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Oanda platform driving me nuts!

  • #1
  • First Post: Oct 21, 2005 12:42am Oct 21, 2005 12:42am
Well since refcos going outta buissness I'm forced to learn another platform I choose Oanda because I'm choosing to start with $300.00 First off I cannot find any sound, I can't here pip movement or my auto closes Refco had a neat cash register sound when I set my limit order and it was met, if I was on the couch I could here it it was great, oanda, I can't find a sound option. Also where do you find the option to have a trailing stop???? I can't find that anywhere on my demo platform. Also on a real account is 50:1 leverage all you get? even with my demo I cannot get 50:1 I try to put that option in and all it allows me is 20:1 Driving me nuts trying to use a new platform... I do like the 1.5 pip spread so I'll try to understand this platform. Unless theres another platform out there with this tight of spread and doesn't care if I open an account with $300.00 Any help out there guys?


Thanks,

Mike.
***Building an EMPIRE one pip at a time***
  • #2
  • Oct 21, 2005 1:01am Oct 21, 2005 1:01am
Quoting Gyva
Also on a real account is 50:1 leverage all you get? even with my demo I cannot get 50:1 I try to put that option in and all it allows me is 20:1
I can't help you with the platform as I don't do Oanda.

Is 50:1 leverage all you GET???? Man, that is like 10 or 15 times more than you need!

That 50:1 is the maximum leverage available to you. But, you set your own leverage with each trade by the formula "Position Size / Account Balance"

Example: you buy 20,000 units at Oanda. Your account is at $10,000 this give a true leverage of 2:1 and that is plenty. You could push up to 5:1 if you're feeling lucky, but I wouldn't recommend it until you've got some experience.

Just trying to help protect you. I hope you don't mind.

Dial
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  • #3
  • Oct 21, 2005 1:06am Oct 21, 2005 1:06am
Ya I love help, who doesn't. Keep it coming. I would like to know what other platforms are out there. Can anyone give me a list of potential platforms so I can shop around a bit. The fact that Oanda doesnt have a trailing stop feature really makes me want to shop around. Anything else out there that I could start with $300.00.... which will be a challenge in itself, Refco is sending my money order back to me so now I got to turn that back into cash somehow with there name on it.... Oh... the drama.... lol



Mike...
***Building an EMPIRE one pip at a time***
  • #4
  • Oct 21, 2005 2:20am Oct 21, 2005 2:20am
Quoting Gyva
Ya I love help, who doesn't. Keep it coming. I would like to know what other platforms are out there. Can anyone give me a list of potential platforms so I can shop around a bit. The fact that Oanda doesnt have a trailing stop feature really makes me want to shop around. Anything else out there that I could start with $300.00.... which will be a challenge in itself, Refco is sending my money order back to me so now I got to turn that back into cash somehow with there name on it.... Oh... the drama.... lol



Mike...
Mike,
FXCM has a very good platform. Proceed with caution though, they are a tough opponent.
I was here, here I was. Was I here? Yes I was!
  • #5
  • Oct 21, 2005 2:43am Oct 21, 2005 2:43am
I'm not understanding, what does tough opponent mean? thanks


Mike
***Building an EMPIRE one pip at a time***
  • #6
  • Edited 3:26pm Oct 21, 2005 4:48am | Edited 3:26pm
You can try InterbankFX, they are using a GTS platform, which I think is reliable, and their EURUSD spread is 2 pips...

I'm using CMS, a magnificent platform, but spreads are normal 3/4 on the majors...
  • #7
  • Oct 21, 2005 5:29am Oct 21, 2005 5:29am
Quoting Gyva
I'm not understanding, what does tough opponent mean? thanks


Mike
have a look at this thread Mike, it may make more sense.
http://www.forexfactory.com/forexfor...ead.php?t=3132

Steve
I was here, here I was. Was I here? Yes I was!
  • #8
  • Oct 21, 2005 8:24am Oct 21, 2005 8:24am
I don't like Oanda platform, but they pay interest by the second, let u trade any amount, have exotic pairs, low spreads, pay interest on your acct balance. These overcome the platform fo me.
SJ
  • #9
  • Oct 21, 2005 8:46am Oct 21, 2005 8:46am
Oanda's tradable margin is 50:1. They carry you up to 100:1 however. It's all outlined in their margin call statement.

If you lose all margin ($0), they don't margin call you, they carry you up to 100:1 margin leverage. That is basically double what you were trading with.
This gives you time to "load shed" some units or ride it out for a reversal.

There is no sound option. It's a Java applet and that would seriously overtax java resources, so to keep the platform reliable, it has what you absolutely need as far as frills and nothing else. But it is able to connect through office firewalls where most others won't.

Oanda is a very successful broker that has posted the most forex transactions of all the brokers two years running.

I don't think traders are as hung up on the leverage as you may think.
Capital Preservation is key to long term wealth accumulation
  • #10
  • Oct 21, 2005 12:55pm Oct 21, 2005 12:55pm
I'm finding that I'm liking Oanda more and more nowadays. The charts are a bit primitive but I can use another feed anyhow.

The findings you quoted, is that based on a report we can check out..?

Quoting MuddBuddha
Oanda's tradable margin is 50:1. They carry you up to 100:1 however. It's all outlined in their margin call statement.

If you lose all margin ($0), they don't margin call you, they carry you up to 100:1 margin leverage. That is basically double what you were trading with.
This gives you time to "load shed" some units or ride it out for a reversal.

There is no sound option. It's a Java applet and that would seriously overtax java resources, so to keep the platform reliable, it has what you absolutely need as far as frills and nothing else. But it is able to connect through office firewalls where most others won't.

Oanda is a very successful broker that has posted the most forex transactions of all the brokers two years running.

I don't think traders are as hung up on the leverage as you may think.
  • #11
  • Oct 21, 2005 1:16pm Oct 21, 2005 1:16pm
Quoting MuddBuddha
Oanda's tradable margin is 50:1. They carry you up to 100:1 however. It's all outlined in their margin call statement.

If you lose all margin ($0), they don't margin call you, they carry you up to 100:1 margin leverage. That is basically double what you were trading with.
This gives you time to "load shed" some units or ride it out for a reversal.

There is no sound option. It's a Java applet and that would seriously overtax java resources, so to keep the platform reliable, it has what you absolutely need as far as frills and nothing else. But it is able to connect through office firewalls where most others won't.

Oanda is a very successful broker that has posted the most forex transactions of all the brokers two years running.

I don't think traders are as hung up on the leverage as you may think.
I have been trading with them since early this year and am very happy and would never change to another. :noway:
  • #12
  • Oct 21, 2005 2:14pm Oct 21, 2005 2:14pm
If I were in your shoes I'd stay with Oanda. With other brokers you'll be forced to risk a minimum of 4%-5% per trade which is far too much. You won't get a chance to use the most important skill of all, risk management. At least with Oanda you can trade micros and give yourself a chance to learn something. As for leverage, you should not be considering more than 20:1 in my honest opinion.


Steve
I was here, here I was. Was I here? Yes I was!
  • #13
  • Oct 21, 2005 2:58pm Oct 21, 2005 2:58pm
Quote
Originally Posted by SterlingTDR

If I were in your shoes I'd stay with Oanda. With other brokers you'll be forced to risk a minimum of 4%-5% per trade which is far too much. You won't get a chance to use the most important skill of all, risk management. At least with Oanda you can trade micros and give yourself a chance to learn something. As for leverage, you should not be considering more than 20:1 in my honest opinion.

I don't know about a live account, but my demo with InterbankFX lets me trade microlots with MT4. Although, I think I remember reading someone else's post that microlots worked on a live account also. Their website boasts 2 pip euro spreads and automated trailing stops.

http://www.interbankfx.com/

I don't know how they are as broker because I don't have a live account, and I don't see them on FF's preferred brokers page, but maybe someone else can answer that.

Good Luck,
Jimy
  • #14
  • Oct 21, 2005 4:42pm Oct 21, 2005 4:42pm
We have two patrons in the chat room that are very unhappy with interbank. At least one of them is moving. I can't speak of them other than that. I have used Oanda, forex.com, and refco.

Oanda's charts do exactly what I need them to. I don't liket to get overly complicated anyway. And I enjoy the pip spread which is by far the best in the industry.
Capital Preservation is key to long term wealth accumulation
  • #15
  • Oct 21, 2005 4:49pm Oct 21, 2005 4:49pm
Here's the link to Oanda's trading benefits page:

http://fxtrade.oanda.com/about/about_fxtrade.shtml

I'll have to look around more for the carrying to 100:1.

Just drain the demo down to 0% margin and watch teh available continue to grow even though the margin available is 0%.

I used that option to pull in a major trade on the EUR climb. I knew I wouldn't get called, so I opened with the largest amount.

I don't do it normally. It would be stupid and dangerous. But the EUR was in a definite push and it netted quite a bit.
Capital Preservation is key to long term wealth accumulation
  • #16
  • Oct 21, 2005 5:58pm Oct 21, 2005 5:58pm
Quote
Originally Posted by MuddBuddha

We have two patrons in the chat room that are very unhappy with interbank. At least one of them is moving. I can't speak of them other than that. I have used Oanda, forex.com, and refco.

Thanks MuddBuddha, I'll keep that in mind when I open a live account!

I do like the MT4 charts, they just seem user friendly to me. I guess I could use a demo account chart through Metaquotes, and then trade with Oanda, or another broker. I have used vttrader, which I thought was alright, but read a lot of negative remarks about them as well.

From what I've heard here, I wish Tradestation provided a demo, but to my knowledge they don't. (And to you guys who use tradesatation (I think it's because you can trade futures off it as well as forex) when in your career did it become worth the money. Or, maybe you had to have it, or another platform to trade futures in the first place?)

And then I read about "feeds" on MT4 showing totaly different charts. So if I base a a trade off charts in MT4, it might not be true on Oanda?

When you guys talk about "feeds" are you referring to different brokerages? And how do you set up different feeds if not with a demo? And Is the demo feed the same as if you had a live account?

I know, lots of questions. The more I read this forum the more questions I have.

As always, thanks in advance,
Jimmy
  • #17
  • Last Post: Mar 3, 2007 7:50pm Mar 3, 2007 7:50pm
I have been trading with Oanda and in the past their charts where horrible. They surprised a lot of people when they introduced Ichimoku cloud recently. I like them because I can trade from a safe operating system, Mac OSX. I also like the ability to move my stop by clicking on the chart and just moving it. Very visual. If you think of it give them kudos for the Cloud and ask them to complete the process with Pivot Points.

50:1 is protection for YOU. Leverage is a two edged sword. You know that you have become a great trader when you move from being concerned about how much money you make or loose to the satisfaction of an excellently executed trade. The game then becomes a craft. If your thrill is in the execution the money will come.


andromeda



Quoting Gyva
Well since refcos going outta buissness I'm forced to learn another platform I choose Oanda because I'm choosing to start with $300.00 First off I cannot find any sound, I can't here pip movement or my auto closes Refco had a neat cash register sound when I set my limit order and it was met, if I was on the couch I could here it it was great, oanda, I can't find a sound option. Also where do you find the option to have a trailing stop???? I can't find that anywhere on my demo platform. Also on a real account is 50:1 leverage all you get? even with my demo I cannot get 50:1 I try to put that option in and all it allows me is 20:1 Driving me nuts trying to use a new platform... I do like the 1.5 pip spread so I'll try to understand this platform. Unless theres another platform out there with this tight of spread and doesn't care if I open an account with $300.00 Any help out there guys?


Thanks,

Mike.
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