Talked to Oanda today and they made it known that you may trade up to 10 mill / trade and get execution just as fast as any other trade. And they have no problem with you scalping with that size.
10 mil lots = $1000/pip
With a 4 pip stop loss this would be 4000 risk which with risking only 2 percent of your account per trade would mean having a $200,000 account.
I hope to be there some day opening those 10 mil positions!
At least we know that until we are above $200,000 we can stay with Oanda. After that, we need to find another broker.
But... what other broker can give say 50 mil + lots (entire order) with quick execution?
Answer anyone?
Thanks,
Mike Lewthwaite
Please wait for an agent to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'OANDA'
OANDA: Thank you for choosing OANDA. How may I help you?
mike: Hello. What is the largest lot size I could expect to get filled with and with good execution at Oanda?
mike: hello?
OANDA: The maximum amount of units you can trade at one time is 10 million units.
mike: ok. And will you get good fill with 10 mill?
mike: or is this much harder
OANDA: Sure, you can expect the same fill rates as your other trades.
mike: Ok. If you ever needed more than 10 mil then you would suggest finding another broker?
OANDA: You may trade more than 10 million units on the same currency pair. You just have to break it up into 10 million units per transaction. There's no limit to how many transactions you may do for 10 million units.
mike: oh ok. So on one click you could just click twice real fast and get filled for 20 mil
OANDA: But you must wait between closing and opening these transactions for a specified period of time (i.e., You cannot close them all at once).
mike: oh
mike: one must be closed first before opening
mike: another
OANDA: No, you can't do that. If you want to be filled for 20 million units at once, you might want to consider another broker. No, you don't need to close one before opening another, but you need to wait about a minute or so between the orders so we can properly hedge your trade in the interbank.
OANDA: For instance, you can do 10 mil EUR/USD, wait for 2-3 minutes, and then 10 mil EUR/USD again without closing the first order.
mike: Ok. So if you are scalping (in and out within 1-2 min.) then Oanda would not like you to be trading 10 mil lots?
OANDA: Correct. We do have clients that trade 10 mil units and close them in, say, five minutes or so. That is acceptable.
mike: I have heard that Oanda does not have a problem with scalpers unless they are using automated system to beat the lag in Oanda. Many have claimed to trade with you and be in and out of positions within seconds and have no problems. Obviously there would be a problem when trading 10 mil lots. SO what exactally is the cut off point where it gets to be a problem and you need people to wait 5 min. or so? 500,000 1 mil 3 mil etc?
OANDA: I was just saying that as an estimate. We have a client who trades 10 mil units regularly and closes out positions in only 1-2 minutes for small gains (5-10 pips). That's completely fine with us and we have no problems with short-term traders. As you have mentioned, we do have a problem with 'latency traders'.
OANDA: Those traders who use a faster feed to try to beat the 'lag' in OANDA price feeds to predict prices.
mike: yes I have heard. Ok thank you. Your answers have been very helpful.
OANDA: You're welcome. The 'waiting' I was saying was for orders larger than 10 million.
OANDA: If you are only trading 10 million, then you can 'scalp' no problem.
mike: ok gotcha. That makes more sense
mike: THanks again
OANDA: You're most welcome. Thank you for chatting with us Mike.
OANDA: Goodbye.
10 mil lots = $1000/pip
With a 4 pip stop loss this would be 4000 risk which with risking only 2 percent of your account per trade would mean having a $200,000 account.
I hope to be there some day opening those 10 mil positions!
At least we know that until we are above $200,000 we can stay with Oanda. After that, we need to find another broker.
But... what other broker can give say 50 mil + lots (entire order) with quick execution?
Answer anyone?
Thanks,
Mike Lewthwaite
Please wait for an agent to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'OANDA'
OANDA: Thank you for choosing OANDA. How may I help you?
mike: Hello. What is the largest lot size I could expect to get filled with and with good execution at Oanda?
mike: hello?
OANDA: The maximum amount of units you can trade at one time is 10 million units.
mike: ok. And will you get good fill with 10 mill?
mike: or is this much harder
OANDA: Sure, you can expect the same fill rates as your other trades.
mike: Ok. If you ever needed more than 10 mil then you would suggest finding another broker?
OANDA: You may trade more than 10 million units on the same currency pair. You just have to break it up into 10 million units per transaction. There's no limit to how many transactions you may do for 10 million units.
mike: oh ok. So on one click you could just click twice real fast and get filled for 20 mil
OANDA: But you must wait between closing and opening these transactions for a specified period of time (i.e., You cannot close them all at once).
mike: oh
mike: one must be closed first before opening
mike: another
OANDA: No, you can't do that. If you want to be filled for 20 million units at once, you might want to consider another broker. No, you don't need to close one before opening another, but you need to wait about a minute or so between the orders so we can properly hedge your trade in the interbank.
OANDA: For instance, you can do 10 mil EUR/USD, wait for 2-3 minutes, and then 10 mil EUR/USD again without closing the first order.
mike: Ok. So if you are scalping (in and out within 1-2 min.) then Oanda would not like you to be trading 10 mil lots?
OANDA: Correct. We do have clients that trade 10 mil units and close them in, say, five minutes or so. That is acceptable.
mike: I have heard that Oanda does not have a problem with scalpers unless they are using automated system to beat the lag in Oanda. Many have claimed to trade with you and be in and out of positions within seconds and have no problems. Obviously there would be a problem when trading 10 mil lots. SO what exactally is the cut off point where it gets to be a problem and you need people to wait 5 min. or so? 500,000 1 mil 3 mil etc?
OANDA: I was just saying that as an estimate. We have a client who trades 10 mil units regularly and closes out positions in only 1-2 minutes for small gains (5-10 pips). That's completely fine with us and we have no problems with short-term traders. As you have mentioned, we do have a problem with 'latency traders'.
OANDA: Those traders who use a faster feed to try to beat the 'lag' in OANDA price feeds to predict prices.
mike: yes I have heard. Ok thank you. Your answers have been very helpful.
OANDA: You're welcome. The 'waiting' I was saying was for orders larger than 10 million.
OANDA: If you are only trading 10 million, then you can 'scalp' no problem.
mike: ok gotcha. That makes more sense
mike: THanks again
OANDA: You're most welcome. Thank you for chatting with us Mike.
OANDA: Goodbye.