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Oanda Weekend Practice

  • #1
  • First Post: Edited Aug 25, 2011 7:53pm Jul 2, 2011 9:35am | Edited Aug 25, 2011 7:53pm
I signed up with Oanda because on their website they say:

"Trade any time, 24/7. Only OANDA is open for weekend forex trading."
http://fxtrade.oanda.com/trade-forex/demo/

But there is no weekend trading, heh.
  • #2
  • Jul 2, 2011 10:43am Jul 2, 2011 10:43am
Quoting vbmark

What are your thoughts?
If this were an IQ test... you just failed!
  • #3
  • Jul 2, 2011 12:17pm Jul 2, 2011 12:17pm
during WE go to the beach ...........
  • #4
  • Jul 2, 2011 12:52pm Jul 2, 2011 12:52pm
Quoting traderjai_inhi
If this were an IQ test... you just failed!
What do you mean?
  • #5
  • Jul 2, 2011 1:52pm Jul 2, 2011 1:52pm
That makes NO sense!

They would need to create price movements in order for you to practice.

Supposedly the market NEVER actually does close, but being that the major liquidity providers for the real Interbank FX market DO close there is no movement for the retail market to follow. Due to no liquidity again. The price just flatlines, now the question arises, of how the market gaps up or down Ie: 50 pips if there are no trades being placed.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6
  • Jul 2, 2011 1:59pm Jul 2, 2011 1:59pm
Quoting XTrade
That makes NO sense!

They would need to create price movements in order for you to practice.

Supposedly the market NEVER actually does close, but being that the major liquidity providers for the real Interbank FX market DO close there is no movement for the retail market to follow. Due to no liquidity again. The price just flatlines, now the question arises, of how the market gaps up or down Ie: 50 pips if there are no trades being placed.
Exactly.
  • #7
  • Jul 2, 2011 3:15pm Jul 2, 2011 3:15pm
Where it becomes even more interesting in that regard is for people like me. I use GoMarkets and can observe the current spread. At 2:14PM CST right now, the spread on the EUR/USD looks to be less than three pips. The USD/CAD? Just over 4 pips. something a bit more unusual like the EUR/AUD? Just over 16 pips and it looks like the ask just plumetted second before markets ceased trading.

Neat huh?
  • #8
  • Jul 4, 2011 1:10am Jul 4, 2011 1:10am
Quoting vbmark
What do you mean?
Still do not understand?
24/7 means that their Live chat works 24/7,
FOREX is closed during weekend
  • #9
  • Jul 4, 2011 7:04am Jul 4, 2011 7:04am
Quoting Julian_Ass
Still do not understand?
24/7 means that their Live chat works 24/7,
FOREX is closed during weekend
So when they say "...OANDA is open for weekend forex trading", your interpretation of that is OANDA's Live chat is open on the weekend.

Ok, I guess I failed your IQ test.
  • #10
  • Jul 4, 2011 8:04am Jul 4, 2011 8:04am
You can still trade the price, the price just isn't moving. And their spread is increased. Sometimes I have "heard" that it was moving over weekend back Oct 2008... but that is second hand knowledge. And even then it was moving in a single jump not as a consistent movement.

The trading over the weekend is simply the ability to open and close positions on Saturday and Sunday before main markets open.
HTH
The winner of the rat race is still a rat.
  • #11
  • Jul 4, 2011 8:06am Jul 4, 2011 8:06am
Quoting LittleLuca
You can still trade the price, the price just isn't moving. And their spread is increased. Sometimes I have "heard" that it was moving over weekend back Oct 2008... but that is second hand knowledge. And even then it was moving in a single jump not as a consistent movement.

The trading over the weekend is simply the ability to open and close positions on Saturday and Sunday before main markets open.
HTH
I see what you're saying. This kind of makes sense but not what I was expecting when I signed up.
  • #12
  • Jul 6, 2011 1:57pm Jul 6, 2011 1:57pm
Having the weekend option to open and close trades is interesting especially if you use say some sort of opening gap trading strategy. But granted the spreads are wider and the depth is probably non existant for larger size trades. Basically just an extra gimmick for Oanda for marketing purposes but it could be useful to have the flexibility. For most traders, it's a non-issue.
  • #13
  • Aug 7, 2011 1:57pm Aug 7, 2011 1:57pm
will give u more stress..people lose money when market is open ie late sunday..will say the oanda rep is useless
  • #14
  • Aug 7, 2011 2:12pm Aug 7, 2011 2:12pm
This is a pretty funny exchange between you and the rep.. I hope you can see the humor in this!

But anyways, why you would even want to trade on the weekend, is beyond me. Practice, ok.. I get that, but just go back in the chart and move it ahead by one bar at a time. It's not as sleek as a market sim, or a market replay ability that some platforms have, but paper trading is old school, and not to be overlooked - it has its benefits.

As it was said that you can open an order on the weekend and wait till open, I would strongly recommend to not do this as any gap on the open will blow through your stop and make the rest of the week an up hill battle. That's probably as close as this game comes to gambling.

Otherwise, like I said, get a platform with a market replay function. That is what you are looking for. NT7 has that ability, but you have to pay for it, I'm sure there are traders here with some more info on market sims and platforms with replay function.
  • #15
  • Aug 7, 2011 2:42pm Aug 7, 2011 2:42pm
Quoting orderphlow
This is a pretty funny exchange between you and the rep.. I hope you can see the humor in this!

But anyways, why you would even want to trade on the weekend, is beyond me. Practice, ok.. I get that, but just go back in the chart and move it ahead by one bar at a time. It's not as sleek as a market sim, or a market replay ability that some platforms have, but paper trading is old school, and not to be overlooked - it has its benefits.

As it was said that you can open an order on the weekend and wait till open, I would strongly recommend to...
yeah that rep..was very thick
  • #16
  • Aug 12, 2011 11:31am Aug 12, 2011 11:31am
very funny chat

oanda rep is stupid, but mark is more stupid, kinda like the retard jackass...

Mark: "Trade any time, 24/7. Only OANDA is open for weekend forex trading."

NOOB
only noobs will believe in the 24/7 forex....
  • #17
  • Aug 12, 2011 12:53pm Aug 12, 2011 12:53pm
If the OP wants to practice trade on the weekend or whenever then try out http://simpleforextester.com/, there are other programs around like it, so do the google thing. I have not tried this plugin out but seems decent.
  • #18
  • Aug 12, 2011 2:53pm Aug 12, 2011 2:53pm
Quoting john123x
very funny chat

oanda rep is stupid, but mark is more stupid, kinda like the retard jackass...

Mark: "Trade any time, 24/7. Only OANDA is open for weekend forex trading."

NOOB
only noobs will believe in the 24/7 forex....
Yeah! Because new people should already know everything! Stupid noob.

Quoting EricF
If the OP wants to practice trade on the weekend or whenever then try out http://simpleforextester.com/, there are other programs around like it, so do the google thing. I have not tried this plugin out but seems decent.
Thanks Eric, I'll check it out.
  • #19
  • Edited 9:02am Aug 13, 2011 8:50am | Edited 9:02am
Quoting LittleLuca
Sometimes I have "heard" that it was moving over weekend back Oct 2008... but that is second hand knowledge.
Wow, what a sudden attack of nostalgia.. but I remember it as if it was yesterday. I've had a brief encounter with trading back in 08, until i busted my tiny oanda account and gave up for >2yrs...

Sunday, 2008, September 14th. Oanda still in flatline mode, about 15-30 mins ahead of usual start at those times. i was long geppy since Friday and 300 pips in green. Oanda was 193 while xe.com dropped >100 pips (there were some G7 talks alongside overall panic) so I closed the long trade, went short, yeh there actually was a GAP with oanda (!) and I was in green immediately, closed the trade for another 300 pips two hours later well, that was probably the only free trade i've ever seen.

Wonder if they would cancel the trade if it wasn't worth pennies.
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  • #20
  • Last Post: Oct 23, 2011 10:27pm Oct 23, 2011 10:27pm
In most Middle-east countries banks are closed on Fridays - to somehow make up for that, some open a few hours on Saturdays. I've asked an Oanda chatline officier if that's the reason for their non-stop trading. He didn't say yes, he didn't say no (unwilling to disclose or not informed). Anyway this is not an issue - indeed - till something big happens during the weekend and an order get triggered just because of the wider spread. Personally I'm scared of Obaboon and the Gang.
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