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Virtually nobody is making money on Oanda accounts

  • #21
  • Aug 12, 2012 12:22pm Aug 12, 2012 12:22pm
I've not been with Oanda for very long (months not years), but it's all working fine for me. Not boasting massive profits here but it works well enough to turn a small profit and no platform problems when adjusting orders to reduce losses either.

The analysis this is thread's complaint is based on is a bit limited as well. No actual stats. Then assumption that people who link an oanda account to an online forex stats site are experienced traders. Seems more likely to me that people who link accounts like that are in it as a hobby most the time.

The whole stupid forex review / forum world is full of bitter blame game posts like this. Even ForexPeaceArmy while trying to get it right most the time falls in to the same trap at times. Yes there are some dodgy brokers out there, but you're going to have a hard time pinning Oanda down as one of them.

I wonder why ForexFactory decided to post this particular thread to twitter?

Hmmm.
  • #22
  • Aug 12, 2012 12:32pm Aug 12, 2012 12:32pm
Quoting Connected
'really serious traders' use Oanda
Ok which Brokers do use serious Traders then?
Forex is a losers game.
  • #23
  • Aug 12, 2012 12:41pm Aug 12, 2012 12:41pm
Quoting trader121
Ok which Brokers do use serious Traders then?
Lmao.
  • #24
  • Aug 12, 2012 12:47pm Aug 12, 2012 12:47pm
Bottom line is forex trading is a really hard thing to do. I thought people stop posting on forums because they have started making money. Guess I was WRONG!!!
  • #25
  • Aug 12, 2012 1:01pm Aug 12, 2012 1:01pm
Quoting shotunz
Bottom line is forex trading is a really hard thing to do. I thought people stop posting on forums because they have started making money. Guess I was WRONG!!!
Most of the time.
  • #26
  • Aug 12, 2012 2:10pm Aug 12, 2012 2:10pm
I have to agree with traider. I don't think the OP was bashing Oanda either. Just merely stating that he can't find anyone making any decent money using a broker he considers to be more kosher than other brokers.
Nothing worth having is easy.
  • #27
  • Aug 12, 2012 2:15pm Aug 12, 2012 2:15pm
Quoting Patience
I have to agree with traider. I don't think the OP was bashing Oanda either. Just merely stating that he can't find anyone making any decent money using a broker he considers to be more kosher than other brokers.
That's what I got too.

There was no bash. In fact the OP said the only info he respects comes from Oanda.

I was reading through the comments, and had to go back the the first post to see if I missed something.
No way I'll wreck this... It's a beer truck!
  • #28
  • Aug 12, 2012 2:34pm Aug 12, 2012 2:34pm
This is probably a bigger tell on the people who use such publishing sites than on the broker. Its not like myfxbook users and such are exactly knowen for their craftiness..
  • #29
  • Aug 12, 2012 4:19pm Aug 12, 2012 4:19pm
Quoting Connected
'really serious traders' use Oanda
Not sure about that, but at least they're winning traders.

I remember a book in my bookshelf which has a table on the proportion of winning and losing accounts for a couple of big brokers, it has Oanda as #2. (Source: "Guide Complet du Forex" from Pierre-Antoine Dusoulier)

Broker %Winning Accounts %Losing accounts
GFT 39,90% 60,10%
OANDA 38,10% 61,90%
ALPARI 30,00% 70,00%
FXDD 30,00% 70,00%
INTERBANK FX 30,00% 70,00%
PFG 29,50% 70,50%
GAIN CAPITAL 29,00% 71,00%
FXCM 27,00% 73,00%
MB TRADING 26,10% 73,90%
FX SOLUTIONS 26,00% 74,00%
FX CLUB 23,50% 76,50%
ADVANCED MARKETS 16,00% 84,00%

Green pips to all~
  • #30
  • Aug 12, 2012 5:06pm Aug 12, 2012 5:06pm
Quoting Hong Long
Not sure about that, but at least they're winning traders.

I remember a book in my bookshelf which has a table on the proportion of winning and losing accounts for a couple of big brokers, it has Oanda as #2. (Source: "Guide Complet du Forex" from Pierre-Antoine Dusoulier)

Broker %Winning Accounts %Losing accounts
GFT 39,90% 60,10%
OANDA 38,10% 61,90%
ALPARI 30,00% 70,00%
FXDD 30,00% 70,00%
INTERBANK FX...
http://forexmagnates.com/q2-2012-pro...a-back-on-top/
  • #31
  • Aug 12, 2012 5:12pm Aug 12, 2012 5:12pm
Quoting swingtraderf
1 I'm 99% sure that the only reason you opened this thread was to bash Oanda.
2 Why do you hold Oanda responsible for the decision their cliënts make?
What are you talking about? In my post I made it clear that Oanda is the best firm, no complaints.
  • #32
  • Aug 12, 2012 5:16pm Aug 12, 2012 5:16pm
Quoting Slim Buffett
EXACTLY !! And the real problem is that every time some po dunk trader loses his ass he screams to the guv for more regulation. Since "the masses lose their asses" the politicians respond to the masses. That's what gets them elected.

If people think they're being ripped off then just get the hell out of the way unless it actually involves some devious scheme.

The majority is going to ruin it for the minority ??
You did not read my post. I made a generalized observation about forex brokers and stating that any person peddling his performance record must do so from an Oanda account at least, since Oanda won't be involved in uploading fake trading statements for forex stats publishing sites where banana forex firms exploit the survivalist bias.

My point was to praise Oanda and cast doubt on all other firms.
  • #33
  • Aug 12, 2012 9:59pm Aug 12, 2012 9:59pm
Quoting Hong Long
Not sure about that, but at least they're winning traders.

I remember a book in my bookshelf which has a table on the proportion of winning and losing accounts for a couple of big brokers, it has Oanda as #2. (Source: "Guide Complet du Forex" from Pierre-Antoine Dusoulier)

Broker %Winning Accounts %Losing accounts
GFT 39,90% 60,10%
OANDA 38,10% 61,90%
ALPARI 30,00% 70,00%
FXDD 30,00% 70,00%
INTERBANK FX...
Lol with a name like you have and your avatar I would expect you would be from some country in Asia.
Quite surprised to see you are from the country where I was born and spend 46 years of my life.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #34
  • Aug 13, 2012 4:24am Aug 13, 2012 4:24am
You also need to factor in the idea that most profitable traders don't spend hours every day on this forum commenting on posts, so the majority of posters here will inevitably be losers.
  • #35
  • Aug 13, 2012 5:46am Aug 13, 2012 5:46am
Quoting espen
You also need to factor in the idea that most profitable traders don't spend hours every day on this forum commenting on posts, so the majority of posters here will inevitably be losers.
Correct, just like the majority of "real" accounts showing 150%+ gain from broker Forex la-la-land are generated by themselves posted under hundreds of different alias.

Even your more reputable brokers like FXCM generates fake stats like their King of the Microlot where they interview themselves after editing an excel spreadsheet showing how Xu-Xu from Beijing made 2000% in one month, using an RSI cross-over combined with unfalsifiable Elliot wave astrology.

It creates the illusion that "somebody" out there is coining it. The fact that only four real oanda accounts older than six months are in profit on this particular well known forex trading performance site indicates the non-hallucinatiory state of affairs.
  • #36
  • Aug 13, 2012 6:32am Aug 13, 2012 6:32am
Quoting KillerWhale
Lol with a name like you have and your avatar I would expect you would be from some country in Asia.
Quite surprised to see you are from the country where I was born and spend 46 years of my life.
Hehe, the Netherlands has been good to me. About 65.000+ Chinese here now.

Also just 1.2% tax on your capital per year over here. China doesn't have a lot of freedom in investing that's why everybody keeps on buying real estate, there's not much else to put your money in over there. If you think US brokers cheat you haven't signed up with a Chinese one. Chinese tax is also suffocating.
  • #37
  • Aug 13, 2012 8:52am Aug 13, 2012 8:52am
http://forexmagnates.com/q2-2012-pro...a-back-on-top/

The chart by forexmagnets is deceptive. By law the broker firms only report the quarter profitability of traders. IF though they were to report the 1 year and it will show 25% in first quarter, 25% of this number in second, 25% of this reduced total in the third until finally less than 1% profitable accounts after 12 months.
  • #38
  • Aug 13, 2012 11:00am Aug 13, 2012 11:00am
Quoting Hong Long
Hehe, the Netherlands has been good to me. About 65.000+ Chinese here now.

Also just 1.2% tax on your capital per year over here. China doesn't have a lot of freedom in investing that's why everybody keeps on buying real estate, there's not much else to put your money in over there. If you think US brokers cheat you haven't signed up with a Chinese one. Chinese tax is also suffocating.
No capital gains tax on your trading profits ?
  • #39
  • Aug 13, 2012 12:12pm Aug 13, 2012 12:12pm
Quoting Forexeurusd
No capital gains tax on your trading profits ?
Not entirely true... actually you will be charged taxes (not income taxes ok)regardless of your profitability. They assume that you make 4% a year over your net worth on the 1th of January (minus €20000 or €40000 for partners) and then they charge you with a 30% tax over this amount, regardless if your net worth has grown.

Let’s assume your net worth = 200k = 4%*30%*200k =€2 400,-

As most traders are losing and retail fx isn't a zero sum game (bucket shops) you can say that it's highly taxed, unless you're doing much more than 4% a year on the long run.

Nice for long-term profitable traders (not so many), bad for long-term losing traders (very very many), bad for anybody that has money in the banks with a 1.5% interest rate (inflation and tax beat the interest rate, hello!), good for the tax department, good for the banks and good for the offshore bucket shops.

So actually the Dutch tax department is pretty smart, they will still gain while everybody else is losing. Yes they miss those handful of big gainers, but they eat the small until there is nothing left.

It is said in some studies that many problems in Europe are solved when every country would apply this form of taxing (don’t mix that with capital gain taxing which is different and not so many are making serious gains).
  • #40
  • Aug 13, 2012 3:41pm Aug 13, 2012 3:41pm
Quoting Hong Long
Hehe, the Netherlands has been good to me. About 65.000+ Chinese here now.

Also just 1.2% tax on your capital per year over here. China doesn't have a lot of freedom in investing that's why everybody keeps on buying real estate, there's not much else to put your money in over there. If you think US brokers cheat you haven't signed up with a Chinese one. Chinese tax is also suffocating.
Don't take this the wrong way (as in assuming that you weren't born in the Netherlands), but isn't Hong Kong or Macau technically a much better place to live for Chinese traders? I have no idea how expensive Macau is, but Hong Kong is much cheaper to live then Amsterdam.

And don't forget that you get taxed multiple times over the same amount in the Netherlands. VAT is just one example, which is insanely high.

@pbb
The Dutch tax department is just very lucky that they are one of few western countries without insanely high capital gains tax. In all other areas it's nearly a communist state, only a few scandinavian countries are worse.

The problems in Europe are more due to excessive taxation of everything that adds wealth.

On Topic:
Isn't the problem with these statistics that it allows for a large chunk of variance based profits? Each quarter a different group is the lucky one, this would explain the large variances in profitability (like +-5%). 25%-35% sounds very high, I doubt this is an accurate representation of truly profitable traders.
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