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Australians using Oanda?

  • #21
  • Mar 10, 2009 2:14am Mar 10, 2009 2:14am
Quoting Antra
Not long ago they were looking for beta testers for a trailing stop so I think they will implement it in due course.
The trailing stop function is already implemented in all FxGame accounts.
Works nicely
  • #22
  • Mar 10, 2009 5:20am Mar 10, 2009 5:20am
different opinions:
java platform is unstable and their quotes are not worth looking at (for scalping), I hided everything except buy/sell button and position/order window.

t/s is enabled on fxgame as many said

use a limit order will resolve market order slippage, on average saves 2-3 pips per round trip, for ecn you also need to use limit order instead of market order.

Quoting FX__jake
Hello

Good Things

- Simple intuitive platform
- Java based platform makes for easy access to your account

Bad Things

- No trailing stop
- You will see slippage if you get into the scalping game, I have seen this personally and I have seen a brilliant 'experiment' done that suggests OANDA (like all of the other brokers) will slip you once you are identified as profitable
  • #23
  • Mar 10, 2009 6:20am Mar 10, 2009 6:20am
Quoting billye
different opinions:

use a limit order will resolve market order slippage, on average saves 2-3 pips per round trip, for ecn you also need to use limit order instead of market order.
Hi Billye

My experience with OANDA, and other brokers, has been that slippage will creep up even when your limit orders are in the system (sometimes these orders are in for days before being triggered, and they still get slipped).

I have found that, if you want to get slipped, by any broker, including OANDA, all you have to do is:


1. Trade Profitably
2. Take small profits (scalp)
3. Trade with a rather large account

I am certainly not the only one who has experienced these things, others have documented this with OANDA using rather ingenious experiments.

Anyway, it doesn't matter, I still hold an account with OANDA and I am still happy, but they are still like any other broker in that they love to make it tough on the profitable scalpers out there.
  • #24
  • Mar 10, 2009 6:43am Mar 10, 2009 6:43am
ok.. maybe I will meet later,

but moving from market order (open/close position) to limit order improves 2-3 pips per round trade for me.

Quoting FX__jake
Hi Billye

My experience with OANDA, and other brokers, has been that slippage will creep up even when your limit orders are in the system (sometimes these orders are in for days before being triggered, and they still get slipped).

I have found that, if you want to get slipped, by any broker, including OANDA, all you have to do is:


1. Trade Profitably
2. Take small profits (scalp)
3. Trade with a rather large account

I am certainly not the only one who has experienced these things, others have documented this with OANDA using rather...
  • #25
  • Mar 11, 2009 4:48am Mar 11, 2009 4:48am
No worries Geoff.Pleasure mate.
I think your in fairly safe hands,you shouldnt get too much grief.They have been around for quite some time.Well,if @#&* does hit the fan you won't be alone lol
I found out a few days ago that they are running the trailing stops on game(as others have mentioned)so i guess if you like this it gives a little more flexibility.
Take it easy ok and i am sure i will see you around the forum.

Cheers
Steve
  • #26
  • Edited 12:28am Mar 13, 2009 12:09am | Edited 12:28am
Sorry guys, I ahve to disagree with some commnets about LIMIT orders. You should never experience slippage on a LIMIT order - it does not matter who the broker is.

A limit order is exactly that; a LIMIT order.

It means (using buy/long for example), fill me at no higher than the price I have specified ... ie. my limit is XXX.XX

If your order is slipped and filled at a higher price, then the broker has no right to do so, as you specified a LIMIT price at which to be filled, and not a pip higher. If you miss out on the fill then so be it, but you should never be filled at a higher price than your limit order dictates.

As a footnote ... if the market was to gap down, yes in theory you could be filled at a price lower than your limit ... but of course this is ok, as your order was fulfilled at no more than the price specified. You will find most brokers will not give this advantage though if price gaps in your favour - they'll fill you where you wanted and they'll pocket the gap difference.

EDIT: Let me just clarify ... some brokers may require you to enter 'bounds' ... these are outside limits to your limit order. Sounds crazy, but you may require this as well to protect you from slippage in the event that the broker operates their platform in this way (Oanda I believe is one of these).
  • #27
  • Mar 14, 2009 8:04pm Mar 14, 2009 8:04pm
Quoting JohnnyFOREX
Sorry guys, I ahve to disagree with some commnets about LIMIT orders. You should never experience slippage on a LIMIT order - it does not matter who the broker is.
I agree.

But it has happened and it does happen.

I traded a system whereby I had limit orders to enter at every pip and exited three pips away.

For about a month I ran this system on OANDA with no problems. Then, once the account had been identified as an "A" account something strange started to happen... the limit orders were slipped a pip or more so that now the profit has been reduced by 1/3 to 1/2.

These orders were entered days, sometimes weeks, before the market approached the entry price. This essentially spelled the end of the system (unless one was willing to take on additional risk by extending the profit target a pip or more, which I was not willing to do).

Sad, but true.
  • #28
  • Last Post: Mar 15, 2009 4:13am Mar 15, 2009 4:13am
johnny: after jake's reminder I do found they slip on limit orders.
for me it's on target 95% of the time and 5% times it slips 0.3 pips.

thanks for suggestion of using a bound,
I tried to config a default +-0.5pip bound, maybe could be useful oneday.

Quoting JohnnyFOREX
Sorry guys, I ahve to disagree with some commnets about LIMIT orders. You should never experience slippage on a LIMIT order - it does not matter who the broker is.

A limit order is exactly that; a LIMIT order.

It means (using buy/long for example), fill me at no higher than the price I have specified ... ie. my limit is XXX.XX

If your order is slipped and filled at a higher price, then the broker has no right to do so, as you specified a LIMIT price at which to be filled, and not a pip higher. If you miss out on the fill then so be it, but...
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