Is Oanda good for 10-20 lots scalping? | Forex Factory

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Is Oanda good for 10-20 lots scalping?

  • #1
  • First Post: Edited 11:50pm Oct 25, 2007 11:37pm | Edited 11:50pm
Hi all,

Is Oanda good for 10-20 lots scalping? Do they like / allow you to take profits every month (provided that you manage to trade successfully)? I learn that there are lots of brokers allowing you to scaple if you keep losing money all the time, but will stop you in different ways if you are making money consistently.

I tend to look for less pips (3-8 pips) with more lots (10-20 lots). So I usually hold trades for <1 to 10 mins only. I may hold longer if the market looks good to me.

I aim to trade for a living so a broker that allows me to take profits from time to time is a prerequisite.
  • #2
  • Oct 26, 2007 12:53am Oct 26, 2007 12:53am
Yep this is possible. The maximum amount you can instant trade at Oanda are 100 lots (=10M units).

You can do scalping as well, several trades in a minute are not a problem. You only should be aware that the spread is widened during news times.

Oanda is different to other market makers. They don't have a dealing desk and make their income from the spreads.

Last but not least: If you really want to scalp you should try an ECN broker not a market maker. If you want to scalp with a market maker, Oanda is the best choice.

Regards - Xaron
  • #3
  • Edited 7:53pm Nov 13, 2007 7:37pm | Edited 7:53pm
Thanks Xaron , 0.9pip for Eur/Usd is unbeatable. I have tried Oanda Demo. The platform is ok to me. But when I take profit say at 1.4602, it turns out to be 1 pip worse. I guess Oanda may do some trick over that. If that is the case, the spread could be more than 0.9 pip. To me, 0.9pip is too tight to be true, as most people will buy EUR and make money quite easily if they are not so greedy. I am doubtful if Oanda can make a hedge effectively if so many people is buying EUR in a fast market. If they can't, and they are honest enough, they are losing money from their pocket.
  • #4
  • Nov 13, 2007 8:34pm Nov 13, 2007 8:34pm
Quoting pipal
Thanks Xaron , 0.9pip for Eur/Usd is unbeatable. I have tried Oanda Demo. The platform is ok to me. But when I take profit say at 1.4602, it turns out to be 1 pip worse. I guess Oanda may do some trick over that. If that is the case, the spread could be more than 0.9 pip. To me, 0.9pip is too tight to be true, as most people will buy EUR and make money quite easily if they are not so greedy. I am doubtful if Oanda can make a hedge effectively if so many people is buying EUR in a fast market. If they can't, and they are honest enough, they are losing money from their pocket.
yes,same problem here.when u close your trade,price will slipped 1-2pips.that mean u will win less but lose more in your want to close your -ve positions.
  • #5
  • Nov 14, 2007 2:26am Nov 14, 2007 2:26am
I am trading by Oanda brokers and I am facing any such issues with them. I am making money good money and they have never tried to stop me when ever I scaple.
  • #6
  • Nov 14, 2007 3:12am Nov 14, 2007 3:12am
@pipal: If you use limit orders you get almost instant fills. If you use market orders you don't get the price you see but of course the price on the server. As the client always lags a little bit behind the server there might be some deviation - sometimes in your favor, sometime not! To be honest Oanda doesn't want to rip me off, I often get better prices than I see!

Regards - Xaron
  • #7
  • Nov 14, 2007 5:23am Nov 14, 2007 5:23am
Hi guys, thanks for your comments.

I am just curious about the tight spread at Oanda and I had very bad experiences with other MMs before. I am now trading on ECN. The normal spread is 1pip sometime 2 or 3. Plus the commission you have to pay about 2-2.5 pips for EUR/USD. As I tend to scalp a lot, the 0.9pip is really attractive to me. Perhaps I may need to have a try at Oanda, and see if they are really fair enough.
  • #8
  • Nov 14, 2007 5:38am Nov 14, 2007 5:38am
You can get a spread of 0.5 using an ECN broker.

Regards - Xaron
  • #9
  • Nov 14, 2007 6:07am Nov 14, 2007 6:07am
Quoting Xaron
You can get a spread of 0.5 using an ECN broker.

Regards - Xaron
0.5pip! Please kindly PM me which ECN you are talking about. I am very interested. What about the commission rate?

If the commission rate is about $50 per million, that would be 1.5pip for a round trip for EURUSD (1.46 x $50 x 2 = 1.46pip). So adding 0.5 pip, that would be 2 pip. If sometime the spread widens to 1pip or more, that would be 2.5pips or even more.

In a nutshell, the commission rate should be on the low side, about $20 or less per million. $50 per million is really a bit high.
  • #10
  • Nov 14, 2007 11:02am Nov 14, 2007 11:02am
Quoting pipal
0.5pip! Please kindly PM me which ECN you are talking about. I am very interested. What about the commission rate?

If the commission rate is about $50 per million, that would be 1.5pip for a round trip for EURUSD (1.46 x $50 x 2 = 1.46pip). So adding 0.5 pip, that would be 2 pip. If sometime the spread widens to 1pip or more, that would be 2.5pips or even more.

In a nutshell, the commission rate should be on the low side, about $20 or less per million. $50 per million is really a bit high.
you can get 0.5 pip at interactive broker.

just experienced frequent disconnect at Oanda today.This is very serious problem when you try to scalp.don't forget to put your SL!
  • #11
  • Nov 14, 2007 11:08am Nov 14, 2007 11:08am
Quoting pipal
0.5pip! Please kindly PM me which ECN you are talking about. I am very interested. What about the commission rate?
At times you can get whats called choice or 0 pip spread on CNX or Hotspotfxi. The commission is all negotiable a lot has has to do with how much volume your doing.
  • #12
  • Nov 14, 2007 11:12am Nov 14, 2007 11:12am
Quoting amenlo9
just experienced frequent disconnect at Oanda today.
This is just a reality of technology and can happen at any broker or on any platform.

This is why when dealing with large funds you want interbank access but also have a dealing desk for emergency back up
  • #13
  • Nov 14, 2007 11:40am Nov 14, 2007 11:40am
I experience disconnects with EFX way more than I do with Oanda.
  • #14
  • Edited 7:10pm Nov 14, 2007 7:00pm | Edited 7:10pm
Quoting amenlo9
you can get 0.5 pip at interactive broker.

just experienced frequent disconnect at Oanda today.This is very serious problem when you try to scalp.don't forget to put your SL!
I have tried to learn and practise the Interactive Broker demo platform (named FX Trader) many and many times. But I finally conclude that I can't handle it. It's rather difficult to use. It takes quite a while and easy to make mistakes to place orders with brackets in a fast market. There is no basic default orders like stop loss or take profit.

I am interested in its tight spread and low commission. But the platform is really wired and would kill me.

As far as I remember, IB says it's ECN-like fx trading. That means it's not that type of ECN like CNX and Hotspot.
  • #15
  • Edited 7:59pm Nov 14, 2007 7:04pm | Edited 7:59pm
Quoting bugscoe
I experience disconnects with EFX way more than I do with Oanda.
EFX/MB Trading's commission rate is $50 per million. It already equals to 1.5pip for EUR/USD.
  • #16
  • Nov 14, 2007 7:53pm Nov 14, 2007 7:53pm
Quoting turbokaos
At times you can get whats called choice or 0 pip spread on CNX or Hotspotfxi. The commission is all negotiable a lot has has to do with how much volume your doing.
Hi turbokaos, thanks very much for your information.

I have tried the Hotspotfxr (not fxi) before I use with CNX. I remember the spread is not that good, and I learned from others on the web that you can't set up stop or limit orders within 10pips, and a trip per million is about $60. So I gave up further talking to Hotspot.

I am now using CNX. Commission rates is $12/mil. As for the spread of EURUSD, normal is 1pip, Asian & quite sessions 1-2 pips, rarely 3. Choice (0 pip) happens but not that common, only happens when the bid & offer doesn't match. It's gone within seconds. And you just have the luck to have choices when you get in and out. So I don't expect to trade with choices.

On average I traded 30-50mil a day, sometime more and sometime less. So the spread and commission are important to me. If I can trade 0.5-1pip less per trade, I can save $1500-$5000 a day.

So please let me know the brokers out there, with tight spread consistently 1 or below for EUR/USD, commission rate is around $12/mil, mimimal deposit about $50-75K. I would be very interested to talk to them for a switch.
  • #17
  • May 4, 2008 2:59pm May 4, 2008 2:59pm
I scalp with Oanda. Till now only 1 mini lot. Always market orders on EURUSD. Execution is INSTANTANEOUSLY ! Slippage is no problem at all. I often close my position at the top (high) of a bar. I did about 100 trades in 13 trading days. I am a very happy customer of Oanda . Never have interruptions and in 100 trades i had never 1 re-quote. I live in Belgium. I make small profits (because of small lots)

I am very curious if all will remain the same if I slowly increase the lot size till 50 full lots .

I tried several other brokers, but ...
It's not only the spread of only 0.9 pips (99% of the time) but also the smooth problem free lightning fast execution that makes trading with Oanda such a fantastic experience.
  • #18
  • May 9, 2008 11:16am May 9, 2008 11:16am
Quoting CatMan
I scalp with Oanda. Till now only 1 mini lot. Always market orders on EURUSD. Execution is INSTANTANEOUSLY ! Slippage is no problem at all. I often close my position at the top (high) of a bar. I did about 100 trades in 13 trading days. I am a very happy customer of Oanda . Never have interruptions and in 100 trades i had never 1 re-quote. I live in Belgium. I make small profits (because of small lots)

I am very curious if all will remain the same if I slowly increase the lot size till 50 full lots .

I tried several other brokers, but ...
It's not only the spread of only 0.9 pips (99% of the time) but also the smooth problem free lightning fast execution that makes trading with Oanda such a fantastic experience.
you're gonna see "slippage" soon if you keep profitable.
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #19
  • May 9, 2008 1:12pm May 9, 2008 1:12pm
Quoting eyecelll
you're gonna see "slippage" soon if you keep profitable.
That's not true.

Regards - Xaron
  • #20
  • May 9, 2008 2:12pm May 9, 2008 2:12pm
Use 'bounds' if you are worried about slippage.
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