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Oanda 10$ live acc quick-start guide (for newbie to trade live safe)

  • Post #1
  • Quote
  • First Post: Edited at 2:25pm Jul 1, 2009 1:37pm | Edited at 2:25pm
  •  billye
  • | Joined Feb 2009 | Status: when dreamer meets reality | 1,396 Posts
this is not a promotion but have been asked many times if oanda can ever open small acc w/o a >>10$ wire transfer fee... and avoid the problem many creditcard bank refuse to pay oanda.

yes it can work, following is the steps to pay 11$ from credit card to open a 10$ oanda live acc
and trade E/U at 1pips spread and t/p, s/l order could be 0 pip away from price.

1. register at oanda open_account.html
2. after registration, reply the email and attach your ID and address proof scan or digital photo.

3. use 2 of your email to register 2 paypal.com premium account (it is allowed)
4. use your VISA credit card to hook with 1st paypal account
(paypal will deduce 2$ from your cc and show up a verificationID in your cc bank bill in 2-3 days, later the 2$ will be cancelled back)
5. use the verificationID to finish the hooking of your VISA cc with 1st paypal acc
6. use the 1st paypal acc to send money to your 2nd paypal acc, pay 11$ with your VISA cc
since you're paying another 'paypal user' - yourself instead of oanda, your bank will not refuse a payment because of you are paying to oanda (it happens when you pay directly depend on the banks risk control policy)

7. login to oanda cash management system
8. choose paypal payment and use 2nd paypal acc to pay about 10.5$
9. next morning oanda finance will finish deposit about 10$ into your acc

10. login to fxtrade or fxdesktop and trade

Position size:
for M5 scalping, I suggest open 100$ position with 10$ acc because each 1pip profit/loss will show up as 1 cent in acc, easy to calc p/l.
you can also trade day and weekly time frame with that using 10$ position, 10pip p/l will show up as 1 cent in acc.

Money management:
observe money management rules and do not risk more than 2% in a trade day...
if you blow up unfortunately due to news, do not do any trading till you deposit another 10$ on 20th of next month,
between this vacancy time, look at charts on higher time frames and try get some feeling on chart. do not do live trading.
this can avoid some unhealthy 'gamble back' mentality which is what bucketshops open acc warning marked "you could lose more than your initial capital" referring to.

Charting and order placement:
use a demo mt4 with ecn backend price feed and place limit order in oanda, always attach a t/p and s/l when open order,
that'll avoid slippage to the most extend and avoid impact of platform disconnection.

acc and position size ramp curve:
keep deposit 10$ every month and increase your position size from 100$ to 200$, 300$, blabla...
after 1yr, when you're comfortable trading bigger and bigger position size till 1000$, you can then consider switch to mbt-f for day-trading or fxsol for long terms, both allow 1000$ position size with initial deposit of 400$ or 250$, or continue stay with oanda (their deposit/withdraw has a cost for me )

that's basically it... james16 said you don't have to lose a fortune in order to prove that this game is for you or not for you... or lose a lot just to learn.
500$ is quite a lot in many country and shouldn't be considered a small acc and trade unseriously...
esp no value if you lose to bucketshops by open 1 lot and blow up in 1 second.

only way to get serious at this is to put in time / effort and ramp slowly from own experience and lessons, w/o an expectation to get rich quick.
the reason to keep deposit is to bare in mind that gradual fortune comes from monthly accumulate / save unnecessary waste instead of thinking of robbing other people in one shot.
  • Post #2
  • Quote
  • Jul 4, 2009 8:56am Jul 4, 2009 8:56am
  •  MyaNyx
  • | Additional Username | Joined May 2009 | 305 Posts
Is this money laundering?

BTW why premium account?
 
 
  • Post #3
  • Quote
  • Edited at 9:48am Jul 4, 2009 9:28am | Edited at 9:48am
  •  billye
  • | Joined Feb 2009 | Status: when dreamer meets reality | 1,396 Posts
Quoting MyaNyx
Disliked
Is this money laundering?

BTW why premium account?
Ignored
no,

all my cc bank refuse to pay oanda due to their stupid risk control, so work around is to send money to another paypal acc with my name 1st so the bank don't see paying to oanda.
then I use another paypal acc to fund oanda... still my name it's not ldr.

paypal specifically allow you have a premier and a personal acc.

only premier acc can receive a money paid directly by cc from another user... however cost is bit higher... it's a don't care for sending 10$ though.

I hate remember which acc is a premier so I had both acc premier it doesn't matter.

cons of premier acc is paypal charge a fee when you receive money back from oanda... this live acc is for practice so it's a don't care either.

all the point here is to save an international wire transfer fee... and mail a cheque is slow.

and all the fills and stops you get with a 100$ position is exactly same vs if you trade a standard lot at oanda...
all the strategy and operations are real except how big money makes you fear.

it saves time searching into tons of brokers and lose 100$ here and there trading 10000$ lots... or waste time dealing with tricky brokers who target at eating small money.
 
 
  • Post #4
  • Quote
  • Jul 5, 2009 12:25pm Jul 5, 2009 12:25pm
  •  MyaNyx
  • | Additional Username | Joined May 2009 | 305 Posts
If I have balance in my paypal I don't have to use your steps right? (I do have cards link with my paypal account, but won't be paying oanda with my card)
 
 
  • Post #5
  • Quote
  • Jul 5, 2009 12:41pm Jul 5, 2009 12:41pm
  •  billye
  • | Joined Feb 2009 | Status: when dreamer meets reality | 1,396 Posts
I guess so. must use your own name's paypal to deposit to oanda.

Quoting MyaNyx
Disliked
If I have balance in my paypal I don't have to use your steps right? (I do have cards link with my paypal account, but won't be paying oanda with my card)
Ignored
 
 
  • Post #6
  • Quote
  • Jul 5, 2009 12:52pm Jul 5, 2009 12:52pm
  •  MyaNyx
  • | Additional Username | Joined May 2009 | 305 Posts
Quoting billye
Disliked
I guess so. must use your own name's paypal to deposit to oanda.
Ignored
Sure. But oanda has different rate for paypal depo from US and non-US clients (I'm non-US)

Just wondering if I should make another paypal account with US citizen status to depo.
 
 
  • Post #7
  • Quote
  • Jul 5, 2009 1:12pm Jul 5, 2009 1:12pm
  •  pipmutt
  • Joined Apr 2008 | Status: Parsimony Rulez! | 3,548 Posts
This sounds like a very complicated way to do it.

If you have a bank account in US, UK, Japan, Canada, Australia, Germany, or Switzerland (and perhaps other countries, check with Oanda) then you can usually make a domestic payment directly into Oanda's bank account in your local currency free of charge by using Bill Payment or similar, just make sure the Oanda FXTrade account (or sub account) where the funds are being credited to is in the same currency as your bank account to avoid exorbitant bank exchange rates and service charges. If you need to convert it later then use Oanda's rates which are cheaper.

Also make sure you let Oanda know funds are on the way via the Deposit Notification Form in Cash Management.

It's fast and it's free, and as simple as paying your utility bill online!
 
 
  • Post #8
  • Quote
  • Jul 5, 2009 1:17pm Jul 5, 2009 1:17pm
  •  Xaron
  • Joined Apr 2007 | Status: Evil Kraut | 2,743 Posts
pipmutt is right, why so complicated? Ah, because of the withdrawal fee? Come on, we all know that withdrawals usually are not necessary.
 
 
  • Post #9
  • Quote
  • Jul 5, 2009 1:19pm Jul 5, 2009 1:19pm
  •  billye
  • | Joined Feb 2009 | Status: when dreamer meets reality | 1,396 Posts
Quoting Xaron
Disliked
pipmutt is right, why so complicated? Ah, because of the withdrawal fee? Come on, we all know that withdrawals usually are not necessary.
Ignored
oh, because we don't use paypal at home...
so deposit to paypal will be done start from beginning.

and then use cc to pay oanda directly is rejected by my cc banks...
so I pay another paypal user(me) using cc, then use that other user to deposit to oanda.

if your cc bank allow paying oanda via paypal, or paypal already have money, then no bother lo.
yes I do not withdraw.
 
 
  • Post #10
  • Quote
  • Jul 5, 2009 1:31pm Jul 5, 2009 1:31pm
  •  Xaron
  • Joined Apr 2007 | Status: Evil Kraut | 2,743 Posts
Quoting billye
Disliked
oh, because we don't use paypal at home...
so deposit to paypal will be done start from beginning.

and then use cc to pay oanda directly is rejected by my cc banks...
so I pay another paypal user(me) using cc, then use that other user to deposit to oanda.

if your cc bank allow paying oanda via paypal, or paypal already have money, then no bother lo.
yes I do not withdraw.
Ignored
Ah ok, didn't get that initially. In US wire transfer doesn't seem to be that common, mhh?
 
 
  • Post #11
  • Quote
  • Jul 5, 2009 1:34pm Jul 5, 2009 1:34pm
  •  MyaNyx
  • | Additional Username | Joined May 2009 | 305 Posts
Quoting Xaron
Disliked
pipmutt is right, why so complicated? Ah, because of the withdrawal fee? Come on, we all know that withdrawals usually are not necessary.
Ignored
What's the point of trading if you can't withdraw?
 
 
  • Post #12
  • Quote
  • Jul 5, 2009 1:35pm Jul 5, 2009 1:35pm
  •  Xaron
  • Joined Apr 2007 | Status: Evil Kraut | 2,743 Posts
Quoting MyaNyx
Disliked
What's the point of trading if you can't withdraw?
Ignored
The point is that most traders never withdraw anything.
 
 
  • Post #13
  • Quote
  • Jul 5, 2009 1:46pm Jul 5, 2009 1:46pm
  •  MyaNyx
  • | Additional Username | Joined May 2009 | 305 Posts
Quoting Xaron
Disliked
The point is that most traders never withdraw anything.
Ignored
You're right, 95%(if not more) are losing, I think bucketshop brokers are ponzi and they only synchronize the 5% of the profitable clients with the interbank market.
 
 
  • Post #14
  • Quote
  • Last Post: Jul 16, 2009 10:10am Jul 16, 2009 10:10am
  •  jopie
  • | Joined Jun 2009 | Status: Sharing is caring | 21 Posts
Hemmm.... now I understand the point of withdrawal nothing but at least I was under 5% of people but slowly, sound I migrate to 95% as well...

Theretofore, I came more often to FF and learn many inside forum to avoid gold-membership of 95% traders...
 
 
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