Oanda Practice account

Beginner Questions
1

Hello , I have been playing around with oanda practice account and was wondering if the practice account would resemble the actual forex trading but obviously with fake money. So basically making a profit in Oanda practice would actually be the same if you were to open a real account? can anyone verify this?

Also why does Oanda require a social insurance number for Canadians isn’t this risky?

Thanks

2

lisalemon,

I’ll verify that for you. Yes, making a profit on Oanda’s practice account would be the same on a live/real account. I’ve been trading live with Oanda for over 4 years. Sometime I’ll forward test a new strat on a practice account, the practice account and my live account run the same.

In the US Oanda requires an SS#, probably same deal with SI# in Canada.

3

Thanks for the reply , it just seems incredible that in the practice account you can make so much money in one day , it seems unreal .

4

You can make that vast amount of money per day but you can also lose it too & unfortunately as a newbie, it’s more often than not the latter until you get the hang if things.

Your best bet is to adjust the balance of your trading account so that it resembles what you plan on depositing for your 1st live account. That way your expectations will be reasonable.

I made £1,000 plus in a few days when I first started & that was with a small live account but that was before I found BabyPips & even remotely knew what I was doing. Basically, it was entirely blind luck & I now know that I was a stone throw from busting that account. Money management was missing & now setting the risk, setting my SL & TP, checking the position size etc are now essential.

Don’t let greed & the big mon£y figures lead you to the dark side.

5

they dont need your ssi … all they need is proof of where you live … they need like a credit card statement that has your address on it … they asked for my ssi when i was setting up the account on there and then i told them that i wasnt comfortable giving it out … and teller told me she didnt know why they asked for it … and then we got off the phone … and she emailed me back that night and told me that they didnt need that info just proof of who you say you are and actual address cuz they dont deposit money into your bank account … they send you a certified check and you have to do it … with you being in Canada … they may need more info cause your not a U.S Citizen

6

You are so right , I feel like starting an account with a lot of money so that it’s easy to make money in 1 day however it’s also easy to loose it like you said. I think I will practice more and try to learn more about trading because I know nothing and it just seems to good to be true that in the practice account I am making so much money and I ask my self , what if that was real money… so tempting but I don’t think I can handle loosing it all ( actual money )