How to get around FIFO problems
- Thread starter NTD21
- Start date
CAN YOU DO A SCREENSHOT OF THE ERROR SIR
I presume the broker is OANDA right?
Here's a few steps you can try:
1. Increase Consecutive Signals (Galileo will make fewer trades).
2. In MT4, in the Common tab, select Long Only or Short Only, not Long & Short
I have Oanda as well and continually get FIFO violation errors. I have taken the steps suggested above (Short only, bearish signals = 6) but still get these errors. I have also assigned the Risk % to 0.52135671 in an effort to create some variability but this is folly when applied. If there were some way for the user to assign a range of lots for trading such as: 0.08 to 0.13 where each trade that fires randomizes a number in that range.
As I noticed this only happens at OANDA for some reason.
But if you use the Risk the Lotsize should be 0,that's when the Risk works only.
Perhaps try and add a Max Order of 2.This way it will only open 2 trades for that specific currency possibly avoiding FIFO.
But if you use the Risk the Lotsize should be 0,that's when the Risk works only.
Perhaps try and add a Max Order of 2.This way it will only open 2 trades for that specific currency possibly avoiding FIFO.
holytrinitysir
New member
I get FIFO violations when closing a trade from time to time on Forex too. I thought that was normal.
holytrinitysir
New member
The FIFO rule, or First in, First Out, requires that the first (or oldest) trade be closed First if a trader has more than one open trade of the same pair and size. This rule is the US National Futures Association policy and applies to traders using US brokers. So, in simple words, the FIFO rule means that forex traders must close positions based on chronological order (earliest trades "First in" will "First out" -first will be closed).
VuleV
Member
Thank you so much for this information, did not know about this rule for the US brokers. So what is the solution? you are closing trades manualy?
josephserrano15
New member
Have the same issue with MT4 and OANDA (Only FOREX broker available in the US). I tried all the recommended settings, but no luck. Did anyone was able to figure it out ?
I ran Short Only and didn't get violations, but it also wouldn't close a trade that was opened more recently than an older one. This was on Forex.com If there was a setting where the lot size could be altered for each trade, Oanda will allow this. For instance:
This is my second inquiry/request for a lot size variation setting. Barring that, I can't use the bot in the U.S. they way it's supposed to be used. I'm not interested in having only 2 trades going at once. I'm writing my own bot using the method I described above but would rather use this one if this change could be made. Thanks!
- Trade 1: 1000 (0.01 - micro lot)
- Trade 2: 1001
- etc.
This is my second inquiry/request for a lot size variation setting. Barring that, I can't use the bot in the U.S. they way it's supposed to be used. I'm not interested in having only 2 trades going at once. I'm writing my own bot using the method I described above but would rather use this one if this change could be made. Thanks!
yes I agree, the FIFO rule can be adhered to when the lot size of consecutive long trades is increased/decreased. I just bought this bot, and was told by Galileo people that it was NFA FIFO compliant as is, which does not seem to be the case. I am in the same boat as you @psmello11 !!
FWIW, I'm moving on to non-US brokers.
