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OANDA Discussion

Quoting dwe213
{quote} The only time that Oanda had an execution error while I was trading they promptly credited me. Their platform has been reliable, and service great. Just don't expect to get your phone call through in under 15 minutes. Aside from not having an option to close all open trades simultaneously, I am happy using their phone application as backup.
Thanks Dwe...
Quoting Mevo
{quote} "Bucket shop" is pretty negative (and may imply scamming people if they are unable to pay in the end for example). But Oanda has ALWAYS been a "market maker" broker. They are the counterpart of all customer's trade. They always have been transparent about it. If they hedge a portion of their risk behind, or not (and go full "bucket shop") is their problem. "Supposed to be the better": If you listen to THEM, oh yeah, they're absolutely wonderful If you stick to FACTS, not that much... And to say they are "the better" is an insult to...
Thanks Mevo...
Quoting Mevo
{quote} Fair points Expo33. The additional question about a black swan event is: Can YOU survive with the broker ? Or will they screw you over ? Answer for Oanda in the case of the SNB event: No you couldn't. But THEY did well (they halted all quotes xxx/CHF to not trigger stop losses, and started to quote again at the bottom when the prices were starting to rise again, resulting in the biggest possible losses for the customers, while forbidding people to go short, and longs to close their positions until the bottom was reached). Then, they advertised...
Sure Oanda's PR campaign is what you'd expect in modern times. Some brokers performed better than others. As long as they don't go bankrupt then I could care less.

Yes I CAN survive a black swan event, and here's why.

For one, I only keep 20% of my total trading capital with Oanda and they are the only broker I use.. That's all I need to expose to pay my bills. The rest is in a federally insured bank and/or other investments. I NEVER risk more than 1% of that 20% so in essence no trade has a risk of more than .2% of my total capital. So a black swan event with proper risk management even with massive SL slippage is practically negligible.

Secondly, in the case of the CHF black swan event, I didn't have any skin in the game as I don't trade CHF. The margin requirement needlessly ties up extra capital and there are other currency pairs that correlate very well. For instance if I see a set up to buy USD/CHF, then I would just sell EUR/USD.
Pride always comes before destruction.... -Proverbs 16:18
Quoting Expo33
So a black swan event with proper risk management even with massive SL slippage is practically negligible. Secondly, in the case of the CHF black swan event, I didn't have any skin in the game as I don't trade CHF.
Ok, I understand that you don't know too much how the SNB event went down (there was a guaranty from the central bank on the CHF pairs... until there wasn't anymore. So it wasn't comparable to another pair in that situation at the time. Today, sure. At the time, not at all.) About what I mentioned just above, it resulted in a 1500+ pips slippage with Oanda. Any "risk management" is irrelevant in this case. Except the fact that you only have 20% in your account. To be 100% fair with Oanda, they did forgive negative balances, that was the good point compared to some other brokers. Because with a broker chasing you for negative balances, even your "I only have 20% with my broker" becomes irrelevant.

The bad side is that Oanda having lower leverage than other brokers, people had far more money on their account compared to the trades they open (what you're basically saying - And reason why they could allow themselves to forgive negative balances rather than go through the hassle of chasing customers. They made enough on the balances they put their hands on). Oanda just totally emptied a lot of accounts this day, mine included (of course ! I wouldn't be as vocal about it instead...)
Quoting Mevo
{quote} Ok, I understand that you don't know too much how the SNB event went down (there was a guaranty from the central bank on the CHF pairs... until there wasn't anymore. So it wasn't comparable to another pair in that situation at the time. Today, sure. At the time, not at all.) About what I mentioned just above, it resulted in a 1500+ pips slippage with Oanda. Any "risk management" is irrelevant in this case. Except the fact that you only have 20% in your account. To be 100% fair with Oanda, they did forgive negative balances, that was the...
You assume I didn't know how it went down? I know exactly how it went down. It just didn't impact me.

Sorry you got screwed. As far as going offshore, to each his own. Just no need for me personally to do so.
Pride always comes before destruction.... -Proverbs 16:18
Expo33, you are right, I assumed, because of this sentence:
Quoting Expo33
So a black swan event with proper risk management even with massive SL slippage is practically negligible.
It didn't impact you because you had no position in any CHF pair. My point was you won't necessarily be able to survive (your previous comment) in a black swan event on a pair where you do have a position. AND that the broker have an importance in this situation. Additionally, Oanda (the subject here) has proved to act badly toward its customers in the SNB event, while bragging about how great they have been. That was my whole point.

I didn't say anything about "going offshore". I guess the thinking comes from the "leverage" part: Going "offshore" to get higher leverage, to be able to leave less money with your broker ? That was only a "US" problem (I am NOT a US resident). Now, it also becomes a EU (Europe) problem. But in the past, the whole world except the US had access to higher leverage than what Oanda was offering (1:50). There wasn't even any need to go "offshore" (except for US residents).
Quoting Mevo
Expo33, you are right, I assumed, because of this sentence: {quote} It didn't impact you because you had no position in any CHF pair. My point was you won't necessarily be able to survive (your previous comment) in a black swan event on a pair where you do have a position. AND that the broker have an importance in this situation. Additionally, Oanda (the subject here) has proved to act badly toward its customers in the SNB event, while bragging about how great they have been. That was my whole point. I didn't say anything about "going offshore"....
As a US citizen Oanda is really my only feasible option. And for me 50:1 leverage is more than I will ever need.

And as I said I WOULD be able to survive because even if I had a CHF trade open it wouldn't have hurt me that bad. As I said my max risk per trade in relation to total trading capital for me is 0.2%

If I had a trade with 100 pip SL then 1500 pip slippage would roughly mean I would lose 15 x 0.2 = 3% of my capital. The smallest stops I use are about 30 pips which would mean 500 x 0.2 = 10% of total capital.

So yea I would be upset at Oanda for sure but it wouldn't have any real impact on my life or my trading career.

But I do empathize with you. Unfortunately, in today's world, corporations acting badly and looking out for their own interests is the new normal. Painting a nice picture for the world to see afterwards is just standard public relations.
Pride always comes before destruction.... -Proverbs 16:18
Ok, fair enough Expo33.

I guess that the main underlying problem in this case was that people didn't stick to "proper risk management" then (me included), because they thought they had a "central bank guaranty" behind their trade. So, hey, why not leverage more ? Right ? Wrong. Oanda's behavior still wasn't very honest. But your point remains, you would have survived with proper risk management. Thanks.
Quoting Mevo
Ok, fair enough Expo33. I guess that the main underlying problem in this case was that people didn't stick to "proper risk management" then (me included), because they thought they had a "central bank guaranty" behind their trade. So, hey, why not leverage more ? Right ? Wrong. Oanda's behavior still wasn't very honest. But your point remains, you would have survived with proper risk management. Thanks.
Well I think my risk per trade is much less than most but I can see where that event could really hurt some traders even when they were only risking 1% per trade which is completely normal.

1% on a trade with a 30 pip stop loss would result in a 50% loss on one's account if there was 1500 pip slippage.

Even a swing trade risking 1% with 100 pip stop loss would result in 15% account loss.
Pride always comes before destruction.... -Proverbs 16:18
It is essential for any foreign currency exchange trader to select and work with a regulated and experienced broker if he wants secure trading platform. While selecting broker we consider many essential factors. As retail; small scale trader I have been trading with a licensed broker ForexChief which has long experience in this forex market. As I am a new baby, it is ensuring me 24 hours customer care support with full time professional guidance.
Invitation for anyone who has questions about Oanda:

On 23 August I will be sharing dinner with my Broker Account Manager and his boss (from Toronto, ON). If you have any questions about Oanda, please Message me on FF and I'll do my best to get answers for you.
Quoting dwe213
I will be sharing dinner with my Broker Account Manager
I have a question: Who's paying?

LorraineMor: There is one thing I never understood: What company managers in their right mind would find it clever to have people peddling such bad advertisement with such poor English ? Do you really think any customer will want to do business with such a firm and what it says about it right at the very beginning ?
Quoting Mevo
{quote} I have a question: Who's paying? LorraineMor: There is one thing I never understood: What company managers in their right mind would find it clever to have people peddling such bad advertisement with such poor English ? Do you really think any customer will want to do business with such a firm and what it says about it right at the very beginning ?
Easy question!
Both of them are flying commercially from Toronto, ON to West Palm Beach, FL., having drinks and dinner with me at a local restaurant (Oanda's paying), then they'll stay at a local hotel and will fly back the next day. Rough work schedule.

I don't understand your comment about "LorraineMor..." and assume it refers to someone else's post.
Quoting dwe213
I don't understand your comment about "LorraineMor..." and assume it refers to someone else's post.
It indeed does. It refers to ... LorraineMor's comment. The one just before yours.
Quoting cuchuflito
If you are looking for a Broker: https://www.youtube.com/watch?v=sSAdk1EHHf8

US residents do not have access to any one broker with all 3 qualities. There are no STP/NDD offerings in the US. I only trade with STP?NDD but must go offshore to do so. Therefore, my brokers are not regulated. However, the spreads are 1/5 of Oanda, commission is between 2-3.50 per 100K ( I use several brokers) and the trading conditions are absolutely UNMATCHED by any US based broker.
Oanda is so far one of the better ones.... keep it that way....
Quoting pipmaster77
{quote} US residents do not have access to any one broker with all 3 qualities. There are no STP/NDD offerings in the US. I only trade with STP?NDD but must go offshore to do so. Therefore, my brokers are not regulated. However, the spreads are 1/5 of Oanda, commission is between 2-3.50 per 100K ( I use several brokers) and the trading conditions are absolutely UNMATCHED by any US based broker.
And you have yet to share with us which amazing offshore brokers you use. Is it a big secret?

I'd love to test them out.
Pride always comes before destruction.... -Proverbs 16:18
Quoting Expo33
{quote} And you have yet to share with us which amazing offshore brokers you use. Is it a big secret? I'd love to test them out.
No big secret at all. Obviously, the "nanny state" in which we live does not want these brokers to exist, so the mentioning them over and over in public forums is foolish. Although I am sure they are aware of these brokers. It only takes a little bit of research, I am using the same brokers as anyone trading offshore, they are not hard to find. There are only 13 that accept US clients and I only use 3, the rest are garbage.
Quoting pipmaster77
{quote} US residents do not have access to any one broker with all 3 qualities. There are no STP/NDD offerings in the US. I only trade with STP?NDD but must go offshore to do so. Therefore, my brokers are not regulated. However, the spreads are 1/5 of Oanda, commission is between 2-3.50 per 100K ( I use several brokers) and the trading conditions are absolutely UNMATCHED by any US based broker.
This ^
Quoting pipmaster77
{quote} No big secret at all. Obviously, the "nanny state" in which we live does not want these brokers to exist, so the mentioning them over and over in public forums is foolish. Although I am sure they are aware of these brokers. It only takes a little bit of research, I am using the same brokers as anyone trading offshore, they are not hard to find. There are only 13 that accept US clients and I only use 3, the rest are garbage.
You haven't mentioned those brokers over and over. All you have done over and over and over and over is tell us how bad Oanda is and how awesome those offshore brokers are. Is it possible you lost a lot of money with Oanda and are just mad at them for your losses?

PS. I know what brokers accept US clients but I am just curious what offshore brokers you consider amazing. Clearly your opinion is infallible. Plus you are so highly esteemed here at FF. Us regular folk need your advice.
Pride always comes before destruction.... -Proverbs 16:18
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