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  • #5,981
  • Mar 12, 2020 3:52pm Mar 12, 2020 3:52pm
Quoting Mingary
Not just OANDA Retail forex brokers must find creative ways to increase revenue from existing accounts due to the fact that fewer people are willing to open a retail forex accounts.
With 9.6 million forex traders worldwide forex brokers already make enough money
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Click to Enlarge Name: Traders.png Size: 125 KB
  • #5,982
  • Edited 2:40am Mar 13, 2020 2:22am | Edited 2:40am
Quoting Hutch
{quote} With 9.6 million forex traders worldwide forex brokers already make enough money {image}
Assuming that these numbers are correct, it is not 9.6 million forex traders, it's 9.6 million online traders
Of course some of them are retail forex traders.. but how many ?
Instead of relying on industry propanganda you could do some research and put facts together

The retail forex industry is shrinking and the customer base is shrinking
Let's take the info available in the US and then we can extrapolate the numbers to other countries.
North America 1.5M "forex" traders. This data is wrong
https://www.financemagnates.com/fore...fitability-up/
https://www.financemagnates.com/fore...bility-report/

Facts:
2011: 108,490 retail forex accounts
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2014: 92,729 retail forex accounts ==> Fewer accounts and 50 % forex brokers no longer in business
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I don't see 1,5M accounts anywhere in here, do you ?
We can assume that at least 75 % of these accounts are losing money and that most of them are inactive due to lack of funds.
I could not find any recent info, but there is no reason that this trend should not continue.
This is pointing to about 750,000 (optimistic) retail forex traders worldwide.
Rather dismal and a good reason why forex brokers are getting "creative"...
  • #5,983
  • Mar 16, 2020 10:28am Mar 16, 2020 10:28am
Compelling stats you have there Mingary. One thing we can count on ……………. creative want include honesty.
  • #5,984
  • Mar 16, 2020 5:24pm Mar 16, 2020 5:24pm
Tale of two brokers

No disruption to our services on account of COVID-19

At OANDA, we have put into place special measures to ensure that you can keep on trading as normal whilst the COVID-19 situation continues to unfold.

We are keeping a close eye on government guidelines and will provide regular updates as necessary, however, we do not foresee any disruptions as a result of restrictions or contingency plans imposed on account of COVID-19.

OANDA has been operational for over 23 years. Our robust trading platform and unwavering commitment to platform technology and client services has enabled us to keep our services up and running during social and economic challenges for over two decades.


https://www.trade.com/files/emails/T...ack-Header.jpg

Dear Client

Please be advised due to market uncertainty and volatility resulting from the coronavirus pandemic, shorting will be restricted on the majority of assets and leverages may also be restricted until further notice.

We will keep you updated with further announcements.
  • #5,985
  • Mar 17, 2020 6:29am Mar 17, 2020 6:29am
Quoting Mingary
{quote} Assuming that these numbers are correct, it is not 9.6 million forex traders, it's 9.6 million online traders Of course some of them are retail forex traders.. but how many ? Instead of relying on industry propanganda you could do some research and put facts together The retail forex industry is shrinking and the customer base is shrinking Let's take the info available in the US and then we can extrapolate the numbers to other countries. North America 1.5M "forex" traders. This data is wrong https://www.financemagnates.com/fore...fitability-up/...
Yes, I agree with you! I don't see 1.5 million traders from the 6 forex brokers that you mentioned from 2014 in order to come up with your conclusion. Finance Feeds research shows that the total number of active MetaTrader 4 brokerage firms currently stands at 1,231. This number doesn't even include brokers that don't use MT4 at all but use their own platforms. Including those, the number of brokers is probably higher than 1,300. This is slightly higher than the 6 brokers you mentioned. The day you can come up with the list of the number of traders for each online brokers that exist and show the data as shown in your second table you will gain the right to criticize my data
  • #5,986
  • Edited 7:44am Mar 17, 2020 6:45am | Edited 7:44am
Quoting Hutch
{quote} Yes, I agree with you! I don't see 1.5 million traders from the 6 forex brokers that you mentioned from 2014 in order to come up with your conclusion. Finance Feeds research shows that the total number of active MetaTrader 4 brokerage firms currently stands at 1,231. This number doesn't even include brokers that don't use MT4 at all but use their own platforms. Including those, the number of brokers is probably higher than 1,300. This is slightly higher than the 6 brokers you mentioned. The day you can come up with the list of the number...
ok, but it's only fair that I extend the same request to you.
When your data provides each type of trader (Stocks, options, futures, forex, commodities etc ..) included in the nifty 1.5 million online traders (and the 9.5 million online traders worldwide)
then you will gain the right to criticize my data.


All those 1300 brokers are not all in the US, right ? How many are there in the US ? The ForexMagnate articles only listed the bigger companies ... therefore my data is really compelling as shown.
It means that your proof to the contrary is needed.

The retail forex industry has always been like a mouse that pretends to be an elephant... for obvious reasons, some may call it good marketing. I call it "inaccurate".
  • #5,987
  • Mar 17, 2020 10:30am Mar 17, 2020 10:30am
Quoting Hutch
Tale of two brokers No disruption to our services on account of COVID-19 At OANDA, we have put into place special measures to ensure that you can keep on trading as normal whilst the COVID-19 situation continues to unfold. We are keeping a close eye on government guidelines and will provide regular updates as necessary, however, we do not foresee any disruptions as a result of restrictions or contingency plans imposed on account of COVID-19. OANDA has been operational for over 23 years. Our robust trading platform and unwavering commitment...
Hah, it's crazy! Thank you for this! I also received the message form OANDA and was just wondering why did they emphasise that... Now I know... I mean
this is a sign of a good broker, that you do not even know about certain problems since they are non-existent But yeah I have accounts at other brokers too but they didn't notify me about any problems but did not say all is good either. Or maybe I missed the message, but got the one from OANDA... Gives me even more confidence now But with all being said, I use OANDA for higher AUM, lower-leverage, because their regulation and rather low leverage, specially in EU... is not good for certain strategies, for cheetah for example.
Can you afford to take that chance?
  • #5,988
  • Mar 18, 2020 7:58am Mar 18, 2020 7:58am
Nice that OANDA is ready for the COVID crisis, but have you guys seen their spreads?
EURAUD up to 6 pips...
EURNZD almost 9 pips...

Euro Session btw.!!!!!!!!
  • #5,989
  • Mar 18, 2020 9:24am Mar 18, 2020 9:24am
Quoting Mingary
{quote} The retail forex industry has always been like a mouse that pretends to be an elephant... for obvious reasons, some may call it good marketing. I call it "inaccurate".
I can say that your data is as much inaccurate as mine The bottom line is that we have very careful about the broker we deal with. I remember finding a US broker that claimed to be regulated by the New York Financial Services Department. I wonder how many clients that broker has.
  • #5,990
  • Mar 18, 2020 12:11pm Mar 18, 2020 12:11pm
Quoting Hutch
{quote} I can say that your data is as much inaccurate as mine The bottom line is that we have very careful about the broker we deal with. I remember finding a US broker that claimed to be regulated by the New York Financial Services Department. I wonder how many clients that broker has.
Why be careful ?
The best due dilligence in choosing a retail forex broker is to choose none.
  • #5,991
  • Mar 18, 2020 1:19pm Mar 18, 2020 1:19pm
Friends, please donīt pay attention to Mingary, this person does the same on every FF thread he can.
Total waste of time, he will give you long explanations about how Forex is just a losing game etc..and he will gladly engage you in endless discussions...
  • #5,992
  • Mar 19, 2020 9:15pm Mar 19, 2020 9:15pm
Is there a way to add "Open Order" indicator in OANDA Desktop ?
  • #5,993
  • Mar 20, 2020 1:53am Mar 20, 2020 1:53am
Spreads continue to be extremely expensive,10 pips EURAUD at London open.
The Asian session is untradable, not even with 240 charts. Spreads climb close to the 20 pip region.
At the moment, the only viable trading is EURUSD, USDJPY, EURGBP, (15 minutes smallest) on the EU session. Even for 5 minutes, these are too expensive, EURGBP climbs up to 5 pips.
Otherwise, daily, or better weekly charts.
Maybe itīs immoral to talk about trading in these "war times", but itīs the only way of making money, unless you are a politician or state employee...
  • #5,994
  • Edited 3:57am Mar 20, 2020 2:33am | Edited 3:57am
Quoting cuchuflito
Spreads continue to be extremely expensive,10 pips EURAUD at London open. The Asian session is untradable, not even with 240 charts. Spreads climb close to the 20 pip region. At the moment, the only viable trading is EURUSD, USDJPY, EURGBP, (15 minutes smallest) on the EU session. Even for 5 minutes, these are too expensive, EURGBP climbs up to 5 pips. Otherwise, daily, or better weekly charts. Maybe itīs immoral to talk about trading in these "war times", but itīs the only way of making money, unless you are a politician or state employee...
Ok, you clearly dont know what you are talking about.
If you have volatility that is 5-10 times bigger than normal you should expect bigger spreads.
Its how market works, nothing to do with broker.
Just now you had GBPUSD 5 pip spread and 15min candle that has 110 pip range and usually that kind of candle volatility is only seen on GBPUSD day chart.
And what do you mean you cant trade it?
It is in fact the same if not better to trade right now if you scale down your position to meet % stop loss risk because you will
have the same % profits (if not much bigger) than if volatility and spread were 5 times lower.
  • #5,995
  • Mar 20, 2020 3:57am Mar 20, 2020 3:57am
Quoting Mingary
{quote} Why be careful ? The best due dilligence in choosing a retail forex broker is to choose none.
Nice but we are all here because we are traders In 2004 when I was new at trading forex I had a very good broker and, with the help of my mentor who showed me how to trade properly, managed to take my account from $10,000 to $46,000 in about two years. I was quite happy with my performance but BANG, the broker went bankrupt and I lost the $46,000. This is why I trade with OANDA Canada instead of OANDA US. OANDA Canada has a guarantee of CAD 1 million per account in case the firm goes bankrupt while OANDA US has absolutely didly squat. NFA & CFTC regulations are totally useless since they don't protect traders in case a firm goes bust. Due diligence dictates only using brokers that have a protection fund in case the broker goes bust The percentage of brokers that have a guarantee fund in case of bankruptcy is extremely low in the 1,300 brokers I stated in my post above.
  • #5,996
  • Mar 20, 2020 7:26am Mar 20, 2020 7:26am
My base currency was Euro for trading because my bank account was in euros. I have created in oanda subaccounts and moved my euros to 50% jpy and 50% aud. I have also halted my trading as well. Reason for this is because im worried of euro will collapse and oanda will not allow me to close my trades if any are open. I was wondering from experienced trades/oanda users, if there any disadvantage of what i have done?
  • #5,997
  • Mar 20, 2020 1:24pm Mar 20, 2020 1:24pm
Anyone knows how to see Interest Financing (in detail) in OANDA Desktop?

Also, I'm wondering if someone from OANDA sees this thread, since nobody has answered my last three questions.
  • #5,998
  • Mar 20, 2020 8:41pm Mar 20, 2020 8:41pm
Quoting zOrO2kX
Anyone knows how to see Interest Financing (in detail) in OANDA Desktop? Also, I'm wondering if someone from OANDA sees this thread, since nobody has answered my last three questions.
You can bet your A they see this thread. Maybe they think you & your question will just GO AWAY. Don't get me wrong....your question is a good one.....too good to the extend it will be awhile before you get answered. Quicker to ask this Crystal Ball for the answer.
  • #5,999
  • Mar 21, 2020 5:59am Mar 21, 2020 5:59am
The swaps on friday were simply arbitrary.Eur/usd short -1% but even worse usdchf long -0.66 % this is simply ununderstandable.
Even a clock that doesnt work is right twice a day
  • #6,000
  • Mar 21, 2020 8:53am Mar 21, 2020 8:53am
Quoting nda
My base currency was Euro for trading because my bank account was in euros. I have created in oanda subaccounts and moved my euros to 50% jpy and 50% aud. I have also halted my trading as well. Reason for this is because im worried of euro will collapse and oanda will not allow me to close my trades if any are open. I was wondering from experienced trades/oanda users, if there any disadvantage of what i have done?
I'm not worried because if the euro collapses most western countries currencies will also collapse in a domino effect
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