Joined Oct 2006
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Status: Infinite Possibilities
|541 Posts
Quoting adrazz
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Yeah I agree, as we speak Oanda has 2.8 for cable, but rises at news times
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I just have the demo version of OandA right now. The spread on the Demo for Cable is 4 pips. Is the 2.8 for a bigger size live account maybe?
Thanks, Dan
Is there any way to set a trailing stop on Oanda? I'm trying to set up an overnight trading system but it seems like id have to just set a TP and hope it hits. Ideally I'd use some kind of trailing stop, but does anyone have any other ideas if this isn't possible on oanda?
Oanda does not have trailing stops. However, I would argue you should be able to set up proper take profits that get hit the majority of the time. However, that is just my style and personality, you are going to have to find some other broker for trailing stops.
I know Gain Capital has them, but I would not recommend them.
Yeah i thought so too, but a few days ago i had my TP at an 00, and it got up to 95 and reversed. So that kind of changed my thinking. it really sucks that they dont have that feature
stonedac[/left];204002]Yeah i thought so too, but a few days ago i had my TP at an 00, and it got up to 95 and reversed. So that kind of changed my thinking. it really sucks that they dont have that feature
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Sorry to hear that. Perhaps you also need some work on your exit strategy... I find exiting a trade is the hardest thing to do and if my take profit isn't hit I really have no idea how or when I will exit. So I suppose that is why take profits are so important to me. I am working on some ideas to know when to exit, but nothing has really materialized yet. To let profits run you have to give some back, having a hard time finding the happy medium!
Well my problem is really that i live in america but trade GBP/USD. I can't stay up all night and watch my trades. On that particular trade i actually was there and exited before it plummeted, and i still got a nice profit. But had i set it and went to sleep, it would have easily hit my stop loss on the negative side. A trailing SL is the ultimate answer for me, but I guess they can't let us have too many advantages huh
My proposal is to split the position into smaller parts and put the take profit values for each of them at levels in between your current open and take profit range. This way you could have profitable trades even if some of your positions get stopped out. You can also assign different position sizes for them to reduce the risk.
Is there any way to set a trailing stop on Oanda? I'm trying to set up an overnight trading system but it seems like id have to just set a TP and hope it hits. Ideally I'd use some kind of trailing stop, but does anyone have any other ideas if this isn't possible on oanda?
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The only way I know is to use their developers pack and manually code it yourself or have someone do it for you. You do have to trade 12mm a month to get it for free though.
The splitting the trade into several positions thing was a good idea i think i might do that. Oh and btw, i went long gbpusd today, with a SL at 1.9625... if you look at the charts youll see it JUST barely hit that as a low after i entered, by like one pip. and then went up to my TP at 00. Ouch.
