OANDA FXGame Trade

[JDTRADER]

Hi Guys

New to trading and tried a number of platforms.

Come to settle with OANDA trading on the FXGame account to see how I can do before loading cash.

Started yesterday taking the balance down from £100,000 to a more real balance £624.82 trading:

GBP/USD
EUR/GBP
AUD/JPY

I trade long on the GBP/USD and short on the EUR/GBP and jump in and out of AUD/JPY

Put up margin to 1:50 and trade 2% of balance per trade taking profits from £0.50p to £2+

Today at 15:42 Bal. £724.47 (+£99.65)

Will post everyday and welcome and comments

 

[JDTRADER]

Just thought I would add I am in LONDON UK and will be trading at all times as I work as a cabbie so will dip in when I can but will update this post daily

 

[JDTRADER]

To keep me on the Long & Shorts I took open positions at High & Low points on the GBP/USD & EUR/GBP

GBP/USD LONG 1.36981 @ 598 units Running +£5.23
EUR/GBP SHORT 0.94432 @ 635 units Running +£5.47

To re-enter I just wait to go long or short on each which acts as a hedge for each leaving me free to nick AUD/JPY on the rise and fall.

AT 16.55

 

[JDTRADER]

Just added USD/JPY to my spreads.

Logging off today at £766.85 up £142.03

 

[JDTRADER]

Off to work now and today upto £823.02 with 19 open positions all on Take Profit orders. No stop loss as I hope I have judged the market right and at the right end of the waves.

Will update Saturday Morning.

 

[Hoggums]

No stop loss as I hope I have judged the market right and at the right end of the waves.

This, I promise, will be your downfall. You only need one bad judgment to wreck your game account.

 

[JDTRADER]

This, I promise, will be your downfall. You only need one bad judgment to wreck your game account.

Yeah I can see why you would say that, over the few demo platforms I have tried I have been burned leaving positions open. But that was down to poor judgement and not knowing what I was really doing or not fully understanding the platform I was using.

Oanda does not look the best but its great for having all you need on one screen plus being able to put charts on tabs giving you that multi screen feel. I find this site great for me who is not used to charts or in depth analysis.

So I had 19 open positions some on long term positions and others open to profit for the day. All went well I did not come home and find the Dollar drop to $1.30 and wipe me out lol.

End of trade Friday £871.37 so up £246.55.

Got my dates wrong Started Tue 20th Jan 2009 and here is a breakdown of the week:
Open Close P/L
Tue 20th - 624.82 635.35 +10.53
Wed 21st - 635.35 696.68 +61.33
Thu 22nd - 696.68 766.85 +70.17
Fri 23rd - 766.85 871.37 +104.52

Early days but not a losing day yet, I say yet as its gonna happen. Really enjoying Forex Trading and when I hit £2,000 in the Oanda FXGame I will load up the real account with £200 and try and spin it up.

Really interested in other traders views on Oanda plus AMC and CMC Markets. Plus any advice would be great.

Have a great weekend and looking forward to Monday :smart:

 

[JDTRADER]

[/IMG]

 

[Tenapenny]

How many open positions do you think you will have with a £200 account?

 

[JDTRADER]

Update on Long Term trades 21/01/09

To keep me on the Long & Shorts I took open positions at High & Low points on the GBP/USD & EUR/GBP

GBP/USD LONG 1.36981 @ 598 units Running +£5.23
EUR/GBP SHORT 0.94432 @ 635 units Running +£5.47

To re-enter I just wait to go long or short on each which acts as a hedge for each leaving me free to nick AUD/JPY on the rise and fall.

GBP/USD LONG took a new lower position 1.35390 @621 units running +11.69
EUR/GBP SHORT 0.94432 @ 635 units Running +£1.87

These are my long term spreads as the GBP is under valued and the EUR is over valued so over time both these will rise and fall to correct value of the currencies

 

[JDTRADER]

How many open positions do you think you will have with a £200 account?

Well I'm not rich but can afford to lose £200.

How many open positions ? as much as 1:50 leverage lets me. But its not about lots of open positions is it ?

I trade 2% of account balance per trade, now I know that with £200 balance my trades will be small but as my profit goes up so will my trades which will equal profits. Well thats the plan lol

No BOOM & BUST HERE !

Just creep it up to stay in profit this way if a trade does go pair shaped on me it will only be a small hit.

Any advice welcome :smart:

 

[Tenapenny]

Trading 2% of your account is not the same as risking 2% of your account. Are you saying you will trade £4 a pip or only risk £4 with a stop. Either way your account won't last long.

 

[JDTRADER]

Trading 2% of your account is not the same as risking 2% of your account. Are you saying you will trade £4 a pip or only risk £4 with a stop. Either way your account won't last long.

Sorry maybe I'm not explianing myself correctly, new to all this.

Default Order Size 2% - so 1p up to 15p per pip.

On the demo at the moment my pips are 4p up to 20p

Nicking small profits for the day on rise and fall trades 50p-£1 and all day trades taking £3-£8 profits on big pip moves.

 

[JDTRADER]

Funny Guy but true !!!

YouTube - Why Forex Trading is not for Lazy Wimps :smart:

 

[JDTRADER]

Hi Guys

Just checked into my account to find I'm down £0.78p for Weekend Interest.

Also on my quest for knowledge on Forex and trading I found on YouTube Informed Trades

YouTube - InformedTrades's Channel

Lots of free videos explaining the Forex Market and trading. If you already know this then sorry but its all new to me, if not I hope it helps it has for me.

 

[JDTRADER]

Well today watched 77 videos on the Basics of trading, next batch on Forex Trading.

I feel like a sponge lol

 

[JDTRADER]

SUNDAY !

19:00 Peak in the GBP/USD hits a Take Profit order so up today lol
£874.02

Market is on the move ....

 

[JDTRADER]

Monday ! Great lets go..............

Fantastic feeling to get up and see over night a Take Profits knock in.

To start the week up to £903.85

Off to work back at Lunch already put in some orders so will see how they pan out.

Good Trading Guys

 

[JDTRADER]

Ok just got back from the morning rush to see I'm up to £980.90.

All positions going to plan and thats got to be the way forward being able to set up my trades and earn money while doing other things.

So this demo running well at the moment.

 

[JDTRADER]

Rising EUR/USD HITS ME HARD

Just had to hit the "close all trades" at my highest point today was up to £1,057.93 but if I let my shorts run I could be hurt bad.

Lucky I had the GBP/USD back at 1.35+ which was acting as a hedge and without them would be really down. But better quit a head than hope for the EUR/USD to drop which was a wrong call by me.

I added 2 more pairs and yes I should done more research on them so now I have NO positions open but still a good balance £1,027.19.

Think maybe tried to hard to run must go back to walking, going to cut back to just four pairs:

GBP/USD
EUR/GBP
EUR/USD
USD/JPY

So as Lex Van Dam would say "Ok but at this point you have no positions, get back into the market"

Here goes >>>>>>>>>>>>>>>>>>>>>>