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.
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.
