Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Justaguy

Oanda Traders Most Profitable

Recommended Posts

Under the new regulations in the FX industry, brokers are required to publish the profitability rates of their customers. One of the most interesting statistics is that Oanda (I posted a review about them a while back), out of all the brokers reported, has the most number of traders that are profitable.

 

Could it be that Oanda has had their leverage clocked at 50:1 for the majors for ions and this has caused more profitable traders?

 

They also have the most traders of any FX broker that has reported. I find this very interesting. I hardly ever see Oanda advertise while the others, love to have bonuses and other incentives to sign up.

 

As well, we hear the number 95% of traders fail. Most brokers reported about 25% of profitable accounts. Oanda had just over 50%.

 

So, in the end, has allowing traders crazy leverage been the demise of the majority of them? I would have to add that there are many as well, I am sure, who understood leverage and it never burnt their account.

 

Anyhow, interesting numbers and a nice look inside the brokers and how their traders are doing.

 

This is NOT my blog nor affiliated in any way. It just has the list:

http://forexmagnates.com/us-forex-brokers-account-profitability

Share this post


Link to post
Share on other sites

That's incredibly fascinating.

 

Didn't realize these numbers were on the way --- with the new regs it's actually very interesting.

 

I think you make a good point with Oanda and their restriction of margin - probably reduced the number of blowouts substantially and attracted a higher level trader perhaps. Also, from feedback I've heard there are less games with the executions and truer fills.

 

I do think it might even be encouraging to see in the 25% level as profitable -- I actually would have guessed it was a bit lower overall - of course these stats don't include all the accounts that have come and gone - I assume it's just active accounts now.

 

Thanks for sharing that.

 

MMS

Share this post


Link to post
Share on other sites

Good find. I have always though Peratos principle a good rule of thumb (80:20) most of these are close. Oanda seems to be a rare exception to the 'rule'. They always had a good reputation way back but I recall people having some difficulties a while back.

 

One has to wonder about the reporting criteria, presumably the account has to be 'active' for the period in question for example. Do 'free' accounts (e.g. the ones that the broker will fund with $100 for you) count? etc.

 

The real big question (I guess) is of those that are profitable, how many are 'marginal' (of course marginal is a pretty vague term).

Share this post


Link to post
Share on other sites

Do any of you guys who sing Oanda's praises do any day-trading?

 

If so, how do you deal with the double-digit spread-spikes around news, which often occur multiple times per day?

 

I like Oanda, it's just that those spread-spikes make it difficult/inconvenient to trade the intraday swings.

 

I'd be interested to hear your thoughts.

 

-Cory

Share this post


Link to post
Share on other sites

Hey Cory

 

For sure, Oanda can have some very short lived but large spikes. I have a rule...if I am not in a trade 5-10 minutes before the news, I skip any new positions until the same amount of time afterwards.

Share this post


Link to post
Share on other sites

Sorry, but giving some value to three months of performance means having no idea of the role of random. Three months with a big trend and trendfollowers are up, then it's somebody else turn. Also, remember that success brings more confidence, and more confidence brings ruin.

One year would be somehow indicative, and still far too weak an information. Statistically, in a large number of dumb traders you have some lucky ones that perform well for lengths of time that look amazing,

Most of those who made money in the quarter, will end the year as losers. Most of those who make money in the year, they'll lose the following one. The Pareto distribution is inbuilt in any business - and possibly in nature in general - and if financial markets are an exception, they are for an excess of failures, not success (as it is known since long). Anyway, the news on Oanda is interesting ideed. These guys make no ads but think, and the ads comes for free.

Share this post


Link to post
Share on other sites

I saw a schedule on another forum, but I thought the most interesting thing was the change in the number of accounts they were reporting. During the past year, FXCM went from 22,371 to 15,023 and FX Solutions went from 12,575 to 5,687, while Oanda went from 41,466 to 49,584. All the others were about the same.

Share this post


Link to post
Share on other sites
FXCM went from 22,371 to 15,023

 

I would imagine that part of the reason FXCM has lost so many accounts in the past year is the fact that they doubled/tripled the spreads on FXCM Micro.

Share this post


Link to post
Share on other sites

My ‘review’ of Oanda

 

Basically, I’m glad they are around.

 

For many years now, the primary reason I keep a 10:1 account open and funded at Oanda is infinite sizing. Some systems really benefit from precision MM / sizing.

 

Service: good

User interface: good, seamless. I personally like their reporting ‘style’ – the Trades, Orders, Positions, Activity tabs, etc.

btw – I would never use their charts or data unless nothing else was available and am not saying you should rely solely on their charts for data

Fills: Across time – acceptable (… but then again, I’ve worked many years on learning to take advantage of wildness instead of inwardly suffering about slippage).

 

Twice in the last 3 years I have been able get business done with Oanda when currenex and bank connections were inaccessible…

 

Anecedotally, I would venture that if a beginner can’t trade the cost levels of an Oanda account successfully, there ain’t much sense in trying to trade any other account. It’s the perfect way to train on a live account instead of some sim / paper bullshi

hth

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Originally Answered: How can I compete with people who are better than me in every way?   So you want to outcompete people who are smarter, better looking and more experienced than you?   No problem!   All you have to do is outwork them.   Will Smith said, "if we both get on a treadmill either you're going to get off first or I'm going to die trying."     Most people just aren't willing to work that hard. Sure, they'll show up for the job interview and maybe practice in front of the mirror for a few minutes, but they won't do hours and hours of research and prepare for weeks. They won't wake up early and stay up late working on their dreams.   So while all those smart, good-looking, experienced people are waiting around for the next opportunity to come their way, you can outwork them and create your own opportunities.   In a few years, you'll be that "smart" person everyone looks up to. But you'll be different. You'll know it was your hard work, your inner strength and your commitment to living a great life that made you successful and brilliant - not luck or good genes.” – Tom Corson-Knowles, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/   
    • @sxiqxx, Well done on making your first post a promising strategy. @everyone, post up if you want this coded into an EA. Although I switched to TradeStation, I still have an active MT5 demo with MetaEditor. I can code it without referencing object oriented programming which should be retroactively compatible with MT4. Let me know...
    • Please allow me to retort (in jest): RESPONSE 1 : Get a job supervising others where you're in control of performance reports and ride those others 100%. This makes your performance 100% with little to no effort.   RESPONSE 2: Feel free to piss off your boss but stay nonviolent. When the side effects of his viagra and testosterone boosters cause him to physically assault you, you have the legal upper hand. This can result in a boatload of trading capital.   RESPONSE 3: Feel free to have intimate relations with your boss if she finds you attractive. Rest assured that mum's the word because once again, you have the legal upper hand. This can also result in a boatload of trading capital.   RESPONSE 4: Don't be fake friends with any enemies... unless you need information from them. Being fake friends with everyone will cause you to become an empty shell of a person with no direction in life.   REPONSE 5: Get your boss to become reliant on your performance (really, just the performance of your subordinates), and then plan an "overheard" conversation wherein you fake an interview with another potential employer. You'll probably get a pay increase or a promotion.   RESPONSE 6: If you can give your 75% percent to a project, give 50% and rely on your legal upper hand(s). Learn to write trading algo's during your other 50%.   RESPONSE 7: Take all of the office boys out to nightclub where you merely sip soft drinks on a weeknight. Upon your return to the office in the morning, inform the security guards that all of the office boys are intoxicated. Your boss will love you for it.   RESPONSE 8: Never try to prove your client wrong or find faults in their processes, but do secretly collect their information in case you jump ship or "someone you know" decides to start his own company.   RESPONSE 9: Never stay in a firm for too long. Instead, use your ill-gotten capital to exit the rat-race and start trading.   RESPONSE 10: Trading pays more than your career. Interpersonal skills are now irrelevant. Use your technical skills for trading. Never stop learning and keep updating your technical skills.😁
    • There are a lot of trading strategies like elliot waves, wyckoff etc so we need to apply those who best suited to our need and are understandable too.
    • Scalping can be good during the high volatile markets however the new traders should be careful while entering and exiting the markets too quickly since they can make losses as well. If the broker support news trading we can make most out of the scalping in my opinion.  
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.