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OANDA Discussion

  • #5,261
  • Jul 4, 2018 12:32pm Jul 4, 2018 12:32pm
Trading with OANDA, yes , anything above 240 minute chart....SPREADS are outrageous, and they manipulate them at will, itīs their own right, after all, itīs a bucket shop, client sits on the opposite side of the table...so screw the client.

You will start a 15 minute chart trade with a half decent spread, then they will spike you out 2 hours later, no news, just spike the spread, cash the money.
Business as usual.
And no, Iīm not a newbee,believe me I know what Iīm talking about.
  • #5,262
  • Jul 4, 2018 1:37pm Jul 4, 2018 1:37pm
Quoting cuchuflito
Trading with OANDA, yes , anything above 240 minute chart....SPREADS are outrageous, and they manipulate them at will, itīs their own right, after all, itīs a bucket shop, client sits on the opposite side of the table...so screw the client. You will start a 15 minute chart trade with a half decent spread, then they will spike you out 2 hours later, no news, just spike the spread, cash the money. Business as usual. And no, Iīm not a newbee,believe me I know what Iīm talking about.
Even Oanda is a bucket shop? Not withstanding the fewer US based brokers, isn't Oanda is supposed to be the better of the lot?

Thanks
  • #5,263
  • Jul 4, 2018 1:46pm Jul 4, 2018 1:46pm
Quoting cuchuflito
Trading with OANDA, yes , anything above 240 minute chart....SPREADS are outrageous, and they manipulate them at will, itīs their own right, after all, itīs a bucket shop, client sits on the opposite side of the table...so screw the client. You will start a 15 minute chart trade with a half decent spread, then they will spike you out 2 hours later, no news, just spike the spread, cash the money. Business as usual. And no, Iīm not a newbee,believe me I know what Iīm talking about.
I would like to point out spreads are irrespective of the chart or timeframe. It's only that on the longer charts you see smaller (relative) spreads due to scale.
  • #5,264
  • Jul 4, 2018 1:54pm Jul 4, 2018 1:54pm
Yes they manipulate the spreads at will, in advance of the trader. That means they see more of the market in advance of the trader. My only qualm is that they claim to have fixed spreads*, which is clearly not the case. Correct me if I'm wrong. Second, if they can move the goal posts at will then this can't be considered a fair game. I would rather that they state at the outset that this game is meant to draw money out of you on a consistent basis. What's wrong with that? At least it's the truth.
  • #5,265
  • Jul 4, 2018 2:10pm Jul 4, 2018 2:10pm
Quoting cuchuflito
OANDAīs spreads are coming to the point of being ridiculous: Check this, just after London close, N. York is full on right? EURAUD: almost 8 pips USDCAD: almost 6 pips. Talk about a greedy broker spooking clients. I will close my account for good soon...just looking for altenatives. NEWBEES BEWARE!!!!!!!!! {image}
GN has a maximum spread of 60 pips at Oanda. Typically it is near 15 pips during the hour after NY closes.
  • #5,266
  • Jul 4, 2018 2:15pm Jul 4, 2018 2:15pm
Quoting aaven
{quote} Even Oanda is a bucket shop? Not withstanding the fewer US based brokers, isn't Oanda is supposed to be the better of the lot? Thanks
The only time that Oanda had an execution error while I was trading they promptly credited me. Their platform has been reliable, and service great. Just don't expect to get your phone call through in under 15 minutes.
Aside from not having an option to close all open trades simultaneously, I am happy using their phone application as backup.
  • #5,267
  • Jul 4, 2018 4:28pm Jul 4, 2018 4:28pm
Quoting Ffx-
{quote} I would like to point out spreads are irrespective of the chart or timeframe. It's only that on the longer charts you see smaller (relative) spreads due to scale.
Not really, the percentage spread on a weekly bar to a minute bar is clearly different
.e.g you trail a 3 bar stop ...
  • #5,268
  • Jul 4, 2018 4:33pm Jul 4, 2018 4:33pm
Continuing: this is the Asian session.
Try to make some pips on a USDJPY 15 minute chart.The spread right now is a whopping 10,1!!!!!!!
How about EURAUD: 20 pips!
OANDA is your buddy !!

Btw, if you had a relatively tight stop on a 240 min. chart, chances are you could be stopped out overnight too.

(took the screensshot from my live account, 10 minutes ago, aprox.)
Btw. they are in their legal right to do so.But clients beware!!!!!!
Stay out of news, stay out of asian session.
Attached Image (click to enlarge)
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  • #5,269
  • Jul 4, 2018 4:36pm Jul 4, 2018 4:36pm
Quoting cuchuflito
{quote} Not really, the percentage spread on a weekly bar to a minute bar is clearly different .e.g you trail a 3 bar stop ...
Idiot
  • #5,270
  • Jul 4, 2018 4:59pm Jul 4, 2018 4:59pm
Quoting aaven
{quote} Even Oanda is a bucket shop? Not withstanding the fewer US based brokers, isn't Oanda is supposed to be the better of the lot? Thanks
"Bucket shop" is pretty negative (and may imply scamming people if they are unable to pay in the end for example). But Oanda has ALWAYS been a "market maker" broker. They are the counterpart of all customer's trade. They always have been transparent about it. If they hedge a portion of their risk behind, or not (and go full "bucket shop") is their problem.

"Supposed to be the better": If you listen to THEM, oh yeah, they're absolutely wonderful If you stick to FACTS, not that much...
And to say they are "the better" is an insult to a lot of brokers.
  • #5,271
  • Jul 4, 2018 5:54pm Jul 4, 2018 5:54pm
Quoting cuchuflito
OANDAīs spreads are coming to the point of being ridiculous: Check this, just after London close, N. York is full on right? EURAUD: almost 8 pips USDCAD: almost 6 pips. Talk about a greedy broker spooking clients. I will close my account for good soon...just looking for altenatives. NEWBEES BEWARE!!!!!!!!! {image}
You realize it's a bank holiday in the US right?
Pride always comes before destruction.... -Proverbs 16:18
  • #5,272
  • Jul 4, 2018 5:56pm Jul 4, 2018 5:56pm
Quoting matheszabi
{quote} Just opened a demo account elsewhere to compare spreads: {image}
Between 5pm-6pm EST US time there is very low liquidity and spreads are much higher than normal. That is the time frame of the chart you posted.
Pride always comes before destruction.... -Proverbs 16:18
  • #5,273
  • Jul 4, 2018 6:08pm Jul 4, 2018 6:08pm
Quoting dwe213
{quote} The only time that Oanda had an execution error while I was trading they promptly credited me. Their platform has been reliable, and service great. Just don't expect to get your phone call through in under 15 minutes. Aside from not having an option to close all open trades simultaneously, I am happy using their phone application as backup.
I close all open trades quite often. Go to menu Account->Close All->Close All Trades.
  • #5,274
  • Jul 5, 2018 1:01am Jul 5, 2018 1:01am
Quoting Expo33
{quote} Between 5pm-6pm EST US time there is very low liquidity and spreads are much higher than normal. That is the time frame of the chart you posted.
Very low liquidity?????????????????? (is that what oanda told u?)
Are u kidding me?...please get the correct information..
Yes less than London and NY, but still, it goes in the trillions..
  • #5,275
  • Jul 5, 2018 1:06am Jul 5, 2018 1:06am
Quoting Expo33
{quote} You realize it's a bank holiday in the US right?
Of course, but do you think Forex is sleeping, do you think the Big Boys are taking holiday????????
70 % of the volume goes through the hands of roughly 10 big banks (you can Google the exact number)...you can rest assure they are active, day and night...
Money donīt sleep.
  • #5,276
  • Jul 5, 2018 1:08am Jul 5, 2018 1:08am
Quoting Ffx-
{quote} Idiot
Wonder why I get insulted so blatantly.Iwas respectfull.
Guess you donīt like facts.
All the best to you anyway brother.
  • #5,277
  • Jul 5, 2018 1:26am Jul 5, 2018 1:26am
If you are looking for a Broker:

Inserted Video
  • #5,278
  • Edited 2:18am Jul 5, 2018 1:33am | Edited 2:18am
Quoting cuchuflito
{quote} Very low liquidity?????????????????? (is that what oanda told u?) Are u kidding me?...please get the correct information.. Yes less than London and NY, but still, it goes in the trillions..
Oanda never told me anything. They don't have to it's on the chart. 5-6pm spreads widen, period. There is little if any price movement at that time anyways and not a time I choose to trade.

Note yellow arrows. Oanda volume significantly down at the beginning of the daily reset. Also note massive decrease in overall volume for this whole week. Yea, money never sleeps but bankers and people in general take time off work during this week.

My brother works for one of those 10 banks and you know what he is doing this week? Playing golf, getting drunk, eating bratwurst and blowing things up.
Attached Image (click to enlarge)
Click to Enlarge Name: us.png Size: 71 KB

Here is the 15 minute chart. Note the yellow rectangles that show what happens from 5pm-8pm EST in the US. See what price does during that time. ABSOLUTELY NOTHING. Rendering the spread issue meaningless. If you are swing trading your SLs won't be affected and if you're trying to scalp during that time, well, then you might want to re-evaluate your trading career.
Attached Image (click to enlarge)
Click to Enlarge Name: usd.png Size: 68 KB
Pride always comes before destruction.... -Proverbs 16:18
  • #5,279
  • Edited 3:17am Jul 5, 2018 1:52am | Edited 3:17am
Quoting cuchuflito
If you are looking for a Broker: https://www.youtube.com/watch?v=sSAdk1EHHf8
What I look for in a broker.

1) Can they survive a black swan event?

Answer for Oanda: A resounding yes. In business for 20 years in a US market they now dominate. Their balance sheet makes most "offshore" brokers look like lemonade stands.

2) Zero cost to me for deposits/withdrawals

3) Trade execution. In 10 years I've NEVER had ANY issue

Sure, their spreads are high during red news events and during the daily reset hour. Neither of which I trade. And whether they choose to A or B book my trades is of no concern to me and has NO effect on my success as a trader.

I've tried Fxchoice, LMFX, Traders Way, Finpro, etc. Functional brokers but really no need for me to use them. Sending wire transfers, then showing receipts for re-imbursement, logging into the "back office" to send an email to get some problem solved. Physical office 8000 miles across the globe. Yea, not for me.

Oanda office 4 hours from my house. Truth be told, in 10 years with Oanda I've never had any need to ever speak with anyone on the phone. I think I chatted online twice for a couple of basic questions I had when I first started trading.

Like the old adage says, "If it's not broke, don't fix it"
Pride always comes before destruction.... -Proverbs 16:18
  • #5,280
  • Jul 5, 2018 4:06am Jul 5, 2018 4:06am
Quoting Expo33
What I look for in a broker. 1) Can they survive a black swan event?
Fair points Expo33.
The additional question about a black swan event is: Can YOU survive with the broker ? Or will they screw you over ? Answer for Oanda in the case of the SNB event: No you couldn't. But THEY did well (they halted all quotes xxx/CHF to not trigger stop losses, and started to quote again at the bottom when the prices were starting to rise again, resulting in the biggest possible losses for the customers, while forbidding people to go short, and longs to close their positions until the bottom was reached). Then, they advertised like crazy how great they were and how well they handled the situation in the best interest of their customers.
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