I’m setting up to learn with MT4 in combination with an OANDA account. Anybody else here using this combination?
Years ago I traded stocks for awhile, back when you traded through a broker. Forex is new to me. I’ve been through the BabyPips school recently and will be learning MT4, and then trading with a small demo account. There is no plan to open a real account for awhile - I want to learn as much as I can and develop some techniques that consistently work for me.
I would look forward to talking shop with anyone that is interested. Right now I have mostly questions, but if I can help anyone else while I’m learning, then so much the better.
I have a similar history with equities and I trade fx with Oanda. My advice is: do not use MT4 with Oanda. Not because MT4 is bad, but because with fxTrade (Oanda’s platform) you can trade odd lots as small as a single currency unit. That is a massive advantage they offer that is just too good to pass up and it is not available in an MT4 account.
I trade through Oanda as well but I use MT4 (either on my iPad or my laptop) to trade. I do however have the Oanda app on it & use it solely for placing pending orders. Why? Because all you have to do is enter the price you’re looking to get in to the market at & whether you are buying or selling & Oanda does the rest. I’m sure it’s not difficult to remember if I actually had to but it saves me from having to memorise which is which in terms of buy limit, buy stop, sell limit & sell stop.
I’m setting up to learn with MT4 in combination with an OANDA account
I really don’t get it, but all broker offer MT4 platform for you to trade your account provided by broker. Is there any special when you trade on Oanda MT4?
It’s like buying a new car, it doesn’t matter where you get it from as it’s exactly the same car…only the company stamps it’s name on your registration plate.
Hi,
I was just signing up for a demo account with Oanda but it wants a telephone number as part of the registration process?
I dont object to this in principle but the only phone I have is a company mobile phone so I cant give them that number unfortunately.
Do you guys get telephoned often by your broker relating to your trading, be it on a demo account or a live account?
As it stands for me I cannot join Oanda without one, and I dont want to be dishonest by making one up.
Hi,
I’ve setup an Oanda demo account with my work mobile phone now (what the hey )
However I’ve chosen FXTrade rather than MT4 and I’m not sure I like the setup. In other words I’d like to use MT4 where I can see groupings of charts etc rather than just 1 chart window with a timescale dropdown choice.
Is it possible please to open an MT4 account with Oanda and then use that account in the FXTrade platform, or do I need 2 seperate practice accounts?
A standard Oanda account can only be used on FXTrade & not on MT4.
However if you get an MT4 account, it can also be used on FXTrade.
So even if you’re only plan on using FXTrade, I believe that you’d be better with an MT4 account as it’s better to have it than not need it then need it & not have it.
I have both the MT4 app & the FXTrade app on both my phone & iPad. It’s an added safety net too, if you have an open position that you want to edit/close & the Oanda app happens to be playing up or something (I’ve never encountered this, it’s just an example), you’ve then got MT4 as a back-up.
Hi,
Is there a way please using the MT4 platform with Oanda to change the Market Watch time zone?
It is currently 10am here in the UK but my Market Watch says it’s 5am - which to me is New York time.
I’m getting a tad confused with studying charts in that they are all showing present time as 5 hours previous.
(I only saw one option for the demo server called ‘GMT -5’ so I maybe I am stuck with this?)
I’m afraid not, it’s just where their servers are so we’re stuck with NY time on our charts.
I’m in the UK as well & this is one of the few gripes that I have with them. I’m pretty sure that their daily close isn’t NY close either. In fact, I think that’s my only 2 issues with Oanda.
I’ve now opened an FXTrade and MT4 demo account with Oanda, both of which are listed in my account list.
However, when I launch FXTrade desktop (a 34 MB file by the way that extracts and installs every time :eek:) I then try to change accounts to my MT4 account and it does not let me, saying unknown username or pw.
Yet when launching the MT4 platform on the web and signing in with those same credentials it loads fine.
Is that something that you encountered yourself? And if it worked would it import the different templates etc which I cant seem to find in FXTrade? ie would it look the same graphically as MT4?
I maybe misinterpreted your original query. Personally, I don’t use FXTrade on my laptop so the desktop version is unknown to me (therefore I’ve not encountered your issue).
I am able to trade my MT4 account through the FXTrade app on my phone & iPad though. Going by this fact, I would assume that it would work on the desktop version - but we all know what happens when you assume…
Hi,
Thanks for the tip - I am now using Oanda FXTrade as the platform for my demo account, and it is a slick looking platform.
I especially like all the different periods that can be used with it - i’m favouring the 8 hour currently.
However, I cant work out how to save chart templates as I can in MT4? I can find the option for creating and saving different profiles, but not for creating and saving individual templates?
Also I cant find the option to ‘open another chart’ which allows me to see 3 or more different time period charts of the same currency at the same time. In MT4 I simply click on the new chart option, but I am failing to find this in MT4. Would be grateful if you could advise please?
Sorry if I’m being a dufus here but I am still a newbie after all
If you use the desktop version of fxTrade then you can change your location in the user preferences menu…maybe doing so it applies the changes you want…just have a try…
Regarding fxTrade or MT4, with an fxTrade account you have the great advantage that you can trade ANY position size you want…from 1 unit on…or 247 or 4227 if it fits your money management better…with MT4 you have to go with traditional lot sizes (0.01, 0.1,…)…
As far as i know you can only save profiles, but you can ask the support if there are individual templates…
You can open charts in a seperate window by clicking on the symbol that looks like 2 windows on the upper right corner of the chart…work only with the desktop version, of course…
The first days/weeks i didn’t really like the fxTrade platform…i was used to FXCMs trading station, which in my opinion is the best platform i know (i used really a lot of different platform via demo accounts)…
But after using fxTrade more i started to like it more and more…e.g. you can set a fixed or variable position size in the user preferences (fixed units, % of equity,…)…also preset TP, SL or trailing stop are available…depending on your trading style this can help…i only use the position size feature (don’t have to calculate before every trade)…
So, all in all, it’s not as good as FXCMs trading station but way good enough for fun trading
Another question I hope someone can help me with. I use FxTrade on mobile, as well as the desktop platform when im at home. On the desktop i have selected a bunch of quotes pairs. On my mobile i can only select USD/Yen which is the pair i was trading for a long time - so i didnt worry about not being able to select other pairs. Now id like to trade any pair on my mobile but cant see how to get the pairs to show??
Help
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