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new boy

  • #1
  • First Post: Nov 2, 2006 11:08am Nov 2, 2006 11:08am
Hi

Can any one tell me which is the best alround site to deal on for spreads no slippages hardly not to go thougth a dealing desk at news times i am currently looking at IGNDEX and OANDA are they anying good pro's and con's is there one better

Thanks
  • #2
  • Nov 2, 2006 2:27pm Nov 2, 2006 2:27pm
well oanda is quite good with spreads and usually not slippage. Their downsides is that you cannot connect it to metatrader4 and can only use their web interface for trading. Also the maximum leverage you can get is 50:1 which some people dont like.
  • #3
  • Nov 2, 2006 2:31pm Nov 2, 2006 2:31pm
Hi new boy,

Let me first say there are no such things as the perfect broker. They all have their pros/cons. For example Oanda is a great broker with low spreads and they almost never slip your price. The problem with them is at news time during key news events, they will increase their spreads from their normal 1.8 for example to 20 or 30 or more! They are obviously trying to discourage news traders. The big problem is if you’re in a great technical trade at news time, you could easily get stopped out.

I use FX Solutions and they’re pretty good. They have quirks like anyone else and again, these quirks happen around news time. Hmmm. Go figure They might slip your price during news time which means you just won’t get in at a great price if you tried to. The other thing they do is increase limits around news time as well to discourage straddlers.

I’ve been through a lot of brokers trying to find the best one, but for my style of trading, FXSol is as good as anyone else.
Thanks, Andrew
  • #4
  • Nov 2, 2006 2:49pm Nov 2, 2006 2:49pm
Quoting easttech
The problem with them is at news time during key news events, they will increase their spreads from their normal 1.8 for example to 20 or 30 or more! They are obviously trying to discourage news traders.
Uhmm. No they don't. The EURO may spike from 1.5 to 5 and the GBP may go from 2.8 to 15 worst-case 20... but that's during events like NFP.

That's just how it is... welcome to Forex. Oanda's pro's far outweigh their cons.
Mr. Trend
  • #5
  • Nov 2, 2006 3:05pm Nov 2, 2006 3:05pm
I trade with IG Index as one of my brokers. I've never had any trouble with them trading TA, their customer service is great and very helpful. Sometimes with News Trading they are OK for the smaller news , but execution has been a problem with the bigger events like NFP - although in fairness to them they always refund monies lost when it's their fault (false spikes etc.) which I like. SO, all in all I like them, but not the best for news
  • #6
  • Nov 2, 2006 4:08pm Nov 2, 2006 4:08pm
Hi Many thanks to one all and all
  • #7
  • Nov 3, 2006 5:58am Nov 3, 2006 5:58am
Mr. Trend either hasn't been with Oanda long or he has a vested interest in them. I was with them for over 4 months and I can tell you first hand many of my technical trades were stopped out because of 20-30 pip spreads at news time. They also had some “spike” mishaps that prematurely stopped people out at times too. I dumped Oanda over a month ago as did many, many people and now Oanda is started to get back to reality because they’ve lost so much business. To say they never went over a 20 pip spread is not correct. They absolutely did. Oanda does have some pros but their spread increasing games weren’t worth it. Just read around any forex forum about Oanda and you'll know this is the way Oanda works.
Thanks, Andrew
  • #8
  • Nov 3, 2006 6:24am Nov 3, 2006 6:24am
Quoting easttech
Mr. Trend either hasn't been with Oanda long or he has a vested interest in them. I was with them for over 4 months and I can tell you first hand many of my technical trades were stopped out because of 20-30 pip spreads at news time. They also had some “spike” mishaps that prematurely stopped people out at times too. I dumped Oanda over a month ago as did many, many people and now Oanda is started to get back to reality because they’ve lost so much business. To say they never went over a 20 pip spread is not correct. They absolutely did. Oanda does have some pros but their spread increasing games weren’t worth it. Just read around any forex forum about Oanda and you'll know this is the way Oanda works.
I've been with Oanda for over a year... and no, I have no vested interest in them...

It's interesting to read these things because regardless if they've had spikes or whatever, I can show you times they've came back and reimbursed their clients, unlike other brokers that say, "Oh well, sorry, it's the quote we get from the bank..."

I don't really care who you go with, and I will agree that there is widening, but who doesn't widen? That's the nature of the beast. This topic has been discussed many many times before...

I've seen 20 pip spreads on GBP.. regardless, if you still can't make money off of a 75 pip move on NFP, then...?
Mr. Trend
  • #9
  • Nov 4, 2006 5:48am Nov 4, 2006 5:48am
Obviously Mr. Trend has not had or researched many Forex brokers. For the record, they do not all increase spreads at news time so I don’t know why he would even say that. And the comment about reimbursing their clients? I can give you names of many traders who never saw a dime reimbursed to them by Oanda. And this should never happen in the first place. As I mentioned, I use FX Solutions and they don’t widen spreads on me. They don’t spike price to take out their clients. Not all brokers are the same.

<!--[if !supportEmptyParas]--> <!--[endif]--><o></o>And to say you’ll gladly give Oanda 20-30 pips at news time, you’re immediately in the hole by $200-$300. You better be playing a news release that historically has 50+ pip move or you will lose money unless you get a $1700 Bloomberg news feed and try to play the spike.

<!--[if !supportEmptyParas]--> Lastly, news trading is one of the best ways to make money in this market and the brokers know it. That’s why brokers like Oanda, fxcm and other pull this spread widening garbage on their clients. They want a piece of the action. Plain and simple. And all news releases aren’t a piece of cake to trade. If you don’t know what you’re doing, you’ll lose your shirt. NFP is not always money in the bank. No news release is. There are many factors to consider before trading any news.
Thanks, Andrew
  • #10
  • Nov 4, 2006 7:26am Nov 4, 2006 7:26am
Quoting Mr Trend
I don't really care who you go with, and I will agree that there is widening, but who doesn't widen? That's the nature of the beast. This topic has been discussed many many times before...

I've seen 20 pip spreads on GBP..
it sure has

agree, around major news releases & sensitive occurances, most outlets (including direct & indirect wholesale feeds) will experience spread skew........

obviously a deal-desk broker will have a certain level of control in regards to their exposure, but at the end of the day you're playing against the 'house' & within spurious boundaries, you play to their rules - whatever they might be.......

I think most desks are more concerned with controlling risk during major price surges, rather than rolling over their client base.......that the 'little guy' gets his ass scorched in the crossfire is of little concern to them!

you pay's your money & you takes your chance.........no guarantee's in this dirty war
  • #11
  • Last Post: Nov 4, 2006 11:08am Nov 4, 2006 11:08am
Quoting easttech
Obviously Mr. Trend has not had or researched many Forex brokers. For the record, they do not all increase spreads at news time so I don’t know why he would even say that. And the comment about reimbursing their clients? I can give you names of many traders who never saw a dime reimbursed to them by Oanda. And this should never happen in the first place. As I mentioned, I use FX Solutions and they don’t widen spreads on me. They don’t spike price to take out their clients. Not all brokers are the same.

And to say you’ll gladly give Oanda 20-30 pips at news time, you’re immediately in the hole by $200-$300. You better be playing a news release that historically has 50+ pip move or you will lose money unless you get a $1700 Bloomberg news feed and try to play the spike.

Lastly, news trading is one of the best ways to make money in this market and the brokers know it. That’s why brokers like Oanda, fxcm and other pull this spread widening garbage on their clients. They want a piece of the action. Plain and simple. And all news releases aren’t a piece of cake to trade. If you don’t know what you’re doing, you’ll lose your shirt. NFP is not always money in the bank. No news release is. There are many factors to consider before trading any news.
I only trade NFP and Canadian employment, so giving 20 pip spreads (and NFP this month was only 10 BTW) to Oanda is not that big of a deal for the two events that I trade news-wise.

Considering the fact there's no slippage, and from what I've heard from other brokers slipping the crap out of people, I think I'll stick with Oanda.

My only point is that I get tired of hearing people whine and complain about their broker, and requotes and everything, and I don't know how many times I've told people to use Oanda and they won't have that problem, yet they continue to give their money to the market for those reasons... now if your broker can offer all the pro's of Oanda and no widening, then that's awesome... Heck, I might even consider them...

I'm a consistently profitable trader. It took a lot for me to get here... I hate to see other's make that kind of mistake...

Happy trading...
Mr. Trend
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