Hello everyone I am new here. I am not sure if this is the correct place for this question but I will give it a go. This is the craziest thing I have ever seen. When trading with Oanda they do not have normal limit orders. With Oanda you can trade currency or many other instruments. They are good in many ways... Here is the big issue....I just want to place a normal type limit order. Example you can trade the Nasdaq. So if there quote is 4405.2 x 4405.8 Lets say I am in a rush and I am already long and I put an order in to sell at 4400.0 Well at this time Oanda will not place the order, they will hold it and if the offer goes all the way down to 4400 they will then send your order as a market order and you will get filled below 4400. I have never seen anything that crazy. I understand if your placing a sell stop but I am not I just want my order to sell at 4400 OR BETTER so if I send the order I should get an immediate fill at the current bid of 4405.2 and not get filled at like 4399 an hour later after the market drops. I understand the type of order they use but I have never in my entire life heard of a firm not having a normal limit order. I cannot comprehend how big these guys are and they don't have a way of placing a normal order.... I don't know of one other firm anywhere where you cannot place a normal limit order meaning fill me at that price or better..... This is beyond insanity...... Am I missing something? Anyone with any answers it would be so helpful....Also I want to automate with these guys so if it happens to work a bit different with the automated please let me know.... Thanks a bunch for any and all responses....
What you need is not a limit order, but a market order with bound limitations. Did you see Lower Bound or Upper Bound in fxTrade?
i take it that the ones taking the side of your trades are market makers. if there's no market at 4405.2, probably they moved the market up, triggered your order and then down to 4399 before getting filled. Happens a lot in FX. Y use oanda for non-FX?
Good point. You could be on to something.....I saw the bound stuff.... Here is the thing. Could you please comment on what I would need to do to place that order? For example I want to sell at 4400.0 The spread is usually anywhere from .06 to .08 on the nas and it just mimics the real nasdaq so if the real nasdaq goes up a point this product will go up a point..... So in this example lets say the quote is 4405.0 x 4405.6 now I want to sell at 4400 or BETTER. So in this scenario I want to get the best price which is 4405 so how would I do this with the bounds? I think the problem with the market order with bounds is it will go off of the current market price... What if news had hit and the market fell to 4390.......If I could somehow choose a specific price like 4400 and then have the logic say with an upper bound of xxx amount and have no lower bound that would be great.....Then I could just make a ridiculously high upper bound and have no lower bound......But if the bounds only work off of the current market and you cannot start with a specific price then this would not work...... Thanks for trying and maybe your way would work if you could kindly explain......
Howdy, I don't think you understand exactly what I am saying.....Lets go back to the example I have been using of wanting to sell at 4400 and the market is 4405 x 4405.6 In this example the market could be really slow...Theres totally enough liquidity...The way they handle the order they will only fill me if the offer gets to 4400. My order could literally sit for hours.... Its not that they want to give me a terrible fill...Its the logic they use. I have never experienced anything that crazy in my life...... I understand these orders and I guess its good they have them as a BONUS to traders for certain scenarios but to not have a traditional limit order???
The explanation of fxTrade bound is here, http://fxtrade.oanda.com/help/advanced-topics/place-limit-order What you talked about news hit the price, is slippage. When news comes, there may be huge slippage on any orders, for example, NFP for USD. Slippage is the nature of the market and you can't avoid it unless you don't place any order before the news. I myself didn't use the bound feature. I only use the limit order and I will accept any slippage happily. By reading the help page I gave link above, I'm not sure the bound feature may protect you from slippage. I suggest you try it on a demo account.
Hey bud I thank you for your response but you are really not understanding my question here... Let me explain it as easy as possible.... Going back to the previous example lets say the bid on the nasdaq is 4405 x 4405.6 Now lets say it is a Friday everyone is gone home, it is such a slow market.....So nothing is moving so there will be no slippage......Lets say I am with Interactive brokers and I put in an order to sell at 4400.0 With IB you will get an immediate fill at the price of 4405 so you will get 5 points price improvement... With every other broker I have ever been with they always fill orders like IB does...... Now with Oanda, they do not do this.........If you try to sell at 4400 they will hold your order until it gets to that price......They will hold it for hours or days.......Lets say in this super slow market that 2 full hours later the nasdaq finally works it way down to 4400 Oanda will then fill your order........ The point being I don't want to wait 2 hours for a fill and I want price improvement like IB gives me as well as every other broker I have heard of....... The way Oanda handles these orders is insane...... Can anyone please please please help me......
Then how about place a market order, and set the lower bound at 4400? Thus you can get any price >= 4400, and will not below 4400, unless slippage creeps in. Did you ever check or test how the bound works?
Well, I think if we don't have limit orders then it will be a tough thing for me at least as I am making most of my traders with limit orders. This is true for all those who cannot sit for long time in front of charts so market order with bound will not help all the time.
What scalperboy described above seems like a serious issue with Oanda platform. Bound orders or not- there is a well-defined and expected behavior for limit orders, and if a trading platform does not/cannot implement such a basic thing - I would think about switching to another platform.