...Not sure what else to label this thread.I'd like to say 'my Oanda happiness' but thats not happening so far and I think its worth explaining,in case other Oanda users are having the same problems. First,I'm using the Oanda platform to trade forex. I know there are other platforms out there,some you pay for , etc...and maybe this is why people pay for better platforms. As a trader who focuses on extensive technical analysis,I'm setting up the platform screen with 4 time frame charts,full of trendlines,and CCI on all charts ...I have alot of data on the screen...and I'm finding very frequently,the Oanda platform cannot handle it. the more data I put on the screen,the slower it all works, and too often,execution glitches happen as I try to trade..."commuinication error" messages. jumbled screen data gets in the way on the trade ticket,etc. My DSL is pro high speed. The platform works ok when I place less data on the screen... but I dont want to place less data...I want exactly the amount I'm putting up...4 time frame charts,(sometimes 5) CCI, extensive trendlines, ... Ive developed my little 'holy grail' of data and I'm seeing it work successfully....to 'predict' my exact entry time,the direction of movement,my target,etc...with 90% accuracy...this is my set up I want. and everythings great until I pull the trigger on a trade...and Oanda platform 'shuts me out' with a "communication error" message,transaction fails....ruins my trade entry. or some other screen data glitch that prevents me from executing a trade. and I sit and watch price move exactly as I expected. I also have been seeing Oanda disconnect me at precisely the moment I want to trade , for example,on key reversal signals at the exact top of a high,where everyone in the world knows its going to reverse...Oops,disconnected again. So my question is ...does anyone else using Oanda...place alot of data on their platform screen,as a trading method....and finding the Oanda platform cant handle it ? or refuses to handle it? and do you find that Oanda plays these other shady games and tricks on you at critical moments when your entry time is Precise for a big move? This week these 'glitches and disconnects,and 'communication error' execution failures happened at least 10 times. and,as I said,my DSL is professional high speed. Is the problem with the dsl? or Oanda platform? Are there any other platforms I can use ,to trade with Oanda,that will handle large amount of screen data. Thanks for any constructive comments.
If Oanda's execution platform doesn't work properly then why not use Oanda for analysis purposes and put the actual Forex (or futures) trades through another broker (such as IB). Similar situation with many TradeStation users using TradeStation for analysis purposes and putting their main trading volume through IB. Of course you would have to make an occasional trade on Oanda to keep the account open.
Another solution if you are committed to using Oanda is to use a second computer to run another instance of your account or use one of their lifetime free practice accounts and use them for some of your charting. Just put it on a different computer. Contrary to what some people say, java can get a little overheated on your system if taxed too heavily, i.e. the platform, a few charts, and the news feed.
I would actually recommend the opposite of what others are suggesting. IMHO OandA's strength lies not in its charting/analysis capability but its pricing & execution. I would suggest getting another platform for charting and use OandA strictly for executing trades. That's not going to work very well if you scalp though, since you have to be very quick, and it could get quite confusing/cumbersome to constantly switch between platforms.
Biggest complaint I have with Oanda is JAVA. Why on earth did they choose JAVA as the base of their platform??? Apart from that, I'd agree with the previous poster on all points. Execution is the strong point with Oanda. Charting and all that is certainly not. Additionally, if you try to scalp with Oanda, you'll be one more voice in an evergrowing chorus of individuals who have found that scalping on Oanda is very difficult, and not very successful. I think they're fine with that, and so am I.
Why Java? Because it's multiplatform out of the chute with no porting required. If you start porting to multiple platforms (Mac, Linux, Windoze) you have to separately support each port. Maintenance nightmare. Java runs slower, but gets the job done at lower cost.
You know I simply have to make a comment on that one! Scalping can be just as profitable on Oanda as any other platform (as you can see from the trade blotters I post, for example here and here), in fact when it's running smoothly Oanda is the best MM I've come across for scalping because of the tight spreads and instant fills, no-one beats them! vijay s. makes a good point. I use MT4 for charting and execute on Oanda. This may be coincidence but ever since I disabled charts and that side bar thing (action buttons) I haven't had any of the problems I used to have. All I've got is a quote panel and account summary both popped out, and the tabs with trades/orders/boxes/positions/exposure/activity, that's it. I permanently have tickets up for the pairs I trade, with the 'keep window open' checked, in effect it's one-click trading which is ideal for scalpers. When they update the platform with new additions like one-click it's going to be even better, and if they ever add trailing stops there really won't be any competition. I'm just hoping Oanda can keep up the service of the past couple of weeks or I'll be eating my words :eek:
No problems with scalping for me also. I use for now fxtrade beta because it has 1-click trading and it's great.
1-click is now on FXTrade! I haven't tried it yet but it looks quite useful, is it the same as the beta version? (ignore the spreads, it's the weekend!)
Cabletrader, do you use the Oanda API as a data feed for MT4 for the charting or do you use another data source?