OANDA order / position size from Ninjatrader

[Goose4all]

i am very confused about the order / position size when trading at OANDA with ninja trader..

what position size do i have at OANDA when i order 1 Unit EURUSD from Ninjatrader? is it 1EUR, 1000EUR or 100.000EUR?

there seems to be different opinions on this but i do not want to experiment in a live account.some say this:

1 lot = One standard lot = 100,000 units
0.1 lot = A mini lot = 10,000 units
0.01 lot = A micro lot = 1000 units

though Ninjatrader itself says in the "Edit Account" dialog that the FX lot size is $1000, which would mean an order of 1 Unit would result in a position size of 1000.

please advise...

thanks a lot,
Andreas

P.S. - if it is $1000 - what would happen if i'd alter that setting to $1? would that mean a Ninja order size of 1 EURUSD would result in an oanda position size of 1EURUSD as well?

[NinjaTrader_PatrickG]

NinjaTrader 8 handles order quantities literally. If you're entering a quantity of 1 in a NinjaTrader order entry window, then you're submitting an order to Oanda for 1 unit of currency. If you want to submit an order for a mini lot, then you would want to enter a quantity of 10,000 in NinjaTrader.

I've found a helpful pip value calculator at the publicly available link below to help understand how different quantities traded to different instruments with a different base currency would affect PnL per pip:

https://www.fxpro.com/trading-tools/calculators/pip

The 'forex lot size' property you're referring to only affects NinjaTrader Trade Performance reporting, and how no affect on your actual live trading or live PnL with your broker. If you change this value, you'd change how PnL is calculated within the Trade Performance window.

[Goose4all]

excellent, thank you Patrick!

i was confused by that setting:



though that seems to have no effect, then..

best,
Andreas

Edit: i should've read your post entirely.. everything is clear now, thanks again, Patrick

[nomadmilo]

Andreas,Patrick, I have the same question. So for Oanda on NT8, in order to trade micro lot, we should enter 1000 units. Is that correct?

[NinjaTrader_PatrickG]

Correct - all NinjaTrader 8 forex providers use literal quantity:

• 1 quantity = 1 unit
• 1000 quantity = 1000 units = 1 micro lot
• 10,000 quantity = 10,000 units = 1 mini lot
• 100,000 quantity = 100,000 units = 1 (full) lot

[nomadmilo]

Excellent! Thanks Patrick. Hope this post will help to answer for many newbies out there.