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I think Oanda FXTrade is unreliable

  • #341
  • May 18, 2010 3:07pm May 18, 2010 3:07pm
Quoting mistersimple
ye OANDA are thieves because they allow you to profit from sunday gaps..like this week....LOL ...

OANDA IS FAR WAY BETTER THAN common crap multiplatform brokers...
I like oanda has been good to me
  • #342
  • May 18, 2010 3:15pm May 18, 2010 3:15pm
Quoting swano
I like oanda has been good to me
Oanda is as good a broker as any of the others. Only traders who can't trade properly blame the broker for what is really their own incompetence.
  • #343
  • May 18, 2010 3:19pm May 18, 2010 3:19pm
And that folks is the calibre of the average Oanda client....is it any wonder
  • #344
  • May 18, 2010 3:45pm May 18, 2010 3:45pm
Quoting pipmutt
I 'scalped' for years on their platform using another data feed as comparison and I would guess on average on every trade I lost a potential 2 pips of profit, at least. That equated to anywhere between 20 and 70% of my profit gone in 'Oanda Tax'. Sure, I made money, but that's not really the point.

I don't know what size you're trading but come back and report when you're scalping with some volume, you'll see a big difference in the execution of market orders (assuming you're nett profitable of course). Another thing you'll notice is slippage...
Exactly. And due to oanda sub standard charts, one has no choice but to use another brokers datafeeds/charts for comparison. This suits Oanda, as its doubly impossible to blame them for the "extra" spread you incur. they can just say - well you should be trading with our prices not comparing to X broker. Yes but i cant cos your charts are sh**e!!!

I too made healthy profits, but the hidden oanda slippage/lightening fast datafeed/slow server tax, does add up & frustrate one.
  • #345
  • May 18, 2010 4:32pm May 18, 2010 4:32pm
Quoting pipmutt
And that folks is the calibre of the average Oanda client....is it any wonder
And let me guess, you're an "astute" trader always on the look out for a way to exploit flaws in brokers data feeds as it's much easier than having to actually trade?

Quoting pipmutt
I exploited Oanda's platform for a number of years once I realized what they were doing, as did several other astute traders I know. Unfortunately all good things must come to an end
  • #346
  • May 18, 2010 4:34pm May 18, 2010 4:34pm
Quoting jimbil
Exactly. And due to oanda sub standard charts, one has no choice but to use another brokers datafeeds/charts for comparison. This suits Oanda, as its doubly impossible to blame them for the "extra" spread you incur. they can just say - well you should be trading with our prices not comparing to X broker. Yes but i cant cos your charts are sh**e!!!

I too made healthy profits, but the hidden oanda slippage/lightening fast datafeed/slow server tax, does add up & frustrate one.
Do yourself a HUGE favor. Find a new broker.

It's what normal, common sense people do in life when something isn't working out for them...they MOVE ON.
  • #347
  • May 18, 2010 4:45pm May 18, 2010 4:45pm
Quoting bugscoe
And let me guess, you're an "astute" trader always on the look out for a way to exploit flaws in brokers data feeds as it's much easier than having to actually trade?
lol, sounds like an ideal plan to me!
  • #348
  • May 18, 2010 5:01pm May 18, 2010 5:01pm
You guys really made me do an excel sheet about that. Data is from my custom frontend which logs all fills (including slippage info) to a db. Slippage is calculated as the difference between the displayed price on the screen and the fill price in the case of mkt orders. In the case of stops, targets and limits it compares its respective order price to the fill-price.

All trades were during euro/american session, size varies between 500K and 1M and 90% are trades in Eur/Usd. There are only 110 trades or so since i changed the db table layout recently and i cant be arsed to invest any more time in this. It should be representative anyways. Result is attached as xls and png.

I dont see any significant differences between mb and oanda quotes either. Except during figures. Personally i find the extra cost from trading with MB or even IB hard to justify, as long as i can't notice any difference in quoting worth mentioning and fill quality is ok.
Attached Image
Attached File(s)
File Type: xls Oanda_slip.xls   28 KB | 333 downloads
  • #349
  • May 18, 2010 5:29pm May 18, 2010 5:29pm
Quoting shrike
You guys really made me do an excel sheet about that. Data is from my custom frontend which logs all fills (including slippage info) to a db. Slippage is calculated as the difference between the displayed price on the screen and the fill price in the case of mkt orders. In the case of stops, targets and limits it compares its respective order price to the fill-price.

All trades were during euro/american session, size varies between 500K and 1M and 90% are trades in Eur/Usd. There are only 110 trades or so since i changed the db table layout recently...
And on what basis are you defining whether slippage occurred or not?
  • #350
  • May 18, 2010 5:30pm May 18, 2010 5:30pm
Quoting bugscoe
Do yourself a HUGE favor. Find a new broker.

It's what normal, common sense people do in life when something isn't working out for them...they MOVE ON.
I did. At least i ditched oandascam.
  • #351
  • May 18, 2010 5:55pm May 18, 2010 5:55pm
Quoting jimbil
And on what basis are you defining whether slippage occurred or not?
To quote pipmuff aka you: "Use Google"

lmao
  • #352
  • May 18, 2010 7:04pm May 18, 2010 7:04pm
pipmuff's posts make much sense

Here he wrote that he hasn't been trading today and yesterday which implies that he was at least trading last week or month at Oanda.

http://www.forexfactory.com/showpost...1&postcount=97

And here he wrote that he last traded at Oanda 3 or 4 years ago
(I have to correct your remembering qualities (or hearsay qualities) but there was no lagging of charts 3 or 4 years ago. It was at the end of 2008 when it started. But that has already gotten fixed for months)

http://www.forexfactory.com/showpost...&postcount=264

although it was last year that he at least traded yen at Oanda

http://www.forexfactory.com/showpost...&postcount=906

lol

pipmuff you make very much sense


6000 trades yeah, of course. Are you sure or where there just 6000 tries to fund one pound?
  • #353
  • Edited 9:13pm May 18, 2010 9:01pm | Edited 9:13pm
pipmutt, I am not seeing the 2pips on average loss, here we'll have to agree to disagree and I am not doubting your experience from awhile ago seeing how oanda definitely used to be like that, and these problems were much more common.

Another thing that matters is this... they have more liquidity providers now and better servers and execution, awhile back (and it is probably still like this) if you were gaining more then losing on your account, they would send your order STP instead of holding it themselves, that is when you started to see heavy slippage seeing as they weren't dealing you within their desk as much if you were winning. If you were losing more then gaining, they would hold all your orders seeing as they knew in the end they would profit from your shitty trading.

I will report when I am using heavier size, as of now I am using a few dollars per pip. And as I said, I won't be scalping with them for orders above 400-500k... after that, I will be with a tier 2 PB.

I am of course getting slippage sometimes depending on my entry, but most times I am getting my fill at .9 both sides and I am not holding my trades long enough for interest to become a problem.

yes during the asian session or thin markets, your not getting .9 as much, but most of the time you are. Its not uncommon to see 1-1.2 pip spreads from time to time in that session on EU... however, I rarely trade the asian session.

I find that when the spreads are wide on EU, they are also a bit wide on CNX... so it's not just an oanda thing, it's just a thin market with very low volume.
  • #354
  • May 18, 2010 11:30pm May 18, 2010 11:30pm
Quoting A_3

And here he wrote that he last traded at Oanda 3 or 4 years ago
hehe, another Oanda client with reading and comprehension difficulties, this is becoming more than just coincidence!

Read it again, what I actually said was ".....I don't use Oanda's charts as I prefer MT4's charts but last time I used them about 3 or 4 years ago...."

Geddit? Their charts, I haven't used their charts for about 3 or 4 years, d'ya see the difference there?

Too funny!
  • #355
  • May 18, 2010 11:35pm May 18, 2010 11:35pm
Quoting Monroe

yes during the asian session or thin markets, your not getting .9 as much.....
You're concentrating too much on spreads again, which is exactly what Oanda want and expect you to do. I was talking about good old fashioned slippage.

....and you know what the reps explanation was? Latency between my pc and their servers! lol, the pending orders were sitting on their servers, I would have been asleep through most of the Asian when those orders were filled!

Anyway, what price feed were/are you using as a comparison?
  • #356
  • May 19, 2010 12:15am May 19, 2010 12:15am
pipmutt, I use CNX and prorealtime price feeds right now along with oanda, but in all honesty, oanda is a great feed and I love their charts and platform. I like PRT charting the best though.

Well, It is not that I am buying into marketing schemes, but as I said, I like the tightest net spread/commission prices I can find for my scalps, and oanda does deliver on that. Even with tenth of a pip fractional slips, oanda is great and hard to beat. Though, I'll say it again, when I do see slippage, I am not getting slipped much at all... none of that good old oanda crap slippage I have heard about them doing in the past.

You were mostly using limit orders?

I only use market orders for entry, so I don't have much experience with limits, but the stop limits have been fine as well, I use them from time to time because if price blasts off in my direction, I set a stop to lock in a few pips on the scalp, and keep trailing that stop up at the higher/lower lows and highs and let it run. Same as you would on longer timeframe price action.
  • #357
  • May 19, 2010 12:19am May 19, 2010 12:19am
1.5 years with Oanda, thosands of executed trades.

i have experience slipped fills both against me and in my favor. very seldom has slippage been the cause of a losing trade.

please consider that a small handful of traders with bad experiences should not reflect the broker's service to all of it's clients. i have no complaints about oanda
  • #358
  • May 19, 2010 1:02am May 19, 2010 1:02am
Quoting Monroe

Even with tenth of a pip fractional slips, oanda is great and hard to beat.
0.9 on Eur/Usd, add say 2 or 3/10ths in and out on average, interest, then overly smoothed quotes, and as my mate bug would say.....bingo! So now we have an overhead approaching maybe 2 pips or more. The average bucketshop spread is not more than 2 pips, without all the other nonsense. The only benefit then becomes weekend position keeping (when they're not doing maintenance which seems to be most weekends nowadays!), and the flexible trade sizing for low equity accounts, beyond that there are no benefits.

What most Oanda clients seem too inexperienced to notice are these other issues, all they look at is spread and instant fills, naturally they're happy as pigs in shit which is exactly what Oanda want! For that they get a gold star, Stumm and Olsen clearly knew what they were doing when they set up shop, they gauged the market just right in my opinion. The other person who immediately springs to mind who used/uses similar marketing tactics is Michael O'Leary (Ryanair) with his £1 flights! Mind you it's harder to hide those charges, it's not like you're 35,000 ft up and suddenly realize it's going to cost extra!

Anyway, scalping I was using only market orders, the time it takes to fill in a ticket the trade was usually over, lol. Like you, if I had a trade worth hanging on to then I'd set orders and leave it to run. It's some of those orders, resting on Oanda's servers, which experienced some of the worst slippage, and we're not talking big numbers here, less than multiples of 250k on average.

Bottom line is Oanda rely on the inexperience and naiivity of novice traders for the bulk of their business, and reading some of the replies from Oanda clients in this thread they're not short of suitable candidates, most of them aren't exactly the sharpest knives in the drawer!

I'm off to do some trading, have a great day all!
  • #359
  • May 19, 2010 1:29am May 19, 2010 1:29am
Quoting pipmutt
Bottom line is Oanda rely on the inexperience and naiivity of novice traders for the bulk of their business...!
well this is absolutely true of course.

I see how your factoring the slippage and interest, but are you saying 2 pips roundtrip on the trade or are you saying real spread is 2pips in and 2 pips out out?

well.. all I am saying is I'm not getting 2pip true spread on my entries... maybe 1-1.2 on overall average of a bunch of scalps, including slippage. But also, you have to average in positive slips.

whatever the case, if you know what your doing, you'll get great spread at oanda, if your taking spike break entry scalps, you're going to see a higher average spread on your trades, and your 2pip+ figure would be reality. But I think it just depends on your trading and other factors like when your trading and volume.

my session is about to begin now as well... happy trading all.
  • #360
  • May 19, 2010 3:13am May 19, 2010 3:13am
The big advantage of Oanda is that they are doing big volume so that means they don't need to play all the games of the other shops when they can make decent money ONLY from the spread
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