OANDA default stop loss WARNING

Do not be fulled into thinking that currenex is good. it is filtered like any other forex MM. If you want to trade currencies go to CME and trade currency futures.
 
I have extensive previous experience using the currenex platform. There are pros and cons to both spot forex and futures; things are not always rosy with the CME.....as a former index futures trader I know this first hand...get stuck on the wrong end of broken trades after the dust settles when a "mistake" is made...you know the old (Insert favourite Broker) I only meant to hit 1000 lots not 10000 etc. etc. There are reasons I choose to trade in the spot market.
 
If you would like the TP and SL levels to follow the quote it would probably be much more constructive to raise this issue on Oanda's message board or to contact them directly.
 
I am not sure if you are talking about a trailing stop loss etc. I am not concerned about following a quote. My point is that risk and reward "default setting" levels should be based on the position taken...nothing else.....as nothing else matters. Color me stupid, but I think that is a reasonable expectation....that a default setting for both TPand S/L be based on the trade itself.
 
If the quote moves much in the market order window while you've kept the SL box ticked just untick and tick it again in order to have it reflect the current quote.
 
I only meant to hit 1000 lots not 10000
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Any decent platform these day has a max # of contracts which you can set up. So fat finger error is eliminated.

I had these discussions before, but other than the whole bunch of crosses and ridiculous leverage of 400:1 (which is a huge disadvantage even if slightly abused), there are no advantages in spot fx, and it costs more to trade it than futures.

redduke
 
Quote from crazycanuck:

I was trying to bring this to the attention of other OANDA users. As I have traded with them for qutie some time, and this was news to me, I am sure there are other users that were not aware of the dynamics of the dafault stop loss feature.
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Oanda is the best platform for spot forex - this guy is a whinger. It is YOUR fault if you dont check your stop loss before you press the submit button. Take responsbility for yourself - they are not your mother.
 
First...learn to read.

Second, as I stated there are a lot of very good things about this broker, especially their totally flexible lot sizing and spreads. But are you serious in saying that their trading platform is the best for forex?? You have to either be joking or else you have never used anything else. The strengths of the company, of which there are many, lie everywhere BUT within their platform.
 
Quote from bl33p:

If the quote moves much in the market order window while you've kept the SL box ticked just untick and tick it again in order to have it reflect the current quote.
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Did not know that...thanks.

However, I am already setting up my main trading on the currenex platform. I was going to leave my current account at Oanda for my swing trading. I am going to move it also...it has more to do with a perk i am getting elsewhere rather than a problem with OANDA. For the swing trading the pip difference is not enough to outweigh a specific incentive elsewhere.

Once again...the reason i posted about this is because I had never encountered this while trading here and I wanted others to know about it so that if did not bite them in the arse. I am still at a loss as to why it was ever structured that way in the first place. It makes no sense that the default settings for both risk and reward are set/based/or calculated on anything but the actual entry. If you can explain the logic behind it....i am all ears.
 
I actually understand what your problem is, and I myself would like to see selfadjusting stops on those order windows.
By the way, I don't want to start another thread for a simple question so I'll ask here.

I usually like to trade news, a few secconds before the release I place orders. My question is, does Oanda frown upon that type of trading? People trading news at Oanda, have you noticed slippage or bad fills problems during big volatility there?
 
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