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I think Oanda FXTrade is unreliable

  • #141
  • May 13, 2010 10:41am May 13, 2010 10:41am
Quoting jimbil
I come out of 80% of trades a pip or 2 worse than i should have done (the price i clicked on). 20% of the time i come out a pip or 2 better. But it should be 50/50 postive/negative slippage, right.

Oandas 0.9 pip spreads are a gimick. Factor in slippage, & i reckon on average it will cost you 1.5-2 pips per round turn.
I just dont like the disappointment & uncertainty & non-confidence this brings. I'd much rather a broker with 1.5p spreads instant fills on the price you click on & very few requotes.
This happens in all brokers I have test, in MBTrading for example and I suppose in all ECN, the price you click is hardly never the price at you trade is opened, if you use buy or sell stops the price never is what you click, sometimes is 2 pips more.

In Alpari the same, and Alpari do also stop hunting and price manipulation.

The only broker I have been at which the price is always the price you click is FXCM, but they have 2'5 pips in EURUSD!!!

So... Really, what you want? Brokers are in Forex to make money instead of their clients.

The good point of Oanda is that they have a lot of liquidity, is the second largest forex broker in liquidity after Interactive Brokers, the disappoint is that they are market makers, so you will always fighting against the house to make money...
  • #142
  • May 13, 2010 11:07am May 13, 2010 11:07am
Hey Pipmutt, good trading to you too! I'm sure I'll see you around FF.

sadly yes I think this discussion is over. It's hard to carry on a conversation when someone insists on punctuating every other user's contribution with absolutes that don't help the subject matter at hand, to say the least. But I'll catch you around. Many green pips to you sir!

Quoting pipmutt
I think that's all most of us have tried to do, post our own personal experiences and point out some of the pitfalls of trading with Oanda rather than posting personal attacks on complete strangers. I'm really not sure why this Monroe character is getting his knickers in so much of a twist and to be honest nothing interests me less, it's not the first thread he's trolled in and I doubt it will be the last!

Anyway good trading to you hhitch!
"The real genius is knowing when to stop." - Marc Faber
  • #143
  • May 13, 2010 11:27am May 13, 2010 11:27am
Quoting jimbil



I come out of 80% of trades a pip or 2 worse than i should have done (the price i clicked on). 20% of the time i come out a pip or 2 better. But it should be 50/50 postive/negative slippage, right.

Not so !


It should be 50/50 positive/negative slippage when you enter the market randomly > let a computer enter and exit randomly.

If you ,on the other hand, have a tendency to chase prices running away then you will have your 80/20 figures.

You can test this out for yourself by entering and exiting the market randomly.
  • #144
  • May 13, 2010 11:50am May 13, 2010 11:50am
Unbelievable... Guys, I'm with Oanda for some years now, my biggest single entry was $1M units and no matter which position size I choose I always got instant fills, sometimes with slippage sometimes not. More often than not I had a SL that was missed by only 0.1 pips! The other way around I had also TPs that were missed by 0.1 pips.

Nevertheless, if you go with the flow the slippage you might get is of course not in your favour. I often use limit buy orders, so at Oanda that would be market if touched where I often get a better fill than my limit buy. In most cases I just get what I see and of course the fill is always on server's price. Most MT4 bucket shops would just show a requote then. Try to get your fill there, maybe 10 pips worse (due to requotes) but with a guaranted spread of 1 pip. LOL
  • #145
  • May 13, 2010 1:04pm May 13, 2010 1:04pm
Quoting Xaron
Unbelievable... Guys, I'm with Oanda for some years now, my biggest single entry was $1M units and no matter which position size I choose I always got instant fills, sometimes with slippage sometimes not. More often than not I had a SL that was missed by only 0.1 pips! The other way around I had also TPs that were missed by 0.1 pips.
Yeah, the people bitching are all scalpers and wanna be news traders. If you want to scalp where 1 pip makes or breaks you or if want to trade news, then Oanda is not for you. For everyone else it is just fine.

10 pages of crying little bitches... Jeez. "Oh, they widened my spread on news release, boo hoo." "Oh, it slipped a pip and I didn't profit on my 1 second scalp, boo hoo." "I can't trade to save my life so I'll blame my broker, boo hoo."
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #146
  • May 13, 2010 1:42pm May 13, 2010 1:42pm
As far as slippage with Oanda (any broker) I uses Limit/Stop order for entry. My problem with Oanda is connection errors or connection drops.
  • #147
  • May 13, 2010 3:47pm May 13, 2010 3:47pm
Quoting LasVahGoose

Yeah, the people bitching are all scalpers and wanna be news traders. If you want to scalp where 1 pip makes or breaks you or if want to trade news, then Oanda is not for you.
In actual fact quite the opposite is true of Oanda, but as jhig mentioned the major problem for me as well has always been connectivity issues. The other crap, we know about, so it shouldn't come as any surprise and we learn to compensate for it or we trade elsewhere.

One of the biggest Oanda defenders in this thread has been Monroe who is.....a scalper, so that kinda wrecks your theory!
  • #148
  • May 13, 2010 5:09pm May 13, 2010 5:09pm
yes pipmutt... you are correct, I am a scalper. they give me the .9 very solid fast fills (most times) of course you'll see the .9 go to 1 pip or 1.2 pips sometimes in asia session, but during high volume, always .9 (frankfurt, london and NY)

sometimes you're liable to get slipped when you enter on fast breaks, but I think you are likely to get slipped by most any broker doing that (I think), and my entries are never like that. you need to wait for setups just like any other style of trading, scalping like an idiot will only kill your account, really fast!

oanda is pretty good for scalping, never scalp the news though, you'd have to be crazy....

jimbil is saying complete nonsense. but I won't go into offending anyone or attacking anyone here again. waste of my time.

again, I don't position trade or swing trade, but some of these other guys do, so take there advise if that's what you do as well.
  • #149
  • May 13, 2010 5:23pm May 13, 2010 5:23pm
oanda's good
  • #150
  • May 13, 2010 5:23pm May 13, 2010 5:23pm
Wow... things get heated way too easily here on FF.
I have been using Oanda for a while. Although they have their issues, I have found their EU and USD/JPY spreads to be among the best out there (particularly for guys with small accounts).

Those of you bashing Oanda, please, do tell, who your "ideal broker" is.
  • #151
  • May 13, 2010 5:24pm May 13, 2010 5:24pm
Quote
do tell, who your "ideal broker" is

With particular regards to competitive spread rates
  • #152
  • May 13, 2010 5:31pm May 13, 2010 5:31pm
I like to compare Oanda to my women

fast fills and tight spread

...along with their original and efficienet java based platform
  • #153
  • May 13, 2010 5:45pm May 13, 2010 5:45pm
lol, you guys need to see someone about your spread fetish, it ain't healthy!

This thread is an excellent example of how shops like Oanda can get away with so much, it seems the majority of folk are too distracted and dazzled by the unbelievably tight spreads to even notice their pockets being picked!

95%? I reckon that's an underestimation!
  • #154
  • May 13, 2010 5:52pm May 13, 2010 5:52pm
Quoting Monroe
jimbil is saying complete nonsense.
Having a legitimate complaint about a broker is one thing, but anyone that starts a thread saying Oanda is a scam is an idiot.

http://www.merriam-webster.com/dictionary/scam
Main Entry: scam
Pronunciation: ˈskam
Function: noun
Etymology: origin unknown
Date: 1963
: a fraudulent or deceptive act or operation
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #155
  • May 13, 2010 6:00pm May 13, 2010 6:00pm
Oanda has xau/jpy & xag/jpy pairs now. Don't know when they added them, but I just noticed them today. Sweet.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #156
  • Edited 6:28pm May 13, 2010 6:11pm | Edited 6:28pm
yea... I agree LasVahGoose.

I don't think you understand how important spreads are to scalpers pipmutt. You don't scalp so that is fine, but if you did, you would understand very quickly that anything over 1pip on EU is not worth it for scalping. pairs like GU and EJ that give around 2pips are ok since they have higher volatility, but still... EU is all I will scalp, I need maximum 1pip.

.4/.6 spreads with some real great second tier prime brokers with CNX classic ECN platform is where I'd like to be, only one of them I know gives good enough commission charges, but in the end is equivilant to having around a .6-.8/.9 spread anyway including comm., which is why, oanda is in fact very good for what they are, and liquidity is good as well. I would trade with oanda over retail CNX ECN brokers like FXDD, pfgbest, etc, without question.

of course I would much prefer to be with that ECN broker I speak of, but don't have the startup just yet. oanda has been treating me very well though for now.
  • #157
  • May 13, 2010 6:32pm May 13, 2010 6:32pm
Monroe, Pipmutt, basically anyone,
If a person had 50k to invest. What would be his best option? If the foremost concern of his was to avoid the exact problem of widening spreads at news or otherwise (even requotes) that pipmutt has mentioned at Oanda.
Are they any threads you can refer me too?
Ty.

P.S. (i obv know 50k is chickenfeed, but was trying to see a good option less then prime, how is PFGbest ?)
  • #158
  • Edited 8:14pm May 13, 2010 6:40pm | Edited 8:14pm
I would recommend LCG, because I know they have the best comm. rates and spreads are excellent. I would choose them over others. I know this from someone who has tried many.

You could try MF Global if your not in the U.S, however, I am not experienced with them personally, but think they are good from what I heard.

pfgbest sucks.

by the way, the one thing I can say about oanda is that, it is not the TRUE market like you will find on these brokers i mentioned, you will find more movement on the true fx market. oanda probly does this to protect themselves I don't know, not so much to screw people over.

like today on my main feed, it shows me how spikey the real market is, but on oanda, you can't see that exactly, it's almost like it's filtered. not much though. I wouldn't say it's "off-market quotes" or anything, but... just not 100% to the .x tick of the real market.
  • #159
  • May 13, 2010 6:56pm May 13, 2010 6:56pm
cool thanks, i already wrote LCG, waiting for a reply.

will look into mfglobal.
  • #160
  • May 13, 2010 6:59pm May 13, 2010 6:59pm
no problem man. If I wasn't living in the U.S I would be with mf global over oanda definitely.

LCG is 25k startup, you won't find anything under 100k startup as good as them I don't think. If you do, let me know.
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