I Am Oanda

My funds finally cleared at Oanda yesterday.  I traded using their FXTrade platform for the first time this morning when I went short on the GBP/USD.  Anytime I've traded this pair in the past, I've just expected to hand over 4 pips per lot to do so but with Oanda, the spread on each my lots were less than 3 pips; I believe it was 2.8 pips.  I understand that Oanda though just makes this up by charging higher spreads during news trades and less volatile times. 

First impressions are good with the exception of the reporting.  I've been trying to find where I can get a P/L statement that shows each of my trades with their respective profit/loss.  It doesn't seem to exist so you just have to go through the transaction report and calculate yourself.   I knew this going in but don't expect to trade using their charts unless you are a scalper.  You want to use an external chart solution.  The fact that you can enter a trade of any size is unbelievable and during the upcoming week, I may decide to decrease the size of my trades while my H-system is still in its infancy.

I pulled off my second straight win this week with the H-system capturing 67 pips this morning.  I'm happy that I was at least able to end the week on a positive note.  The H-system (name change is in the works) lost 94 pips for the week but for the month of September, the system ended with a PROFIT of 294 pips.   This was the profit from mid-September when the system was put in production.  From my backtesting, I'm not surprised that it has been profitable but I never paper traded the system so you never fully know until you start throwing real money at it whether the results would be similar.  This type of profit for a half of a month is the type that I can probably live on.   It won't be more than what I make from my full-time job but it could be sufficient.  Nevertheless, this system would have to consistently produce these results for at least a year before I considered trading it full-time.  

Considering I squeezed whatever I could get out of the GBP/USD this morning on its limited movement,  I'm going to end my trading week now.  It's like walking away from the poker table.  Don't ever think that just because you won a trade, you can be riskier with your winnings and place a trade that breaks your rules.  This is what get people in trouble.  I've never had a problem walking away and I'm going to do that until Monday.

Hope you had a great week.  

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