Oanda FIFO change May 30

I found this on Oanda forums:

<i>IMPORTANT NOTICE: Starting May 30, if you have several open trades of the same pair that are also the same unit size, you must close the oldest trade first.</i>

I asked the support and they confirmed the policy change. Maybe they could have notified customers a little earlier?

Details here:
https://fxtrade.oanda.com/help/close-trades-fifo

i thought that that fifo rule kicked in a long time ago.

but maybe that was just for united states traders?

is this rule now going to apply to all of oanda's traders, no matter where they are from?

it is my opinion that rules like this are put in place because somebody figured out an angle to make money and they plugging that hole.

without the fifo, i can enter long at 1.3500 and then another long at 1.3400 and then another long at 1.3300, for example, and then if i come back to 1.3350 i can close the long at 1.3300 for a 50 pip profit.

but with the fifo rule in place, if i add more than one trade, ie gridding, i have to bring the whole thing into profit before i can take any profit at all.

good morning.

Yes, but the effect on the NAV will still be the same. In your example, the account will still have a big unrealised loss.

End of the day, realised gains count for little if you can still get margin-called on your existing trades. Just ask the gridders from a few years back.

Forget the NAV. People can trade so many different ways. It's not about gridders (LOL - show me one with 'few years' trading history on the same account w/o MC)

I like to reduce my market exposure whenever I got the chance. Pull my fingers out ouf the meat mincer while I still got them. So imagine I have two 1000 unit longs on EURCHF, one at -100 pips another let's say around BE. Then my tea leaves show me that I should go short the sterling, I sell it and bang, it falls like frozen shit. So I am up on the pound and could get out around BE if I closed it <i>along with the worse EURCHF long</i>. Which means my exposure reduced and balance not hit - I consider it a winner. What others consider it, well, that's not my concern 😉

Thank G-D I'm always underleveraged, and luckily I don't have two possies of the same size on the same pairing ATM. But that's just my (usual) luck - from now on I'll be using the rightmost figure as a counter. 1st possie XXX0 units, 2nd possie YYY1 units, 3rd possie ZZZ2 units ... Let's see if it works.

If Oanda takes away my liberty to choose which position I want to close, I'm gonna have to find another broker.

First in first out. pretty crazy stuff. it looks like things are getting worse and worse and even trading will have no freedom as if spread and other tricks are not enough to have clients' azz.

I wonder who still trades with Oanda when so many brokers can deliver and beat their spread on EU and offer much better spreads on other pairs. All without stupid Nazi US rules.

Yeah ... If I could find one with cents accounts I'd really consider a change. As we know MT has position size limits 0.01 lots to 1000.0 lots, so with a cents acct that would be 10 units .... 10.0 full lots, right? The arbitrary trade size is one of the big pluses for Oanda, but ... the f...ing we're getting is not worth the f...ing we're taking lately ...

Hmm.. what was that broker with Oanda-like platform? RBS? Gotta have a look ...

trixifx posted:
    Yes, but the effect on the NAV will still be the same. In your example, the account will still have a big unrealised loss.

End of the day, realised gains count for little if you can still get margin-called on your existing trades. Just ask the gridders from a few years back.

That. The FIFO rule is pointless, but complaining about it makes no sense either - just like the inability to hedge in the same instrument, FIFO does not affect anybody's capacity to make (or lose) money. Anyone saying otherwise is fooling himself. It's best to think about your net exposure and net P/L rather than thinking about the P/L on constituent parts as if they can be treated independently of each other...

I never liked their charting software either. But overall Oanda's worst drawback is that it is US company and it does not provide access to commodities.

mistificator posted:
    I wonder who still trades with Oanda when so many brokers can deliver and beat their spread on EU and offer much better spreads on other pairs. All without stupid Nazi US rules.

mistificator posted:
I wonder who still trades with Oanda when so many brokers can deliver and beat their spread on EU and offer much better spreads on other pairs. All without stupid Nazi US rules.

we love nonads oanda.

z/.

zzzero posted:
    

mistificator posted:
I wonder who still trades with Oanda when so many brokers can deliver and beat their spread on EU and offer much better spreads on other pairs. All without stupid Nazi US rules.

we love nonads oanda.

z/.



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Just thought I would share little buddy.