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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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7 comments:
Nice blog. Just found it. I see you use Oanda. How do you like them ?
Quentin
Thanks.
I like Oanda very much. I had a post about them http://forexintradaytrading.blogspot.com/2007/05/
oanda-as-forex-broker.html
It's not all in the spread, I like platform also. For day trading they are the best. Some other stuff if not day trading like more leverage or opening positions in different directions at the same time maybe some other broker. But at Oanda there is no re quotes, trade on the chart...
Ok, thanks. I'm going to read that post you did on Oanda. I hear a few negatives about them, but they seem to have the best rates around.
Quentin
Oh, what did you mean by " no re quotes" at Oanda ? What is a requote?
Re quote is for example when you see price 1.3544 for eur/usd sell. You hit sell, in few seconds broker came with little screen saying that he couldn't make that price and new price is now this, some other number, and now you can chose to take that price, but another re quote can happen. You are losing pips and time. I really never have experience with that just in some demo account at some brokers and I found that as the most annoying thing.
Bad comments about Oanda are from people that are looking for a needle in hay stack. Those isues are so small in value relatively to all other benefits. I don't say that there are non, but that they are meaningless to me.
Comparing that and difference in spread like for eur/usd 1.2 vs. 2 or more or gbp/usd 2.5 vs. 4 I say I can live with all negative stuff.
Just give me small spread and fast and fair execution and I think those are qualities of good broker.
On oanda forums people that are complaining usually ask for more technical analysis stuff for charts and stuff like that nothing important and serious.
Ahhh, ok, thanks for clearing that up. Yeah, it does seem like people are complaining about small things. One guy is saying that oanda is competing against it's customers and that now he is using an ECN. The spreads are hard to beat and with me being a small investor, Oanda at least gives me the option to choose how much PER pip I'm willing to risk.
IMHO for small trader they are the best .
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