…I am a forex newbie. I have practiced on Oanda’s demo account for five months and I am considering opening a live account with them.
Here are some of the things that I like about Oanda:
Their platform is user friendly. Sometimes the trading platform can be unstable and it freezes. These things happen on the internet…and I’m okay with that. Nothing is perfect.
They have relatively smaller spreads. I also like the fact that they tell you upfront that they will increase their spraeds due to market news and volatility. This may not be convenient for traders but at least Oanda’s honest about it… we have to give them credit for that.
…Recently I am hearing rumors that if an individual earns $2000 a month , than he/she gets kicked out of Oanda.
I also heard that if you trade 100,000 units of a currency pair (for example 100,000 units of eur/usd, 100,000 units of usd/cad, etc., etc.,), then the brokerage will delay your orders.
…Are these rumors true? If you or anybody you know make $2000 a month, can you please share?..because I really would like to join Oanda.
(if you make more than $2000 a month you don’t need to give exact figures for the sake of privacy)
I use a live account with Oanda, the bit about the rumour is not true, i can agree with you on the platform sometimes being a bit slow, but i would say that is because it is java based.
They are up there as one of the more honest brokers.
I opened a “live” acct with them this past Jan., no problems - the live platform is much better, smoother than the demo one. i have had a demo acct for probably 2 yrs, maybe more. Still test strategies on it before using real money. I like the fact that you can have both as some brokers don’t allow this. d.
I talked to OANDA before I went live because I was worried about some of the same tings. They told me that they normally test upgrades, etc on the practice platform, that’s why it’s slower sometimes. I have been live now for three weeks and have had no problems…By the way, why would they stop you at $2000.00? The more you make, the more they make.
Oanda is a very nice trading platform and i have also used its practice platform. I like it a lot but apart of Oanda i have also tried some different trading platforms. And i found that they are also similar as Oanda. There might be some problem at that time with oanda that is why they must have stoped you a $2000.00. I like to work on financial sectors like insurance, stock trading, banking, loans etc. From last 2 years i am researching on forex and forex news. I have also tried AVAFX iforex, etoro etc and they are also good but i like some features of AVAFX like their downloading spped, pip, spreads, leverage, deposit,margin used etc.
Does Oanda’s charts offer a way to look back further in time, besides just increasing the timeframe (ie…5 min to 30 min, 30 min to 1day ect…) I would like to test my strategies, but I cant look back more than like a week or so…even shorter - like a few hrs on the 10second charts, which doesnt really do me much good…I want to backtest my strategy for the past year and on charts other than the 1 day.
Lets say I have 200eur on my account and 50:1 laverage. I have 10000 units on my account. Question is about 1pip value, pair is EURUSD.
If I trade 80units 1pip=0.01eur and if I trade 220units 1pip=0.01eur.
What is the difference?
I know that for 80units margin used is 1.6eur (trade value is 80eur) and for 220units (trade value is 220eur) margin used is 4.4eur
Actually, if you’re in an euro-denominated accout trading EUR then 1 pip = 0.0001 euro times the size of your position. The question then becomes what’s that 0.0001 EUR worth. It depends on what you’re trading and is variable. For example, right now one EUR pip is worth about $0.00015. Multiply that through by the size of your position and you get your pip value. Thus, an 80 EUR position would have a pip value of about $0.012, and the 220 EUR position would have a pip value of about $0.033.