OANDA Discussion

Quoting Effax-square

Disliked

The old FIFO rule is fair, First in, first out. Closed your earlier trade first before closing the latest trade. No TP/SL bs there.... This new one is even tougher, new trades of same lot size cannot be opened if you still have same lot size with TP/SL yet to hit (did someone made tons of millions from them using grid strategy ) Does it seems they forcing people not to use TP/SL anymore sigh~

Ignored

Quoting TraderSing

Disliked

{quote} Hey you don't have to lose sleep over 0.5%

Ignored

Quoting bs4

Disliked

Just got an email from Oanda. ============================================ Dear XYZ, Beginning in Q2 2020, we will be changing the way in which currency conversions of profits, losses and trading costs take place on the platform. This means that trades you place on products which have a different base currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%. For example, placing a EUR/USD trade in a CAD...

Ignored

Quoting bs4

Disliked

Just got an email from Oanda. ============================================ Dear XYZ, Beginning in Q2 2020, we will be changing the way in which currency conversions of profits, losses and trading costs take place on the platform. This means that trades you place on products which have a different base currency to your account currency will now incur a conversion charge. This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5%. For example, placing a EUR/USD trade in a CAD...

Ignored

Quoting Hutch

Disliked

{quote} The actual spread for USD/CAD is 1.6 pips. So the additional 0.5% spread applied to accounts that are not in USD would be increased by 0.008 so it would be 1.6008 pips. Nothing to cry to mother about {image}

Ignored

Quoting pipmaster77

Disliked

{quote} I'm going to let you do the math instead of doing it for you. Multiply that .5% times the amount of trades you take per year. The point is and always will be , there are way better options. I was actually running Oanda side by side with my offshore brokers the past several months. Same trades, same size, the difference was thousands of dollars. I just withdrew everything from Oanda. If and when I am ever FORCED to trade in US, I will use Forex.com DMA account. If you are not a US resident, you really need your head examined if you are with...

Ignored

Quoting bs4

Disliked

{quote} Is this true? also what about the This charge is based on the prevailing mid-price of the applicable FX spot rate for the conversion, plus an additional spread of 0.5

Ignored

Quoting Hutch

Disliked

{quote} I did not try to compute anything other than the 0.5% additional spread because it's impossible for us to know exactly what the "prevailing mid-price of the applicable FX spot rate" is since it will change for every currency pair traded.

Ignored

Quoting bs4

Disliked

{quote} That's my point. Even Oanda rep doesn't even know. Not a very good sign, additionally with their recent swap change. Either they want more from their clients or they need more. Who know what's next.

Ignored

Quoting Hutch

Disliked

{quote} Looks like it's getting worse but I have been with Oanda since 2005 and tried more brokers that looked better on the surface but deep down were not good. This is why Oanda is my primary broker. I have another broker exclusively for trading my favorite currency pair USDDKK since the spread is less than half of the spread of Oanda.

Ignored

Quoting xy100

Disliked

{quote} You favorite pair is USDDKK ?!?! Do you realize USDDKK is the exact (99.99%) mirror chart of EUR/USD? It can actually be useful for people who like to trade only one side so with this chart they can flip price direction. So why on earth would you be trading that and then complain about the spread when you can trade the exact same price action with EURUSD?

Ignored

Quoting xy100

Disliked

{quote} You favorite pair is USDDKK ?!?! Do you realize USDDKK is the exact (99.99%) mirror chart of EUR/USD? It can actually be useful for people who like to trade only one side so with this chart they can flip price direction. So why on earth would you be trading that and then complain about the spread when you can trade the exact same price action with EURUSD?

Ignored

Quoting xy100

Disliked

OK, i didn't even think about that logic. But still if it moves 5 times the value you wont be getting better deal if your spread is also 5+ times of the one on EUR/USD. I see on Oanda it is 13 pip average spread for USD/DKK which is ~13 times more than EUR/USD spread and for this to make sense you would need like 3-4 pip USD/DKK spread. You can always use indicators on DKK for EUR trading but i dont see the benefit of placing trades on DKK and i dont think you can provide real life comparative example to dispute that.

Ignored

Quoting dkrock

Disliked

{quote} That would be why he was complaining about the spread. As for profiting, if the EURUSD moves 10 pips and USDDKK correlates with it, then it will move about 65 pips. I see the current difference is about 6.5 pips DKK per 1 pip EUR. So the compounding is more prevalent with DKK. Not sure why you couldn't figure this out for yourself, but since you said you need to see a comparison, here you go. One lot on EURUSD made about $570 minus the spread. One lot on USDDKK made about $3710 minus the spread. {image}

Ignored

Quoting Hutch

Disliked

{quote} The correlation between EURUSD and USDDKK is minus 93%. The USDDKK spread on OANDA is a minimum of 13 pips and with my other broker 4pips. Put up two charts of these two pairs and you will see that the price action is quite different. Yesterday if I would have had a perfect trade on EURUSD, meaning buy at the lowest of the day and sell at the highest of the day I would have made $854. Using the opposite trade on USDDKK because of the negative correlation I would have made $707. So it looks like that it's best to trade EURUSD but it's not...

Ignored

Quoting xy100

Disliked

{quote} OK i have no problem admitting i am been stupid here because there is a lot here that dont makes any sense to me. Why can you have 10 trades on DKK and 1 in EUR? You mean your indicators provides 10 DKK signals and on EUR only one? What would happen if instead of going long USD/DKK (when indicator signal happens) you short EUR/USD. Can you provide an example of that, entry and exit on both pairs and how it differs so we can compare?

Ignored

Quoting Hutch

Disliked

{quote} Sorry but I don't trade EURUSD because of the low ATR but I use it as a reference. I checked the signals given Friday by the half-trend indicator that I use and I had 11 signals on EURUSD and 194 signals on USDDKK. Of course not all of them were good this is why it's nice to use the EURUSD chart as reference to avoid bad trades. Look at these two charts and you will see the latest signal arrows from today. Comparing the ATR for both pairs you will see that it's easier and more profitable to trade USDDKK than EURUSD. You will also see that...

Ignored