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  • #1,361
  • Dec 17, 2010 12:59pm Dec 17, 2010 12:59pm
Just to add something.......

At first I thought that their 50/50 claim was a terrible advertisement mistake because people will see a company that makes such a laughable claim as a non-serious business.

Now I changed my mind and I think that the whole thing was a genius move because the majority of retail traders will not get it. They will be attracted to a "supposed better broker" just like bugs are attracted to the bug zapper.

And the traders that were able to figure the trap out are not in their best interest anyways. They want the scalpers, the dummy, the gamblers, etc...
  • #1,362
  • Dec 17, 2010 1:09pm Dec 17, 2010 1:09pm
Quoting Platypus
About your comment on why other brokers don't use the same tactics Oanda is using....well......I spent a few hours and did some study about this broker and I was surprised to see how astute they seem to be.

How can they still be able to go around the FIFO rule?
Their multiple "accounts" in the same environment allows you to hedge, another work around the rules.
They give you incredible short time frames but their long term charts just go up to the daily and their charting history is mediocre.

etc.....etc...etc..

They are a very focused company...
I agree with your whole post. When I wrote "the disparity between Oanda's figures and everyone else's is too great to ignore....", I should have said, "the disparity is too great be believable...".
As to their focus, they seem unwavering in their targeted customers and their model must work. Their abysmal charting history is almost unforgiveable, but the FIFO workaround, simplicity in order placing, and speed of execution is very attractive.
But 50% winning accounts? I'll never believe it.
  • #1,363
  • Dec 17, 2010 1:14pm Dec 17, 2010 1:14pm
Quoting billflet
I agree with your whole post. When I wrote "the disparity between Oanda's figures and everyone else's is too great to ignore....", I should have said, "the disparity is too great be believable...".
As to their focus, they seem unwavering in their targeted customers and their model must work. Their abysmal charting history is almost unforgiveable, but the FIFO workaround, simplicity in order placing, and speed of execution is very attractive.
But 50% winning accounts? I'll never believe it.
and please don't get me wrong.....it is possible to make money with them
but they definitely target the dummy......
  • #1,364
  • Dec 17, 2010 1:37pm Dec 17, 2010 1:37pm
Quoting Platypus
50/50 is break even not profit. It means that half of their costumers feed the other half . Can you swallow something like that?
I agree with this, but not this:

Quoting Platypus
They will be attracted to a "supposed better broker" just like bugs are attracted to the bug zapperhttp://cdn.forexfactory.com/images/s...m/big_grin.gif.

And the traders that were able to figure the trap out are not in their best interest anyways. They want the scalpers, the dummy, the gamblers, etc...
They're still the best MM broker hands down. (unless you can show me another broker with better conditions/possibilities AND a clean record)

Their platform does not have high time frames not because they "want to attract scalpers", but because that's how their platform is: it's basic and lacks many charting features, not just time frames. Some professional institutional platforms like Currenex don't even have charts. Does it mean they want to attract 1 pip scalpers who will trade only from live quotes? Of course not. If you want extensive charting possibilities get a dedicated software, nobody is stopping you from doing that.

Also, regarding them wanting the "scalpers", that is not true. MM brokers in general (Oanda included) don't particularly "like" scalpers and often enforce rules regarding the minimum duration required to hold a trade, etc. The reasons for this are technical:

1- To them, "scalpers" may be people who are trying to exploit delays that exist between different price feeds to create an unfair advantage.
2- Scalpers who open and close their trades too quickly and too profitably make it hard for the MM broker to hedge their exposure with a liquidity provider.

As for wanting "the dummy, the gamblers", well every retail internet broker wants those. lol

In case you haven't noticed, this is a betting/gambling business in a sense and most "traders" who call themselves "traders" are actually no different than casino gamblers whether they like to hear this or not. The reality is: You only truly stop being a gambler when you have a legitimate statistical edge in the market, i.e. when you truly statistically beat the foreign exchange market, and rare are those who do.
  • #1,365
  • Dec 17, 2010 1:51pm Dec 17, 2010 1:51pm
Until Oanda sell his api, are you wondering why is missing they charts some basic features? - like measure from a point to a point how many pips are...

If you would be one of Oanda's manager you would spend a few 10.000 usd to make better chart for retailers, this will cut your java API users or you would do nothing just let the java API bring money to you?
I want to buy PATIENCE
  • #1,366
  • Dec 17, 2010 1:55pm Dec 17, 2010 1:55pm
Quoting matheszabi
Until Oanda sell his api, are you wondering why is missing they charts some basic features? - like measure from a point to a point how many pips are...

If you would be one of Oanda's manager you would spend a few 10.000 usd to make better chart for retailers, this will cut your java API users or you would do nothing just let the java API bring money to you?
Oanda has enough stability issues with this version already...
more features are added very gradually if at all.

Well, since I started using their API and programming my own stuff I dont even care anymore what new features the FXTrade App has... lol
this pig cannot be slaughtered for ever... or can it?
  • #1,367
  • Dec 17, 2010 2:00pm Dec 17, 2010 2:00pm
Quoting matheszabi
Until Oanda sell his api, are you wondering why is missing they charts some basic features? - like measure from a point to a point how many pips are...

If you would be one of Oanda's manager you would spend a few 10.000 usd to make better chart for retailers, this will cut your java API users or you would do nothing just let the java API bring money to you?
That's not a bad theory.

Not everyone will consider getting dedicated software with a separate live price feed, some will feel more inclined to paying for API access (especially if they have programming skills) and Oanda charges a lot for that, unless you are able to demonstrate high monthly volume (which also means more money for them anyway).

API does not generally attract newbies though. Most quants I know can't live without API. lol
  • #1,368
  • Dec 17, 2010 3:44pm Dec 17, 2010 3:44pm
Quoting Marv
........In case you haven't noticed, this is a betting/gambling business in a sense ..........
Hummm....lets see....if you want to go to the philosophic side not only forex but life in itself is a gamble.....

Now if you are a professional in the area you will hardly find it a gamble or even a game at all.

I'm doing it for over 2 decades my friend, worked for banks all my life and amoung professional forex traders you don't hear the word gamble too much. Now in thede 2 years I'm amoung retail traders I kind of hear the G too much for my taste.....!!
  • #1,369
  • Dec 17, 2010 4:30pm Dec 17, 2010 4:30pm
Quoting Platypus
if you want to go to the philosophic side not only forex but life in itself is a gamble
Nah, I'm talking numbers here. At least 95% of traders are not consistently profitable, that pretty much means they're gamblers.

If you don't have an edge, stay out of the market: it's only commonsense. Yet most people can't do that, and that by definition is gambling. I like to call things by what they are.

Quoting Platypus
I'm doing it for over 2 decades my friend, worked for banks all my life and amoung professional forex traders you don't hear the word gamble too much.
That's great.
  • #1,370
  • Dec 21, 2010 7:37am Dec 21, 2010 7:37am
I have a huge disconnect here.... already 15 minutes. both FXTrade and API.... holy crap
this pig cannot be slaughtered for ever... or can it?
  • #1,371
  • Dec 21, 2010 7:40am Dec 21, 2010 7:40am
Same here. CRASH

It's getting to be a broken record
  • #1,372
  • Dec 21, 2010 7:42am Dec 21, 2010 7:42am
same thing
  • #1,373
  • Dec 21, 2010 7:48am Dec 21, 2010 7:48am
Reconnected again.
this pig cannot be slaughtered for ever... or can it?
  • #1,374
  • Dec 21, 2010 3:57pm Dec 21, 2010 3:57pm
I've decided to leave Oanda for good.

Last week, I wanted to get out of a losing trade but could not access the platform for more than two hours. After I was finally able to log on, I withdrew my account balance.
Amor Fati--F. Nietzsche
  • #1,375
  • Dec 21, 2010 3:59pm Dec 21, 2010 3:59pm
Quoting doji
I've decided to leave Oanda for good.

Last week, I wanted to get out of a losing trade but could not access the platform for more than two hours. After I was finally able to log on, I withdrew my account balance.
Oh man, I'm preparing my doc for first funding. Customer support is just perfect, yeah even my demo stalls once in a while, but everyone around screams it is the best broker anyway...
  • #1,376
  • Dec 21, 2010 4:30pm Dec 21, 2010 4:30pm
In all fairness, their Customer Service does a pretty good job.

My withdrawal was processed quickly, and to my great relief, the money was in my bank account by the end of the following business day.
Amor Fati--F. Nietzsche
  • #1,377
  • Dec 21, 2010 4:46pm Dec 21, 2010 4:46pm
Wow! Maybe I don't trade as much as you guys/gals, but it's been quite awhile since I've experienced a disconnect with Oanda. Sorry to hear that. Hope it works out.
  • #1,378
  • Dec 21, 2010 5:24pm Dec 21, 2010 5:24pm
Quoting georgem
Oanda has enough stability issues with this version already...
more features are added very gradually if at all.

Well, since I started using their API and programming my own stuff I dont even care anymore what new features the FXTrade App has... lol
I don't have any stability issues with they client.
It is just a "thin" client
Buy they API and build on that your nice application!

I am wondering what happens if I am using a Metatrader or any other demo account with "rich client" for better charting, analyse and trade at Oanda?
I want to buy PATIENCE
  • #1,379
  • Dec 21, 2010 5:33pm Dec 21, 2010 5:33pm
Quoting matheszabi
I don't have any stability issues with they client.
It is just a "thin" client
Buy they API and build on that your nice application!

I am wondering what happens if I am using a Metatrader or any other demo account with "rich client" for better charting, analyse and trade at Oanda?
I use a MT4 charting platform for charts and make live trades on Oanda with no problem. Actually, it works quite well.
  • #1,380
  • Dec 22, 2010 5:55am Dec 22, 2010 5:55am
Quoting doji
I've decided to leave Oanda for good.

Last week, I wanted to get out of a losing trade but could not access the platform for more than two hours. After I was finally able to log on, I withdrew my account balance.
There are other avenues to get out of trades other than logging into the platform and closing. Usually a quick call to the broker, answer some ID questions and asking them kindly to close at market is sufficient and I am sure that would not take you 2 hours to complete.
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