Question about a forex broker

[Stew543]

Hey everyone!

I'm a forex newbie and I am thinking about signing up for a live account with Oanda. I practiced on their demo account for almost eight months. Majority of my trades were successful and I am ready to get my feet wet with the real thing. I'm probably going to deposit about $3000 into my live account. I plan to make about $800-$2000 a month (if I trade well that is).
If I increase my balance, I plan on making more per month (again, if I do well)


In general, I heard good things about Oanda.

......However I read in some online posts that Oanda will force clients that make too much money to leave the brokerage. Is this true? If it is true, how money is considered too much? For example, if one opens a live account with $10,000 and he makes $4000 to $8000 a month, will Oanda tell this individual to leave?

Thanks.

Stew

[virtecs]

I haven't ever heard that Oanda will try to kick people out if they make too much money but even if that were the case, you could open up multiple accounts and generate enough income that it'll add up to a lot of money but because no one account is making 12k or something it'll probably never get flagged.

But that just doesn't seem correct. But email them and find out.

[Stew543]

Thanks for your response virtecs.

....oh I have one more question about Oanda. I also read in some online forums that if you trade consistently well, the execution of your orders will be delayed. Is this also true??

[rhodytrader]

Originally Posted by Stew543

Thanks for your response virtecs.

....oh I have one more question about Oanda. I also read in some online forums that if you trade consistently well, the execution of your orders will be delayed. Is this also true??

I have never heard anyone complain about execution with Oanda. I certainly have seen no problems myself and I've used them for years in various ways.

To address your earlier question about getting too big and getting kicked out, that's patently false. Oanda does, I believe have a cap on position size, though, but that's over 10 million if I remember correctly.

[dobro]

rhody - that is absolutely correct. I love them especially the fact that I can test strategies on demo, and it has no time limit, and also trade with my live acct.