OANDA default stop loss WARNING

Wifey and I do not even put a dent into the cash market...and will never in our liftime. Liquidity is always there and even the "Huge Mr. Market guy" would lose hair over the shear volume...:)


send you finest milk & honey
Archy
 
Electric,

I know exactly what you are talking when you say good things about Oanda, and I totally agree.

They never advertise, when you open demo no follow up phone calls and so on.

This type of warning did not happen to me, but it happened to someone that I know. Also if you call Oanda customer service, they will confirm that short duration of trades will be an issue.

Price shading does happen, and it was first brought to my attention by blueingreen, but it happens with every forex MM.

The bottom line is if it makes you money then by all means continue to do it.

I would love to hear about your success when you start trading large size. I could not fine anyone who trades on average 50 standard lots a clip in spot fx.

Regards,
redduke
 
RedDuke,

I am living the dream. I post here ad nauseam' on ET...You can follow along as I post my real results now. I just confirmed that I will be adding 15k more to my account the middle of next month. I feel like a young school boy having sex for his first time. (you know 1st base...like kissing)


Thank you for your intelligent dialogue and I read all of your posts, which I thank you for.

Michael B.


Quote from RedDuke:

Electric,

I know exactly what you are talking when you say good things about Oanda, and I totally agree.

They never advertise, when you open demo no follow up phone calls and so on.

This type of warning did not happen to me, but it happened to someone that I know. Also if you call Oanda customer service, they will confirm that short duration of trades will be an issue.

Price shading does happen, and it was first brought to my attention by blueingreen, but it happens with every forex MM.

The bottom line is if it makes you money then by all means continue to do it.

I would love to hear about your success when you start trading large size. I could not fine anyone who trades on average 50 standard lots a clip in spot fx.

Regards,
redduke
More...
 
Quote from RedDuke:

Jessieblue,

I would highly advise you to work on some other strategies. If news trading is all you do, you will not last in this business.

You might as well go to AC and Vegas.

Regards,
redduke
More...

I'm curious why you say that. Is it because broker tampering and the posibility of slips, requotes and the like, Or are you saying you think even with an honest broker news trading can't be profitable because it's so random?
 
Jessieblue,

The best way to trade the news is to use a straddle (putting buy and sell order at the same time about 20 pips away from current price) seconds before the number comes out. The spike is usually about 40-50 pips on major news announcements. So what you do once the price hits either of your orders, you close your order once it moves about 20 pips into positive, and then cancel your other orders. This whole thing happens within matter of seconds. But if you try to do it and do it with size, you will have issues with any forex broker (platform will freeze, requotes and so on).

Any other news trading is purely guessing. I have seen too many times when on bad news the price shot up and vide versa.


Regards,
redduke
 
Quote from RedDuke:

Jessieblue,

The best way to trade the news is to use a straddle (putting buy and sell order at the same time about 20 pips away from current price) seconds before the number comes out. The spike is usually about 40-50 pips on major news announcements. So what you do once the price hits either of your orders, you close your order once it moves about 20 pips into positive, and then cancel your other orders. This whole thing happens within matter of seconds. But if you try to do it and do it with size, you will have issues with any forex broker (platform will freeze, requotes and so on).

Any other news trading is purely guessing. I have seen too many times when on bad news the price shot up and vide versa.


Regards,
redduke
More...

How about that Tom Yeomans guy. He claims to get in without stops and have a 98% success rate trading the news with a fast news service.
 
I always find these threads amusing when one poster says you must trade with so and so and to use another is madness. Everyone has different styles and requirements so not everyone will find the same platform meets their needs.

I have accounts with the CME, currenex, lava, hotspot oanda and a few others.

Everyone is entilted to their own opinion and that is after all why there is a market.

I much prefer the ECNs to all the other platforms and it suits my style best. I also like to be able to put my own bid and offers in for example.

Where the ECns score huge marks for me compared to the CME is in liquidity. When it is very volatile then the CME liquidity evaporates, even in the euro dollar. You simply can not get fills in the required size.
 
Jessieblue,

Not sure who this gus is. Please try trading news with size (10-50 standard lots) at any forex MM for 1 month. Then please let us know how it went.

Regards,
redduke
 
Quote from RedDuke:

Jessieblue,

Not sure who this gus is. Please try trading news with size (10-50 standard lots) at any forex MM for 1 month. Then please let us know how it went.

Regards,
redduke
More...

It's bad, I learned it the hard way. You're right, but how about ECNs, would I be able to trade news anyway I want with an ECN broker?
 
Quote from dandxg:

Thanks for sharing I was considering trading forex with Oanda. Sorry to hear about your problem
More...

I trade with Oanda for quite a time and they are incredible good!!!

Had an account with IB Interactive Brokers, this is hell, slippage, bad execution, problems with their TWS and so on.

If you want to loose money go to IB, if you want to trade professionally go to Oanda, they are the best.
 
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