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OANDA Discussion

Go to Dukascopy ...
they wont let me, i'm resident of USA....
hmmm, you have a problem ...
Quoting ChesterB
What the heck? Getting back into trading after a hiatus... Oanda used to be like 1.2 on EUR/USD and 0.9 on USD/JPY... now its fluctuating , averaging about 1.6... this blows!

Seems as though the slippage is wider against me due to the dynamic spreads. It is promoted as being best and most competitive prices for the trader. I don't believe that for one minute. I get better odds at the casino table games.
Quoting ChesterB
they wont let me, i'm resident of USA....
Try MBT..U need to learn the Desktop Pro....it offers many order and trade possibilities ....its a memory hog with a chart up (not necessary if using MT4) but U can restart a couple of times during trading days and no prblm. (U need to do that anyway at rollover time every day after NY close..or else the platform takes a while to reload...Oanda however offers way more historical data than MBT...(if that's an issue)...also Oanda used to open early on Sundays, which was nice bcs it gave a better opening level on MT4 charts ...but they stopped doing that...now there is a (time/chart) gap on MT4 chart...adjusting to "industry standards" was their respond.....but the the previous posts speak for themselves.... if U have any more Q's u can pm me. tp
Whatever you do: don't trade with MT4 or MT5 platforms, that's asking to get killed for anyone scalping.
Don't know what platforms they are using but heard LMAX is good too ...
quit Oanda as soon as you can: if you complain they just keep repeating the same mantra: that they want to give you the best quotes under the current market circumstances. Oanda had it and they lost it ....
Thanks CVDS and Pablo!

Quoting cvds16
Oanda had it and they lost it ....
Totally agree!
Quoting cvds16
Whatever you do: don't trade with MT4 or MT5 platforms, that's asking to get killed for anyone scalping. Don't know what platforms they are using but heard LMAX is good too ... quit Oanda as soon as you can: if you complain they just keep repeating the same mantra: that they want to give you the best quotes under the current market circumstances. Oanda had it and they lost it ....
Roger that.....Using Charting Platforms for scalping is a total no no ...
yup. Even *I* know that. lol...

It's hard enough to make profits scalping with the 1.2 pip spread... 1.6 or 2 is just asking to fail IMO... Am I wrong?
Quoting ChesterB
yup. Even *I* know that. lol... It's hard enough to make profits scalping with the 1.2 pip spread... 1.6 or 2 is just asking to fail IMO... Am I wrong?
the odds just go away.....eventually it is necessary to leave the traditional FX broker and either go to the CBOT or LMAX...
spreads on some NZD pairs are atrocious up to 19 pips.FXCM now has lower spread in minor currencies.shame.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
maybe they should bring back Michael Stumm.
Given the dynamic spreads and the slippage I am experiencing, is it possible that Oanda is using some form of 'high frequency trading'?
Quoting TraderPablo
{quote} Roger that.....Using Charting Platforms for scalping is a total no no ...
MBT's MT4 is not the same as Oanda or others for that matter. It has no dealing desk, doesn't play the tricks Oanda does. Spread is lower. MBT's Desktop Pro is clumsy. All I need is cancles and a SL TP EA.
Quoting dforant1
{quote} MBT's MT4 is not the same as Oanda or others for that matter. It has no dealing desk, doesn't play the tricks Oanda does. Spread is lower. MBT's Desktop Pro is clumsy. All I need is cancles and a SL TP EA.
I understand.. still Oanda offers longer historical data going back to the seventies...and is a viable backup as well for (longer) term trades (maybe that is what they want now...bigger accounts??)

Having said that the DTP (DeskTop Pro) has some fantastic features ...and once learned there is no turning back.....same strategies like on floor can be used.... takes a while to learn ...and I thought it was very clumsy when first messing with it....but MBT has come a long way...stable environment (except the annoying rollovers at NY close ....not many complaints on the factory anymore abt this broker....I hope it stays that way....

And there is a Trading Desk Phone...agreed it may take a while..still in a (Trading) emergency it is vital to give/correct orders and fly straight again...
Oanda is the best trusted broker i have ever used from 2003 but unfortunately they dont offer Islamic free interest

accounts .although i dont believe in the free interest accounts because you can not have it in a market which is so

liquid like forex and i dont believe in brokers that offer free interest accounts as from credibility side

if they place your trade in real market they will have to pay the interest so how they can wave it out

but i have no choice i am Muslim and i should follow my religion although i will go to hell
focus while relaxed to see better
Quoting TraderPablo
... for (longer) term trades (maybe that is what they want now...bigger accounts??)
Oanda is not good for longer term trades because, where other brokers offer positive (or zero) rollover, Oanda charges net interest to hold a position open. I suspect that this is an important element of Oanda's revenue model.

Below are the current bid/ask (annual) interest rates applied by Oanda for five majors. Note that every Ask rate is higher than all the Bid rates. This means that with Oanda every pair among these majors, whether you hold it long or short, costs daily interest (negative rollover). Believe me, this is not the way to attract larger accounts making longer term trades.

Interest rates
(%)____Bid______Ask
---------------------
CHF____0,001____0,501
EUR____0,100____0,600
GBP____0,100____0,750
JPY____0,005____0,555
USD____0,100____0,500
---------------------

I've been with Oanda for years. I've never seen any evidence that I have been disadvantaged by the potential conflict of interest between client and market-making broker, but these interest rates are a strong incentive to leave.

PK
Quoting Plofkip
{quote} Oanda is not good for longer term trades because, where other brokers offer positive (or zero) rollover, Oanda charges net interest to hold a position open. I suspect that this is an important element of Oanda's revenue model. Below are the current bid/ask (annual) interest rates applied by Oanda for five majors. Note that every Ask rate is higher than all the Bid rates. This means that with Oanda every pair among these majors, whether you hold it long or short, costs daily interest (negative rollover). Believe me, this is not the way to...
HMMMM....good info...
Do you have other broker with good spread and no interest charge?
I can only speak from Game Account experience. I only trading the EUR / USD, low spread, minimum amounts, fast operations.

Excellent.
rdoWaves
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