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  • #6,541
  • Jul 5, 2021 9:36pm Jul 5, 2021 9:36pm
Quoting Hutch
{quote} Yep it came about when CVC Capital Partners bought OANDA. I'm a long-term trader with OANDA (since 2005) and it used to be a better broker than now. I used to trade on D1 charts but the increased swap rates plus the financing costs decreased my profit too much that I stopped trading on D1 charts. As the equivalent of a hedge fund CVC wants to make profits even if it's a detriment to traders.
Hey Hutch,

That was the last straw for me before leaving Oanda. It has seriously gone down hill since the take over of CVC. Increased overnight rates, having to reapply for pro account and an increase in core spreads made me move. I have actually left Retail Forex altogether and have moved to futures. No real difference when trading on the daily charts which is what I cover. I moved to Interactive Brokers.

For example, A current short on EUR/USD (6EN2021 on CME Futures) that was triggered on 06/16/2021 and is currently active as of this writing, has cost $2.47 for 1 contract at $6.25 per tick. The equivalent at Oanda would have cost (with a Pro Account) Commission = $2.50 in, average half spread 0.05 = $0.31 and short for 20 days of interest on $62,500 @ 20 day average of $1.07 per day= $21.40 for a total of $24.21. If it was long under the exact same scenario it would be closer to $75.00!! A damn rip off!!!.

That is a huge difference. Now the margin requirements are very different but in all honestly, its a good thing. Keeps you from over trading. EURO futures margin on 1 contract is $4500. On Oanda for the same amount is about $1500. Im alright with that considering the overall costs. Just some information that may help a fellow higher time frame trader.

Good Luck,

- Ric
Be humble or get humbled
  • #6,542
  • Jul 5, 2021 9:38pm Jul 5, 2021 9:38pm
Quoting Redbaron81
I agree I used to trade long term as well. Its impossible with these swaps. I just stick to day trading now...
Hey Redbaron81,

That is exactly what they want from you. Day trade. More commissions for them. Check out Forex futures.

- Ric
Be humble or get humbled
  • #6,543
  • Jul 6, 2021 1:30am Jul 6, 2021 1:30am
Quoting W0lfram
{quote} Got it from second try after 1.5 week. They issued compensation to those who was negatively impacted.
Good on you, but are u sure they compensated everyone, or maybe only the ones who claimed it? Chances sre they pocketed the money of those who didnīt do their homework
  • #6,544
  • Jul 6, 2021 4:44am Jul 6, 2021 4:44am
Quoting riclater211
{quote} A current short on EUR/USD (6EN2021 on CME Futures) that was triggered on 06/16/2021 and is currently active as of this writing, has cost $2.47 for 1 contract at $6.25 per tick. The equivalent at Oanda would have cost (with a Pro Account) Commission = $2.50 in, average half spread 0.05 = $0.31 and short for 20 days of interest on $62,500 @ 20 day average of $1.07 per day= $21.40 for a total of $24.21. If it was long under the exact same scenario it would be closer to $75.00!!
You forgot to mention higher spread in futures and lower liquidity so slippage is higher also.
And cost of interest in forex is priced in smaller trend in futures, thats why you see the difference in prices between two markets.
So situation is not that great there and it all comes down to traders personal preference.
  • #6,545
  • Jul 6, 2021 4:59am Jul 6, 2021 4:59am
Quoting cuchuflito
Just got stop ran on 2 positions on AUDNZD, fair enough, but they filled my stop with a 13 pip slippage, almost double the risk taken.
13 pip slippage from your SL price? Thats alot.
I am curious, can you post a chart where it happens?
  • #6,546
  • Jul 6, 2021 2:58pm Jul 6, 2021 2:58pm
Quoting riclater211
I have actually left Retail Forex altogether and have moved to futures.

Virtually everyone who becomes steadily profitable, and has a little bit of capital, eventually does. (Why wouldn't you? It's all gain and no disadvantages, really.)
  • #6,547
  • Jul 7, 2021 12:10pm Jul 7, 2021 12:10pm
Quoting Quickly
{quote} Virtually everyone who becomes steadily profitable, and has a little bit of capital, eventually does. (Why wouldn't you? It's all gain and no disadvantages, really.)
Except for negative balance protection..
Return To Disorder
  • #6,548
  • Jul 8, 2021 3:16am Jul 8, 2021 3:16am
Quoting xy100
{quote} 13 pip slippage from your SL price? Thats alot. I am curious, can you post a chart where it happens?
Sure, actually it was a 16 pip slippage.No news, just a good old rip-off.
That is for me the reason they created this "guaranteed stop", apparently at no extra cost. So they can tell you: "sorry, next time use a guaranteed stop".
Btw. Iīm not a newbie! Trading with them for maybe 15 years...
Funny, cause apparently, OANDA is one of the biggest most reputable brokers. So whatīs left for the others.Hope you can read my black chart from Dynamic Trader software.
All the best.
Attached Image (click to enlarge)
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  • #6,549
  • Jul 8, 2021 2:12pm Jul 8, 2021 2:12pm
I think I found it where you were stopped out.
Unfortunately you were holding position near the end of US session when liquidity is at it thinnest especially with cross pair like AUD/NZD .
Below is 5min chart of your SL execution time that shows the market that is completely abnormal, untradable, full of spikes, and big spread.
Only solution during times like that is either have your SL far away or not having a position

Attached Image (click to enlarge)
Click to Enlarge Name: 9ed941b896e3856ba46e6c11853fee16.png Size: 21 KB
  • #6,550
  • Jul 8, 2021 2:18pm Jul 8, 2021 2:18pm
Quoting cuchuflito
{quote} That is for me the reason they created this "guaranteed stop", apparently at no extra cost.
Guaranteed stop with no extra cost, that is hard to believe.
Did you or anyone else check how this guaranteed SL works?
  • #6,551
  • Jul 8, 2021 4:33pm Jul 8, 2021 4:33pm
Quoting xy100
I think I found it where you were stopped out. Unfortunately you were holding position near the end of US session when liquidity is at it thinnest especially with cross pair like AUD/NZD . Below is 5min chart of your SL execution time that shows the market that is completely abnormal, untradable, full of spikes, and big spread. Only solution during times like that is either have your SL far away or not having a position {image}


this is why i told people dont enter positions at this time of day. I've seen good entries towards the end of the NYC session then saw the spread widened so far it would have stopped me out.

you'll never get away from this It wont even matter the broker
  • #6,552
  • Jul 9, 2021 1:40pm Jul 9, 2021 1:40pm
Quoting xy100
I think I found it where you were stopped out. Unfortunately you were holding position near the end of US session when liquidity is at it thinnest especially with cross pair like AUD/NZD . Below is 5min chart of your SL execution time that shows the market that is completely abnormal, untradable, full of spikes, and big spread. Only solution during times like that is either have your SL far away or not having a position {image}
Are u for real? or you work for Oanda...
  • #6,553
  • Jul 9, 2021 1:42pm Jul 9, 2021 1:42pm
Today another one, had a pending order on Eurusd, just when it got hit, it automatically got canceled.It would have been profitable.
You donīt have to believe me, believe Oanda, they are your "friend".
  • #6,554
  • Jul 9, 2021 5:36pm Jul 9, 2021 5:36pm
Quoting rockit
{quote} Except for negative balance protection..
And less liquidity than spot FX.
  • #6,555
  • Jul 10, 2021 8:45pm Jul 10, 2021 8:45pm
Quoting hazelj80
{quote} And less liquidity than spot FX.
Hey hazelj80,

Retail traders do not get the full liquidity of the fx market. They get the liquidity the broker they use offers.

- Ric
Be humble or get humbled
  • #6,556
  • Jul 10, 2021 8:50pm Jul 10, 2021 8:50pm
Quoting rockit
{quote} Except for negative balance protection..
Hey rockit,

You may be able to enjoy that in Germany but in the USA, we have no such luck.

- Ric
Be humble or get humbled
  • #6,557
  • Jul 11, 2021 12:30am Jul 11, 2021 12:30am
Quoting riclater211
{quote} Hey hazelj80, Retail traders do not get the full liquidity of the fx market. They get the liquidity the broker they use offers. - Ric
That's technically true but the prices aren't that much different.

And futures still doesn't have as much volume
  • #6,558
  • Jul 11, 2021 1:49am Jul 11, 2021 1:49am
Quoting hazelj80
{quote} That's technically true but the prices aren't that much different. And futures still doesn't have as much volume
Hey hazelj80,

I don't find any issues but I am not a scalper or short term trader. I mostly trade the EURO on the futures market. End of day trading has between 750K to a bit over a million in volume each day. More than enough to cover several contracts.

To each his own. I prefer Futures mainly for commodities but since EURO is better deal on Futures I will trade it there.

- Ric
Be humble or get humbled
  • #6,559
  • Jul 11, 2021 11:16am Jul 11, 2021 11:16am
Quoting riclater211
{quote} Hey hazelj80, I don't find any issues but I am not a scalper or short term trader. I mostly trade the EURO on the futures market. End of day trading has between 750K to a bit over a million in volume each day. More than enough to cover several contracts. To each his own. I prefer Futures mainly for commodities but since EURO is better deal on Futures I will trade it there. - Ric
I like to trade intraday because I want to be able to eventually take advantage of us tax benefits under the IRS 475 rule. You are treated as an investor under the tax code if you swing trade
  • #6,560
  • Jul 11, 2021 7:57pm Jul 11, 2021 7:57pm
Quoting hazelj80
{quote} I like to trade intraday because I want to be able to eventually take advantage of us tax benefits under the IRS 475 rule. You are treated as an investor under the tax code if you swing trade
Hey hazelj80,

I totally get what you are trying to do but it is not as easy as it sounds. Especially if you start to pull in some real cash. Making a few thousand bucks the IRS will not notice you at all. Start making a yearly salary and it will be a whole different story. Look into a tax specialist who has a track record of USA based spot Forex traders. Someone like Robert Green at Green Trader Tax. Even if you just use them a few times and study your return afterwards so you can do it yourself, it is well worth the money.

Good Luck,

- Ric
Be humble or get humbled
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