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Virtually nobody is making money on Oanda accounts

  • #61
  • Aug 29, 2012 1:38pm Aug 29, 2012 1:38pm
Quoting Patience
Oanda traders are very shy about showing their performance.
I trade forex for living, the most part with Oanda.
Can ANYONE tell me a single benefit for me of sharing my performance with total strangers?

There are NO benefits.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #62
  • Aug 29, 2012 5:03pm Aug 29, 2012 5:03pm
Quoting KillerWhale
I trade forex for living, the most part with Oanda.
Can ANYONE tell me a single benefit for me of sharing my performance with total strangers?

There are NO benefits.
I don't know Killer but you can sure talk a good game to strangers

Quoting KillerWhale
I made more than my monthly goal with the market just open.

Shamu
Nothing worth having is easy.
  • #63
  • Aug 29, 2012 5:52pm Aug 29, 2012 5:52pm
Quoting Patience
I don't know Killer but you can sure talk a good game to strangers
Even with that comment from yen thread I revealed nothing.

By the way, pretty good that you found that. Compliments.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #64
  • Aug 29, 2012 6:14pm Aug 29, 2012 6:14pm
Heard good things about OANDA so went and opened an account.

I am happy with execution - no, complaints there.
I also love the lot size they allow us to trade; smaller than MT4.

Where OANDA lets me down is their trade platform. Its just not as good as MT4 and would expect more from such a reputable company going for so long now.

For a start highest tf is Daily, and I find Weekly useful - mt4 goes up to monthly.
A lot of their tools and studies leave much to be desired too. Of course, no indicators.

Just wished they would pretend to care by improving their platform even a little bit once every other blue moon.
  • #65
  • Aug 29, 2012 6:18pm Aug 29, 2012 6:18pm
Quoting livindaylite
Heard good things about OANDA so went and opened an account.

I am happy with execution - no, complaints there.
I also love the lot size they allow us to trade; smaller than MT4.

Where OANDA lets me down is their trade platform. Its just not as good as MT4 and would expect more from such a reputable company going for so long now.

For a start highest tf is Daily, and I find Weekly useful - mt4 goes up to monthly.
A lot of their tools and studies leave much to be desired too. Of course, no indicators.

Just wished they would pretend...
I trade mostly Oanda but use MT4 for charting
New voice message: Why are you calling me? If I need you, I'll call you!
  • #66
  • Aug 29, 2012 6:23pm Aug 29, 2012 6:23pm
i believe that every broker has their own pros and cons.....but you as trader has to take responsibility for your actions......you are in more control than you think and that is what bogs some peole down "having all that responsibility".....but there are successful traders out there and I speak for myself as well....don't blame it all on the brokers.
Move Money !!!
  • #67
  • Aug 29, 2012 6:28pm Aug 29, 2012 6:28pm
Quoting KillerWhale
I trade mostly Oanda but use MT4 for charting
True, a bit schizophrenic but possible. However, ideally one would like to chart from the account and platform one is trading from, no?

If they are about excellence, why do they not provide a better platform, really?
I have to wonder, coz its not like they haven't had years to look over others' shoulders and see what's going on in the market and improve theirs. Its like they're stubbornly and rigidly staying stuck in some retro period of basic charting. Seems to me
  • #68
  • Aug 29, 2012 6:28pm Aug 29, 2012 6:28pm
Quoting KillerWhale
I trade forex for living, the most part with Oanda.
Can ANYONE tell me a single benefit for me of sharing my performance with total strangers?

There are NO benefits.
I would say either one of them most of the time......show off to you trader friends. Or to attract some attention from investors. As to why a trader may be shy to share his results may just be his private preference or maybe not want you to see his 90% loss in a day.
Move Money !!!
  • #69
  • Aug 29, 2012 6:48pm Aug 29, 2012 6:48pm
Quoting Headly
i believe that every broker has their own pros and cons.....but you as trader has to take responsibility for your actions......you are in more control than you think and that is what bogs some peole down "having all that responsibility".....but there are successful traders out there and I speak for myself as well....don't blame it all on the brokers.
This.

It's natural to externalize blame for problems and this leads to a lot of brokers getting bad raps for reasons entirely related to the trader failing to take responsibility for their own mistakes.
FXGears.com
  • #70
  • Edited 8:23pm Aug 29, 2012 8:06pm | Edited 8:23pm
Though I use a desktop I am mostly working from my android phone, and I think more and more people are doing so.

I like Oanda's android platform and use it all the time to check rates and daily charts quickly. As I only have a practice account with them (which seems to have no time limit,) I am more comfortable with leaving it live continuously and just closing it instead of my trading account where you always seem to have to sign in when you leave it for awhile.

I trade live through Thinkorswim(TOS) but I just dislike the TOS Android platform. TOS almost apologizes for their android platform and how it is not that great. Oanda's is much easier to use and has streaming Thomson's Financial news which TOS's android does not.
  • #71
  • Aug 30, 2012 1:01am Aug 30, 2012 1:01am
Quoting Trader KGB
Discussing it here would only encourage it further. Myfxbook largely benefits two groups: EA sellers & brokers. The brokers offer rebates to the EA sellers. Follow the money and the incentive to game the system is quite large.

Notice there aren't any CTAs or serious money managers on myfxbook, it's just all EA garbage..
I see, appreciated.

May I ask the best way to upload and verify a track record?
  • #72
  • Aug 30, 2012 5:21am Aug 30, 2012 5:21am
Quoting BillSuits
Though I use a desktop I am mostly working from my android phone, and I think more and more people are doing so.

I like Oanda's android platform and use it all the time to check rates and daily charts quickly. As I only have a practice account with them (which seems to have no time limit,) I am more comfortable with leaving it live continuously and just closing it instead of my trading account where you always seem to have to sign in when you leave it for awhile.

I trade live through Thinkorswim(TOS) but I just dislike the TOS Android platform....
I would find OANDA's Android platform even harder to endorse.
Are you familiar with Trade Interceptor? It is by far the best smart-phone trading app out there at the moment, imho.
I use htc desire hd, but looking to upgrade to samsung galaxy's Note for the bigger and hd amoled screen.
  • #73
  • Aug 30, 2012 5:53am Aug 30, 2012 5:53am
Quoting livindaylite
I would find OANDA's Android platform even harder to endorse.
Are you familiar with Trade Interceptor? It is by far the best smart-phone trading app out there at the moment, imho.
I use htc desire hd, but looking to upgrade to samsung galaxy's Note for the bigger and hd amoled screen.
Don't like trading on a smart phone,
That's only for addicts.
Can't imagine to really study charts on a smart phone.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #74
  • Aug 30, 2012 5:53am Aug 30, 2012 5:53am
Quoting KillerWhale
Don't like trading on a smart phone,
That's only for addicts.
Can't imagine to really study charts on a smart phone.
But I admit I'm also an addict, but not addicted to smart phones.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #75
  • Aug 30, 2012 8:19am Aug 30, 2012 8:19am
I started using my android along with desktop and web applications and I can't see trading without it now. It is a life line and allows me to watch the market anywhere, like when I am in the grocery store and want to know how EUR/USD reacted to news events. It is definitely worth it if you don't need a lot of indicators/technicals, but if you do I can see the problems with a few inches of a screen. Oanda's android platform is good for me as I mostly look at 4h and daily charts, rates, and the wire news services. But to each there own.
  • #76
  • Aug 30, 2012 11:20am Aug 30, 2012 11:20am
Quoting Trader KGB
This is a reason not to trust myfxbook in my opinion. That site can be readily gamed, for the reasons you mention and in several other ways. If anything, this a testament to Oanda's honesty, since Oanda accounts can't be used for gaming the site the way other brokers' can.
What is the specific reason that Oanda's account can't be used for gaming the numbers ?
  • #77
  • Edited 1:19pm Aug 30, 2012 12:34pm | Edited 1:19pm
Quoting Blad4
If you don't mind Trader KGB I would like to know more about this 'gaming' you speak of. I am new to this world of 'FF' and myfxbook and was contemplating uploading a track record somewhere come the end of next quarter, and will be deliberating the best way of doing so.



Exactly. I'm utterly confused to be honest, at the point of this discussion.

Brokers such as Oanda, Alpari, etc serve their purpose for retail trading. If a retail trader then trades for an institution, they won't be dealing on these platforms we are discussing, so proportion...
Alpari, now there is in an interesting broker and one reason I got banned at myfxbook.com. Alpari themselves sent a fictional trade report from their MT4 server by uploader "Boris". The trades were ridiculous , the one winning trade after the other, utter nonsense.

The reason they did this was to game the myfxbook.com ranking system. High gaining accounts are near the top and by clicking on it the Alpari broker got free advertisement. New forex firms based in Russia fabricate fictional MT4 trade results in order to get high rankings, generating name exposure for themselves. It is to Oanda's credit and a display of their integrity that nobody by the name of "Boris" or "Doris" posting in "Engrish" is uploading any 1000% gained live forex accounts: they don't exist in the real world.

Thus my "rule" even to professional forex trading firms: I want the Oanda live real trading results of your main forex traders , risking their own money in your professional forex trading firm. If your forex trader isn't willing to risk his own capital(verified with an Income tax return) then why should I risk my capital with the forex trading firm?

The Robbins World cup contest for example allow traders to enter any number of live real futures accounts, but then only publish the largest winning account for competition purposes. What they are supposed to do, is publish the weighted average of all the accounts. This allows Robbins to game naive investors by exploiting the survivalist bias. Fools think that the top traders who "win" every year actually made 60% return on the same single account year after year. No, they made it on whichever of 50 accounts happened to gain 60% while not accounting for the other 49 accounts the blew up. And not even off this can we be sure, since nothing is audited by a reputable firm in anycase. The "top" traders all work for Robbins world cup and use the subscription money to cover their losses on the real? futures accounts.

Professional forex trading firms can't trade, it is individuals within the firm doing the trading. There is always some sort of scam or scheme going on in forex trading, thus my standard rule, that I hope all potential investors in PAMM's etc would adhere to: show me your personal real Oanda account, even if it is only the one winning account out of 19 losing accounts. : )

Means to prevent survivalist bias fraud
Since Oanda allows you to open 20 real accounts, then insist that the person selling you his PAMM business must show you then all 20 of his live Oanda accounts! The other broker firms allows their clients to create unlimited number of accounts, this enables them to run thousands of EA's and publish only those few EA's that worked, emulating the Robbins world trading cup scam.
  • #78
  • Aug 30, 2012 1:04pm Aug 30, 2012 1:04pm
Quoting StephanusR
The Robbins World cup contest for example allow traders to enter any number of live real futures accounts, but then only publish the largest winning account for competition purposes. What they are supposed to do, is publish the weighted average of all the accounts. This allows Robbins to game naive investors by exploiting the survivalist bias. Fools think that the top traders who "win" every year actually made 60% return on the same single account year after year. No, they made it on whichever of 50 accounts happened to gain 60% while not accounting...
Will wonders never cease...

PFGBEST, one of the largest non-bank U.S. Futures Commission Merchants, co-sponsors the Robbins World Cup Trading Championships. Said PFGBEST President and Chief Operating Officer Russ Wasendorf, Jr., "This is truly a low-barrier environment to enter the world of competitive trading."

  • #79
  • Aug 30, 2012 1:12pm Aug 30, 2012 1:12pm
Quoting Forexeurusd
What is the specific reason that Oanda's account can't be used for gaming the numbers ?
I shouldn't have said Oanda specifically. But to their credit, they don't offer IB rebates, thus the EA sellers have little incentive to use them as they prefer to double-dip (EA sales & IB rebates). This makes for less conflicts of interest in Oanda's case. Though I've heard they're considering opening the door on rebates..
  • #80
  • Aug 30, 2012 3:59pm Aug 30, 2012 3:59pm
Quoting StephanusR
The Robbins World cup contest for example allow traders to enter any number of live real futures accounts, but then only publish the largest winning account for competition purposes. What they are supposed to do, is publish the weighted average of all the accounts. This allows Robbins to game naive investors by exploiting the survivalist bias. Fools think that the top traders who "win" every year actually made 60% return on the same single account year after year. No, they made it on whichever of 50 accounts happened to gain 60% while not accounting...
Sounds criminal
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