OANDA shutting down on news

Discussion in 'Forex Brokers' started by trade2live, Dec 1, 2010.

  1. Well OANDA is broken, it's over. It's become worthless for traders.
    Same shenanigans on the NFP release today. They must be doing it to take money from all the euro shorts. OANDA was a decent firm, but no longer apparently. I had a small short position in Euro and of course could not reverse it. I am considering closing my account .
     
    #11     Dec 3, 2010
  2. I sure wish MB would cut their commission in half. If so, I move back to them.
     
    #12     Dec 3, 2010
  3. 0.295 USD / 10k mini-lot is pretty good. Aren't they ECN?
     
    #13     Dec 3, 2010
  4. TRS

    TRS

    The FX market in all it's forms reflects liquidity available.
    That said, i was filled both sides on NFP release trading CME Futs.
    Unless you can afford to trade InterBank, I don't understand why traders do not trade Futures.
     
    #14     Dec 3, 2010
  5. spd

    spd

    currency futures.
     
    #15     Dec 3, 2010
  6. 6E? The mini is illiquid as hell. I think this guy's a little smaller
     
    #16     Dec 3, 2010
  7. TRS

    TRS

    6A
     
    #17     Dec 3, 2010
  8. What you need to know about OANDA is that they 'flash-widen' their spread whenever there is a news event. Generally this only lasts for 45 seconds or so, but sometimes it's considerably longer.

    What's important is understanding the consequences of this.

    Firstly it will take out any S/L's that are too close.

    Secondly, it all but prohibits placing 'break-out' limit orders either side of the price, because both sides risk being triggered without any genuine movement in the underlying pair.

    OANDA is OK if you are a contrarian and always buy when things are going down, and sell when thing are going up. However scalpers, break-out and trend traders get killed.

    ~chaffcombe
    www.futurestech.com.au
     
    #18     Dec 4, 2010
  9. TRS

    TRS

    Exactly. You help balance their book.
    Imagine trying to scalp with OANDA

    Futures or InterBank if you are a trader.
     
    #20     Dec 4, 2010