Hey For traders who use Oanda, what other software do you use with it? 2 monitors, 3 monitors? News sites? Thanks -Kastro
AFAIK, Oanda does not offer any other software than their own webbased java.app, which works OK, but is very simple. This is a shame since their reputation is a lot better than the other FX shops /Deltadelta
Lot's of good things said about Oanda, but more importantly than hardware.... what insurance do you trade on Oanada with? After the Refco filing for chapter 11, you know that anything is possible. Oanada has no insurance against insolvency to protect your assets. Here's what the risk disclosure agreement states: "Your trading account is not insured under any state or Federal insurance program or by any other entity. Your should therefore familiarize yourself with the protections accorded money or other property you deposit for foreign currency contracts, particularly in the event of OANDAâs insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or trading rules. In some jurisdictions, property which has been specifically identified as your own will be pro-rated in the same manner as cash for the purposes of distribution in the event of a shortfall."
Kastro: I have three 19in LCD monitors on one workstation and I have two on a laptop (as a backup) pulling data from a wireless router. I do not use more than three monitors at a time because I simply don't like clutter. I have a television for Bloomberg and CNBC, which I only have on during news announcements. I will have the main dealing window up on Oanda, but use another charting package for historical info, for backtesting and for planning my trades. I use a very simple setup on Oanda's charts to execute my trades. The flexibility of their platform for risk management is simply unparalleled and should be all a trader needs -- including pro traders. I think they offer more indicators than anyone could (and certainly more than anyone should) effectively use. I'm a firm believer in the KISS principle. In addition to the dealing station and the charts, I have Excel open to manage risk and download historical data (for yet more testing) and to track price excursions. I also have a simple Fib and pivot calculator that someone gave me, which I manually update at the beginning of every FX session or when new price consolidations emerge. (He designed it himself and will probably give it to you for free. I'll email and ask him for permission to distribute and post his response here. It's pretty slick and has a useful "directional bias" option in his calculations.) I use Thomson for my news and analysis, as well as three free websites and three media outlets that I personally trust. I do not pay for anything other than the charting package. I also have a calculator handy for fast arithmetic and a landline telephone and a cellular phone in case of service outages. I have highspeed cable internet and DSL as a backup line, as well as a free dialup account. Oh, and I can't forget my trusty notebook. I have printouts of previous trades and setups that I watch out for in there. I also have a whiteboard on the wall over the monitors to remind me of important points for the day -- such as news announcements, stop levels, or just a word or two to keep me from acting stupid. As for the lack of insurance, that's standard in the retail industry. Perhaps the regulatory agencies will change this. Perhaps not. It won't stop me from using Oanda or from FX trading. Many financial firms who are insured end up screwing their customers anyway. It's a chance I'm willing to take, given the reputation of Oanda. On the other hand, I would not want to place much money in a firm like CMS Forex, FXCM and others who seem a bit on the shadey side. (Especially CMS.) I have had accounts with both. If you would like an alternative to Oanda, check out GFT. They offer an option to scale your risk similar to Oanda's dealing station. I think it's called Base10. They also have an excellent trading platform and it is proprietary. I am not sure if you will be insured under them, either. (Last I checked, they weren't insured.) You could also use an ECN. CoesFX or Hotspot look pretty good to me, but you can't scale your risk as you can with Oanda or GFT. (I used to scalp, but have since moved to position and swing trading which makes risk management somewhat less labor-intensive.) As for the banks or the major trading houses that choose to insure their customer funds -- do you think you are less at risk from in-house stop hunting, extra-wide spreads, frivolous fees and price manipulation? I think not. Compared to a seizure of funds, this problem is a far bigger one for traders. (Just go to any bank website that offers FX trading and look at their spreads for retail traders.) That stuff is practically legal, so you can't sue to get your money back. Firms that have financial meltdowns like REFCO are few and far between, but it behooves everyone to stay alert. That was an especially ugly example of just what executives in most corporations think about their customers. All the marketing hype about us coming first is garbage. They come first and let us eat cake. An unfortunate reality in the business world, to be sure, but get used to it. It's not just in the financial world. It's just a reality of corporate culture. (Trust me, I've been there. Anyone who tells you otherwise is ignorant, lying or is too kind-hearted to last long in that environment.) My first mentor said to me -- almost five years ago -- something that I will never forget. I was complaining about all the things that can stand in a trader's way, like shadey dealers, fear of losing, improper price information, acts of God, geopolitical mayhem, etc. He put his finger on my forehead and in a very quiet voice uttered five words: JUST SHUP UP AND TRADE. Beautiful words. No coddling. No pop psychology. No mystical "use-the-force" BS. Of course, I already had a risk management model set up. I had a backtested and forward tested trading model. I had a business plan. I had a working knowledge of the fundamentals that affect the FX market as well as a working knowledge of technical analysis techniques. I also understood how the FX market was structured and how Oanda fit into that structure. So these five beautiful words made absolute sense. I'm no longer addressing your questions, but am responding to the other respondents here, so I'll stop babbling. The first few paragaphs will answer your question, I believe. The rest is hot air. My two pips. Snaggle