Worked like a charm - Buy Limit at +50 for 50% adjusted the position size for the stop loss and the take profit.
Oanda Order Types
- Thread starter ddaytrader
- Start date
Worked like a charm - Buy Limit at +50 for 50% adjusted the position size for the stop loss and the take profit.
Great!
As I recall "stop orders" is a term used for stocks but not for currency or futures trading. People associated with different marketplaces may use slightly different language. A stop order might be a limit order at some exchanges.
Woke up this morning and found EJ had hit my second Take Profit for +100.
Now, if FXCM had not butchered their platform, that would have been +50 & +100 for an average +75 to start the week.
As it is, I will not trade with FXCM again until they get their act together and reinstitute contingent OCO orders. For now, I am going to demo GFT and Oanda throughout the day today and possibly tomorrow. I will decide to fund one or the other by the end of the day tomoorow.
Nice trade.
Unfortunately 90% of people who trade this market just follow the herd. Everyone else is UK bound, heck I may as well follow them.
I wish I could say your leaving would have an impact on their bottom line but the truth is they probably don't give a shit
Quote from cabletrader:
Nice trade.
Unfortunately 90% of people who trade this market just follow the herd. Everyone else is UK bound, heck I may as well follow them.
I wish I could say your leaving would have an impact on their bottom line but the truth is they probably don't give a shit
I'm sure FXCM doesn't care about me at all ... I am but a piker in an ever renewing sea of pikers.
I am no big fan of over regulation, but I would rather take my chances with the NFA than a non-NFA regulated bucket shop. Those traders blindly "fleeing" the US for off shore shops do not fully comprehend "going concern" risk. I traded with Refco. I am still "waiting" for my capital back - not going to happen.
All I need to do what I do is the ability to set my orders and walk away. The last two weeks with FXCM I have felt tied to the computer. As a result, it was like old times - I over traded, I exited early when price moved against my position, etc. My system requires that I be able to sit through 30-50 pip reactions on the way to 100-150 pip profit targets. But when I am forced to sit and watch a chart through a trade, I admit I have a hard time sitting through those reactions. But this means I cut my profits short. This screws with the R/R.
It had been a long time since I had a down week before FXCM's platform change. Last week was the second week since the platform change, and it was my second losing week in a row. Now, I know my losses were because of my own inability to control my emotions and thus my trade management. I do not blame FXCM for the losses.
But, I do need a platform that allows me to protect myself from myself. I protect myself by using contingent OCO's that I set and walk away from to allow price to do whatever it is going to do. Right now, FXCM does not provide that without going off shore. I did Refco here. I have no desire to repeat the performance across the pond as well.
Neither Oanda nor GFT is perfect, but each offer what is most important to me as a trader - those beautiful, wonderful, contingent OCO orders.
I have always employed stop orders trading futures regardless of the exchange or the broker. I tend to trade the cross rates spot and the majors using futures. And I have always employed "stop" orders with my brokers/market makers.
Oanda can call them "sludge" orders for all I care, so long as they work like stop orders do elsewhere.
Demo Trades:
AJ Short @ 77.49 (Oanda demo)
AJ Short @ 77.45 (GFT demo)
Order entry on Oanda is definately easier and more intuitive. I was entering both orders to sell at 77.49, but by the time I edited and re-edited the GFT order price had fallen below the stop level and I changed the entry to a market order.
I have a buy limit for 50% at 76.99 and a buy limit for 50% at 76.49.
EDIT: Stop loss is 77.90
Here is Oanda's Chart:
AJ Short @ 77.49 (Oanda demo)
AJ Short @ 77.45 (GFT demo)
Order entry on Oanda is definately easier and more intuitive. I was entering both orders to sell at 77.49, but by the time I edited and re-edited the GFT order price had fallen below the stop level and I changed the entry to a market order.
I have a buy limit for 50% at 76.99 and a buy limit for 50% at 76.49.
EDIT: Stop loss is 77.90
Here is Oanda's Chart:
Here is the GFT chart. GFT's charting is a bit more flexible than Oanda's.
I don't really like Oanda's charts so I use MT4, turning them off seemed to speed up the platform slightly as well, maybe coincidence.