Tuesday, March 11, 2008

Emails about Oanda and Daylight Savings time issues--

I got an email from a IFCN subscriber about Oanda and its current inability to to handle OCO orders.

Hi Joel,
I was thinking that maybe you could suggest to your members that they could write directly to Oanda requesting the addition of OCO orders to Oanda's platform.

We might be able to start enough of a 'ground swell' to prod Oanda into implementing oco's.

Oanda can be reached at: frontdesk@oanda.com

Alberta, Canada

For those unfamiliar with this order type, it is a contingency order which is available on a number of electronic order platforms. It stands for "one cancels the other". You can place two different orders as a pair in the same market, and whichever one gets filled first causes the other order to be immediately cancelled. For those trading a system such as FirstStrike or other breakout strategy which "collars" a zone for a breakout opportunity, it is a valuable tool.

If enough people request it, they very well may add the capability to their next platform.

Great suggestion, C-----. I've already mailed my email to them with that request.

Another good email yesterday had to do with the FirstStrike orders for this week----

Hi Joel,

Can you check your entries please. I overall have different numbers, e.g. open for USDJPY is 102.023 (so buy/sell is 102.52/101.52). This continues for all currencies...

Regards, J-----

The following was my reply to him and others who asked about it.
Daylight Savings Time-- The great nemesis---strikes again. It threw all the opens off for half of the trading world.

I hate Daylight Savings Time. It is like a communist plot.

Thanks, J----- for the note. The difference in orders and results will not be much of a factor until the whole world gets on the same time page again. One hour plus/minus is a very small difference at the time period chosen for the FirstStrike orders.  The socialists in the US are determined to flex their muscles.

Maybe someday, the world will do completely away with Daylight Savings time. It is an unnecessary appendage that is overdue for elimination.

Joel Rensink

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