FXCM or OANDA, who should I start with? | Forex Factory

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FXCM or OANDA, who should I start with?

  • #1
  • First Post: Mar 27, 2009 9:08am Mar 27, 2009 9:08am
It comes down to this.
I want to start trading Fx, nothing special just simple intraday trading the crossrates


Who do I go with ....
FXCM or OANDA.

regards
John
  • #2
  • Mar 27, 2009 9:53am Mar 27, 2009 9:53am
http://www.forexfactory.com/showthread.php?t=146555
http://www.forexfactory.com/showthread.php?t=60914

I'd choose Oanda. Personally I trade with them and they are great. The only missing feature is the full hedging possibility for me.
  • #3
  • Mar 29, 2009 10:36am Mar 29, 2009 10:36am
Yes, CERTAINLY Oanda!!

  1. Their java based platform is the best I've seen.
  2. No brokers means a very low pip spread.
  3. Near instant executions. Like 1/4 second.
  4. They even allow scalping!!
  5. Also, their accounting system is the easiest to understand.

The only downside is they widen their spread in fast markets. In this way, at least they're honest about protecting themselves. You always know what price you're getting.

  • #4
  • Mar 29, 2009 10:44am Mar 29, 2009 10:44am
support.
except for platform disconnection which can be avoided by attaching t/p, s/l.

widen before important news is good thing, so I'm informed to run away from hurt.

Quoting zozem
Yes, CERTAINLY Oanda!!

  1. Their java based platform is the best I've seen.
  2. No brokers means a very low pip spread.
  3. Near instant executions. Like 1/4 second.
  4. They even allow scalping!!
  5. Also, their accounting system is the easiest to understand.

The only downside is they widen their spread in fast markets. In this way, at least they're honest about protecting themselves. You always know what price you're getting.

  • #5
  • Mar 29, 2009 11:15am Mar 29, 2009 11:15am
Quoting hamall9
It comes down to this.
I want to start trading Fx, nothing special just simple intraday trading the crossrates


Who do I go with ....
FXCM or OANDA.

regards
John
John,

OANDA works for me as well. You can set up your platform to place trades with just one click that have your TP & SL in place in the event your power goes, etc.

I also like the OCO feature (one cancels the other) which allows me to scale in/out of trades. You can trade right from the chart as well. Move your TP and SL lines; place market or limit orders and modify them at the chart.

They are supposed to offer Trailing Stops soon. It is now in test mode on their game platform.

Wish the charts offered more flexibility and their reports were customizable.

Good luck!

GF
  • #6
  • Mar 30, 2009 4:38pm Mar 30, 2009 4:38pm
How do you place OCO orders with Oanda? I have tried several times to scalp part of my core position but thinks I'm just selling my original long.

For example, say I'm Long AUD/JPY from 64.00 for 10k units. Now I would like to put out an offer at 65.00 overnight for 5k units with a TP to buy it back at 64.50. Oanda will sell 5k units at 65.00 but will not buy it back at 64.50 because they think all I did was sell part of my long.

I for the life of me cannot figure out a way to do this without opening a 2nd sub account. I assume this is what the hedging feature accomplishes at FXCM where one can enter a 2nd independent order.
  • #7
  • Mar 30, 2009 6:10pm Mar 30, 2009 6:10pm
Oanda is very good in particular with the lot size which is completly free (you can even use 54$ lot size if you want) but they lack a lot of common features like hedging (for which you need to set up a second account) or trailing stop.

Yet this is a very good broker
  • #8
  • Mar 31, 2009 12:40am Mar 31, 2009 12:40am
Quoting Chicago_1010
How do you place OCO orders with Oanda? I have tried several times to scalp part of my core position but thinks I'm just selling my original long.

For example, say I'm Long AUD/JPY from 64.00 for 10k units. Now I would like to put out an offer at 65.00 overnight for 5k units with a TP to buy it back at 64.50. Oanda will sell 5k units at 65.00 but will not buy it back at 64.50 because they think all I did was sell part of my long.

I for the life of me cannot figure out a way to do this without opening a 2nd sub account. I assume this is what...
Hi

What you describe above would not be possible because your purchase at 64.50 would be executed BEFORE it got to 65.00 to close the remainder of the order.

Using your example above, here is what I would do: When I buy the 10K at 64.00, I would have a TP set at 65.00 (along with my SL). Then I would place a Limit Sell order at 64.50 for 5K. That leaves me with the remainder sitting at 65.00. If I feel that the price will reverse once it hits 65.00, I could change the TP to another Limit Sell order at 65.00 for 15K. That way, when the 5K is executed, I am in for another 10K on the way back. Sometimes I will place the Limit Sell beyond the TP (for example: 65:10) in case it overshoots the price before reversing. Once the reverse order is executed, I would go and set up the reverse Limit (BUY) Orders on the way down. I do this all the time and it works really well. Also, the moment the first part of the lot is closed, I move my SL to BE and keep moving it up/down as the price works it way up/down. Trailing stops are right around the corner. It is being tested in the Game version.

I hope this helps answer your questions...

Regards,

G.F.
  • #9
  • Mar 31, 2009 9:17am Mar 31, 2009 9:17am
I'm still confused. So you are long 10k units at 64.00. You place a "take profit" at 65 for say 5k units and then place a sell limit order also at 65? For how much? Then at 64.50 you place a "sell limit"? Did you mean "buy limit"?

See part of the reason I'm doing this is because I will not be at the computer because this will be during the overnight session for me so I won't be able to change my orders or move my stops once orders get triggered.

What I am trying to do is scalp off part of my long and buy it back during the overnight session. I won't be able to modify orders till the morning.

What I think I will just do is create a sub account that will place the sell limit at 65.00 for 5k units and TP at 64.50. In my main account I will already be long 10k units from 64.00.

Is there are limits to the number of sub accounts Oanda let's you have?


Quoting goingforward
Hi

What you describe above would not be possible because your purchase at 64.50 would be executed BEFORE it got to 65.00 to close the remainder of the order.

Using your example above, here is what I would do: When I buy the 10K at 64.00, I would have a TP set at 65.00 (along with my SL). Then I would place a Limit Sell order at 64.50 for 5K. That leaves me with the remainder sitting at 65.00. If I feel that the price will reverse once it hits 65.00, I could change the TP to another Limit Sell order at 65.00 for 15K. That way, when the...
  • #10
  • Mar 31, 2009 9:29am Mar 31, 2009 9:29am
it can be done. ask online support, hedge is done by sub account (many acc)

pay attention to margin call level if you split money.

Quoting Chicago_1010
I'm still confused. So you are long 10k units at 64.00. You place a "take profit" at 65 for say 5k units and then place a sell limit order also at 65? For how much? Then at 64.50 you place a "sell limit"? Did you mean "buy limit"?

See part of the reason I'm doing this is because I will not be at the computer because this will be during the overnight session for me so I won't be able to change my orders or move my stops once orders get triggered.

What I am trying to do is scalp off part of my long and buy it back during the overnight session....
  • #11
  • Mar 31, 2009 12:30pm Mar 31, 2009 12:30pm
Do you know how many sub accounts you can have?
  • #12
  • Mar 31, 2009 8:43pm Mar 31, 2009 8:43pm
Quoting Chicago_1010
I'm still confused. So you are long 10k units at 64.00. You place a "take profit" at 65 for say 5k units and then place a sell limit order also at 65? For how much? Then at 64.50 you place a "sell limit"? Did you mean "buy limit"?

See part of the reason I'm doing this is because I will not be at the computer because this will be during the overnight session for me so I won't be able to change my orders or move my stops once orders get triggered.

What I am trying to do is scalp off part of my long and buy it back during the overnight session....
Hi

Ok, let me try it again based on your original example.

1. I go long with 10K at 64.00
2. TP is set at 65.00
3. I open a Limit Sell order at 64.50 for 5K. If this is hit, I still have 5K sitting at 65.00
4. Now I might decide, based on the momentum of the move that it will likely stall at 65.00 and possibly reverse direction. So, I might changet that TP and place Limit Sell for 15K.
5. If 65.00 is hit, it closes the initial 5K and opens a new short for 10K.
6. New 10K short could have a TP at 64.00 so that if the price retraces and reaches that level, the whole lot is closed.

Alternatively, at #4 above, you could place two Limit Sell orders for 5K each. One with a TP at 64.50 and the other at 64.00.

I don't use sub-accounts. Personally, I rather not have two accounts with positions contradicting each other.

Maybe you should try what I described above in the game platform.

Regards,

G.F.
  • #13
  • Last Post: Apr 2, 2009 3:53am Apr 2, 2009 3:53am
Quoting Chicago_1010
Do you know how many sub accounts you can have?
You can have a maximum of 9 sub accounts plus your primary one.
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