Maybe you should have added .... trading with Oanda, no complaint.
And you'll have answers only from Oanda STAFF
- #29
- Aug 5, 2008 3:08am Aug 5, 2008 3:08am
- | Joined Jun 2008 | Status: Don't do more, do less better! | 259 Posts
a bucketshop like Oanda will be manually trading against you?
truthy, I think you'll find everything is pretty much automated nowadays with virtual dealers and complex software algorithms, along the lines of the Boston Technologies virtual dealer bolt-on for marketmakers using Metatrader as their platform
- #30
- Aug 5, 2008 8:38am Aug 5, 2008 8:38am
Is too soon for you to sing "Victory!"
So, enjoy as much as you can your "no problem".
)anyway , i've been trading also 10 lots with no problem, yes sometime a little discrepancy in the price confirmation, but nothing worse than the mt4 brokers. I tell you, I've been changing brokers, I tried them all i guess. They all have some dirty little secret.. but this is not an excuse for losses. If you have a strategy that works you make money, if you don't..you just f*&in' don't.
Every loser in this market is feeling like a genius because he could make 100 pips one month ago. And soon he loses and... "oh my god, this is impossible, i'm a genius, it must be the broker's fault!!"
Get real guys. Brokers do their games. Ok. Then learn to do yours.
(Lost....
)
Fuck Forex Factory
- #31
- Aug 6, 2008 1:49am Aug 6, 2008 1:49am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
U can believe it or not i trade with oanda with great results since 1,5 year.
They let me triple my account in less than half year.
I didnt notice stop hunts as someone suggest.Many times my sl has been missed by 1pip and onada didnt use it against me.Sometimes they hunt me down by 1pip with spike but only because i put sl badly when i checked qoutes from other broker and comparing to oanda's ones results will be the same.
Small spreads and leverage manipulation is big advantage of this broker.
Try to play in longer term then you wont give them possibilities to hunt you down
Don't listen to the complainers. There are thousands of traders who have no complains with Oanda. Of course there are always a dozen who cry.
But yes, there are some drawbacks:
- Oanda is a market maker not an ECN (but 1000% better than most of the MT4 bucket shops)
- You will always get the price on their server not the price you see on your client. In 99% this will be the same, but during news this might not be the case.
- Oanda has spread widening up to 25 pips in the GBP/USD and 10 pips in the EUR/USD during news
- DON'T TRADE THE NEWS (not with Oanda, not with any bucket shop)
- they don't have Metatrader but a Java platform (not a disadvantage for me!)
- sometimes the connection is bad
The advantages:
- they don't have Metatrader but a Java platform (for me this is a plus!)
- very good swaps
- you get interest for your free margin (computed second by second)
- very tight spreads (0.9 for the EUR/USD, 2.5 for the GBP/USD)
- instant fills
- almost no slippage
- trade sizes down to one single unit
- sub accounts in some currencies (EUR, GBP, USD, JPY, CAD ...)
There are sometimes misspikes but Oanda always paid my(!) money back. They do a rollback in these cases.
What's also a good sign: They have own forums. And they don't delete negative posts.
Regards - Xaron
- #33
- Aug 6, 2008 2:21am Aug 6, 2008 2:21am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
lostinspace I know your points and you're right, Oanda isn't perfect. But they don't rip off their customers. I think you're a smart guy who trades bigger amounts of money than typical "starters". I have to admit: If you have a bigger account, go on and use an ECN (in general, not for you. ).
To your questions:
If there is a rollback you are back in your trade (if your SL was wrongly hit). If you got into a trade due to a misspike, there won't be a trade after the rollback.
Here's a screenshot from a small sub account of mine where you can see such a rollback (misspike hit my SL) for the EUR/USD on november the 25th 2007 (even margin called accounts were rollbacked completely):
http://www.xaron.net/dl/fx/2008/euru...lback_1107.png
Regards - Xaron
).To your questions:
If there is a rollback you are back in your trade (if your SL was wrongly hit). If you got into a trade due to a misspike, there won't be a trade after the rollback.
Here's a screenshot from a small sub account of mine where you can see such a rollback (misspike hit my SL) for the EUR/USD on november the 25th 2007 (even margin called accounts were rollbacked completely):
http://www.xaron.net/dl/fx/2008/euru...lback_1107.png
Regards - Xaron
- #34
- Aug 6, 2008 2:43am Aug 6, 2008 2:43am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
Here comes another example: I got a fill using a stop buy order (a simple EUR/USD long grid) where the real quote never reached the order level:
http://www.xaron.net/dl/fx/2008/euru...ill_191007.png
And here's the transactions log with the rollback:
http://www.xaron.net/dl/fx/2008/euru...ack_191007.png
In this particular case I contacted the customer service and they advised me to close the open order. After that they funded my account with the loss...
This has happened only once, and I execute really a lot of orders per day.
Regards - Xaron
http://www.xaron.net/dl/fx/2008/euru...ill_191007.png
And here's the transactions log with the rollback:
http://www.xaron.net/dl/fx/2008/euru...ack_191007.png
In this particular case I contacted the customer service and they advised me to close the open order. After that they funded my account with the loss...
This has happened only once, and I execute really a lot of orders per day.
Regards - Xaron
- #35
- Edited 3:33am Aug 6, 2008 3:01am | Edited 3:33am
- | Joined Jun 2008 | Status: Don't do more, do less better! | 259 Posts
lostinspace I know your points and you're right, Oanda isn't perfect. But they don't rip off their customers. I think you're a smart guy who trades bigger amounts of money than typical "starters". I have to admit: If you have a bigger account, go on and use an ECN (in general, not for you.
To be honest I prefer a bucketshop over a (pretend?) ECN or even a genuine ECN. My orders gets filled at the price I clicked most of the time, and if the market is volatile (ie across fundamentals) and the price I clicked is no longer available I get requoted (better on occasions!). It's my choice if I accept or decline the requote. I don't experience partial fills, there is no unexpected or unaccepted slippage, and order types aren't restricted to just limit orders. I don't really like or need the 'real' market, the bucketshop virtual world is fine for me. Sure they smooth and shade price and spreads are probably wider but that's the trade off.
I'm not paranoid about my bucketshop marketmaker trading against me, if I were I would simply trade futures. I didn't have the same comfortable feeling towards the end of my trading experience with Oanda. For years they were fine, there are some trade blotters of mine floating around various forums somewhere. It's hard to pinpoint but since around November last year I started getting 20% slippage on more or less every trade and Oanda's quotes started floating off into some weird forex world all of their own, nowhere near the market at all!
To your questions:
If there is a rollback you are back in your trade (if your SL was wrongly hit). If you got into a trade due to a misspike, there won't be a trade after the rollback.
How about this hypothetical scenario:
Say I brought Eur/Usd at 1.5506 and being a short-term underfunded and overleveraged scalper (like the majority of new day-traders on Oanda) I took profit at 1.5516, ka-ching, nice trade! Thinking I've banked the cash and I'm flat I then go on to open a new overleveraged trade on Gbp/Usd which unfortunately goes against me (but I'm used to that happening). Again, like the majority of new traders, I hate taking a loss because we all know price will come back eventually so I hang on and pray. Suddenly out of the blue Oanda say foul, we filled your Eur/Usd take-profit on a bad tick and we're cancelling it, sorry you're back in the trade.
I'm in trouble! Price on Eur/Usd is now 1.5430, and my Gbp/Usd is also in the red.......another spike down on both pairs and it's hello margin call, goodbye account!
Even without being overleveraged, the only thing that is in our control is limiting risk and that's what gives us an edge, but with the real possibility of Oanda reversing trades even that advantage is gone.
I realize bad ticks do happen but pricing engines have all sorts of filtering to avoid them slipping though on most marketmakers platforms. Not so on Oanda, mystery spike seem to happen on a daily basis and that clearly puts us at even more of a disadvantage that we are already.
- #36
- Aug 6, 2008 3:34am Aug 6, 2008 3:34am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
For years they were fine, there are some trade blotters of mine floating around various forums somewhere. It's hard to pinpoint but since around November last year I started getting 20% slippage on more or less every trade...
A stop loss being reversed is the upside, but what about the other side of that coin, a take profit being reversed?
Yes. If it was a general issue these trades would see a rollback as well.
How about this hypothetical scenario:
Say I brought Eur/Usd at 1.5506 and being a short-term underfunded and overleveraged scalper (like the majority of new day-traders on Oanda) I took profit at 1.5516, nice trade. Thinking I've banked the cash and I'm flat I then go on to open a new overleveraged trade on Gbp/Usd which unfortunately goes against me. Again, like the majority of new traders, I hate taking a loss because we all know price will come back eventually so I hang on and pray. Suddenly out of the blue Oanda say foul, we filled your Eur/Usd take-profit on a bad tick and we're cancelling it, sorry you're back in the trade.
I'm in trouble! Price on Eur/Usd is now 1.5430, and my Gbp/Usd is also in the red.......another spike down on both pairs and it's hello margin call, goodbye account!
Haha, I like your humor.
I know what you mean, it's an interesting case. I don't know if this had ever happen yet (not the overleveraged stuff but the combination with a wrong TP). Oanda would roll back the EUR/USD in that case so you would be again in the trade. But I don't know how this would work with the margin as you would exceed the 50:1 limit in that case... Maybe an instant margin call would be the result? I think this is a very special and rare case where you would have to contact the customer service...Regards - Xaron
- #37
- Aug 6, 2008 4:03am Aug 6, 2008 4:03am
- | Joined Jun 2008 | Status: Don't do more, do less better! | 259 Posts
But I don't know how this would work with the margin as you would exceed the 50:1 limit in that case... Maybe an instant margin call would be the result?
Hehe, this has got to be a good one to give their 'helpdesk' staff a headache when the market's quiet and I'm bored.....I'll post the chat log
- #38
- Aug 6, 2008 4:06am Aug 6, 2008 4:06am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
Hehe, this has got to be a good one to give their 'helpdesk' staff a headache when the market's quiet and I'm bored.....I'll post the chat log
