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I think Oanda FXTrade is unreliable

  • #61
  • Edited 1:32am May 8, 2010 1:20am | Edited 1:32am
Quoting cosgrove
Here's a thread giving Oanda a round of applause for their platform stability during the mess in the US today: http://www2.oanda.com/cgi-bin/msgboa...;f=17;t=005287
5 happy members ...
http://www.healingbyspirit.com/image...omeless_01.jpg
  • #62
  • May 8, 2010 3:13am May 8, 2010 3:13am
Quoting bugscoe
I scalp all morning with Oanda, 30-50 Rt's with some 100-200 individual entries.

Oanda's manipulation certainly helps my P&L.
I can confirm that.
I have been scalping Oanda for 3 years and it does work
satisfactorily.
Though my main broker is IB, and I prefer to trade with
IB, Oanda still is a good solution.
  • #63
  • May 8, 2010 3:51am May 8, 2010 3:51am
Quoting futures
Xaron my friend...
Oanda must build a statue in your honour.
So many years and so many kind words.
Yes! Call me a fanboy!
  • #64
  • May 8, 2010 3:58am May 8, 2010 3:58am
Quoting futures
5 happy members ...
http://www.healingbyspirit.com/image...omeless_01.jpg
Count me in!
  • #65
  • May 9, 2010 1:07pm May 9, 2010 1:07pm
Quoting Xaron
Count me in!
No problem.Here you are...
Attached Image
  • #66
  • May 9, 2010 3:20pm May 9, 2010 3:20pm
Quoting futures
No problem.Here you are...
LOLOL
  • #67
  • May 9, 2010 3:34pm May 9, 2010 3:34pm
I am having Oanda Problems today too
  • #68
  • May 9, 2010 4:13pm May 9, 2010 4:13pm
Quote
No problem.Here you are...http://cdn.forexfactory.com/images/s...m/big_grin.gif

ROFLMAO !
  • #69
  • Edited May 10, 2010 12:59am May 9, 2010 4:31pm | Edited May 10, 2010 12:59am
Quoting summerplace
I am having Oanda Problems today too
Such as? Can you post some screenshots?

As for the "5 happy members," it was more in reference to the reports of retail stock platforms freezing up that I had heard about. Obviously US equities != FX, but whatever. I would think that if a broker was going to have platform issues, it would happen at a time like Thursday afternoon.

It just seems like no outside spectator has the whole picture of any platform or broker dispute, and therefore almost all non-firsthand opinions are based on hearsay or assumptions o_O
Hindsight is 20/20
  • #70
  • May 10, 2010 1:17am May 10, 2010 1:17am
Quoting pescador
I can confirm that.
I have been scalping Oanda for 3 years and it does work
satisfactorily.
Though my main broker is IB, and I prefer to trade with
IB, Oanda still is a good solution.
So you are not ready to be dependent with oanda 100% as IB is your MAIN, can elaborate what is the exact reason for that, or why oanda is not your MAIN
  • #71
  • May 10, 2010 3:31am May 10, 2010 3:31am
This was a screenshot during the day after the Wall Street Crash. Scalped 700 pips from the market. Lost half of it due to super laggy quotes and missing data which screwed up the MACD after a while.
Attached Image (click to enlarge)
Click to Enlarge Name: laggy.png Size: 85 KB
Shit Happens
  • #72
  • Edited 5:32am May 10, 2010 3:52am | Edited 5:32am
I use oanda to scalp and they are perfectly fine. no complaints whatsoever. I use market orders in and out, with awesome execution. All those brokers claiming to be ECN's with there retail currenex bullcrap are market maker models anyway, you are not getting a real ECN for under 25k starting capital, MBTrading has rediculous commissions so forget them. Oanda is your cheapest and best bet. MT4 completely sucks unless your a position/swing trader. If you're getting slipped by a lot, your entries need work.

I would not go by a MACD a 10sec oanda chart. crazy... macd, bolinger bands???? ... that crap has no place on a scalpers chart. (not trying to be a d*ck.)
  • #73
  • May 10, 2010 8:58am May 10, 2010 8:58am
Quoting amarfx
So you are not ready to be dependent with oanda 100% as IB is your MAIN, can elaborate what is the exact reason for that, or why oanda is not your MAIN
I would never depend on any one broker anyway. I need at least one backup solution.
Whether I trade with IB or Oanda at a certain moment, it depends on the time and the pair I am trading. There are situations and pairs where Oanda is better, and there are others where IB is clearly better.
Generally speaking IB's platform is much more stable and reliable, but Oanda is also OK if you do not try to use it during news or times of exceptional volatility.
During these times Oanda gets quite dangerous IMO.
If you trade with them at other (more stable) times, they provide good execution and almost no slippage, together with very good spreads.
Just forget about their tight spreads around volatile times, low liquidity times and weekends.
Regarding pairs, GBP/JPY and GBP/USD are cheaper with IB, EUR/JPY is about the same, EUR/USD, NZD/JPY and some others are better at Oanda.
Short time moves are often bigger with IB, so they provide more possibilities to scalp profitably.
  • #74
  • May 10, 2010 11:04am May 10, 2010 11:04am
I have traded with OandA since 2006. Eventually I moved away from them. True I am a much better trader now than I was back in the day. But eventually I found some things with OandA that I really didn't like -- mainly the spread manipulation.

Back in early 2006 things were different -- right about at the time I started using them the spreads were very nice and sweet just the way they advertise them. But right after I opened my account with OandA, this guy Felix called up the owner of OandA and told them people were using them to trade news spikes (stupid move on his part, I guess he was trying to get a kickback but it backfired). Ever since then they changed the spreads to be absolutely ridiculous around news times and certain other times. I am talking 20 pips and often 40 pip spreads with no warning whatsoever. These types of manipulations just take out your stop losses BANG!

I have traded on ECNs and have seen much higher spreads than that, but the difference is that they are usually momentary, whereas with OandA these spreads are FIXED just like their regular spreads, so you are stuck once they are set.

Also they have a policy of widening the spreads to the same ridiculous levels every Friday afternoon around 4:30 or sometimes 3:30 pm. It's like they're saying hey, if you've made anything today (Friday) it's OURS if you're not out by 3:30. And if you don't take the loss then you have to hold the loss over the weekend, and the spreads don't get back to normal until after 8pm Sunday night. It's hard to calculate a reasonable stoploss under such circumstances.

Those are my main complaints. Other than that, I find them to be very reliable and trustworthy, I've withdrawn money from my account many times and haven't had a problem.

In the long run though I found that these issues made it very uncomfortable to trade with OandA and reduced my odds of winning so I have gravitated away from using them.
"The real genius is knowing when to stop." - Marc Faber
  • #75
  • May 10, 2010 12:53pm May 10, 2010 12:53pm
Quoting hhitch
I have traded on ECNs and have seen much higher spreads than that, but the difference is that they are usually momentary, whereas with OandA these spreads are FIXED just like their regular spreads, so you are stuck once they are set.
Are you trying to say that when Oanda's quotes widen during news, they stay fixed at that spread?

Please tell me you aren't saying this.
  • #76
  • May 10, 2010 1:29pm May 10, 2010 1:29pm
what I'm saying is that they stay fixed until they decide to change it back to another fixed spread.

Their spreads are always "fixed" -- OandA is a market maker, not an ECN. Therefore their spreads are always fixed at where they want them to be. Then they change the spread at their whim.

Before news they fix their spreads at a certain level and then after news they decide the volatility has subsided they re-fix the spread at another level.

A typical scenario goes like this: let's say you enter a trade at a certain price with a 20 pip stop loss, which might seem reasonable depending on the trade. If for some reason they decide to widen the spread to 20 pips because news is coming out in five minutes, your stop loss will be executed even if the "real" market price did not come near your stop loss. Then five minutes after news, the spread narrows again and price goes right back to the same price you were in before your stop loss was hit. Meanwhile you've lost your money and if you want to stay in the trade you have to execute again. Happens over and over again with OandA.

I use 20 pips as a hypothetical case. I've seen OandA fix their spreads at 40 pips or more during volatile times, apparently to cover their own ass. Not nice! I really hate this whole issue with them. Otherwise, they're really not a bad br0ker -- but this is sort of a deal-breaker for me.

I hope this explains it!

Quoting bugscoe
Are you trying to say that when Oanda's quotes widen during news, they stay fixed at that spread?

Please tell me you aren't saying this.
"The real genius is knowing when to stop." - Marc Faber
  • #77
  • May 10, 2010 1:50pm May 10, 2010 1:50pm
Quoting hhitch
what I'm saying is that they stay fixed until they decide to change it back to another fixed spread.

Their spreads are always "fixed" -- OandA is a market maker, not an ECN. Therefore their spreads are always fixed at where they want them to be. Then they change the spread at their whim.

Before news they fix their spreads at a certain level and then after news they decide the volatility has subsided they re-fix the spread at another level.

A typical scenario goes like this: let's say you enter a trade at a certain price with a 20...
A news trader...
  • #78
  • May 10, 2010 3:14pm May 10, 2010 3:14pm
Quoting hhitch

I have traded on ECNs and have seen much higher spreads than that, but the difference is that they are usually momentary
Exactly, whereas Oanda's can be 20/30 wide a minute before and stay like that for anything up to 5 minutes after!

There's absolutely no doubt they manipulate quotes, sometimes it's just plain ridiculous.

I guess those who avoid trading some of the most volatile (and potentially most profitable!) times think the wide spreads don't really affect them, but they do!
  • #79
  • May 10, 2010 3:53pm May 10, 2010 3:53pm
Dude,

Do your home work. If you want a fair game, choose ECN FX Brokers
All Professional Traders use ECN and they make money on the long run.

I really dont understand why there are still noobs choose to become a Retail trader that lose 99% money trades via Retail trading platform
  • #80
  • May 10, 2010 4:26pm May 10, 2010 4:26pm
Quoting User112

I really dont understand why there are still noobs choose to become a Retail trader that lose 99% money trades via Retail trading platform
These shops have their uses.
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