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Has anyone ever done this?

  • #1
  • First Post: Edited May 19, 2010 3:04am May 18, 2010 1:11pm | Edited May 19, 2010 3:04am
I want to transfer some funds form my Oanda account to my Dukascopy account. I can wire the funds form oanda to my bank account and then wire them to Dukascopy, however my bank will charge for these two transactions. I was thinking of going long EURUSD with oanda and short EURUSD with dukascopy and hold the position until the oanda account gets MC., then cover the short with dukascopy for the difference, this way i would only be paying spread and a bit of commission which works out cheaper.
the problem is though what if eurusd goes up significantly...
  • #2
  • May 18, 2010 1:17pm May 18, 2010 1:17pm
So, you want to save a wiring fee, by hedging yourself into a potential mess ??

Innovative, but what about trading in the mean time ??

And to purposely MC a live account ??

Sounds like stepping over dollars..... doesn't sound like trading.
  • #3
  • May 18, 2010 1:23pm May 18, 2010 1:23pm
Sounds like a very stupid idea to me for saving $20 Also, you'll pay overnight interest rate. If EURUSD stays rangebound you'll lose money while doing nothing and while locking in your trading margin. But it's your money :-p
  • #4
  • May 18, 2010 1:28pm May 18, 2010 1:28pm
Quoting rooicol
I want to transfer some funds form my Oanda account to my Dukascopy account. I can wire the funds form oanda to my bank account and then wire them to Dukascopy, however my bank will charge for these two transactions. I was thinking of going long EURUSD with oanda and short EURUSD with dukascopy and hold the position until the oanda account gets MC., then cover the short with dukascopy for the difference, this way i would only be paying spread and a bit of commission which works out cheaper.
the problem is though what if eurusd goes up significantly...
Are you ok Man? you should seriously see a doctor. Get some medicine. Take good care of you my friend.
  • #5
  • May 18, 2010 1:28pm May 18, 2010 1:28pm
Quoting Price
...hedging yourself into a potential mess ??
not really, the dukas account is considerably larger

Quoting Price
... but what about trading in the mean time ??
What about it?? (Dukascopy allow hedging so i won't be restricted to only shorts while the hedge is on)

Quoting Price
... And to purposely MC a live account ??
So what, it can always be re-funded later if i want
  • #6
  • May 18, 2010 1:34pm May 18, 2010 1:34pm
Quoting rooicol
not really...What about it?? ....So what
OK, what the heck then, it sounds like fun.

*So, what about only putting winning trades on at Dukas.... and then also put winning trades on at Oanda.
  • #7
  • May 18, 2010 2:10pm May 18, 2010 2:10pm
Quoting rooicol
I want to transfer some funds form my Oanda account to my Dukascopy account. I can wire the funds form oanda to my bank account and then wire them to Dukascopy, however my bank will charge for these two transactions. I was thinking of going long EURUSD with oanda and short EURUSD with dukascopy and hold the position until the oanda account gets MC., then cover the short with dukascopy for the difference, this way i would only be paying spread and a bit of commission which works out cheaper.
the problem is though what if eurusd goes up significantly...
That's a very original way of transferring funds, I love it
But I wouldn't do it.
Just pay the bank fees and wait 5 business days.
It's a cleaner transaction.
  • #8
  • May 19, 2010 10:02am May 19, 2010 10:02am
the risk is not worth the fee. so just pay the fee and transfer the funds safely
Twitter: @forexpokerpro
  • #9
  • May 19, 2010 12:09pm May 19, 2010 12:09pm
Quoting rooicol
What about it?? (Dukascopy allow hedging so i won't be restricted to only shorts while the hedge is on)
Uhm, then why dont you just hedge it out at dukas and transfer the oanda to you bank.


Quoting rooicol
So what, it can always be re-funded later if i want
I thought the purpose of trading was to make money, not "re-fund" a MCed account. You say the dukas account is larger and you are trying to save $20-50 in wire fees? Sounds a bit far fetched, not to mention silly, to me. I must be missing something...
  • #10
  • May 19, 2010 12:16pm May 19, 2010 12:16pm
If the amounts in question are low enough to warrant concern about the wire fee - then I would just leave both in place as is and trade both accts until one is sufficiently large to just bring it home to papa in one transfer.

I fail to understand why you would purposely destroy one of them - that makes no sense to me.
In trading, there is no bullshit. You either make money or you don't.
  • #11
  • May 19, 2010 12:53pm May 19, 2010 12:53pm
Thanks For your comments!
I think you guys are right, it is best to just wire the funds.
Just thought it was a elegant idea and was actually hoping that someone would answer my initial question and comment on their experience, but your comments are welcome anyway
  • #12
  • Jun 14, 2010 1:55pm Jun 14, 2010 1:55pm
Did you manage to pull it off or did you just wire the funds ?
  • #13
  • Jun 17, 2010 10:27pm Jun 17, 2010 10:27pm
Wired
  • #14
  • Last Post: Jun 18, 2010 5:34am Jun 18, 2010 5:34am
u can request a broker to broker transfer many brokers allows this, i know that alpari and fxpro have this facility, next time check with oanda and dukas
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