FX brokers suitable for UK trading.

As an update I finally went with Oanda.


Very easy to set up...email a couple of ID forms, wire some funds over and the account was up in about 7 days.

I like the news plugin of FXCM but Oanda is nice, clean and simple with the abiltiy to make and modify orders on the chart.


Well recommended.
 
JoeJones said:
As an update I finally went with Oanda.


Oanda is nice, clean and simple with the abiltiy to make and modify orders on the chart.


Well recommended.

Yes,one of the reason i like Oanda is that you can see your orders added to the chart.
Another good thing is that it's a web based trading station which means that you can use it from any PC without the need to install a software
 
I have started to use Oanda's account and am very impressed with the overall platform, very tight spreads (1.5 pips on eur/usd is superb!), good charts, ability to amend targets / stops from the charts etc. Very clear and easy to use.

The one problem I am having is I cannot see how you automatically effect a stop sell or stop buy order. I can see how to do a limit order for both limit buy and limit sell, but not open a down position in a falling market or an up position in a rising market.

Can you do stop sell and stop buy orders???

If you cannot, then (for me at anyrate) that is such a disadvantage, as to make an otherwise excellent package substantially compromised (and unusable for my strategy)

Am I missing something?
 
BroadSword said:
I have started to use Oanda's account and am very impressed with the overall platform, very tight spreads (1.5 pips on eur/usd is superb!), good charts, ability to amend targets / stops from the charts etc. Very clear and easy to use.

The one problem I am having is I cannot see how you automatically effect a stop sell or stop buy order. I can see how to do a limit order for both limit buy and limit sell, but not open a down position in a falling market or an up position in a rising market.

Can you do stop sell and stop buy orders???

If you cannot, then (for me at anyrate) that is such a disadvantage, as to make an otherwise excellent package substantially compromised (and unusable for my strategy)

Am I missing something?
I'm pretty sure Oanda use the limit order for both "limit" and "stop" Entry orders. They use the crossing of the order to trigger it. That is if you wanted to create a stop entry sell order,
Sell Stop entry
1) create a limit sell (ensuring the order price is below the current quote)
2) when the price passes down through the order it will be triggered.

Sell Limit entry
1) Create a limit sell Above the current quote.
2) when the price passes up over the order it will be filled and you will be short.

It seems odd at first but its simple once you get used to it.
 
BroadSword said:
I have started to use Oanda's account and am very impressed with the overall platform, very tight spreads (1.5 pips on eur/usd is superb!), good charts, ability to amend targets / stops from the charts etc. Very clear and easy to use.

The one problem I am having is I cannot see how you automatically effect a stop sell or stop buy order. I can see how to do a limit order for both limit buy and limit sell, but not open a down position in a falling market or an up position in a rising market.

Can you do stop sell and stop buy orders???

If you cannot, then (for me at anyrate) that is such a disadvantage, as to make an otherwise excellent package substantially compromised (and unusable for my strategy)

Am I missing something?
MrB

THe way I work it is that under Tools/User Preferences I've set my default stop loss to 15 PIPS. This is then automatically applied to all market and limit orders and can be varied when placing both types of order. They show up as a red horizontal line. You can change the stop either on screen or on the Orders tab on the main screen.

You can also apply take profit orders in the same way.

You can separately place orders to scale out your position as different targets are reached.

The advantge of the linked orders is that the stop loss and take profit are OCO - one closes the other.
 
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