How to trade Peaky on Steroids from the US

[SteveHopwood]

The multi-time frame element in PoS is going to bugger up my usual FIFO trade closing. This thread is so you guys from the US can discuss methods of getting around them.

The easiest way would be to find a broker who gets around all the absurd restrictions with some fancy back-end footwork. Please post if you know any.

Here is a method so long-winded that you would probably just use Peaky instead:

• split your trading pot into 8 separate accounts so you can run two versions per time frame with either TradeLong or TradeShort disabled.
• Enable just one time frame.

[cozybooks]

Thanks Steve! Are there any other U.S. traders left out there?

Cowboy IBFX and ATC Brokers used to let you ignore the Hedging and FIFO and do it all in the back office. Cowboy IBFX is out of business. ATC Brokers went broke and in their new incarnation don't appear to offer those options.

MB Trading used to let you ignore the FIFO and do it in the back office, but they are out of business too!

Does anyone know of a broker that still offers that option? Oanda allows you to do different lot sizes within one account to avoid FIFO, but not hedging.

I'll try looking into other options later. Thanks again, Steve

[gprince66]

The multi-time frame element in PoS is going to bugger up my usual FIFO trade closing. This thread is so you guys from the US can discuss methods of getting around them.

The easiest way would be to find a broker who gets around all the absurd restrictions with some fancy back-end footwork. Please post if you know any.

Here is a method so long-winded that you would probably just use Peaky instead:

• split your trading pot into 8 separate accounts so you can run two versions per time frame with either TradeLong or TradeShort disabled.
• Enable just one time frame.

Steve, can't thank you enough for thinking of us 'handcuffed US traders' while creating PoS.

Chess becomes 3D Chess. Can't wait to dig into this one. Let the brainstorming begin!

Oanda allows you to do different lot sizes within one account to avoid FIFO, but not hedging.

cozy, thanks for the Oanda info, if changing stop orders by MODE_LOTSTEP allows us to close trades (out of fifo order) before the basket profit kicks in, it could go a long way to bringing 'Peaky_Fifo' closer to Peaky's performance!

[cozybooks]

I do most of my trading with Oanda now. As long as the lot sizes are different, you can close them in any order you want. I remember setting up one of Steve's shell EA's a couple of years ago with options for five maximum trades, each with different lot sizes, and each time a trade opened, it would use the next one. I think I was doing .03, .02, .05, .04, .06 (for no particular reason). Of course, I hadn't thought through that if the .05 order closed, then the next order I opened had to be .05.

I still may do a lot of manual entry of trades for Peaky. Oanda will let you use their desktop trade manager to enter trades to the nearest dollar, so you can enter trades of 1001, 1002, 1003, etc. Peaky could then close each one as a separate order In any order desired.

Much to think about...

[gprince66]

I do most of my trading with Oanda now. As long as the lot sizes are different, you can close them in any order you want. I remember setting up one of Steve's shell EA's a couple of years ago with options for five maximum trades, each with different lot sizes, and each time a trade opened, it would use the next one. I think I was doing .03, .02, .05, .04, .06 (for no particular reason). Of course, I hadn't thought through that if the .05 order closed, then the next order I opened had to be .05.

I still may do a lot of manual entry of trades for Peaky. Oanda will let you use their desktop trade manager to enter trades to the nearest dollar, so you can enter trades of 1001, 1002, 1003, etc. Peaky could then close each one as a separate order In any order desired.

Much to think about...

cozy, great info, a simple loop through open orders will produce the best lot that is available. Thanks!

[SteveHopwood]

I do most of my trading with Oanda now. As long as the lot sizes are different, you can close them in any order you want. I remember setting up one of Steve's shell EA's a couple of years ago with options for five maximum trades, each with different lot sizes, and each time a trade opened, it would use the next one. I think I was doing .03, .02, .05, .04, .06 (for no particular reason). Of course, I hadn't thought through that if the .05 order closed, then the next order I opened had to be .05.

So I could implement a separate lot size for each time frame and this would allow trades to close as PoS wants so long as all the lot sizes were different?

As I trade manually live, I reckon 0.01 lots per $1,000 of account balance is as safe as trading ever can be. Using the default PoS time frames of H4, H1, M15 and M5 I would set the default lot sizes to reflect the speed at which the trades are likely to reach TP and end my risk exposure:

• H4: 0.01
• H1: 0.02
• M15: 0.03
• M5: 0.04

That implies a minimum trading pot of $4,000 which is a lot for a lot of noobs. I suppose they have to come to the realisation that the rest of us came to eventually; starting trading Forex with $500 isn't really a going proposition.

What do you think?

[cozybooks]

Hi Steve,

Yes, on Oanda that would work.

It just means you have to always close all trades within one timeframe at the same time. In my mind I was thinking the reverse order, .01 on the 5 minute tf, .04 on the 4hour tf, on the theory that a lot more lower tf orders would be open at one time.

But maybe you're thinking instead that the 4 hour TF could have a lot bigger drawdown on each individual trade?

This would be limited to Oanda, but there aren't many brokers available in the U.S. anyway, and they actually forgave any debts beyond account size occurred in the CHF black swan event when some accounts crashed far below zero.

Yes, you would have to have more equity to be able to do the multiple timeframes, but with $2,000 someone could do two timeframes.

I would probably start on very limited pairs and as the profits pile up slowly add more to it.

Steve, a tremendous addition for us poor U.S. traders if you are able to do it!

[SteveHopwood]

Steve, a tremendous addition for us poor U.S. traders if you are able to do it!

I already have the code worked out in my head - it is not difficult unless my entire array strategy is up the pole. None of the codeslingers here have leaped up and down on it yet, so I am cautiously hopeful.

Thinking about it, this may be useful to non-US traders as well. PoS is in the earliest stages of her development so we do not know what might crop up as a further advantage to all of us.

[JDizzle]

For U.S. traders, I can't recommend Traders Way high enough. They take US traders and do not have any of the FIFO or hedging restrictions. They even let you fund with a US based credit card.

I am starting a new demo on Traders Way with Peaky and POS as I type this.

[cozybooks]

Hi JDizzle,

Thanks for the recommendation! I'll check them out. Have you ever withdrawn money successfully from them?

It's tough to commit a large amount of money to an unregulated offshore broker, and it's hard to imagine trading Peaky on Steroids even on just a few pairs on a small amount of money, but I might try them out with regular Peaky in a small account on the 1 hour TF with just a few pairs and see how it goes.

Citibank used to offer forex accounts in the U.S., and you felt you had a lot of protection with them, but they eventually sold that part of their business to FXCM, who last year got kicked out of the U.S. for doing exactly what Steve always warns us that all Forex brokers not named Global Prime do - running a highly sophisticated computerized criminal enterprise.

Ah, the fun of trading Forex in the U.S.