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OANDA users...how do you profit when spreads change

  • #21
  • Jul 27, 2006 9:48am Jul 27, 2006 9:48am
Can you open opposing positions with Oanda? In other words, is it possible to have a buy and a sell open at the same time in order to hedge? I could not find this on their website. -Teek
  • #22
  • Jul 27, 2006 9:51am Jul 27, 2006 9:51am
Quoting americanteek
Can you open opposing positions with Oanda? In other words, is it possible to have a buy and a sell open at the same time in order to hedge? I could not find this on their website. -Teek
No. You would need a sub account in order to hedge.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #23
  • Jul 27, 2006 10:26am Jul 27, 2006 10:26am
Quoting fx_trendy
Have you ever got whipsaw in OANDA?
Only as much as can be expected from any broker, I assume. That's the obvious downside to the straddling strategy, but like I said before the only risk is the difference between your two limit orders (the long and the short) as one will close out the other. Usually if I don't see a drastic movement (depending on orange or red news release) within a minute or two of the release I'll close out any open orders to avoid a sharp reversal. That's exactly what I did at 9:00 (CST) this morning (see attachment.) And it's a good thing I did. I broke even instead of losing.
Attached Image
  • #24
  • Jul 27, 2006 10:58am Jul 27, 2006 10:58am
You definitely need to be aware of the spread changes with Oanda. Pretend you have a couple lots long on gbpusd and there is a news release at 8:30est for the united states. Well, I like to tighten up a stop loss around news time... however, with Oanda I take extra caution because when the spread is widened 15pips+ and your stop loss gets triggered it is quite agitating (it is commonly widened to 10 pips, but i have seen 15).


anyway, it is certainly requires a trader's attention. my understanding is all the brokers have technique for managing news release times. Not sure I buy into the volume/volatility argument though. Aren't most technical traders prone to getting out or at least not placing orders during news releases? it seems like most individual traders who would be clients of these brokers are technical type traders. Obviously, there is volatility...... but some of that has to be banks taking positions??

anyway, yes.... oanda widens the spreads and you need to be aware of it.
  • #25
  • Jul 27, 2006 11:20am Jul 27, 2006 11:20am
Quoting squat1962
You definitely need to be aware of the spread changes with Oanda. Pretend you have a couple lots long on gbpusd and there is a news release at 8:30est for the united states. Well, I like to tighten up a stop loss around news time... however, with Oanda I take extra caution because when the spread is widened 15pips+ and your stop loss gets triggered it is quite agitating (it is commonly widened to 10 pips, but i have seen 15).


anyway, it is certainly requires a trader's attention. my understanding is all the brokers have technique for managing news release times. Not sure I buy into the volume/volatility argument though. Aren't most technical traders prone to getting out or at least not placing orders during news releases? it seems like most individual traders who would be clients of these brokers are technical type traders. Obviously, there is volatility...... but some of that has to be banks taking positions??

anyway, yes.... oanda widens the spreads and you need to be aware of it.
I have never noticed Oanda making their spreads that large (other than on weekends), and I've been using them for several years. My spread on the EUR/USD is 1.5, even just 2-3 minutes before a news release.
  • #26
  • Jul 27, 2006 6:21pm Jul 27, 2006 6:21pm
Quoting girdle66
How do we make a profit on Oanda? Just like this! (See attachment.)

Oanda has always been good for me using the idea of straddling a channel right before a news release. It's especially nice because I don't have to spend all day watching graphs and trying to get my work done. Just 5 minutes in the morning.

It's worth noting that I only do this when it's an orange or red news release on the FF calendar. Also, I'm never really risking that much. The only risk is the difference between your limit buy price and limit sell price, usually no more than 8-15 pips.
Girdle66,

I don't use Oanda but thanks for showing a screen shot. That is exactly what one of my mates does.

All I got to say is: if it's not broke don't fix it


Turbo
  • #27
  • Jul 27, 2006 7:38pm Jul 27, 2006 7:38pm
the 15 pip spread was on the aud/usd several days ago.
Same Whore .... Different Dress
  • #28
  • Jul 27, 2006 10:17pm Jul 27, 2006 10:17pm
Quoting turbokaos
Girdle66,

I don't use Oanda but thanks for showing a screen shot. That is exactly what one of my mates does.

All I got to say is: if it's not broke don't fix it


Turbo
Yeah, I take the KISS method with trading, as well as most things in life:
Keep It Simple because I'm Stupid... :

I say this jokingly yet half serious. There are so many methods and indicators out there it makes my head spin. I found something that works, and even I can do it!
  • #29
  • Jul 27, 2006 10:19pm Jul 27, 2006 10:19pm
Quoting johnedoe
the 15 pip spread was on the aud/usd several days ago.
Hmmm, I only trade the EUR/USD and occasionally the USD/CAD. I guess I won't be switching to aud/usd any time soon! Thanks for the reply.
  • #30
  • Jul 27, 2006 11:24pm Jul 27, 2006 11:24pm
sticking with one pair is not a bad thing.....

the eur/usd has plenty of movement, and the low spreads make it nice also.
more profit sooner.
Same Whore .... Different Dress
  • #31
  • Jul 28, 2006 11:43am Jul 28, 2006 11:43am
i'm not a shill for fxsol. actually, i am a customer of mvpglobalfx, an ib for fxsol. mvp pays me 1$ on every ten lots i turn. it earns me an extra five hundred a month for doing nothing. i have never had slippage and never had a spread widened on me right before a data or news release. that sounds pretty reliable to me. i always get filled at the price i click in on. the trick is not to use gigantic lots. it sounds like oanda regularly widens the spread to stack the deck in their favor. please explain to me how oanda is so reliable. also, if you are happy with them, then i am happy for you. no ill will intended.
"i wake up in the morning, and i piss excellence"
  • #32
  • Jun 5, 2007 11:36pm Jun 5, 2007 11:36pm
Quoting awcmon
Yesterday, i didn't realize the thing about the spreads changing until someone mentioned it. Since I've only been on the demo for a day, I simpley didn't notice it. That got me a little nervous so i wanted to know from OANDA users how you are able to make consistent profits when the spreads can change even while you are in a trade? Like, once you're in a trade and you're making a profit, have you ever noticed the spread changing suddenly and thereby erasing any profit you may have made?

I still plan to pursue it - mostly due to all the good reviews. But i'm just worried about the spreads changing without warning.
-----------------------------------------
Dear Owcmon,

Dont' worry about the spread...
I just want to let you know that... get out from the trade 10 minutes b4 the news and during week end. By saturday 3am you should out of the trade.
If you want to know the time for news.. go to www.forexfactory.com. You can get the news calander.

Tips... if you want to trade during the news.
During the news, about 1-2 minutes.. the spread is big..20 pips.. after that the spread is drop and the price also drop...after you see the spread is drop than you can buy/sell. Nothing that you lost..be patiant... but make sure you know what is the direction. Follow-up with the News that provide by Oanda. Find out at Resources - FXNews. The 4Cast is good guide.

Ok....Good Luck!
  • #33
  • Last Post: Dec 4, 2010 7:18pm Dec 4, 2010 7:18pm
Spreads change, it is part of life trading forex. If a change in spreads turns you into a losing trader, your strategy is probably worth revising. Don't blame Oanda for this.
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