O.K. I did it and went and opened a demo with oanda like everybodys says too. And here are my problems with them. Everytime I shut my computer off I lose my charts and have to redo the charts. Is this because it is a demo? Also it says my profit/loss in pips but not $$$$. I like to look at my profit and see +50 pips and switch over t o $$$ and see that is a profit of $35. Can I do that and if so HOW??? Also I dont like the extra diget. The EUR/USD in mt4 would say 1.3776 but on oanda it would say 1.37765. This makes the micro account vary hard to figure out for me. If I have a micro account and buy 1 lot then does that mean a 1 pip move will get me $.01 or $.10?
On the other hand the things I like about onada is I can look at it at work, I can shut my computer off and not leave it on all day. They have lots of pairs to trade. But are they regerstered in the US?
you should play a little with the options of the platform. there you will find there is a SAVE option wich will save all your trendlines, indicators, etc.As to profit and loss you can have it in $,%,pips, pips/$, etc. again play with the options.
1 lot is 10.000 units, that means that 1pip is 1 dollar. 1 Micro lot i’m guessing is 1000 units. So 1 pip’s value will be 0,10$ for USD pairs, and 0,8 for jpy, aud, and similar.
And yes they are registered in the US.
P.S. If you are thinking of giving any money to the broker, you should be really OK with the fact that you might loose it. Additionally, you should be able to have a clear idea how your founds are protected, and WHOM are you sending them.
Opening a demo account isn’t a great deal, and i’m glad that you opened one, in fact i would reccomend you to try as many demo accounts as you can to see the difference between the brokers. As far as i recon they are all free and at least 2 weeks, so play around with the platforms to see wich one suits you. Don’t use a broker because some1 told you so , or because a friend uses one.
hope it helps, �
gl m8
I would leave only about 10% of your savings in a forex broker. Oanda at least is credible enough to were I feel safe…but again, 10% is a good rule of thumb.
I like that idea, however, 10% wouldn’t be enough for me to hold my position. Perhaps 20%, but I would just like more room before the margin call. Also, be wary of this idea if you can expect large draw downs with your plan because then you may not have enough margin to take on positions you need to take.
I am only starting with 1,000 and I probably wont implement this idea until I am up to 10,000 and in 10,000 increments I would say, always assume your money isn’t safe (And with Oanda it isn’t).
I am just wondering how the high rollers do it. Perhaps trading futures?
Thanks all for your replys. I was playing around today and found out some of the stuff I was looking for and then I called them up and got the rest of my answers. But you guys are bringing up other questions. So here they are:
1 swordoftruth why do you say your money is not safe with oanda?
2 if you guys do not like brokers then where do you go?
I say your money isn’t safe with oanda because it isn’t insured so if they go belly up your are screwed. You will have the lowest priority when trying to get your money from them. It says so in their risk discloser!
Your Margin Account with OANDA is not insured under any state or federal insurance program, or by any other entity. In the event OANDA should become insolvent or file for protection under the bankruptcy laws, it is possible that you would lose the entire amount in your Margin Account.
That is why in Australia your money is required to be in a major bank. In that way we are well protected here as your money is then segregated and protected against creditors or use by the company in the ordinary operation of its business.
OK Sword you have my attention. So my next two questions:
1 If your not insured then why are so many people jacked up on then? It seems like everybody loves them. Except for you and me.
2 Who would you reccommend in the US that offers a micro account, is insured and if possable uses mt4?
On the top right hand corner of the chart, above the scroll bar, theres an icon that looks like two windows and when you put your mouse over it, it should say “Open graph in new window”… click that and that should open up another chart… make your new setup… repeat if you want more setups… when your done setting up your charts… go to Tools / Save current layout… anytime you make changes to your charts (or any part of your account layout) and want the keep the changes, go to Save current layout.
that source quoted by sword is deeply worrying - i never knew this myself and i was also thinking of opening up an account with oanda. perhaps not anymore…
I called them up and asked them if they were insured. They said “No, but we have been in business since 1991(or sometime around there).” So I guess that is their insurance.
Befor opening an account you should always call them up and interview them. And that should be one of your first questions.
I do like Oanda Just because I may loss all my money doesn’t mean I wont use them. I am starting with such low capital that it isn’t really an issue for me. If you need a micro then Id say go Oanda no matter what because you can increase your lot size by any amount instead of just in 1,000 increments, thus increasing your capital faster!
Also, there are no trailing stops with oanda at the moment.
this topic has turned into a very interesting discusion…
ok, so Oanda isn’t insured by governmental means. Does this mean that they aren’t a legitement company? This means that they can close up shop and leave with all of our money when ever they feel like it right? All I have to say on their behalf is, reputation. To tell you the truth, I didn’t know that they weren’t insured untill I read it in this post, but I had been dealing with them for over a year with no problems. Why should I trust a government over a company?.. governments ARE companies…
I would say, always assume your money isn’t safe (And with Oanda it isn’t).