Written by: Tim Black
It’s tough for me to believe that over five years have passed since writing this article. I remember it like it was yesterday.
For those of you who would like to revisit the original article, look here.
I’ve been trading with Oanda for many years now. As I mentioned, the FXTrade platform is not my favorite, but they have improved it dramatically over the years. I still believe that Oanda has some of the best spreads (for a no-commission broker), fastest execution, and still has the ability to size trades down to a single unit of currency (great for trading tiny accounts as you can get your risk to less than 0.01 USD per pip), and risk management is the magic bullet that will allow you to become a successful trader. Casey just did a video about a “big hit” he took that really was just a blip in his overall scheme because he properly used risk management.
But I digress- the FXTrade Live platform for live trades and FXTrade Practice (they seem to be gradually dropping the FXGame name in favor of FXTrade Practice) is still Java-based, but they have implemented several improvements. The charts are still not ideal, but they have taken steps to solve that problem (more on that later). One of the nicest features is the ability to separate all parts of the platform and place them anywhere on your desktop – including any of several monitors. They also allow you to run multiple instances of FXTrade on the same account on multiple computers simultaneously so, if you have several computers on your desktop, you can run any portion of the platform on any computer. That’s definitely a plus for me because I like to utilize every inch of screen and still be able to see what I want, where I want to see it.
One of the features I really like about the FXTrade platform is the ability to open as many Order windows on the desktop as you like. You can prepare orders (both Market and Limit orders) in advance, so you can point and shoot at the right time with your calculations made in advance.
As you can see (green square), Take Profits and Stop Losses can be entered by price or as a number of pips from the entry.
You can check the Keep open check box (blue square) if you want the dialog box to remain open after entering the order. Unchecked, the box will close when you Submit your order.
And most importantly, all the risk/profit details of the potential trade can be found near the bottom of the dialog (red box.) This will show you the maximum number of units you can trade (if you want to maintain proper risk, your volume should not be anywhere near that number) as well as the value of one pip at the current unit size (I used 1000 units to demonstrate the 1 PIP = 0.10 USD value). It will also show the potential Profit and Loss if you were to enter the trade at the current rate and the value of trade/amount of Margin required to open this position. All this information will allow you to properly size your trade so as to maintain your risk parameters.
Functionally, FXTrade runs about the same, but they have included a few new menu selections.
I promised to mention Oanda’s solution for the Java charts problem. In truth, the Java charts are much better than most Java-based platforms I have used in the past and I have successfully used their charts for trading. But their new solution is much better. You can now use the MetaTrader 4 trading platform on your Oanda accounts – with all that is available for MT4. The only downside of this solution is the minimum position size in MT4 is 1 micro lot (1,000 units.) Of course, that’s no problem if you have a few thousand dollars in your account, but if you are a new trader with a tiny account, you will have to execute your trades using the FXTrade platform. But, never fear, you can still use MT4 for charting/identifying positions.
I use several different brokers for different things, but all-in-all I’ve enjoyed my account with Oanda most.
Winner’s Edge Trading, as seen on: