Is oanda good?

[goodmast3r]

Anybody has any experience like I do? I sell USD/JPY and set stop loss at some point. I leave it , and when I return it said it has been closed due to stop loss at 93.135. But when I see the chart, the highest rate is 93.08 that's almost 5 pips. How could this happen? Last week I experience the same thing and lost $20 instantly. Am I scammed? What happened.

[goodmast3r]

I didn't use the oanda chart but using other software chart. The price should be almost the same right?

[rhodytrader]

Oanda isn't scamming you. They are actually very good about correcting things when there are erroneous prices which impact people's trades.

I would make sure when you're looking at the chart that you're looking at the correct price. If short you need to be looking at the offer price, not the mid or bid.

[phil838]

Originally Posted by goodmast3r

I didn't use the oanda chart but using other software chart. The price should be almost the same right?

Yes, it should be almost the same, but 5 pips difference between brokers isn't that much of a difference.

The problem could also be the difference in the bid and ask prices. Are you factoring that in? If the spread is 5 pips then a long trade would show on the charts as 93.08, but the ask price that got stopped out would be 5 pips higher.

[goodmast3r]

At the time the spread is about 1 pips

Originally Posted by phil838

Yes, it should be almost the same, but 5 pips difference between brokers isn't that much of a difference.

The problem could also be the difference in the bid and ask prices. Are you factoring that in? If the spread is 5 pips then a long trade would show on the charts as 93.08, but the ask price that got stopped out would be 5 pips higher.

[phil838]

Originally Posted by goodmast3r

At the time the spread is about 1 pips

Then it's just a price difference between brokers. It's nothing to worry about.

If your system relies on that 5 pips then I'd suggest doing your charting with the same broker your trading with.

[Steve C]

Oanda - great execution even in a fast moving market, honest and good charting.

[trustFX]

The Ask and Bid displayed in the chart and in the Quote Panel are averages! In "reality" there are many many Bids and Asks within "any time frame". That means even if price of your Stop Loss was not reached in the Quote Panel or the chart, the transaction can take place.

However, this should not be 5 pips.

To display the min and max values for Bid or Ask, you can right click in the Oanda chart, select Add Study, select Price Overlay, and select High/ Low Ask/ Bid.

[minfin]

Here are some reviews for Oanda. They are one of the best forex brokers. But charting software can be better.