5 min forex with Oanda

Hello,

From what I can gather most 5 min 4x users use FXCM as their platform. I'd like to know if anyone has/is using this system with Oanda and if they are comfortable with it.

Many thanks

jww

I am using OANDA with 5minFX. Reason for that is the fact that with OANDA you do not need to buy full lots, you can buy units. To calculate the amount of units you can buy for whatever you are willing to risk is easy. This means I can stay in the market with a full risk percentage. For the size of account I was willing to risk it's working out perfectly.

Hi marejp,

OANDA's spreads widen in the weekend to as high as 20 pips or more, does that pose a problem to your positions, especially when you have just entered a new position before the weekend?

Thanks

Matsu

Thanks marejp.

jww

Hi Matsu

Good point. Up to now I have not run into problems but it can happen. How to solve it will be up to what you're comfortable with. Either move the stops out of the way a bit or close the position yourself and wait to see what happens after the weekend.

Thanks marejp

Regards,

Matsu

Could someone explain how to figure leverage? I was thinking about using Oanda since you can risk less money but I am not sure how to convert the risk? I guess compare it to a regular mini account. Thanks

marejp

Could't we trade with FXCM the same way as Oanda decreasing the lot?

I don't think so, the minimum lot at FXCM is 1 dollar. At Oanda 10 000 units is 1 dollar.

Say for example I want to enter a trade with my SL 40 pips away. My MoneyManagement rules allow me to risk $20. At FXCM that will be 20 pips meaning that I can not take the trade. With OANDA I can buy 5000 units (50 cents a lot) risking $20 on the 40 pip SL. That fits in with my MM rules and therefore I can take the trade.

Hope this helps

What's the minimal deposite on OANDA to open an account!

No minimum deposit. Spreads stay the same for all transaction sizes, so whether you use 10cents or $10 spread stay the same.

Important, read through all their documentation and DEMO to make sure you have the math right.

I'm using it to test out the NEW 5 minute forex. Though I have the FXCM account, Oanda allows small amounts of trading losing pennies rather than dollars. Once I'm comfortable with the system (I can't always follow the trades for the reversals) I'll trade using the FXCM.

You don't need a whole lot of money to trade with Oanda and because they have charts right there with the trading platform, its easy to see the trade activity that day. In otherwords its useful to trade FXCM and follow the progress with Oanda.