MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » General Trading Forum

[MickMason]

lol, their live help is great, when the market's quiet I go on there asking stooopid questions (shows how bored I am huh!)

The UK java live login is http://www.marketmaker.co.uk/cmcmarkets/

Finding the trading Holy Grail would be easier than finding a decent broker with a decent platform, there's got to be one out there somewhere, surely!

[static]

Originally Posted by MickMason

Finding the trading Holy Grail would be easier than finding a decent broker with a decent platform, there's got to be one out there somewhere, surely!

Too true! I mean is it really that hard for brokers to make money off their overleveraged clients that they need to resort to price shading and dynamic spreads?

[Atomised]

Originally Posted by static

Too true! I mean is it really that hard for brokers to make money off their overleveraged clients that they need to resort to price shading and dynamic spreads?

That's just what i was thinking, would've thought all them get rich quick newbies would've kept them going....

Mick it doesn't really look like that old site works anymore, wouldn't mind but i've never really had any problems with CMC and now they go and get rid of their strategy orders....

[Patrick Dyess]

I think its a little myopic of you all to say Oanda is a bucketshop. The fact of the matter is that if you trade news events, or extreme volatility, you have to expect some latency in execution and rates. This is the fact of the matter when trading - including electronic trading. The interbank trading feature at many firms out there like Avatar FX and Currenex is the best option for obtaining the best market rates - though there are no grantees. If your looking for a guarantee then go to a dealing desk. But the only thing you are guaranteed is a premium for the "privilege" to trade more frequently.


Oanda is a very good platform with rather genuine motivation behind it. I bet the original poster does not even know who Olsen is or what he stands for.
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[astro]

Do you have any opinion regarding EFX Group (which are MBTrading forex arm)?

[astro]

Originally Posted by Patrick Dyess

I think its a little myopic of you all to say Oanda is a bucketshop. The fact of the matter is that if you trade news events, or extreme volatility, you have to expect some latency in execution and rates.

Patrick, this is simply not true.
I don't trade news events. In fact, my trades rarely last less than one day! Does it mean that I'm not affected by the wide spreads?
Of course I am! My stops are usually around 100 pips away from the entry price and still if price goes against me to 10 pips away from the stop and the spread widens to 30 pips then I will be thrown out! This is something that wouldn't have happened if the broker wouldn't be dishonest.

[MickMason]

Originally Posted by Patrick Dyess

I think its a little myopic of you all to say Oanda is a bucketshop. The fact of the matter is that if you trade news events, or extreme volatility, you have to expect some latency in execution and rates. This is the fact of the matter when trading - including electronic trading. The interbank trading feature at many firms out there like Avatar FX and Currenex is the best option for obtaining the best market rates - though there are no grantees. If your looking for a guarantee then go to a dealing desk. But the only thing you are guaranteed is a premium for the "privilege" to trade more frequently.


Oanda is a very good platform with rather genuine motivation behind it. I bet the original poster does not even know who Olsen is or what he stands for.

It's not rocket science to Google 'Olsen' http://www.olsen.ch/about/

Patrick, while all input is welcome if you bothered to read the thread you would understand it's nothing to do with latency or rates. If you want to debate then at least debate the issues.

I'm sure Oanda started out with good intentions, perhaps they discovered playing it straight simply doesn't pay the bills.

[MickMason]

Originally Posted by Atomised

That's just what i was thinking, would've thought all them get rich quick newbies would've kept them going....

Mick it doesn't really look like that old site works anymore, wouldn't mind but i've never really had any problems with CMC and now they go and get rid of their strategy orders....

It should do, I've just had it up and logged in, have you got java installed?

Shame about those orders, that's (the) one benefit of Oanda is it's real easy to place/change orders.

[MickMason]

Originally Posted by astro

Do you have any opinion regarding EFX Group (which are MBTrading forex arm)?

No, but I know a man who has

Andrew Spanton of http://www.globalfxradio.com/ mentions them quite often on his show, log into the Platalk room and ask him during a live show (times are on the website, plug plug!)

[Atomised]

Originally Posted by MickMason

It should do, I've just had it up and logged in, have you got java installed?

Shame about those orders, that's (the) one benefit of Oanda is it's real easy to place/change orders.

Just updated me Java and rebooted and i still can't log into that page, some of the java applets fail to load for some reason. Sure doesn't matter much if we can't use the orders we want anyway.

Been messing around with MT4 today and the orders seem to be easy too, maybe not just as easy as Oanda but think it's more a matter of getting used to it more than anything.

[static]

Originally Posted by astro

My stops are usually around 100 pips away from the entry price and still if price goes against me to 10 pips away from the stop and the spread widens to 30 pips then I will be thrown out! This is something that wouldn't have happened if the broker wouldn't be dishonest.

Exactly. While I wouldn't call it dishonest, Oanda had a 200 pip spread on GBPUSD a while back if I'm not mistaken. I don't trade the news either but I often hold trades for 5-10 days at a time. Thankfully there was nothing on the GBP at the time, but since I usually trade with an 80 pip SL on that pair I could have easily been stopped out had I had an open order from days prior.

My biggest issue with them is their inability to support MT4 though. Since I generally spend most of my time away from home and the computer during the day it has forced me to move up to daily TFs to make sure that I am there for every bar. As a purely technical trader I am pretty sure I could make a bit more money if I could hit the 30min or 1hr charts with an EA. Maybe its the fact that Oanda supports arbitrary lot sizes, or maybe its an image thing for them. Either way, I would be a lot happier if I didn't have to switch between MT4, excel, and the Oanda charts (and the stupid Java parent window that I seem to alt-tab to all the time) every time I want to place an order. If it wasn't for the better money management I am able to employ I probably would have left for a more traditional broker by now. Take the good with the bad I guess...

[Atomised]

I've been looking at some Mt4 brokers and they all say their spreads will fluctuate during market volatility, does anyone here know how much their spreads fluctuate and is it just during major news releases or is it like Oanda during every little news item ?

[FXCM Rep]

Originally Posted by 4xis2ez

Hey Mick, when you withdraw your money from Oanda, please do so in increments. According to CFTC, Oanda has $36 million on its hands and if you withdraw all at once, that figure could drop to dangerously low levels.
Funny, FXCM has only $763K. http://www.cftc.gov/files/tm/fcm/tmfcmdata0702.pdf

Official letter from Forex Capital Markets, LLC

Although it is our policy not to interact on message boards we have noticed there are clearly incorrect statements being made about Forex Capital Markets, LLC’s regulatory status and financial condition. Since regulatory status and financial requirements are not a matter of opinion, but rather fact, we want to make sure these concerns are correctly addressed.

1) Forex Capital Markets, LLC is well capitalized and exceeds all financial requirements.

a. According to the most recent CFTC published reports dated as of February 28, 2007, Forex Capital Markets, LLC has $55,233,641 in Adjusted Net Capital and $42,146,753 in Excess Net Capital. This information can be confirmed by accessing the CFTC.gov’s website: http://www.cftc.gov/files/tm/fcm/tmfcmdata0702.pdf

b. Forex Capital Markets, LLC currently exceeds CFTC’s minimum financial requirements by over four times providing traders with the security in knowing that Forex Capital Markets is well capitalized.

2) Clients who open an account with Forex Capital Markets, LLC (also known as “FXCM”) US entity are opening accounts with Forex Capital Markets, LLC and NOT FXCM LLC.

a. Traders can confirm this by checking Forex Capital Markets, LLC’s Trading Application at the following link: http://www.fxcm.com/docs_pdfs/trading_agreement.pdf

b. Traders can also confirm that all funds for deposit are instructed to me made to the beneficiary “Forex Capital Markets, LLC” as can be seen on FXCM’s website: http://www.fxcm.com/depositing-bank-wire.jsp

3) FXCM LLC does NOT own nor is it a subsidiary of Forex Capital Markets, LLC.

a. Rather FXCM LLC is simply a sister entity to Forex Capital Markets, LLC and registered as a Futures Commission Merchant with the National Futures Association (NFA) to potentially offer futures dealing to its clients.

b. FXCM LLC is not currently engaged in any business activity and does not have any clients. Traders CANNOT apply for an account with FXCM LLC.

c. Traders can contact the NFA to confirm that FXCM LLC does not currently conduct any business nor does it have any clients.

Should you have any concerns about FXCM’s regulatory status, financial stability or anything else please feel free to contact FXCM’s Customer Service representatives 24 hours a day 7 days a week at 888-50-FOREX, internationally at 212 897-7660, via LivePerson Chat from our website www.fxcm.com or via email at sales@fxcm.com

Sincerely,


Forex Capital Markets, LLC

[MickMason]

Yup, it always helps to do a search on the right company

[static]

Some fuel for the fire:

Originally Posted by OANDA Messages & Updates, 04-29-07

On Sun Apr 29, there was erroneous EUR/AUD price activity between 15:04:10 EST and 15:19:01 EST.

All incorrectly executed stop losses, limit orders, take profits, market orders and margin calls will be reversed as soon as possible.

We sincerely apologize for the inconvenience.

Sincerely,
The OANDA FXTrade Team

At least they are trying to make good on their misquotes, but the frequency has been increasing it seems like.