Oanda/currencies
Posted: Wed Sep 26, 2018 1:10 pm
Whats good,
Starting this thread just in case there is anybody who is transitioning from the U.S Futures markets to Forex/currencies and using Oanda brokers.
First off, a big thanx to Earik, for making all this happen and the amount of work that has gone into Wave59 is probable soul searching
Oanda allows for a very small account you can open an account with 1 unit of any currency you get data "its free". Oanda doesn't have any pre set position sizing using Wave59. MT4 trader you have to trade in microlots. With Wave you can trade 1 Unit.. Nice!!
The Oanda collector is really good a few quirks but all in all amazing job....
If you are going to use the Oanda Collector make sure to download all the data over the weekend or over night on my machine it takes about 4-5 hours to collect the entire history for each currencies pair. So give it some time..
The Oanda collector is a different utility then Wave59 so make sure you download both if you don't see it the collector on your machine send Earik a help ticked and he will send you a zip file containing the collector....
Fist thing first,, open the collector>add/remove symbols and collect all the data, I wouldn't check all at 1 time, collecting is cpu intensive and may slow down wave59 during the trading day, now that that's done!!
Make sure in Wave59>broker set up>Oanda collector is checked and data setup >Oanda is checked: This is where you set your leverage and demo/live account setting for Wave59 platform.
Time to go to work: Do it this way
step 1:open up the Oanda collector first, and make sure it reads Wave59 data socket is connected. I don't press anything at all it does what it does..
step 2: next open up Wave59 pull up a chart apply some data, Range charts are in the special bar types tab...Finally do your thing hommie!!! happy trading..go GET IT
Small quirks nothing big...
1. Oanda collector: the timer on the charts doesnt work, nothing on Earik end, The Oanda platform Fxtrade, the timer doesnt work neither. I called Oanda to ask why,,,response = the timer for Oanda is very "intricate and complex" so thats the answere : " Well you Can't call it on the count of rain, you gotta roll with it, Plan B, adapt I-ching and overcome" . If that bothers you, what you can do is download a workout timer and set it up with both workout period and rest period are the same interval I use my cell phone it works just fine. I checked there about 500 timers free for pc/
2. Charttrading with Wave59:
Make sure in Oanda platform Fxtrade to go to Account>change account> primary account box is checked "last box on the bottom". by default it will have the MT4 platform checked...after you check that box make sure to save it as your default or Fxtrade will go back to its default setting which is MT4. On the Fxtrade workstation you should see your account details in the account summary window USD.
3. If you are using time based charts with the Oanda collector "there is 2 options for oanda and oanda collector" when you apply a trade to the chart it wont show up "dont worry its there you just cant see it" . Keep Fxtrade open and it will show up there you can move and modify your order in Fxtrade no problem. "maybe something for Earik to take a look at but no biggie".
4. If you are using range charts all the orders show up on the screen in wave59 and also Fxtrade.
5. Range charts: it is best to refresh the chart, control K every now and then...if the collector drops out, just reopen the collector do a control K and every thing is good. Doing a control K replots the price bars the price action will change a little not always but sometimes. I called oanda on this issue and it is on there end...something about the all the exchanges around the planet ECT. IDK how it all works anyway WHATEVER
6. every now and then there is refresh issues with the updating bar Earik is aware of it, only happens when the market is really moving with some velocity, what happnes is the 1 bar back from the updating bar will disappear a left click of the mouse fixes it...
Trading EUR USD moves very slow and it only happened 1 time with GBPJPY it is a little more abbundant.... I dont trade the GBPJPY any more no USA in the symbol name and I feel unpatriotic ha I am a FORMER U.S Army 00B and it is what it is! No such thing as an EX service member: all is earned nothing is given. "Men this course is nothing but a thing, look to your left and right 88% of you soldiers wont be here in 3 weeks embrace the suck"
Okay enough of that:
When you open up an account with Oanda make sure it is the preferred account "what ever you call it" that is pretty easy since it is the only account avialble for private trading really cant screw that 1 up...when your account is funded you will receive an email with instruction to get your token,,what you have to do is go to oanda.com to generate your api token very simple...when you initially open up wave and select Oanda, a pop up box will ask you for token and api same spot again as your leverage and demo/live account settings
Trading live,,,make sure that in Wave59 I>broker setup>the live account box is checked "no reason to use the demo just trade 1 unit on the EURUSD that is .004 scent P and L per pip there is 0 financial risk,,"
All of your account information in Wave59 should be in the Oanda collector under the Trading tab,,,take a look and make sure things are legit
Okay last couple of days have been very fustrating with order entry. if you are new to currencies and only have experience participating in the US futures market this might confuse you, the only platform I have used is Wave59, Earik makes it easy. I buy/sell on charts and wave does the rest...so I was unaware of some details about the different order types..
Apparently you cannot place 2 orders on the chart at the same time
Example this morning..
EURUSD at around 0635 uct-5 "NYC" time.
I placed a sell stop at 1.17536 for 1000 units, my order was filled
I then placed a buy stop a couple of pips above my order. I did not use the trade pop up box on the fxtrade platform...
That trade was liquidated and didn't count crazy part is I didn't realize it until my P.T was hit and nothing happened the order "buy limit at 500 units" just stayed on the chart nothing happened..
That trade like many others this week didnt count at all. after 10 calls to Oanda "some people are brain dead, MYSELF BEING THE BIGGEST IDIOT". I finally got the answere "you can not put a buy stop then a sell stop at the same time they are "conflicting orders" and my orders where all cancelled...wth
That is very different from trading the ESZ18 symbol. What you have to do is use the trading pop up box in fxtrader set both your profit and loss apply t0o the chart and then you can modify the order. Move it around ect...This was very fustrating so i hope nobody else makes the same mistakes. Murphy law the only trade that actually showed up in the account was a losing trade ha
this is an example of the compensation with Oanda
Here's an example of how it works...
If the price is 1.12345, and you buy 100 euros, you just spent 100 x 1.12345 = $112.345. If EUR_USD rallies and you sell the position off at 1.20000, you would make 100 x 1.20000 = $120. Profit is $120 - $112.345 = $7.655. You don't get to keep the half cent, but Oanda records it anyway.
From a trading perspective, the interesting part is that Oanda will let you buy on leverage. The example above is leverage of 1-to-1, meaning $1 buys 1 euro. You can go up to 50-to-1. At that amount, that $112.345 would have bought 100 x 50 = 5000 euros. Now your profit is $7.655 x 50 = $382.75. Obviously, it cuts both ways, so you have to be careful and figure out what the right position size is for you. Margin works the same sort of way as in futures, so you have to have enough in your account to avoid getting a margin call. They also charge finance fees for margin, since you're borrowing money for your leverage, but those fees are pretty reasonable and won't really matter unless you are trading a really long time frame.
How margin works,you take your unit which is the output of the currency pair you are trading...multiply that amount x units traded. Next divide that by your leverage that you set up in both platforms "make sure both Wave and FXtrade are the same" .
in this example you divide the output 112.345 dollars by your leverage you set in Wave and Fxtrader divide 112.345 by 10 20 30 40 50 "you can set you leverage to 50 on the 5 major currency pairs deadly good/bad for sure". I set my leverage to 10 so in my case I would need 11.345 us dollars in my account...as margin to place this trade. simple
There are no commissions. Oanda makes their money on the spread, so you'll always be buying the ask and selling the bid
Other then that all in the world is good
Okay after 90 edits im done,
David 308/52
"I would give up all the wealth in the universe in my own account for peace on Earth, BE well and just BE"
Starting this thread just in case there is anybody who is transitioning from the U.S Futures markets to Forex/currencies and using Oanda brokers.
First off, a big thanx to Earik, for making all this happen and the amount of work that has gone into Wave59 is probable soul searching
Oanda allows for a very small account you can open an account with 1 unit of any currency you get data "its free". Oanda doesn't have any pre set position sizing using Wave59. MT4 trader you have to trade in microlots. With Wave you can trade 1 Unit.. Nice!!
The Oanda collector is really good a few quirks but all in all amazing job....
If you are going to use the Oanda Collector make sure to download all the data over the weekend or over night on my machine it takes about 4-5 hours to collect the entire history for each currencies pair. So give it some time..
The Oanda collector is a different utility then Wave59 so make sure you download both if you don't see it the collector on your machine send Earik a help ticked and he will send you a zip file containing the collector....
Fist thing first,, open the collector>add/remove symbols and collect all the data, I wouldn't check all at 1 time, collecting is cpu intensive and may slow down wave59 during the trading day, now that that's done!!
Make sure in Wave59>broker set up>Oanda collector is checked and data setup >Oanda is checked: This is where you set your leverage and demo/live account setting for Wave59 platform.
Time to go to work: Do it this way
step 1:open up the Oanda collector first, and make sure it reads Wave59 data socket is connected. I don't press anything at all it does what it does..
step 2: next open up Wave59 pull up a chart apply some data, Range charts are in the special bar types tab...Finally do your thing hommie!!! happy trading..go GET IT
Small quirks nothing big...
1. Oanda collector: the timer on the charts doesnt work, nothing on Earik end, The Oanda platform Fxtrade, the timer doesnt work neither. I called Oanda to ask why,,,response = the timer for Oanda is very "intricate and complex" so thats the answere : " Well you Can't call it on the count of rain, you gotta roll with it, Plan B, adapt I-ching and overcome" . If that bothers you, what you can do is download a workout timer and set it up with both workout period and rest period are the same interval I use my cell phone it works just fine. I checked there about 500 timers free for pc/
2. Charttrading with Wave59:
Make sure in Oanda platform Fxtrade to go to Account>change account> primary account box is checked "last box on the bottom". by default it will have the MT4 platform checked...after you check that box make sure to save it as your default or Fxtrade will go back to its default setting which is MT4. On the Fxtrade workstation you should see your account details in the account summary window USD.
3. If you are using time based charts with the Oanda collector "there is 2 options for oanda and oanda collector" when you apply a trade to the chart it wont show up "dont worry its there you just cant see it" . Keep Fxtrade open and it will show up there you can move and modify your order in Fxtrade no problem. "maybe something for Earik to take a look at but no biggie".
4. If you are using range charts all the orders show up on the screen in wave59 and also Fxtrade.
5. Range charts: it is best to refresh the chart, control K every now and then...if the collector drops out, just reopen the collector do a control K and every thing is good. Doing a control K replots the price bars the price action will change a little not always but sometimes. I called oanda on this issue and it is on there end...something about the all the exchanges around the planet ECT. IDK how it all works anyway WHATEVER
6. every now and then there is refresh issues with the updating bar Earik is aware of it, only happens when the market is really moving with some velocity, what happnes is the 1 bar back from the updating bar will disappear a left click of the mouse fixes it...
Trading EUR USD moves very slow and it only happened 1 time with GBPJPY it is a little more abbundant.... I dont trade the GBPJPY any more no USA in the symbol name and I feel unpatriotic ha I am a FORMER U.S Army 00B and it is what it is! No such thing as an EX service member: all is earned nothing is given. "Men this course is nothing but a thing, look to your left and right 88% of you soldiers wont be here in 3 weeks embrace the suck"
Okay enough of that:
When you open up an account with Oanda make sure it is the preferred account "what ever you call it" that is pretty easy since it is the only account avialble for private trading really cant screw that 1 up...when your account is funded you will receive an email with instruction to get your token,,what you have to do is go to oanda.com to generate your api token very simple...when you initially open up wave and select Oanda, a pop up box will ask you for token and api same spot again as your leverage and demo/live account settings
Trading live,,,make sure that in Wave59 I>broker setup>the live account box is checked "no reason to use the demo just trade 1 unit on the EURUSD that is .004 scent P and L per pip there is 0 financial risk,,"
All of your account information in Wave59 should be in the Oanda collector under the Trading tab,,,take a look and make sure things are legit
Okay last couple of days have been very fustrating with order entry. if you are new to currencies and only have experience participating in the US futures market this might confuse you, the only platform I have used is Wave59, Earik makes it easy. I buy/sell on charts and wave does the rest...so I was unaware of some details about the different order types..
Apparently you cannot place 2 orders on the chart at the same time
Example this morning..
EURUSD at around 0635 uct-5 "NYC" time.
I placed a sell stop at 1.17536 for 1000 units, my order was filled
I then placed a buy stop a couple of pips above my order. I did not use the trade pop up box on the fxtrade platform...
That trade was liquidated and didn't count crazy part is I didn't realize it until my P.T was hit and nothing happened the order "buy limit at 500 units" just stayed on the chart nothing happened..
That trade like many others this week didnt count at all. after 10 calls to Oanda "some people are brain dead, MYSELF BEING THE BIGGEST IDIOT". I finally got the answere "you can not put a buy stop then a sell stop at the same time they are "conflicting orders" and my orders where all cancelled...wth
That is very different from trading the ESZ18 symbol. What you have to do is use the trading pop up box in fxtrader set both your profit and loss apply t0o the chart and then you can modify the order. Move it around ect...This was very fustrating so i hope nobody else makes the same mistakes. Murphy law the only trade that actually showed up in the account was a losing trade ha
this is an example of the compensation with Oanda
Here's an example of how it works...
If the price is 1.12345, and you buy 100 euros, you just spent 100 x 1.12345 = $112.345. If EUR_USD rallies and you sell the position off at 1.20000, you would make 100 x 1.20000 = $120. Profit is $120 - $112.345 = $7.655. You don't get to keep the half cent, but Oanda records it anyway.
From a trading perspective, the interesting part is that Oanda will let you buy on leverage. The example above is leverage of 1-to-1, meaning $1 buys 1 euro. You can go up to 50-to-1. At that amount, that $112.345 would have bought 100 x 50 = 5000 euros. Now your profit is $7.655 x 50 = $382.75. Obviously, it cuts both ways, so you have to be careful and figure out what the right position size is for you. Margin works the same sort of way as in futures, so you have to have enough in your account to avoid getting a margin call. They also charge finance fees for margin, since you're borrowing money for your leverage, but those fees are pretty reasonable and won't really matter unless you are trading a really long time frame.
How margin works,you take your unit which is the output of the currency pair you are trading...multiply that amount x units traded. Next divide that by your leverage that you set up in both platforms "make sure both Wave and FXtrade are the same" .
in this example you divide the output 112.345 dollars by your leverage you set in Wave and Fxtrader divide 112.345 by 10 20 30 40 50 "you can set you leverage to 50 on the 5 major currency pairs deadly good/bad for sure". I set my leverage to 10 so in my case I would need 11.345 us dollars in my account...as margin to place this trade. simple
There are no commissions. Oanda makes their money on the spread, so you'll always be buying the ask and selling the bid
Other then that all in the world is good
Okay after 90 edits im done,
David 308/52
"I would give up all the wealth in the universe in my own account for peace on Earth, BE well and just BE"