I'll be wiring 2k to Oanda on Monday. I'm still tossing up a number of points. I'll probably buy AUD/USD so I can laugh maniacally while the US economy sinks further But I also wanna use the carry trade strategy -- and as I understand it the difference in Central Bank rates is only slim between these two currencies (though still in favour of buying AUD/USD, rather than selling). Still the carry trade opportunities are nothing like, say, buying NZD/JPY.
My greed(?) tempts me to use their maximum leverage of 50:1, but perhaps that is silly considering that, as a medium-long term hold, I certainly won't be watching it like a hawk 24/7. I suppose a degree of volatility could easily blow up my account or hit my stop. (Should I be worried about Oanda as an MM trying to "hunt my stop?")
Any comments from those experienced or just knowledgeable in more medium-long term fundamental oriented forex trading?