well, because I am trying to be friendly I will give O-users and new users a money-saving tip when using OANDA that I have gotten creamed for so much money on before I finally got wisened up.
here is the free tip brought to you by your friend, Coinz...
OANDA platform > Tools > User Preferences > Trading > click a check mark into the box Confirm Position Reversal.
Click Apply > Click OK.
What you have done for yourself is prevent you from making COSTLY errors in the future due to this...
Say you have 5 open long positions on EUR/USD and the trade has tanked against you X-number of points... you decide to open another LONG position so you load up your units on the fly and snap open another Market order.
then you look at your account and notice you now only have
4 positions open - and your account balance just had a HUGE chunk taken out of it.
What happened??
You accidently opened a short order instead of a long order (yes, it can happen in forex due to keeping the extremely long trading hours) when you thought you made SURE you opened a Long order - OANDA closed the very FIRST position you opened, WAY back... in MAX drawdown.
and if your newest order is larger than your first positions? You can end up with your entire trade closed for the full amount of your drawdown money - accidently.
This new updated Preference setting will actually
prevent you from making this costly mistake.
don't say I never gave ya nothin'.
Coinz
