I am looking to open a live account with them soon...I've used their demo for a month or so now and I'm really impressed. I hope their live platform pairs out as well as their demo.
I've been checking out their demo for a week now, and I like the "heft and feel" of it. I also like the fact that I can trade as many units as I want, with no minimums or fixed lot sizes. That's remarkable, and it's ideal for working up a trading method under real market conditions but without overleveraging and taking unacceptable risks. If the live platform performs as the demo game does (the spreads, quotes and fills you see are close to what you actually get in real trading), I'll be very happy with OANDA.
After several months both demo and live I can tell you that (compared to others) OANDA's demo is the only one that IS the same as their live account. I think the live account actually has more options than their demo, but I have still been discovering features on their live account - such as the ability to switch between sub accounts. This feature kicks! Also, trading less than set amounts is unique. Their speed of closure and trade execution is identical to their demo. Good trade, Sam
Yes, a 2 pip spread on EUR/USD rocks. Slippage is minimal and it goes into your favor just as well. Overall though, they are many times better than their closest competitor. If there was a bug or something dishonest I would figure it out. From what I can tell they are straight as an arrow. During market volatility their pip spread does increase a little in proportion but there is nothing they can do about that and it should not interfere with your trading. They also have the option of placing trades 24/7 365. This is a great feature even though their pip spread widens to 10 during off hours (weekends). I still place trades that are critical regardless of the wider pip spread and do just fine. When the market picks up the spread snaps right back again. Be sure to trade small though if you are first learning, as, this is the time when your trading may be your worst. Regards, Sam (ps: if anything ever changes with OANDA for you to the contrary, pls let me know.)
be able to never lose trading fx using Oanda to trade with the 2-3 pip spread and in order to enter and exit you must have the price go to your level or hit the bid to sell / lift the offer to buy the only way I can see this being done ( never having a losing trade) is by trading so small that your losers are just paper losers until the market comes back to your level so you can book a profit and never lose
Many people take this approach and have great results, until... the inevitable losing trade where the market doesn't comeback. If you never cover losers, no matter how small you trade, eventually you will be out of the game. Jay
Right, Seth, I have 1643 open positions ( and counting ) of 1 unit each. My very first trade opened (a few weeks ago) is now a little over 1450 points drawdown. I just forget about em because... I am sure... the market... will return... someday. Anyway, it gives me something to look forward to besides whackin my pud to online porn! I don't make a whole lot of money every day ( mm... actually I register my earnings by the week - last week I made a little over .23 cents ). But I figure that over time my account will grow. My goal is to someday build a shrine to the first several thousand 1 unit trades I opened that will probably be 40,000 points down by then so they can be put in rememberance. Saham
Jay, you are right and brilliant to point out that the market NEVER comes back many times. Yeah, I should change my trading style due to the likelihood of running into the inevitable big ass mama drawdowns that circulate in the forex market like whirlpools do in the ocean that kill traders and are gunna suck ME down hard. Danger, danger, danger... why do we trade...? Sam
Why would I ever want to do that? Hey, wait, does this mean I cannot build the shrine for the first several thousand open trades buried 40,000 point down?? Which of the current 1643 open positions are you referring to? DO YOU REALLY THINK I SHOULD???? Tell me, O Baruch! Give me the signal! sam