Hi gejay, Why do you say that posting it was a mistake? What I said about forex market makers is true whether you want to believe it or not. That is why I said you better learn to trade in other ways than news, and look at other markets than forex if you want to be a long term wealthy trader. redduke
RedDuke, I know and understand that. That is not the only way I trade. I also trade futures and long term stocks. I appreciate your advise, though.
I wouldn't worry, I trade at Oanda and also do news, never have a problem with them. I am aware of the subject and try to trade 'nice', instead of taking a quick and dirty 10 second peak profit I let it develop as very often even the worst retraces develop for 2-3 minutes to the max peak before going the other way. A good news trade will take 2-3 hours to reach maximum peak and a fundamentally adjusting position will take 2-3 days to reach peak, so I'm not in a hurry to book profits from such moves. I much prefer Oanda's honest way to some other market makers who (allegedly, never traded at them) jam their servers, hike spreads to absurd proportions or give requotes or maximum slippage or other very very nasty stuff.
bl33p, exactly, i can only confirm your words, made the same experiences with Oanda, most important no slippage, no requotes.
One year. I mostly trade manually, no limit orders. With a minor news release I may enter before the news into the direction of the prevailing trend if there is even slight possibility that the news might be good or at least matching expectations. It's a gamble, but being in a trend the odds are that any negative movement will get reversed pretty soon, often within the same day. With major news I will enter into the direction of the initial peak once there is a good opportunity, or fade the initial peak, or both. It depends on the strength and style of the price action. I try not to pre-enter major news even with a perceivedly high potential for being right, like the last NFP. I felt that the 325k figures are bs and there will be disappointment backlash but ultimately it depends on the market's point of view. I don't mind losing the initial 50 pips. There was plenty of after action. Sometimes there is wysiwyg slippage as prices have changed from what there's on my screen, such is the way with trading news using market orders, I accept it as part of the risk. It goes both ways, sometimes price is better sometimes worse. This only matters with the initial fill, then I let the trade develop and close nicely in the calming aftermarket, this can be anything from 5 minutes to 3 days. Added bonus in letting the trade develop is that the spread goes down very quickly letting me close with normal spread. If the move is huge I stack more at natural intervals of the price action. Like I said I don't know what trading anywhere else is like (for real, I have tried some demo platforms, didn't like them) but I'm more than happy at Oanda as their easy to use simple platform lets me concentrate on making money. To me it's all about speed and reliability of execution for which Oanda gets full marks from me.
Thank you man, I'm sold. I was considering Oanda, and I'll go with them as it seems to be the least hated broker out there. I hope I'm right.
Least hated is an understatement. It is actually loved by most of its users. I always said it, that it is one of the best in forex if not the best. But it is not Oanda that is the problem in spot fx, it is the retail forex market itself. You are not trading in the real market, inter bank is where real market it, but is it only accessible for large players. I would strongly suggest that you also look at CME currency futures before you invest in forex.