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I think Oanda FXTrade is unreliable

  • #221
  • May 14, 2010 11:09am May 14, 2010 11:09am
yes pipmutt, I was thinking to do the same eventually.

yes you can call it "short term intraday" but I would say "very very short term intraday" if you don't want to say "scalping"

I have heard professional scalpers call this style scalping, so I don't know.

In the wikipedia I think they used the term "low-grade scalping" when being used by retail traders. And further down they explain the strategy perfectly to how I would explain it.

Over all I would say of course, it is day-trading, but the strategy and style I thought was defined as "scalping".
  • #222
  • May 14, 2010 11:10am May 14, 2010 11:10am
Quoting Sim
Yep, but still sorta beside the point. And could become circular, because increased frequency of trades = increased exposure
Ah, that's an age old argument that doesn't actually hold water, but it depends on how you manage risk and compound gains. That's one of my 'edges' and I'm not about to go into detail


Quoting Sim
In general however I agree it is riskier and less profitable, hence there are many more non-scalpers than there are scalpers. But this does not work to disprove that they are profiting from it, furthermore making...
Sorry, I don't follow.
  • #223
  • May 14, 2010 11:11am May 14, 2010 11:11am
Quoting pipmutt
There isn't a problem with Oanda.....providing you devise ways to compensate for the 'issues' mentioned, or if not compensate then at least be aware of them...but knowing the (potential) pitfalls can only be a benefit.
Ah ok, that's what i thought. I'll take the hat off then but keep it within arms reach.
  • #224
  • May 14, 2010 11:14am May 14, 2010 11:14am
Quoting pipmutt
Why not do both? I have long term positional trades with one broker and then frequent short term intraday trades (which you define as 'scalping') with another. 3, 4 or 500 pips a day is perfectly achievable, sometimes out of only 1 or 2c moves.
Great! Could you please post a screen shot of your blotter for today?
  • #225
  • May 14, 2010 11:15am May 14, 2010 11:15am
Quoting Monroe
yes pipmutt, I was thinking to do the same eventually.

yes you can call it "short term intraday" but I would say "very very short term intraday" if you don't want to say "scalping"

I have heard professional scalpers call this style scalping, so I don't know.

In the wikipedia I think they used the term "low-grade scalping" when being used by retail traders. And further down they explain the strategy perfectly to how I would explain it.

Over all I would say of course, it is day-trading, but the strategy and style I thought was...
It's semantics, I was just being exacting for the sake of it seeing as the thread had gotten stupid

For the sake of simplicity let's just call it 'scalping'.
  • #226
  • May 14, 2010 11:15am May 14, 2010 11:15am
Ah, that's an age old argument that doesn't actually hold water, but it depends on how you manage risk and compound gains. That's one of my 'edges' and I'm not about to go into detail

Lol I said it would become circular, didn't I?

You said it doesn't hold water, then say 'but it depends...'

Congrats on your edge We need all we can get in this biz
  • #227
  • May 14, 2010 11:18am May 14, 2010 11:18am
Quoting AstonDan
Ah ok, that's what i thought. I'll take the hat off then but keep it within arms reach.
lol, nah pass it on to someone who should be wearing it, there are a couple of suitable candidates right here in this thread!
  • #228
  • May 14, 2010 11:20am May 14, 2010 11:20am
Quoting bugscoe
Great! Could you please post a screen shot of your blotter for today?
Ummmm....no thanks, my trading blotters aren't going to help you be profitable and they're as irrelevant to the discussion as your blotters are, but thanks for the request!
  • #229
  • May 14, 2010 11:23am May 14, 2010 11:23am
Quoting Sim
Lol I said it would become circular, didn't I?

You said it doesn't hold water, then say 'but it depends...'
lol, yep I fell into that one, it must be Friday after a busy week.....well that's my excuse anyway!

Quoting Sim
Congrats on your edge We need all we can get in this biz
Ain't that the truth!


Guys it's Friday evening here in UK and I am outta here! Thanks for the chat and have a great weekend all!
  • #230
  • May 14, 2010 11:24am May 14, 2010 11:24am
fair enough pipmutt.

yes, this thread is far out of context now. all I was saying was "short term intraday" or "scalping" whatever you wish to call it, can work on oanda, and as much as they do have there pitfalls, for a low equity trader, how much better are you going to get?

Are they a "scam"? I wouldn't say so (in it's true meaning). It is a business, and they do intend to profit off there clients and they do make a market, but they are ok for what they are I think. You can definitely make money with them that's for sure.

I was defending oanda against some of the crazy things people were saying... I just don't see that happening to me. I cannot speak for years ago at oanda. I know things have changed though.
  • #231
  • May 14, 2010 11:25am May 14, 2010 11:25am
Quoting pipmutt
Ummmm....no thanks, my trading blotters aren't going to help you be profitable and they're as irrelevant to the discussion as your blotters are, but thanks for the request!
Just what I figured.

Big talker.
  • #232
  • May 14, 2010 11:29am May 14, 2010 11:29am
Quoting bugscoe
Just what I figured.

Big talker.
lol, don't even think about going there bug, I'll rip you a new one and I think you know it, we've crossed paths before!

Spend the weekend doing some research, educate yourself, then come back next week and present an argument based on knowledge, how about that for a plan.....
  • #233
  • May 14, 2010 11:30am May 14, 2010 11:30am
yes, pipmutt can talk I will give him that much. a well spoken guy for sure.
  • #234
  • May 14, 2010 11:33am May 14, 2010 11:33am
Quoting Monroe
fair enough pipmutt.

yes, this thread is far out of context now. all I was saying was "short term intraday" or "scalping" whatever you wish to call it, can work on oanda, and as much as they do have there pitfalls, for a low equity trader, how much better are you going to get?

Are they a "scam"? I wouldn't say so (in it's true meaning). It is a business, and they do intend to profit off there clients and they do make a market, but they are ok for what they are I think. You can definitely make money with them that's for sure.

I was...
All agreed, and for what it's worth I agree Oanda are the best of the bunch if trading with these kinds of shops. For low equity they're ideal, no minimum trade size which allows even the smallest account to exercise sensible money management.

Cheers all.....
  • #235
  • May 14, 2010 11:40am May 14, 2010 11:40am
Quoting pipmutt
lol, don't even think about going there bug, I'll rip you a new one and I think you know it, we've crossed paths before!

Spend the weekend doing some research, educate yourself, then come back next week and present an argument based on knowledge, how about that for a plan.....
PLEASE, rip me a new one! OR at the very least, direct us all to the link detailing the blotter of some other trader who represents your first hand experience.

I put up my trade activity and all you've done is talk and deflect like a used car salesman.

Put up your live account detail for the day...is it that hard? Show us at the very least, you're actually a trader.
  • #236
  • May 14, 2010 12:21pm May 14, 2010 12:21pm
Quoting bugscoe

Put up your live account detail for the day
Why?
  • #237
  • May 15, 2010 6:40pm May 15, 2010 6:40pm
btw....


Quoting pipmutt
LCG, London Capital Group?

Counterparty, conflict of interest and the same potential issues exist.
are you sure about this?
  • #238
  • May 15, 2010 7:19pm May 15, 2010 7:19pm
Quoting Monroe

are you sure about this?
Yep, they're counterparty, they have to be seeing as we don't have lines of credit or agreements in place.

That's not to say they'll shade price or manipulate quotes but the potential and incentive is there. You'll probably find a clause or statutory declaration in their customer agreement saying they're counterparty and that they may not always offer best prices.

Put it this way, if you were in effect a marketmaker (as opposed to a pure agent) wouldn't you exploit an additional revenue source? I know I would.....mind you I'd steal candy off babies so probably not a good comparison!
  • #239
  • May 15, 2010 7:42pm May 15, 2010 7:42pm
I hear what you're saying pipmutt. However, I have been told that they are not a liquidity provider, therefor I don't think they are a counterparty. I know a few people who used them and told me they are not a counterparty to the clients. Also, I am sure they are 100% straight through, they don't use viking CNX, they use fxtrades, which your getting your quotes from an interbank hub. They also tell you the exact banks they deal with unlike many others.


I have no first hand experience with them so I can say 100% and of course this is not to argue, so let me know what you think. Also, they have a 25k minimum start up, 50:1 leverage... I think that might be enough to gaurentee to the banks margin for all transactions.
  • #240
  • May 15, 2010 7:48pm May 15, 2010 7:48pm
Quoting Monroe
I know a few people who used them and told me they are not a counterparty to the clients.
The best way to get a definitive answer to the question is to phone them up and ask directly, and also ask to see a copy of their term and conditions (I just had a look on their website but couldn't find it). I already know the reply but then who am I, just an anonymous forum poster.

They face you, J P Morgan faces them....probably an oversimplified explanation but....

Hah, it 2am on Sunday, wtf am I doing on FF! lol, c'ya....
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