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Storm Warning In Effect

Posted on 23. Nov, 2011 by Jakob.

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Two days ago, I received an email from Oanda with the following subject: Forex Market Volatility Advisory.
“Prior to the 2008 recession there was a sharp increase in exchange rate volatility. Three years later we are witnessing another dramatic uptick in currency price instability—this time triggered by the eurozone debt crisis.” Read more... (292 words, 2 images, estimated 1:10 mins reading time)

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Oanda on MetaTrader 4

Posted on 25. Jan, 2011 by Jakob.

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I am very pleased to see that Oanda will be upping their game, with the addition of MT4. I really never thought this would happen but now it sure seems like they are getting ready to allow customers to trade their Oanda accounts via MT4. This also means that traders will be able to continue the use of MyFxBook with their Oanda accounts. I contacted Oanda to know when it is possible to get an MetaTrader 4 account, and it seems to be a couple of weeks away. If you want to stay on top of things, keep an eye out, over at their forum. I will keep you guys updated on this.

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CFTC Regulation in Full Effect

Posted on 18. Oct, 2010 by Jakob.

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October 18th is the day where the US brokers have to apply the new CFTC regulations on the retail forex exchange market where lower leverage is the main issue. Judging from the market movement we have seen today, it has not really been that much of a difference to notice from any other day, which somehow seems obvious in that the market mainly is moved by larger institutions and not the retails trader. Although we might not see a lot of change in the market in general, the individual trader is affected by lower leverage. A lot of traders consider this a bad thing, but in the end I think it will be beneficial for most traders out there. If I had been forced to use less leverage back when I got started in this game, I could have saved an account or two. However, I have now been trading with Oanda for some years so I am used to the, now, standard leverage. Obviously you still have the option to go with a broker outside US and get more leverage. What are your thoughts on the new CFTC rules?

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FXCM Labs

Posted on 05. Aug, 2010 by Jakob.

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Just like Oanda has a lab site, FXCM has now started their own Lab site which you can check out right here. This is basically a site where you can follow the progress of new releases from FXCM (which currently entails FXCM Mobile, Trading Station Gateway and their new Strategy Trader). This is a great place for people who would like to be beta tester of new forex related products before they actually hit the market. They also have a suggestion box where you can share ideas with the people from FXCM. I love Oanda´s lab site but it hasn’t been updated for a long time, so I was hoping that FXCM can keep this thing going with lots of great new stuff for all their members. Check out FXCM Labs here, become a beta tester and give them some feedback.

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Currensee Connects with Oanda

Posted on 03. Mar, 2010 by Jakob.

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Those of you who have been following mere here at TradeProfits know that I have been using Oanda as my preferred broker for a long time. Although I don’t like their platform that much, they have very good spreads, fast execution, you can deposit money through paypal, and most important they operate a very honest business. The social forex trading network Currensee has now connected with Oanda; so if you are a member of Currensee and have an account with Oanda, you can now connect the two, hence share and track all your trades on Currensee. This is a great addition to Currensee, and I think a lot of traders will appreciate this. You can read more about it here.

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36 Pips Move in a few Seconds

Posted on 27. Dec, 2009 by Jakob.

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I am not talking about profit here, unfortunately. Take a look at the two pictures below. The first one is on the 1-minute time frame and the second one is on the 30-minute time frame. Both the pictures are from my Oanda account, earlier this evening. The first move since the holidays was a whipsaw down and back up within a few seconds, in a total range of 36 pips. When you look at it from the 30-minute time frame, it is nothing but one long candlestick shadow. I have seen this in Oanda before; crazy spikes which are not similar on other broker platforms. Hence it seems reasonable to question why this happens on Oandas platform. One might first assume that if this spike is a mistake, your trade (in case you got one running over the weekend), will not be affected by such a spike, but you would be wrong. I have been stopped out by similar movements before. At this moment I have a long trade on the EUR/USD, but luckily for me, my stop loss was further down, so this time I was not affected by this spike, but I am sure some traders out there did. Although I am very satisfied with Oanda, this is one aspect which you might want to take into consideration, before signing up with them. Read more... (226 words, 2 images, estimated 54 secs reading time)

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Forex Trading To Go

Posted on 05. May, 2009 by Jakob.

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Normally I don’t like to trade when I am on the move. I like to sit down and take my time to look through the different pairs, check up on upcoming news, expectations for the stock market, look for technical signs, and then consider to enter a trade or not. During these things can be time-consuming, and specially the technical part can be rather difficult on a small screen. But if you simply can’t wait until you get home to check up on the market news, you should really get an iphone. First of all, an iphone can go online, just like a laptop. None of that old cell phone internet wannabe. So you are easily off to your favorite news site. Furthermore you will have the ability to download a bunch of cool applications which will make everything more easy. One of them is Forex On The Go, which is a chart application with real time forex data. Forex On The Go Lite is a free version, whereas Forex On The Go Premium is a paid version for a price of $10. This is a really cool application with a lot of different features (pivot point calculator, Fibonacci calculator, news calendar, etc.). Bloomberg application is another great tool if you are looking for financial news and stock charts. The possibilities are (almost)endless! If you are using Oanda as your forex broker, and you are looking to place a trade simply go to http://m.fxtrade.com/, and log in, and place your order. I am not recommending to do trading this way, but it is always a good thing to have the option. Here is to a chance of becoming familiar with the aspects of overtrading.

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Launch Oanda from your Desktop

Posted on 07. Apr, 2009 by Jakob.

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If you are using Oanda, you are probably sometimes annoyed that you have to go to their website in order to log on. The goes for both their real trading platform, FXtrade, the paper money version, FXgame and their news service, FXnews. This has been a small, but often frustrating factor, special if you are trading Non-Farm Payroll on a Friday, where Oanda often seems to shut down, automatically. Going back to their website and launch the platform ones again takes time, which can be a real pain in the ~~ass~~ … if you are in the middle of a trade.

Luckily there is an easy way around this. Oanda has a great page called Oanda FXlabs, which is a site where they share new tool, and beta releases of new products. There is a lot of different cool tools, and one of them is FXdesktop. This is exactly what we are looking for. This is a small application, which you download, and store on your desktop (or where you find it most convenient). This will enable you to run the application directly from your desktop. A rather simple but really useful application. Furthermore, by using this application, you will avoid the small flash launching pop-up browser. If you are using Oanda, this is a must-have! Get it here.

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Trading forex with Oanda

Posted on 26. Dec, 2008 by Jakob.

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Choosing a forex broker can be a difficult task. I was very confused back when I started trading, and it took me a while before I finally chose to go with Oanda. I have been with them ever since, and I am very pleased with their service. However, it is not perfect, specially not if you are a news trader. Most of the time, their spread are very fair, probably even some of the best out there, specially on major pairs. But a few seconds before and after news, the spreads increases to extreme heights. This goes both major pairs as well as exotics. Furthermore, taking advantage of spike trading is very difficult due to often high volatility, hence difficult to get filled. I tried to do some spike and news trading a few month ago, but I didn’t feel good about this trading method, and decided to use different strategies, hence no problem in using Oanda. But if spike trading is your choice, you should look for another broker. Read more... (351 words, estimated 1:24 mins reading time)

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