O-a-n-d-a mt4 users feedback

A welcome move by one of my favorite brokers....The MT4 has not been released for live accounts yet.

I tried out there demo and it looks really neat. The spreads are tight and you can place your orders as close to market as you wish(unlike other non ECN Mt4 brokers which want you to place it at least 2-5 pips away from the markets).

The minimum lot size is 0.01 or 1000 units, which is a problem for those used to using oanda's 1 unit size. But, this is the least that MT4 can offer, so not a big deal.


No of pairs being offered is huge, as always.


All in all, pretty pleased with the new product offering at Oanda.

Best part is that they dont have any IBs and as a result, there are no mark ups whatsoever.

:thumb: for Oanda for such a step.

dear rkkarnani

i appreciate what you posted, people are aware about what your links may say, there has been plethora of threads regarding what you said.

please post in concerned threads & don't let this one deviate from the topic..........OANDA MT 4 PLATFORM !!!

regards
rishi

Very well said rishi....This guy has been getting on the nerves for a while...

B-T-W I've heard users of oanda complaining about wider spreads and slippage during news releases.Am yet to open an a/c in OAnda.Like to hear your feedback on this...

Spreads and slippages are a feature of REAL market scenario. We should understand why the spreads increase during news. You see, most of the times, the expected news is factored into the price already. The problem comes, when it is not.

The prices that we see on any broker are actually fed by liquidity provided by big hedge funds, banks and other institutions. They are the real market makers and movers. During the event of an unexpected news, no one really knows what could be a good BID/OFFER to quote. As a result, the top guys out there get conservative and do not quote as close as otherwise. In other words, they pull back their BIDS and OFFERS. The spreads that we see are BEST BIDS and OFFERS(ideally). As a result, the best BID OFFERS widen and thus the spread.

Same thing happens with slippage. One should understand how the stop orders are executed in real market to understand the slippage.
When the price reaches your STOP price, the STOP order becomes a market order and is immediately fired for trade. Whatever next counterparty this order finds, it deals with it. In case of high liquidity, the other guy will be found pretty close to your stop price(or at the same price) and you experience no slippage. During illiquid times, this is not the case and slippage occurs.


I am sorry if you were already aware of all this.This might come to you as unneccesary rant then.

If not you, this post might answer questions of some one else.

I have traded my personal account with Oanda and have been very pleased with them.


Disclaimer: I am not an IB with them. They dont have any IBs. I do not get any benefit if you get your account with them .

I've got the demo, and have executed some trades on it. I'm satisfied to this point. I'm planning on throwing some money at them on a live account. I'm also impressed with their customer service.
Slippage is normal with any broker. If you try and enter or exit the market during high volume times, then you will get slippage. That can also work both ways. You could try and get out, and it keep moving in your favor.
Spreads are the same anytime. I don't know if that changes outside the USA, but I know that is the case here.

I tried to get it working but to no avail.
I registered for fxpractice
Then registered a sub account enabled for mt 4 but the oanda mt4 wont work.
Perhaps people here can tell me how to make it work.
Regards
Taz

hi tavnaz

i had faced the same problem as yours.

open mt4 :


file > login > login > 623208
password > yourpassword
server > OANDA-MT4 Practice


(note: in login, do not put your user name created at oanda site but the a/c number, above a/c # was just an example )



regards
rishi

Thank u very much rishi.
This really helped.
Regards
Taz