A Challenge to "Enlightened Joe

[Fill_Or_Kill]

The quote currency in TRY/JPY is Turkish lira , so thats 220K liras or 45K pounds .

Eh what no it isn't. The Yen is the quote currency and the Lira is the base unless Oanda are quoting the pair backwards against their own and everyone elses convention.

It turned out his position size was bigger because Oanda quote in units based off your deposit currency and not the quote currency at all.

 

[tar]

Eh what no it isn't. The Yen is the quote currency and the Lira is the base unless Oanda are quoting the pair backwards against their own and everyone elses convention.

It turned out his position size was bigger because Oanda quote in units based off your deposit currency and not the quote currency at all.

The TRY/JPY is like USD/JPY , when you say you bought 100K in USD/JPY that would be 100K US dollars not 100K yen . And no Oanda isnt quoting units based on your deposit currency . Just FYI .

 

[Fill_Or_Kill]

Eh what no it isn't. The Yen is the quote currency and the Lira is the base unless Oanda are quoting the pair backwards against their own and everyone elses convention.

It turned out his position size was bigger because Oanda quote in units based off your deposit currency and not the quote currency at all.

As in I thought his "220k" was him quoting his notional size traded and not these strange Oanda units because he obviously wasn't trading 220,000 contracts of the base currency.

 

[tar]

As in I thought his "220k" was him quoting his notional size traded and not these strange Oanda units because he obviously wasn't trading 220,000 contracts of the base currency.

No difference instead of saying i bought 1 lot i can say i bought 100K , and that would be 100K in TRY not in yen or in your deposit currency , as explained previously .

 

[Fill_Or_Kill]

The TRY/JPY is like USD/JPY , when you say you bought 100K in USD/JPY that would be 100K US dollars not 100K yen . And no Oanda isnt quoting units based on your deposit currency . Just FYI .

Yet you just said the quote currency in TRY/JPY is the TRY. This is not correct. The quote currency is the JPY.

When I buy USD/JPY my notional value is in JPY as it would be for everyone else, that being the quote. I agree the CONTRACT size is 100,000 USD as the base and the notional is 11.2M Yen.

 

[Fill_Or_Kill]

But yes I did mistake his quote for a notional valuation of yen because he normally trades very small.

I already apologised for that and offered to get him a cigar too.

 

[tar]

Yet you just said the quote currency in TRY/JPY is the TRY. This is not correct. The quote currency is the JPY.

When I buy USD/JPY my notional value is in JPY as it would be for everyone else, that being the quote. I agree the CONTRACT size is 100,000 USD as the base and the notional is 11.2M Yen.

Again no difference the notional value is 100K US dollars or 11.2M yen . But we mention forex trades by the primary currency not the secondary and that would be the currency on the left of the quote .

I just sold 20k in GBP/USD , that means i just sold 20k pounds and bought dollars .

When it comes to Oanda they allow you to trade in partial lots so you could just sell short 20120 in GBP/USD ofcourse that would be 20120 pounds not dollars .

 

[Fill_Or_Kill]

Again no difference the notional value is 100K US dollars or 11.2M yen . But we mention forex trades by the primary currency not the secondary and that would be the currency on the left of the quote .

I just sold 20k in GBP/USD , that means i just sold 20k pounds and bought dollars .

When it comes to Oanda they allow you to trade in partial lots so you could just sell short 20120 in GBP/USD ofcourse that would be 20120 pounds not dollars .

Yes I get that and admitted my mistake on deriding his trade because I thought he was overblowing it by quoting the JPY notional as I've stated three times now.

It does make a difference in certain situations to understand the quote and base currency so you know what your trade is going to tick in so they are not meaningless terms when it comes to dollar based targets and stops. The JPY is the quote currency in TRY/JPY and thus that trade ticks in Yen.

 

[darktone]

If its any help fellas

Not that I give a **** either way

 

[tar]

Yes I get that and admitted my mistake on deriding his trade because I thought he was overblowing it by quoting the JPY notional as I've stated three times now.

It does make a difference in certain situations to understand the quote and base currency so you know what your trade is going to tick in so they are not meaningless terms when it comes to dollar based targets and stops. The JPY is the quote currency in TRY/JPY and thus that trade ticks in Yen.

True it ticks in yen and the profits/losses are in yen .

 

[Fill_Or_Kill]

If its any help fellas

Not that I give a **** either way

It's an argument over apples and pears. I've only ever used prime or CapMar that always tick in quote, so I don't doubt I'm a dinosaur.

 

[EnlightenedJoe]

Short @1.25092 x17k units, no limits.

 

[EnlightenedJoe]

Closed.

 

[EnlightenedJoe]

Short @1.25158 x 17k units, no limits.

 

[EnlightenedJoe]

Closed.

 

[piphoe]

Joe, 17K units, am I right that this is about just over a buck/pip? 1.30-1.40 ish?

 

[darktone]

Joe, 17K units, am I right that this is about just over a buck/pip? 1.30-1.40 ish?

Your right pip, is a beer money tarde but 17,000 'units' does sound deply impressive dunnit.

Is no great surprise though mate, unrealized losses cut available margin so theres no option but play small but a win is a winning and joe is

at any cost

 

[piphoe]

dark, might that explain the reason he can trade w/o stops and double down many times?

Think of Mark Cuban. What if he wanted to trade 10 DOW contracts/trade because he was bored make it a hundre/trade for HIM or whatever

a LARGE acct trading small size in comparison can double down almost forever till the market reverses, AND make $ eventually at it right?

 

[tar]

a LARGE acct trading small size in comparison can double down almost forever till the market reverses, AND make $ eventually at it right?

Forever ? No, unless you have an unlimited account ...

 

[Fill_Or_Kill]

dark, might that explain the reason he can trade w/o stops and double down many times?

Think of Mark Cuban. What if he wanted to trade 10 DOW contracts/trade because he was bored or whatever

a LARGE acct trading small size in comparison can double down almost forever till the market reverses, AND make $ eventually at it right?

Provided the overall floor exposure is about flat.

Before the Volcker Rule many IBs traded in this way. Some got burned in Japan...