Oanda just another bucket shop

Quote from Wallace:

MickMason: "In essence I suppose they are ! But what's wrong with that ?
They accept a bet and pay out when a punter wins, sounds reasonable to me."

it would be reasonable, but for the 'manipulations'.
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True, I wouldn't expect my bookie to be out nobbling the favorite in the 3.30 at Epsom just because I have a bet on! Having said that, manipulation in betting is rife.

I'm always open to suggestions of an alternative but trading futures doesn't appeal to me, neither do ECN syle marketmakers, I can live without 50 pip slippage on my stops thanks. The thing is why change what's working for me? Trading spot with a marketmaker suits me fine, as long as it's the right marketmaker, even Dick Turpin had the decency to wear a mask, some of these marketmakers have no shame!

Someone mentioned people trade small only because they don't have the required capital to trade larger, I disagree. Most traders have a psychological threshold, a limit if you like, above which their performance deteriorates, some people trade small out of choice. Size isn't important, it's what you do with it that counts!
 
Quote from MickMason:

Trading spot with a marketmaker suits me fine, as long as it's the right marketmaker, even Dick Turpin had the decency to wear a mask, some of these marketmakers have no shame!
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I agree with that, and it's probably better to focus on the solution than the problem itself.

The ideal solution's to find an "honest" MM who wouldn't jack you around with horrible fills, disconnects, artificial price spikes, and etc. This has become quite difficult.

Another solution would be to apply a strategy where these little tricks from Forex MM's become insignificant to your profitable trades. Perhaps a strategy without hard stops so the artificial stop hunts won't get you, and using a longer time frame, going for much larger profit/loss targets so the temporary software issues, spreads, slippage wouldn't do much damage.

Best of luck Mick
 
Quote from misha7:



Going with futures probably eliminates some of these problems but you will 'pay' with lower liquidity
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i wonder how many fx fanatics trade more than 20-30m lots here...no point if thats within your size.
 
Misha7: "the question of 'bucketing' in spot FX is not a straightforward one, unlike in futures that are traded on the exchange and bucketing by a broker is explicitly prohibited by law."

who ensures the quality of the quotes/feed/prices/fills at an electronic futures exchange
the exchange and/or CFTC ?

what is and what isn't prohibited by law for retail fx brokers ?
 
Quote from Rocko1:

I agree with that, and it's probably better to focus on the solution than the problem itself.

The ideal solution's to find an "honest" MM who wouldn't jack you around with horrible fills, disconnects, artificial price spikes, and etc. This has become quite difficult.

Another solution would be to apply a strategy where these little tricks from Forex MM's become insignificant to your profitable trades. Perhaps a strategy without hard stops so the artificial stop hunts won't get you, and using a longer time frame, going for much larger profit/loss targets so the temporary software issues, spreads, slippage wouldn't do much damage.

Best of luck Mick
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Thanks Rocko, I think maybe I'll swap strategies between brokers, I always used CMC for positional trades and Oanda for daytrading, the other way round may work better and it would certainly solve the current problems! Now I've just got to scrutinize the terms to make sure there's no minimum trading activity clause.

The first honest marketmaker to open up for business will be very busy, but perhaps there's no money in being an honest marketmaker, in fact there's probably no money in being honest, period!

Geez I'm getting cynical......

Good trading

Mick
 
Quote from MickMason:

Thanks Rocko, I think maybe I'll swap strategies between brokers, I always used CMC for positional trades and Oanda for daytrading, the other way round may work better and it would certainly solve the current problems! Now I've just got to scrutinize the terms to make sure there's no minimum trading activity clause.

The first honest marketmaker to open up for business will be very busy, but perhaps there's no money in being an honest marketmaker, in fact there's probably no money in being honest, period!

Geez I'm getting cynical......

Good trading

Mick
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Honest? If you don't like the spreads, close your account. Oanda cannot hedge quickly enough to avoid getting run over by the news traders.

Don't use a DEALER.
 
Quote from Bitstream:

i wonder how many fx fanatics trade more than 20-30m lots here...no point if thats within your size.
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30-million units? Have you lost it? Yeah, I can derive an accurate figure: 0.00%
 
Quote from atticus:

Honest? If you don't like the spreads, close your account. Oanda cannot hedge quickly enough to avoid getting run over by the news traders.

Don't use a DEALER.
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What :confused:

Did you bother ro read the thread before making a comment, it's nothing to do with spreads.

Oanda may not be quick enough to hedge but other marketmakers are, and before you say it yes, I'm going to trade data like NFP through CMC who requote and fill, unlike Oanda who widen spread to 30 pips and disconnect any trader who tries to place a market order.
 
Quote from MickMason:

I don't expect any different from these types of set-ups, that's the whole point, so why trade a 30 pip spread with Oanda when you can trade a 2 pip spread with a similar set-up?

Oanda claimed to be the first 'transparent' marketmaker, fair to their clients, Forex Traders Bill of Rights blah blah blah. Nice marketing but that's all, that was my point.

* * * *

Oanda may not be quick enough to hedge but other marketmakers are, and before you say it yes, I'm going to trade data like NFP through CMC who requote and fill, unlike Oanda who widen spread to 30 pips and disconnect any trader who tries to place a market order.
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I see this thread has reverted to topic, which is the promotion of one fx retailer at the expense of another. It’s artful at least, a cut above the Golden Age of forex shilling, i.e., of a few years ago, when stuff like this populated boards like this:

Bud: "Often when I click the live tradeable prices streamed to my platform, the price moves a couple of pips my way when I am filled."
Larry: "Really? That’s great. Never happens at my broker. Usually the price goes against me."
Bud: "Well, you should change to a better broker.
Larry: "Yeah, ok."
Larry: "You forgot to mention the broker you work with."
Bud: "BigDoughFX is who I use."
 
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