Sharing Thoughts on Forex

Discussion in 'Forex' started by Corso482, Dec 22, 2002.

  1. lundy


    any experienced oanda traders can comment on this?

    in my own experience, my limit buy orders were filled once the market was lower than my order, and oanda's ask came down to my limit.

    I have never been filled on Oanda's bid or even lower than the current ask.
    #31     Dec 24, 2002
  2. Snosur4


    If you are going to trade FX you should definitely use a broker who is regulated by the FCM and CFTC.

    I looked at the Oanda site and did not find that they are.

    Also, some FX brokers are offering a mini contract which has a $1
    pip....this could be a good way to learn and would allow for larger
    stops with minimal risk.

    One site is

    I am in no way associated with FXCM....this is the broker my friend clears through....and he has never had a problem.

    Hope this helps.

    #32     Dec 24, 2002
  3. canuck


    i agree with all of the posters stating that FX trading should be only done on a long-term basis. One of the main problems, touched on earlier, is lack of transparency of volume. Whereas on your Level 2 you see GSCO on the bid all day. An FX deal can go between bankers and you end up chasing your own tail trying to follow or outsmart the big guys. Longer-term you can see trends much clearer.
    #33     Dec 25, 2002
  4. lundy


    i intend to hold for 1-3 days. I think their is enough volatility and volume for this type of trading.

    i finally found a good source for forex charts.
    lots of sites use this applet, but these guys have the parameters right so that the fib tool works good.

    one complaint I have with Forex is that it's not liquid 24 hours a day. I think this will change as more banks and institutions go online.

    the other problem with brokers that don't charge commissions but only charge the spread is that whenever there low liquidity, the spread widens, thus the 'commission' is more.

    the good thing with the spread being the cost of the trade is that the cost is the same whether you trade $1 or $10,000,000

    i'm currently using 30:1 leverage with Oanda. I think that is all they offer. But I've seen sites that advertise 400:1 leverage. Is that insane or what? How can one manage that type of risk? Seems like one bad trade would wipe you out.

    What are YOU using?
    #34     Dec 26, 2002
  5. You have no idea what you are talking about.
    #35     Dec 26, 2002
  6. lundy


    i don't agree or disagree with canuck.

    i don't really have any idea about whether its possible to daytrade forex or not.

    can you please share your knowledge with us OffshoreTrader?

    I do know that I was able to do some daytrading on the 23rd, and I made 1% gain. I don't know if that's possible everyday.
    #36     Dec 26, 2002
  7. Thank you Mike.

    #37     Dec 26, 2002
  8. I know that Oanda offers 50:1 leverage on fxgame by request. I don't know if they have the increased leverage option for the real thing.
    #38     Dec 27, 2002
  9. No, with FXTrade you can have 20:1 or 30:1 only. In the past, you have to email them to get 30:1. Now it is self-serve by using an online form.
    #39     Dec 27, 2002
  10. I stand corrected
    #40     Dec 27, 2002