Take Profit Not Triggered

This is a discussion on Take Profit Not Triggered within the Spread Betting & CFDs forums, part of the Commercial category; Hello all. Oanda is my broker and they are repeatedly not triggering my take profits. Why is this? I tried ...

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Old Sep 25, 2017, 11:23am   #1
Joined Sep 2017
Take Profit Not Triggered

Hello all.

Oanda is my broker and they are repeatedly not triggering my take profits.

Why is this? I tried to ask them before and they made me feel like an idiot... Telling me I should learn more about trading...

It can't be because of the spread can it?
If it is then they must be charging me two spreads!

The icon that pops up on the chart to indicate entry level is always at the current price PLUS spread.
So if it's a 5 pip spread, the icon will appear 5 pips ahead of price.

So if I am instantly paying a spread, and my take profit was added AFTER I entered the trade, then why isn't my take profit level being respected? I already paid the spread which is indicated by the entry icon being 5 pips ahead of where I actually entered.

Thanks in advance
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Old Sep 25, 2017, 11:41am   #2
Joined Apr 2016
The TPs were never hit. For a long position, the sell price must match the take profit for it to trigger. For a short position, the buy price must match the take profit for it to trigger.
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Old Sep 25, 2017, 1:49pm   #3
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Originally Posted by EnlightenedJoe View Post
The TPs were never hit. For a long position, the sell price must match the take profit for it to trigger. For a short position, the buy price must match the take profit for it to trigger.
Yeah?
OK... That makes sense I suppose.
Thank you for the help.

So, if I enter a trade for 2 pips spread and have a take profit at 'x'... If for example the spread had risen to 20 pips by the time price reached my TP, in order for it to be triggered then price would have to pass my TP by 20 pips?
(or perhaps it needs to pass it by just 10?)
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Old Sep 25, 2017, 3:32pm   #4
Joined Mar 2014
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Originally Posted by Nowler View Post
Yeah?
OK... That makes sense I suppose.
Thank you for the help.

So, if I enter a trade for 2 pips spread and have a take profit at 'x'... If for example the spread had risen to 20 pips by the time price reached my TP, in order for it to be triggered then price would have to pass my TP by 20 pips?
(or perhaps it needs to pass it by just 10?)
Hello

The spread is made up of a price you can sell at and a price you can buy at. For example 1.2013 - 1.2015 (you sell at 1.2013 or you buy at 1.2015)

Your order to close a long position will happen when the left hand side of the price (the bid) has reached your order level. This is because this is the side of the 2 way price that you sell at.

Your order to close a short position will happen when the right hand side of the price (the offer) has reached your order level. This is because this is the side of the 2 way price that you buy at.


good luck.
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Old Sep 25, 2017, 3:45pm   #5
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Nowler started this thread
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Originally Posted by highbury fx View Post
Hello

The spread is made up of a price you can sell at and a price you can buy at. For example 1.2013 - 1.2015 (you sell at 1.2013 or you buy at 1.2015)

Your order to close a long position will happen when the left hand side of the price (the bid) has reached your order level. This is because this is the side of the 2 way price that you sell at.

Your order to close a short position will happen when the right hand side of the price (the offer) has reached your order level. This is because this is the side of the 2 way price that you buy at.


good luck.

Hello,
Thank you for your time.

Ok, I thought that maybe I was locked in for the 2 pip spread cost.
So basically, if they spread happens to increase in the time it takes for price to get to my TP, I am now at the mercy of the new spread when it comes to getting out of the trade via my TP? And not the initial spread?
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Old Sep 25, 2017, 3:49pm   #6
Joined Mar 2014
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Originally Posted by Nowler View Post
Hello,
Thank you for your time.

Ok, I thought that maybe I was locked in for the 2 pip spread cost.
So basically, if they spread happens to increase in the time it takes for price to get to my TP, I am now at the mercy of the new spread when it comes to getting out of the trade via my TP? And not the initial spread?
if you're on a variable spread product then the spread will move. the thing to remember is every 2 way rate has a price you can buy at (the offer) or a price you can sell at (the bid). if you are in a position where you are long you will have to exit on the sell side of the price and vice versa.

the spread is your cost to dealing. The more spread you pay the higher your costs.
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Old Sep 25, 2017, 4:59pm   #7
Joined Sep 2017
Nowler started this thread Thanks for the help folks!

I have another question in relation to alternative options for traders with low capital (aprox. €1,000).
I will make a new thread if I cannot find my answer in the current threads.
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Old Sep 27, 2017, 12:38am   #8
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Thanks for the help folks!

I have another question in relation to alternative options for traders with low capital (aprox. €1,000).
I will make a new thread if I cannot find my answer in the current threads.
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.
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Old Sep 27, 2017, 1:25am   #9
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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
Joined Feb 2017
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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
Joined Sep 2017
Nowler started this thread
Quote:
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
Joined Sep 2017
Nowler started this thread This is what I get
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Old Sep 27, 2017, 1:43am   #13
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Originally Posted by Nowler View Post
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
Joined Sep 2017
Nowler started this thread
Quote:
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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