Take Profit Not Triggered

This is a discussion on Take Profit Not Triggered within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by Fill_Or_Kill Oanda are a bucket shop who mark up spreads by the 100s of percent - useful ...

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Old Sep 27, 2017, 1:25am   #9
Joined Sep 2017
Nowler started this thread
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Originally Posted by Fill_Or_Kill View Post
Oanda are a bucket shop who mark up spreads by the 100s of percent - useful only for wide stop swing trading. Utterly useless for anything else. I believe there is an LMAX white label who accept 1,000 euros... hang on...

www.fxmtf.com

I have never used them, but they just repackage LMAX's platform with a lower opening account value. They operate solely as an introducing broker basically. Maybe you should ask them if your deposit will be held in their client account or in LMAX's. If the latter then that's ideal. Otherwise I don't know because I don't know anything more about them.
Thank you very much for the info sir!

I never really wondered much about my funds in the account other than wondering if my account was hacked, would it be insured? I am now wondering how safe they are in general... I mean, I would certainly look closer when I was looking to deposit a serious amount.

I probably should move to another broker anyway, just for the sake of keeping the learning fresh and dynamic. I may learn something with another broker that I mightn't with Oanda.

I am going to look into this link you just provided.
If I cannot get a mini account somewhere else for €100 or less then I am happy to continue to learn with the current broker. I will however be anal when it comes to choosing a broker to start my "big" account with.

Thank you again my friend


EDIT:

"Your account will be with LMAX Exchange and you will have the same level of service. The main advantage is that if you are introduced by us, you will have access to other services, and also a lower commission, as due to our total volume of client business, we are able to negotiate better commissions from LMAX Exchange that we pass on to our clients." - http://fxmtf.com/about/
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Old Sep 27, 2017, 1:36am   #10
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Originally Posted by Nowler View Post
Thank you very much for the info sir!

I never really wondered much about my funds in the account other than wondering if my account was hacked, would it be insured? I am now wondering how safe they are in general... I mean, I would certainly look closer when I was looking to deposit a serious amount.

I probably should move to another broker anyway, just for the sake of keeping the learning fresh and dynamic. I may learn something with another broker that I mightn't with Oanda.

I am going to look into this link you just provided.
If I cannot get a mini account somewhere else for €100 or less then I am happy to continue to learn with the current broker. I will however be anal when it comes to choosing a broker to start my "big" account with.

Thank you again my friend


EDIT:

"Your account will be with LMAX Exchange and you will have the same level of service. The main advantage is that if you are introduced by us, you will have access to other services, and also a lower commission, as due to our total volume of client business, we are able to negotiate better commissions from LMAX Exchange that we pass on to our clients." - http://fxmtf.com/about/
No worries - it's just about security of funds really - losing 1,000 euros is obviously not the end of the world, but if you intend to scale up you need to know you're using a broker who segregates client funds from their own properly. So if they should go to the wall, your funds are unaffected. You can also review LMAX's accounts on Companies House to check their client account deposits etc.

I think if you try out their platform you will be surprised by what you're dealing with in terms of an execution venue. Spreads of 0.1-0.2 on majors are the norm during London hours. Their free charting packages are terrible though, so hopefully you have an alternative.

The FCA essentially don't care about anything below 3 million, by their own admission, BUT certain brokers tend to play by the spirit of the regulations more than others. If you're trading in a systemic manner, you need a serious broker. Oanda et al will eat your edge and then some.
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Old Sep 27, 2017, 1:41am   #11
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Nowler started this thread
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Originally Posted by Fill_Or_Kill View Post
No worries - it's just about security of funds really - losing 1,000 euros is obviously not the end of the world, but if you intend to scale up you need to know you're using a broker who segregates client funds from their own properly. So if they should go to the wall, your funds are unaffected. You can also review LMAX's accounts on Companies House to check their client account deposits etc.

I think if you try out their platform you will be surprised by what you're dealing with in terms of an execution venue. Spreads of 0.1-0.2 on majors are the norm during London hours. Their free charting packages are terrible though, so hopefully you have an alternative.

The FCA essentially don't care about anything below 3 million, by their own admission, BUT certain brokers tend to play by the spirit of the regulations more than others. If you're trading in a systemic manner, you need a serious broker. Oanda et al will eat your edge and then some.
I'm concerned that when I click on some of the links on the site, it brings me to an error page.
Not instilling confidence...
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Old Sep 27, 2017, 1:43am   #12
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Nowler started this thread This is what I get
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Old Sep 27, 2017, 1:43am   #13
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I'm concerned that when I click on some of the links on the site, it brings me to an error page.
Not instilling confidence...
I don't doubt - maybe you should wait until you can use LMAX or similar directly. Is raising 10k out of the question? You could trade it as if it were actually 1k and they wouldn't care.
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Old Sep 27, 2017, 2:07am   #14
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Originally Posted by Fill_Or_Kill View Post
I don't doubt - maybe you should wait until you can use LMAX or similar directly. Is raising 10k out of the question? You could trade it as if it were actually 1k and they wouldn't care.


Raising that kind of money would be out of the question.
I could obviously do it over a few years and if that's what needs to happen then perhaps I'll do it but for now my rough plan is to learn as much and get as much hands on experience with my mini account (€20) as possible and then when I feel I'm ready, put 1-2k on it.

Almost 5 months in and I feel I am close...
I did get a rude awakening the other day and it burst my bubble about being ready in a month

I made 20% two weeks ago so i decided to (somewhat jokingly) try target 15% each week
I got 11% last week, missing my target by 4% but taking some of the surplus the week prior, my average after 2 weeks as about 15% per week

This week I made an impulsive move and sold back into the brent oil twice, over extending my accounts risk. It went against me as I feared and lost me 11% or so in 1 position (3 trades).

I am fine with getting low income from 1-2k. I am not expecting miracles.
My main objective is to be profitable and after that I would like to get to an income of €30 per day as a short term goal... I'll deal with whatever reality lies between now that then.
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Old Oct 4, 2017, 12:05am   #15
Joined Feb 2017
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Originally Posted by Nowler View Post
Raising that kind of money would be out of the question.
I could obviously do it over a few years and if that's what needs to happen then perhaps I'll do it but for now my rough plan is to learn as much and get as much hands on experience with my mini account (€20) as possible and then when I feel I'm ready, put 1-2k on it.

Almost 5 months in and I feel I am close...
I did get a rude awakening the other day and it burst my bubble about being ready in a month

I made 20% two weeks ago so i decided to (somewhat jokingly) try target 15% each week
I got 11% last week, missing my target by 4% but taking some of the surplus the week prior, my average after 2 weeks as about 15% per week

This week I made an impulsive move and sold back into the brent oil twice, over extending my accounts risk. It went against me as I feared and lost me 11% or so in 1 position (3 trades).

I am fine with getting low income from 1-2k. I am not expecting miracles.
My main objective is to be profitable and after that I would like to get to an income of €30 per day as a short term goal... I'll deal with whatever reality lies between now that then.
You seem like an intelligent guy, but you've probably got a lot of lessons to come. 30 euro a day on a 1k account is a 720% annualised return. You can make that return on a handful of good swing trades in a year with a big helping of luck, maybe, but not as an intra weekly return across numerous equity smoothing trades. It's never been done, ever, consistently, by anyone who is trading outright moves as you are. You can argue this has been done in the HFT and arb space because so little risk capital is needed using market orders even if the ceiling is low, but ultimately these examples are still generally part of vast funds. So thinking you're going to break the mould with your massive proportional costs of trading, suppressed volatility, and b-book brokers is unlikely.

Every time you set a plan for yourself that involves smashing absolutely everyone from history and the present day, you know it needs looking at.

For my money if you want a piece of this game given your level of capitalisation, you should always look at building a track record first and then go from there. If you enter money management and you don't like it, you can quit when you've got a pot in the hundreds of thousands and then trade that. If you are thinking you're going to take 1k to 500k or something like that by yourself, you are betting heavily against the strongest trend you've ever seen.
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Old Oct 4, 2017, 1:19am   #16
Joined Sep 2017
Nowler started this thread
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Originally Posted by Fill_Or_Kill View Post
You seem like an intelligent guy, but you've probably got a lot of lessons to come. 30 euro a day on a 1k account is a 720% annualised return. You can make that return on a handful of good swing trades in a year with a big helping of luck, maybe, but not as an intra weekly return across numerous equity smoothing trades. It's never been done, ever, consistently, by anyone who is trading outright moves as you are. You can argue this has been done in the HFT and arb space because so little risk capital is needed using market orders even if the ceiling is low, but ultimately these examples are still generally part of vast funds. So thinking you're going to break the mould with your massive proportional costs of trading, suppressed volatility, and b-book brokers is unlikely.

Every time you set a plan for yourself that involves smashing absolutely everyone from history and the present day, you know it needs looking at.

For my money if you want a piece of this game given your level of capitalisation, you should always look at building a track record first and then go from there. If you enter money management and you don't like it, you can quit when you've got a pot in the hundreds of thousands and then trade that. If you are thinking you're going to take 1k to 500k or something like that by yourself, you are betting heavily against the strongest trend you've ever seen.
Thanks for the solid input mate!

Yeah, I certainly have lessons to learn. I'm in the process of learning one at the moment actually and I also learned another one earlier today. But! While I say that, I have certainly learned some already. I know myself that I am not currently ready to make a real go at this but, and I hope i'm not being naive, but I feel i'm close to being ready. I will reevaluate as soon as the new year comes and hopefully that will be the day I load my 1k or whatever it is. I may be able to put 2k on it but even at that I do realise that is a small pot of money to start with.

I am being realistic though, and I am planning to only take 10% of my profits made for that month. 90% goes back into the machine... I build that and then hopefully after 10-12 months my 10% profit each month (on average) is at least the same as my situation right now, or better. My current income is €193 per week let's not forget. My projections say that I can do it, but I totally understand what you're saying!

I am a bit weary of the returns I have been projecting but until I prove it wrong, that's my goal. I am not an idiot though, at least I hope I'm not...does an idiot realise that they are an idiot?? ...anywho... so if what I am aiming for isn't realistic then I'm sure i'll recognise it and then lower my expectations. My stop losses go on every time and my capital per trade is capped around 4% per trade, so I am expecting to be able to withstand the learning curve. Doing this, in my opinion, shows an understanding of being able to absorb the push and pull on an account and at the very least provides invaluable experience.

My immediate steps will be to continue to trade with the mini account and continue to learn for the next few months, then reevaluate. When I say I will deposit 1-2k capital, I am not saying that it will be all. I plan to deposit an additional bit on a when-I-can-afford-to basis. In my plan, the compound interest machine is one of the key components. I need to keep feeding my account and turn it into something that can realistically make the quality of my life at least moderately better.

Lets see I guess...

Last edited by Nowler; Oct 4, 2017 at 1:25am.
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