sure how to avoid it besides placing my SL in areas where price would have a hard time reaching. Stop Hunters smh.[/QUOTE]
I agree! I wanted more of a cushion. I was considering longing AN without even pulling the data, but for whatever reason I longed EU. Potential hedge? And it was only 2 pips from open when I got in. Also look at the level it is at… She will make a mooooove soon so obvious!
@Money: I know exactly how you feel! I felt paralyzed earlier. I wanted to get back in NU but F Oanda. Considering how far NU already was from open, my odds where decreasing it would continue much further so I went with EU.
@BlueHenry: I noticed this as well. I took my 100k demo up to 600K+ then Oanda quit reporting my stats. I had to place so many 10 million unit trades to get 100% in. It sucked. I got stopped and it dropped me back to 300k and I quit trading it. Implications of a large account with Oanda? I heard Oanda shut down 2 guys because they made so much money. Also think About spread. Spread = commission. Spread alone out me down grands right off the bat in my practice account. Also it’s harder to manage several 10 million unit positions rather than a 100 million unit position. Imagine all the time it would take to place all the stops and TP’s if you used them. Once I have 10-50k to trade I am going ECN. Lowest spreads possible ad cheapest commission. However, if I can I am really going to hurt Oanda. I F’n hate them period. But we have no choice as far as capitalization goes when it comes to non ECN…
I wonder how much money it was that they made before Oanda shut them down (asked them to leave)?
Explain more to me on the ECN, non ECN?
[QUOTE=“BlueHenry;621194”]I wonder how much money it was that they made before Oanda shut them down (asked them to leave)? Explain more to me on the ECN, non ECN?[/QUOTE]
I do not know the answer to the first question. I myself was curious and tried to search to find it. Heard it from a personal RL friend whom I trust lol. Wouldn’t surprise me if Oanda did everything possible to cover their tracks. Guarantee they are reading these forums. Screw Oanda. ECN is a broker that offers Non Dealing Desk trading. Basically you enter directly into the exchange without a third party (Oanda) and are matched with a buyer or seller at the best possible price (Hence the lowest spreads). Therefore their is nobody taking the opposite side of your trade (b**** a** Oanda). The broker doesn’t make their money off of spreads (no conflict of interest), they make their money off of commission. Similar to Scott trade… Regardless of trade size, it only costs you a small fee (very small compared to trading with a NDD using the same trade size) when entering AND exiting the market. Basically you get dinged twice. But even so it’s hella cheaper than a third party broker especially trading anything over a few g’s per trade. Thing is, most ECN’s have a minimum account size (several grand, the one I was interested in had a minimum of a 10k account size).
Ok- thanks for the explanation
[QUOTE=“BlueHenry;621198”]Ok- thanks for the explanation[/QUOTE]
No poblem. If you find a good ECN let me know. Pretty soon I will be in the market for one.
Took +3.6 pips in EU, and +20 in EA lol. Suppose my EA trade didn’t go as planned. I expected EA to sell for the day, but i am not God. Still am learning the outer boundaries of the out equations xD. Anyhow I was hella right on NU, which was the best pair to trade for the day of the pairs I analyzed yesterday. Lowest draw down, furthest movement from open.
I only looked at one pair tonight. EU. EU appears to have been consolidating at the current price level 2 days now. When It pops its going to move. I’m in, got a good signal. Well within range of predictability.
EU Long @ 1.3818
I actually got a good price, only 1.2 pips from open xD. Not bad.
Will be back in the Am with an update.
Couldn’t Resist. I have two accounts lol. EJ looks even beautifuler to trade than EU xD. Perfect looking setup for me So I longed her as well.
EJ Long @ 141.176
Both trades have 60 pip stops, EJ would probably be fine with a 30 pip stop, but I will keep a 60 just to be safe. I do not trust OANDA period. Never will again. But that won’t stop me from using them until I have enough for ECN.
Hey man, good calls on EJ. I didn’t get a signal but I wish I did lol. I’m just sitting in a NU long right now, it’s barely positive but it’s slowing making it’s way.
XD. EJ hasn’t moved that far yet, but I got a really good signal for her. Same thing with EU, I just don’t expect EU to move as much as EJ. NU long? Nice. I only checked EJ and EU last night.
So far:
EU +6.5
EJ + 20
Ouch! Are you sure you don’t want to reconsider your method?
Lots of traders seem to do okay using S/R S/D areas.
Take a few hours and look at this thread, 301 Moved Permanently it’s one of the best you’ll find.
I appreciate your concern D pip. My fx book is a reflection of poor discipline and judgment. I have bounced between 3 spreadsheets over the past 3 weeks which has resulted in several unacceptable losses and poor trading decisions. I am back to where I was on pg 14 and am permentally going to stick with that particular spreadsheet. I have yet to see a set of statistics that have produced anything close to the accuracy SYS 13 has produced WHEN it is traded intelligently, rather than childishly (greedily) like I had been doing.
Mind you, the losses I have accrued trading it where of my own poor judgement of what statics I choose to trade for the days I lost, NOT the system itself. Hence my choice of reason was poor discipline. Yes my fxbook has drawn down a lot. I trade at extremely high risk, and had poor discipline and recklessly switched systems. Losses are heavy when one risks 100% of his account.
I do not post the statistics I trade for multiply reasons. However, I am going to keep a written journal with these specifics for my own gain.
I do not need to prove the success I have achieved when I intelligently traded my statistics. Yesterday’s NU was a perfect trade. Today’s EJ ad EU are perfect trades, the 130 pip EJ trade I took not that long ago was a perfect trade… My 90 pip AJ trade was a perfect trade. I could go on but there is no need. I have nothing to prove to anyone. Watch and learn as EU as EJ both close long for the day. Being highly accurate is just the fist step.
Hey I just made a myFXbook, we can follow each other. I hope I improve my trading knowing that a fellow trader is watching, and I’ll do the same. We have the same goal, lets do it.
[QUOTE=“UpcomerFX;621399”]Hey I just made a myFXbook, we can follow each other. I hope I improve my trading knowing that a fellow trader is watching, and I’ll do the same. We have the same goal, lets do it.[/QUOTE]
Sounds good to me man. What are your goals?
Of course be successful in the markets. In this game there’s no limit to how much you can make. If, and hopefully when, I start making income-like profits in FX, I’m moving on to futures. That’ll be a learning curve of it’s own, although that’ll be tested when the time comes whether or not I need a whole new strategy. I’d then like to have a couple partners who are all great investors/traders in their own right. Once that happens, the sky is the limit if we all put our heads together.
What about you?
Sounds like a great goal! I have similar goals as you. Forex I believe is the hardest to profit from consistently second to futures. Futures it seems like you can lose much more money a hella of a lot faster with smaller changes in price than forex. However, I do not have statistics to back this, just insight from a family member who used to trade them. As far as hardest to trade, I believe forex to be the most difficult in terms of using data to predict it ( due to the quantity of data within 1 single day).
But, I do believe if I can successfully crack forex, due to my approach and market theory, my particular “system” is 100% universal. It may need minor adjustments (money invested) to trade any market, but that is acceptable due to my volume theory. So assuming I fully refine my edge, the sky is the limit for every market xD. It just seems logical to crack one market (forex) then substitute + slightly adjust the solution into other markets second.
As far as my goals go… to a basic level… They are simple. Trade a highly accurate, high probability, very high risk to reward system to successfully profit from forex at professional level. I want to trade for a living so that I can constantly monitor my trades much like a mother watches her young ones. If my trades are acting up, I want to notice it as quickly as possible I order to discipline them correctly xD. Much like I am doing now 
I will own a firm in some time, and I would like to hire a crew willing to do more in depth research on my theories plus hopefully contribute their own ideas. My firm will only trade capital I earned for it, and will never trade anyone else’s money. I’m not interested in making anyone else money, especially as much time as I have invested in my research. I’m not about to hand over my hard earned success (once I have earned it of course) to someone else just because they can give me millions to make even more money off of for them to sit on their ass and profit. I’m not interested in that approach.
Very ambitious goals gentlemen!
EJ played nice I see
I made out great going long on NZD/CHF from last night.
I am still in both pairs. To my disdain the level of price consolidation is outrageous in both pairs. Asian session is about to start. Will see what happens. Wtf is going on in the currency market? Why is EU flatlined? So annoying…
Yea you’re right things are kinda crazy right now.
Yeah I haven’t trade in the EU for at least two weeks now. Last week’s rally presented an opportunity to catch the wave up but I was preoccupied. Still holding this NU long, patiently waiting for another signal.