Oanda policy doenst make sense

Discussion in 'Forex Brokers' started by danmb280, Jun 4, 2009.

  1. danmb280


    When using Oanda, if you have 2 separate tickets long and would like to close out or sell parts of the 2nd ticket, you can't.

    Oanda's rule is:
    First order in, first order out. You cannot select to close the second trade.

    Can anybody come up with a logical reason why they would have such a policy?

    It's not like I try to hedge in the other direction of my first trade.
  2. If it's in force now then it doesn't work, I'm still closing trades in any order.

    Where did you read this please?
  3. danmb280


    I'm on the demo trying out oanda. I contacted their live support and that was their explanation. I like to trade around a core position (not in the opposite direction) and I couldnt find out how to close the second trade. If you are long you have to initiate a "sell" to close the trade and it will sell the first ticket first.

  4. Customer support isn't renown for it's accuracy :)

    I trade a similar way to you in that I'll maybe have one position I want to keep open but also take a few trades in-between.

    Try clicking on the trade in the trades tab, it should bring up the ticket, check the 'Close' radio button and click submit, that will close the individual trade.

    Like you say, if you simply do a buy or sell it will close first opened.
  5. danmb280


    That worked. Great thanks.

    Now here's the million dollar question:

    How would you go about selling only half of the units of the second ticket?
  6. lol, you got me!

    I'm not sure you actually can if you've got more than one trade open, in fact I'm pretty sure you can't.

    Someone will probably come along now and prove me wrong!
  7. danmb280


    Hehe...well...in any case...I appreciate your help.
  8. I'm pretty sure you can't. And I think that is what Oanda was trying to say in their response to you.

    A work around is to just break your orders into the unit sizes you wish to get out out - if your total unit size on your 2nd ticket is 100K, submit two 50K orders or four 25K and then you can close those out at your desired spots.
  9. Bugscoe gets the million bucks!

    Now why didn't I think of that :(
  10. danmb280


    Thanks...I never thought of that.
    #10     Jun 4, 2009