ODL Securities

Hi guys,

i already tested their demo for 6mth now and everything seems to be good. fast execution, competitive spread/swap and reliable broker (NFA and FSA regulated). they also one of preffered broker here at ff

i need to know whether live account has the same execution speed as demo?
how about spread during news announcement. any spread widening? any price freeze?
deposit and withdrawal turnaround time?
any trading style discourage?

For those who trade at ODLs, pls share your experience

Thanks in advance

i heard that they dont allow scalping

odl will kick scalper and newstrader
if you trade intraday/long term, it is ok.

They don't allow long term carry trade strategies either.

So lets get this straight:

No News trading
No Scalping
No Carry trades

They only want short term trades during non-volatile times.
But not too short because it could be considered scalping.

Good luck making money with them.......

Coder

not an enjoyable condition to trade

I have their demo in the UK, and get very regular calls from their rep looking to push me into live trading...he's polite and everything, but dude, take a hint!

very funny...

what will happen if we brake the rules?

i had never met a pro trader that scalp or news trade this is more of a newbie thing and traders trying to get rich quick, don't know how true that is about carry trading, i never had a problem.

try news trading and scalping at some other broker and see what happens, they or inline with every market maker broker out there but they more upfront about it.

You should also know that if you open mt4 account with them you are in no way protected by the FSA or can make any claims in case things go wrong with odls, even if they state on website they are 'authorised and regulated by the FSA'.

Read the 'intermediate customer'-part in contract.

this is all u.s. forex broker's, if they held your money in the u.k. then you get some kind of protection, since they or u.s. regulated and hold u.s. customer's money in the u.s. you don't get no protection at all, look at any u.s. forex broker customer agreement and you will see the same term's about customer funds.

Wrong. Read your account opening forms from ODLS.

i know this bro, all u.s. brokers have that, your not protected, old news. lol, how long you been trading?

First ODLS is a U.K broker.

A direct quote from the agreement:

"... as a consequence of this categorisation (intermediate customer), certain protections afforded to private customers under the rules of the FSA will not apply to you..."

This applies to all mt4 subscribers.

This and the constant pushing (phone calls) to open an account made me not to open one.

again old news, if you or in the u.s. you will be force to open a u.s. account with there u.s. bank so no it don't apply to you, your not protected with no u.s. broker if opening an account with there u.s. branch. if your trading forex with any u.s. broker your not protected, your acting like your current broker can protect your funds if they go under.

I think the reps name was Ross Newell. He gave me a call, and as soon I
mentioned EURTRY carry trading, he went bananas!

He was worried that I would be placing carry trades and holding them
for a long period. I emailed him the strategy and he replied that it seemed
ok, but was still confused as to how many trades I would be making.

I found this policy to be very strange, and took it as a warning.
Just so you know, I do not have a live account with them, so I don't know
what the actual trading conditions are like.

Coder

God they sound awful and I have never seen a good word said about them on the forums.

im getting more confused now . what type of customer that odl are looking for? what type of trading style that they allow? they dont allow news trading, scalping, carry trade etc. Most shocking, they classified news trader as a cheater! wtf%!&^.

I have a Live Account with them but never funded it after I had a conversation with Ross I believe is the name of the rep.

I specifically told him that:
1. I am a USDJPY trader taking only LONG positions and hold it should it go against me. I may hold it for hours, days, weeks or months until I average up. Its a form of Carry trading and he blatantly dont like it.

2. I scalp GBPJPY BUT NOT during news nor near news time. I would hold the position sometimes less than 1 minute, sometimes longer than 1 hour depending on how quick the price action is. He did not like the "less than 1 minute" so he said he will close my account if I do so.

3. I will not news trade. But he warned that if I do he will close my account. Sure fine - as I said I will not news trade.

But he did told me I should do day trades...

Weighing all the factors together, I decided NOT to put money. Heck I dont like the idea that one day they would come to me removing profits and claiming I violated something that was clearly NOT my fault.

Why would a broker not like Carry Traders?
Any broker gives swap points to carry traders. These amount is always LOWER than the actual swap rates in the interbank market. Therefore, if a broker gives you swap points, they themselves earn money as well. So why would they complain? EASY! They dont post our trades into the interbank! They take our position! HELL even if they hedge it with other traders, they charge higher negative swaps to other traders and broker earns swap points from both of us! There is absolutely NO REASON for any broker to not like Carry Traders! If you can think of one please post it here! Dont tell me brokers can get bored with our too-long-term positions...


Why would a broker not like scalping?
Market Makers make money when we open positions. They earn from the spreads (and commission if they so charge).

When we open positions, Market Maker would hedge it against other traders OR they may pass it directly into the interbank markets. During slow Market, brokers may opt to take our position and wait for any other trader to take a counter position - this may take 1, 2, 3 or 5 minutes and if no traders took our position, they will pass it to the interbank. But if my position was closed too soon (and if in profit) while it is not hedged, the broker loose money to me - they wont like it.

Therefore, IF a broker dont like scalping, it implies that they are this kind of broker who play games against the trader. CRAP I wont trade with such a broker.

I then told Russ that I am happy with the brokers I currently trade; I would rather keep trading with them than with ODL's restrictive policies.

I however would give them credit for being frank and up front with their policies.


Q: What kind of customer ODL wants?
A: The Loser Kinds. They dont like the short term traders; they dont like the long term traders.

They called me many times to open an account with them.

i told them am scalper and trade the news big lots...

they said we can allow you to trade news and scalp big lots BUT you have to do normal trades same lots as u do with news trades and scalp !

how come they decide what we trade and what we don't

No Comment !!!!