Anyone been banned from Oanda for Scalping | Forex Factory

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Anyone been banned from Oanda for Scalping

  • #1
  • First Post: Nov 17, 2007 6:22pm Nov 17, 2007 6:22pm
Just curious if this has happened to anyone here, or if anyone knows what they consider bannable. If someone were to scalp 5 pips from them on a regular basis do you think they would care? thanks.
***Building an EMPIRE one pip at a time***
  • #2
  • Nov 17, 2007 6:46pm Nov 17, 2007 6:46pm
They don't care as long as you pay the spread first
Robonacci com
  • #3
  • Nov 17, 2007 8:19pm Nov 17, 2007 8:19pm
no problem scalp on them.even 1-2 pips
  • #4
  • Nov 18, 2007 4:29pm Nov 18, 2007 4:29pm
I hardly ever wait for more than 20 pips before I close a position.

I've done a lot of 5-10 pip orders and I'm not banned???
  • #5
  • Nov 18, 2007 4:33pm Nov 18, 2007 4:33pm
If I were your broker I would encourage you to scalp as much as you possibly could.
  • #6
  • Nov 18, 2007 7:08pm Nov 18, 2007 7:08pm
Quoting philmcgrew
If I were your broker I would encourage you to scalp as much as you possibly could.
You would encourage scalping only if you are a broker that is hedging his whole book.
Oanda reckons that they hedge all trades. I'm not saying that they encourage scalping but they seem to turn a bit of a blind eye.
But if you were a market maker that kept all trades in house then scalping would not be allowed.
  • #7
  • Nov 18, 2007 7:13pm Nov 18, 2007 7:13pm
Quoting PipStar
But if you were a market maker that kept all trades in house then scalping would not be allowed.
Why not? Who do you think keeps the spread?
  • #8
  • Nov 18, 2007 7:55pm Nov 18, 2007 7:55pm
I've contacted Oanda a few days ago to ask about this (scalping), and they told me "You can trade as often as you wish, anytime, as long as you are not using illegal means to manipulate the trading platform."

So...seems to me they don't care what you do as long as you pay the spread and play by their rules without manipulating the platform...and I don't even know what "platform manipulation" actually is.
"I say high, You say low, You say why, and I say I don't know..."
  • #9
  • Nov 19, 2007 12:35am Nov 19, 2007 12:35am
Quoting philmcgrew
If I were your broker I would encourage you to scalp as much as you possibly could.
Actually, only brokers that posts our orders directly into the interbank would love you to scalp as much as possible. If I open/close 100 x $100K positions everyday, I am giving the broker 100x more business than someone who trades only once a day.

The other brokers that play games with traders dont like scalpers.
  • #10
  • Nov 19, 2007 1:04am Nov 19, 2007 1:04am
"platform manipulation", or whatever they call it, it to use a faster feed than Oanda and scalp.. you'll have your positions for 1-2 seconds. that way, I guess they will ban you.
Fay All Time Return: -98.7%
  • #11
  • Nov 19, 2007 3:16am Nov 19, 2007 3:16am
Quoting fayz0r
"platform manipulation", or whatever they call it, it to use a faster feed than Oanda and scalp.. you'll have your positions for 1-2 seconds. that way, I guess they will ban you.
You wont even be able to do that with oanda. They shade the price marginally in order to avoid these situations. And if price moves when you click buy or sell you get slipped a fraction of a pip. Therefore, there is no arbitrage (or manipulation) opportunity with them.
  • #12
  • Nov 19, 2007 10:44am Nov 19, 2007 10:44am
Quoting BurgerKing
Actually, only brokers that posts our orders directly into the interbank would love you to scalp as much as possible. If I open/close 100 x $100K positions everyday, I am giving the broker 100x more business than someone who trades only once a day.

The other brokers that play games with traders dont like scalpers.
Well said.
Trainee at UBS Investment Banking
  • #13
  • Edited 6:45pm Nov 19, 2007 11:29am | Edited 6:45pm
I think it's better to ask the question like this "Anyone been banned from Oanda for Scalping and Making Money Consistently?"

I don't think a MM or Oanda would care about what styles you are trading if you are losing money all the time or ones are just trading mini lots. They would be very happy to encourage you to scalp or trade as much as you can provided that you are losing money all the time.

I doubt if a MM would allow its clients to scalp and make a good amount of money day by day and month by month, say 20K or more per month. It's quite logical for a MM to do something to these clients after one month or two.

So if someone who are making large amount of money consistently say that he has been taking away money for a pretty long period of time, that would be more convincing.

I think those who are spending time and money tarding no matter on demo, mini or standard lots, would like to trade with a broker that is fair to us at all time, not soley when we are losing or not so successful.

P.S. I am not saying Oanda is not good at all. In fact, it looks good to me, the 0.9pip for EURUSD in particular.
  • #14
  • Nov 19, 2007 12:24pm Nov 19, 2007 12:24pm
Guys...those who are trading micro lots (like me)...I don't think we have to worry about it, I think micro lot traders don't go "under the radar" no matter what their trading style and results are. Maybe I'm totally wrong here, but I really don't see Oanda calling me on the phone to tell me that I have to keep my 1000 units trades opened for more than 10 minutes because they can't "hedge" my positions

Anyway, like Pipal said it would be nice to hear from someone who's actually trading standard lots and making money consistently month after month. There are all kind of traders here with different strategies and different account size, if this is the most popular and large forex forum on the internet (and we know it is), and you tell me that there's absolutely no one here scalping with Oanda using standard lots...well...that makes you think

my 0.02
"I say high, You say low, You say why, and I say I don't know..."
  • #15
  • Nov 19, 2007 1:08pm Nov 19, 2007 1:08pm
I've never heard of anyone getting banned from oanda. Actually I've only heard good things about them. I have a demo account with them, I've not tried them live yet. I like their spreads.
  • #16
  • Nov 23, 2007 1:01pm Nov 23, 2007 1:01pm
Quoting Ricardo.
Guys...those who are trading micro lots (like me)...I don't think we have to worry about it, I think micro lot traders don't go "under the radar" no matter what their trading style and results are. Maybe I'm totally wrong here, but I really don't see Oanda calling me on the phone to tell me that I have to keep my 1000 units trades opened for more than 10 minutes because they can't "hedge" my positions

Anyway, like Pipal said it would be nice to hear from someone who's actually trading standard lots and making money consistently month after month. There are all kind of traders here with different strategies and different account size, if this is the most popular and large forex forum on the internet (and we know it is), and you tell me that there's absolutely no one here scalping with Oanda using standard lots...well...that makes you think

my 0.02

Does OANDA offers trailing stops?
  • #17
  • Nov 23, 2007 1:30pm Nov 23, 2007 1:30pm
No, they don't.
"I say high, You say low, You say why, and I say I don't know..."
  • #18
  • Nov 24, 2007 11:44pm Nov 24, 2007 11:44pm
some ppl might disagree, but Oanda imo is the safest bet for anyone starting under 10k. You can't accept perfection in this market trading 1000~10,000 units/amount. Your order don't even go through to the real interbank market. Ultimately with such puny accounts, you are dealing directly with ur broker. At least Oanda is more "ethical" relatively compared to the rest of desk dealers. They have their own problems, but its nothing compared to others.
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  • #19
  • Nov 25, 2007 2:15am Nov 25, 2007 2:15am
I second that.

Regards - Xaron
  • #20
  • May 4, 2008 3:11pm May 4, 2008 3:11pm
Ricardo,

trailing stops or take profit with Oanda can be done very easily graphically. You can take your (example) TP green line and drag it on the chart to where you want. Your TP will be adapted accordingly.
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