Oanda just another bucket shop
- Thread starter MickMason
- Start date
Click on the following link to see monthly update CBOT firm financials. According to figures released March 2007, FXCM had 5-10 time the assets that Oanda has.
Compare the figures year-over-year for Oanda: assets are less than a third according to their filings with CBOT. It says something about the customer inflows.
http://www.cftc.gov/tm/tmfcm.htm
Pls check these official figures before stating "facts" and always be a little wary of any company's self-released unaudited results.
Compare the figures year-over-year for Oanda: assets are less than a third according to their filings with CBOT. It says something about the customer inflows.
http://www.cftc.gov/tm/tmfcm.htm
Pls check these official figures before stating "facts" and always be a little wary of any company's self-released unaudited results.
Hello Mick
Long time no see. I just popped in to say hello. I hope you had a good NFP day despite Oanda's shady practices (I use them happily but I trade longer term).
I was wondering if you've ever actually read this forum before? Because if you had, I wonder why you chose to post here. I've been reading this forum for a while and most threads degenerate into shouting matches between hyper-aggressive dorks after three posts or so. I'm beginning to suspect it's a cultural thing. It's not related to trading, because you can have fruitful, civil discussions elsewhere. There are other forums for communicating about FX trading that does not involve people going out of their way and really putting in an effort just to deliver deep, philosophical gems such as:
And:
It actually makes me miss autofx a little bit. He was also somewhat mentally challenged and very, very loud, but at least he was eloquent and extremely funny - albeit involuntarily.
In any case, I doubt that you'll benefit greatly from the debates here, unless you like your entertainment Dr. Phil style.
Have you considered EFX? They claim to be direct access, but this has been questioned. The spreads are great (e.g. 2 pips on GBP/JPY) and better than Oanda's, but they charge you 1/2 pip in commision. And there's no interest on your funds. I have no idea how they handle news release times, but if they are indeed of the no dealing desk variety, it might be a better way than the futures way.
Cheers,
Smurf
Long time no see. I just popped in to say hello. I hope you had a good NFP day despite Oanda's shady practices (I use them happily but I trade longer term).
I was wondering if you've ever actually read this forum before? Because if you had, I wonder why you chose to post here. I've been reading this forum for a while and most threads degenerate into shouting matches between hyper-aggressive dorks after three posts or so. I'm beginning to suspect it's a cultural thing. It's not related to trading, because you can have fruitful, civil discussions elsewhere. There are other forums for communicating about FX trading that does not involve people going out of their way and really putting in an effort just to deliver deep, philosophical gems such as:
And:
It actually makes me miss autofx a little bit. He was also somewhat mentally challenged and very, very loud, but at least he was eloquent and extremely funny - albeit involuntarily.
In any case, I doubt that you'll benefit greatly from the debates here, unless you like your entertainment Dr. Phil style.
Have you considered EFX? They claim to be direct access, but this has been questioned. The spreads are great (e.g. 2 pips on GBP/JPY) and better than Oanda's, but they charge you 1/2 pip in commision. And there's no interest on your funds. I have no idea how they handle news release times, but if they are indeed of the no dealing desk variety, it might be a better way than the futures way.
Cheers,
Smurf
Hey Smurf, how's it going!
lol, 'hyper-aggressive dorks ' are everywhere, they're light entertainment
Talking of dorks whatever happened to Bob (autofx), he was shouting at the rain one minute and then just disappeared.Thanks for the EFX suggestion, I'll take a look, in the meantime I've opened an account with Interactive Brokers so I'll wait and see how they perform.
So what have you been up to, still trading spot? Who are you with and what are they like?
Cheers
Mick
Hey Mick
Yes, IB would be another good way to go, I believe.
Bob is still at it. He was banned from Moneytec shortly after our ... ummm ... debates with him viz. his marketing efforts. I just found his web site. Apparently, some brilliant Hungarians approached him with a fantastic system and yada yada yada, please join the forum for just $150 and click the banners for IBFX and so forth. According to the FAQ, he's willing to work very hard to help himself and others succeed in the FX market (Warren Buffet and Bill Gates are mentioned here, so at least the bar is set rather high) :eek:
I took a break from trading, because I wasn't very good at it. My analysis was usually fine and I also had a vary good understanding of TA. The mental side of it was my Achilles' heel so to speak. Although you told me to step back and not obsess over the individual trade, but to evaluate series of trades, I didn't get it. I panicked over drawdown and doubled up on losers, and I panicked even more over the winners and cut them short.
I withdrew the bloody remains of my funds and started playing online poker with huge success. I realised trading and poker have a lot in common, because if you play a hand correctly, you won't beat yourself up, when some fish gets lucky and outdraws you. It's not the individual hand, it's your decision making. I felt some sort of light go on in my head and started trading again.
And let me tell you, I'm not only profitable, I'm having so much fun it must be illegal or fattening or something
Also, I'm a ph.d. student now, and the daily and 4H analysis particular to spot FX agrees better with my schedule than poker, although I still play recreationally. So, yes, I'm back swinging mini lots around and moving the markets!
How about you? Are you still involved in all things retracement?
Cheers,
Smurf
PS: Hello Wallace. Sorry about the Canucks, but did you notice you have something as exotic as a Dane on your team? He's our second NHL player ever. We rule hockey!
Yes, IB would be another good way to go, I believe.
Bob is still at it. He was banned from Moneytec shortly after our ... ummm ... debates with him viz. his marketing efforts. I just found his web site. Apparently, some brilliant Hungarians approached him with a fantastic system and yada yada yada, please join the forum for just $150 and click the banners for IBFX and so forth. According to the FAQ, he's willing to work very hard to help himself and others succeed in the FX market (Warren Buffet and Bill Gates are mentioned here, so at least the bar is set rather high) :eek:
I took a break from trading, because I wasn't very good at it. My analysis was usually fine and I also had a vary good understanding of TA. The mental side of it was my Achilles' heel so to speak. Although you told me to step back and not obsess over the individual trade, but to evaluate series of trades, I didn't get it. I panicked over drawdown and doubled up on losers, and I panicked even more over the winners and cut them short.
I withdrew the bloody remains of my funds and started playing online poker with huge success. I realised trading and poker have a lot in common, because if you play a hand correctly, you won't beat yourself up, when some fish gets lucky and outdraws you. It's not the individual hand, it's your decision making. I felt some sort of light go on in my head and started trading again.
And let me tell you, I'm not only profitable, I'm having so much fun it must be illegal or fattening or something
Also, I'm a ph.d. student now, and the daily and 4H analysis particular to spot FX agrees better with my schedule than poker, although I still play recreationally. So, yes, I'm back swinging mini lots around and moving the markets!How about you? Are you still involved in all things retracement?
Cheers,
Smurf
PS: Hello Wallace. Sorry about the Canucks, but did you notice you have something as exotic as a Dane on your team? He's our second NHL player ever. We rule hockey!
Quote from Smurfie:
And let me tell you, I'm not only profitable, I'm having so much fun it must be illegal or fattening or something
LOL
That's great to hear Smurf, trading should be fun, there's too many people who go into battle with the market every day!
Yup, still retracing and making a buck here and there, I gotta find a ranging strategy for the summer.
Well, happy trading, I'll watch out for those market-moving mini's :eek:
http://www.cftc.gov/files/tm/fcm/tmfcmdata0702.pdf
Adj. net capital; excess net capital:
115) Oanda: $36,194,560; $31,275,873
53) Forex Capital Markets: $55,233,641; $42,146,753
65) Gain: $19,661,365; $15,788,730
Oanda has 7x their net capital req. Forex Capital Markets is running 4x their capital req.
Adj. net capital; excess net capital:
115) Oanda: $36,194,560; $31,275,873
53) Forex Capital Markets: $55,233,641; $42,146,753
65) Gain: $19,661,365; $15,788,730
Oanda has 7x their net capital req. Forex Capital Markets is running 4x their capital req.