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  • #2,501
  • Aug 18, 2011 6:43am Aug 18, 2011 6:43am
Quoting fxrising
MM will trade against you, ECN/STP brokers are your best bet, I'm talking about a true ECN, just make sure an ECN broker has the virtual dealer plugin wiped from their MT4. Plus a true ECN will charge a commission with low spreads.

i agree. real ECN/STP brokers , not so-claimed ones.
the best indicator is trader's knowledge , experience and dicipline.
  • #2,502
  • Aug 18, 2011 6:50am Aug 18, 2011 6:50am
Quoting Marv
The only advantage Oanda has compared to good ECNs is trading as small as you want.
It really depends on what you're doing.

The only real advantage an ECN has to Oanda is if you doing quick scalps especially news trading where you need liquidity or you're a price maker.

Anyway these "ECN's" at shops like LCG are just bank aggregated feeds. They are crossing the spreads... the pricing isn't that much better after commissions.

Though, at LCG... you can get under 15$ per mil with them which is not bad.

Anyone else doing standard shit can stay with a good retail broker until they trade there way to 300-500k and look to get setup with segregated accounts with a bank on an institutional fixed spread margin account, like Barx, Citi, UBS, JP Morgan... etc... if you can make it...
  • #2,503
  • Aug 18, 2011 6:52am Aug 18, 2011 6:52am
Quoting grimReaper
So, in other words I can't trust anybody, b/c every broker trades against their clients on small orders?
Some times they take the opposite and leave the trader to their own demise, mostly they are grouped until they can be offset, seconds to minutes.

EBS, interbank trading, isn't one fixed price, there's several different banks offering various amounts at different prices, always changing, your broker normally has a few liquidity providers i.e. banks and works in a similar fashion.... your broker quotes a mix, shaded directionally depending on how the offers line up. The broker takes and tries to fill-in house, offsetting orders, the remainders are blended together and offset....... big computer programs working 24/7.....

Not every price is offered in real markets, there's vacuums or gaps in price at times, to the retail trader they want every trade/stop managed to the pip, but in actuality it doesn't work that way.
  • #2,504
  • Aug 18, 2011 11:53am Aug 18, 2011 11:53am
Quoting grimReaper
So, in other words I can't trust anybody, b/c every broker trades against their clients on small orders?
Taking the other side of your trade has nothing to do with trust. This is fallacy because the broker is 'making the market' and providing a service. Do yourself a favor and read a book on Market Microstructure or do search on FF for microstructure.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #2,505
  • Aug 19, 2011 5:21pm Aug 19, 2011 5:21pm
Quoting Monroe
Anyone else doing standard shit can stay with a good retail broker until they trade there way to 300-500k and look to get setup with segregated accounts with a bank on an institutional fixed spread margin account, like Barx, Citi, UBS, JP Morgan... etc... if you can make it...
Agreed. (though you can go institutional with less than that if you wanted to)

I would disagree that good tier 2 ECN's have no advantage over something like Oanda other than doing quick scalps. For example I had to deal with much less stability issues when using the former compared to the latter.

Quoting firedave
The news make several platform freeze
I don't think it's the "news" that does that.
  • #2,506
  • Aug 20, 2011 1:02pm Aug 20, 2011 1:02pm
Quoting Marv
Agreed. (though you can go institutional with less than that if you wanted to)
True, to be honest I haven't tried to negotiate with the bigger banks, but if I did, I would only go for one of the bigger players/liquidty providers in the game if I wanted the security of funds and service. They may be willing to for you with less, but 100-200k I would think would be around the minimum possible (unless maybe you know someone)... or else you're going on the "retail" side of their service if they have one. Not many do at this point, there is Barx and Citi that I know of. Of course I wasn't talking prime brokerage services, you need millions for that and assets for credit lines, etc.

Quote
I would disagree that good tier 2 ECN's have no advantage over something like Oanda other than doing quick scalps. For example I had to deal with much less stability issues when using the former compared to the latter.

thats true, interbank ECN platforms like CNX are solid... I should have added reliability too, no argument there, but again that would be more important for shorter term stuff. I can't see fxtrade being much of a problem and I do short term trading all the time, of course, not around predictable down-times like major releases or conferences.

Just depends on your needs I guess. Me personally, as I said, I see no need as long as your not news scalping and don't need the liquidity and prices at those times.

On CNX, banks have last look, and it depends on the tier 2 shop, there's a lot that goes on behind the scenes for the prices you see, all clients and shops are not treated equal in the OTC FX market. Which is why if I was manually trading (and I had the cash and had to do decent size) I would be trying to build a relationship with a bank instead of mucking around with tier 2 PB's on aggregated bank and LP feeds.

That's just my opinion though at this point in time.
  • #2,507
  • Aug 21, 2011 1:33am Aug 21, 2011 1:33am
Guys i am thinking of using OANDA as my broker for scalping. I plan on trading only eur/usd pair which according to their website during London and NY session spread on eur/usd is usually 1.40 +/-. But here reviews are much more negative. So do you think i join oanda or other broker good for scalping with low spreads for eur/usd? Thank you
  • #2,508
  • Aug 21, 2011 7:15pm Aug 21, 2011 7:15pm
Quoting Government
Guys i am thinking of using OANDA as my broker for scalping. I plan on trading only eur/usd pair which according to their website during London and NY session spread on eur/usd is usually 1.40 +/-. But here reviews are much more negative. So do you think i join oanda or other broker good for scalping with low spreads for eur/usd? Thank you
I've been with Oanda for 2 1/2 years and never had a problem scalping. The exception is higher spreads at news and Sunday evenings. I haven't read this thread so I don't know what issues others have with Oanda, but I'm very happy with them. If you want to know what they are like and their spreads in real time, register with their practice account. It's fast and easy to register, never expires, and the platform and spreads are identical to the live platform and spreads.
  • #2,509
  • Aug 22, 2011 10:29am Aug 22, 2011 10:29am
Quoting Greenhill
I've been with Oanda for 2 1/2 years and never had a problem scalping. The exception is higher spreads at news and Sunday evenings. I haven't read this thread so I don't know what issues others have with Oanda, but I'm very happy with them. If you want to know what they are like and their spreads in real time, register with their practice account. It's fast and easy to register, never expires, and the platform and spreads are identical to the live platform and spreads.
Thank you for advice. I have already registered for demo and plus there are spreads on their website. I just read here negative reviews.
  • #2,510
  • Aug 23, 2011 5:56pm Aug 23, 2011 5:56pm
http://forexmagnates.com/oanda-acqui...s-oanda-japan/
  • #2,511
  • Aug 24, 2011 4:24am Aug 24, 2011 4:24am
Quoting Greenhill
I've been with Oanda for 2 1/2 years and never had a problem scalping. The exception is higher spreads at news and Sunday evenings. I haven't read this thread so I don't know what issues others have with Oanda, but I'm very happy with them. If you want to know what they are like and their spreads in real time, register with their practice account. It's fast and easy to register, never expires, and the platform and spreads are identical to the live platform and spreads.
Well, there is at least one problem you should have had and that is the leverage hehe. One can't risk 2% per trade, because there is not enough leverage to open a position that large if you are scalping for about 5 pips.

I recently moved to another broker only because of leverage (Alpari Pro). I hope Oanda Europe will have a 100:1 leverage some time soon, because only then they are getting me back.

Otherwise I agree with all of your words.
I found a penny today. That's +100 pips for me.
  • #2,512
  • Aug 24, 2011 4:31am Aug 24, 2011 4:31am
Quoting tar
http://forexmagnates.com/oanda-acqui...s-oanda-japan/
25:1 leverage LOL. Have fun. That's worse than Fukushima Nagasaki Hiroshima near my house.


Even as a swing trader 25:1 leverage will make you keep all of your funds with your broker AND make scalping impossible.
I found a penny today. That's +100 pips for me.
  • #2,513
  • Aug 24, 2011 6:08am Aug 24, 2011 6:08am
there's a simple solution to the 1:25 leverage, Trade with larger units. what i like about oanda is that they tell you upfront how much a pip is worth.
Best Regards Moneymike
  • #2,514
  • Edited 7:22am Aug 24, 2011 7:02am | Edited 7:22am
Quoting moneymike
there's a simple solution to the 1:25 leverage, Trade with larger units. what i like about oanda is that they tell you upfront how much a pip is worth.
There is a maximum numbers of units you can trade and it depends mainly on leverage. The maximum number available is not enough even for 50:1 leverage to have a 5 pips equal 2% of your account. The maximum is about 1.75%. So, with 25:1 leverage, maximum you can trade is half of that, 0.88%. Plus, you'll have to keep all of your trading money at your brokers account and that's not healthy since many brokers go under. I always keep about half in a separate bank account and half at brokers.

Leverage itself is useless for trading, you can trade with 100:1 you can trade 1000:1, it does not matter, as long as your position size remains the same. It has no effect on trading except it allows you to open larger positions for smaller SL. There is absolutely no difference, if I traded with 50, 100, 400 leverage. Same position size, same %risk per trade, same SL. If I scalp, I do it with a little over 5 lots, if I do swing trading, then it is about 0.5 lot.
Leverage of 50 only allows me to open maximum of about 4 lots and that's not enough. With 25:1, I'd hang myself.

It's always those old farts who make these regulations, those who never achieved anything in their trading career or they got beaten by parents and now want to take revenge, I don't know, but all these regulations are senseless.

Why is capped at 50:1? And not at 55:1 and not 59:1? Stupid old farts with round number bias. I'd be the happiest person if Oanda had 60:1 leverage.

By the way, I know in my head, how much each pip is worth to what position size, don't need to tell me that.
I found a penny today. That's +100 pips for me.
  • #2,515
  • Edited 12:21pm Aug 24, 2011 8:37am | Edited 12:21pm
Quoting moneymike
there's a simple solution to the 1:25 leverage, Trade with larger units.
OMG problem solved! Thanks man. Now we don't have to worry about the government lowering leverage anymore. I wonder how nobody ever thought of this brilliant yet so simple solution before.

Quoting ReaM
but all these regulations are senseless.
They sure stink with self-righteous control-freak government idiocy and hypocrisy. All we can do is hope they keep their hands off this realizing it won't solve their problems, and that we don't live to see spot forex leverage lowered to 10:1.
  • #2,516
  • Aug 24, 2011 10:07am Aug 24, 2011 10:07am
Quoting Marv
OMG problem solved! Thanks man. Now we don't have to worry about the government lowering leverage anymore. I wonder how nobody ever thought of this brilliant yet so simple solution before.



They sure stink with self-righteous control-freak government idiocy and hypocrisy. All we can do is hope they keep their hands off this realizing it won't solve their problems, and that we won't live to see spot forex leverage turn into 10:1.

how come you quote someone esle and there is my name? I never said that thing. It was moneymike
I found a penny today. That's +100 pips for me.
  • #2,517
  • Aug 24, 2011 12:18pm Aug 24, 2011 12:18pm
Quoting ReaM
how come you quote someone esle and there is my name? I never said that thing. It was moneymike
Just a copy/paste mistake. Fix'd.
  • #2,518
  • Aug 24, 2011 12:28pm Aug 24, 2011 12:28pm
Quoting ReaM
how come you quote someone esle and there is my name? I never said that thing. It was moneymike
He can't read very well if he can he chose not to, I really hate those few who love to bash someone else instead of give advise. As for you i thank you for your remarks.
Best Regards Moneymike
  • #2,519
  • Aug 24, 2011 4:37pm Aug 24, 2011 4:37pm
Quoting Greenhill
I've been with Oanda for 2 1/2 years and never had a problem scalping. The exception is higher spreads at news and Sunday evenings. I haven't read this thread so I don't know what issues others have with Oanda, but I'm very happy with them. If you want to know what they are like and their spreads in real time, register with their practice account. It's fast and easy to register, never expires, and the platform and spreads are identical to the live platform and spreads.

I have had a live account with Oanda for several years. The platform is rock solid, (only use Java 6 Rev 18) Works on everything from Windows, Umbuntu, Mint, mac etc. Spread is very decent it adjusts with the market. I have no problem with fills or exits, I can only think of a few errors out of thousands of trades. They have a unique setup that is actual live counting trade bars 24/7 I see trading activity start to arise as early as lunch time Sunday's. Don't see that with any other spot broker. Best thing I can say is put a few buc's in and trade live for pennies get the feel for it personally.
"Look Left Think Right"
  • #2,520
  • Aug 24, 2011 8:25pm Aug 24, 2011 8:25pm
Hey,

I was wondering what information I need to open an account with Oanda. I live in Canada. I just want to make sure whether stuff like employment info is necessary because I am currently unemployed since Im a recent graduate.

Thanks
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