I have watch (painfully) many of this guy's videos over the last few years. They are absolutely useless. First, he drones on for an hour or two in each video, most of the time telling you how wonderful he is and how much everyone sucks and that he is the best. Yet he has NEVER shown one iota of proof of his so called expertise. Just sounds like a pompous ass who talks down to everyone. His so-called teachings are just WAAYY overly complicated yet useless views on the market. I just watched another video (an hour of my life I cannot get back) about his genius view (not) on using Fibonacci. Again, useless other than I will give him some agreement that price does sometimes work back to major numbers like 00 and 50 levels. I will agree with him on one point: the market is not random. But his reasons for how and why the market moves are flawed and over complicated. The bottom line is what moves the market is a combination of sentiment, fundamentals, and technicals. There is no need to sit and listen to hours and hours of this garbage. I would venture to say if he makes money, it is hocking his mentorship program and not on trading. Either way, there are much better ways to learn these markets than spending hours and hours listen to someone who apparently just likes to hear his own voice.
Overall very happy with Oanda. Most complaints are unjustified.
I have been with Oanda for about 3 years now with really no issues. Whenever I have reached out to them, they are always responsive. I use their Mt4 platform, not the Desktop one. I deposit and withdraw with no issues.
I see comments on here about getting stopped out when price does not seem to touch someone'e preset stop loss order. In 99% of these cases, this is the result of a trader who does not understand market liquidity and spreads. I would venture to say most of these occurrences happen on more "exotic" pairs even ones like GBPNZD and EURNZD and they prob happen around changeover times (NY to Asia and Asia to London) as well as around major news times when spreads widen temporarily. Even though price (the candle/bar) does not appear to hit your stop price, you get stopped out anyways. This is a result of the spread widening and bid or ask hitting your stop. This can be avoided by using a wider stop loss or not entering trades at these more volatile times. It is NOT the brokers fault and they are not targeting your stop loss. In the US, the regulators would slaughter them if this was ever found out. I can't say off shore unregulated brokers would never do this, but I would bet my account Oanda and other US regulated brokers do NOT. Also, large banks and hedge funds also know where poor retail traders normally place their stop losses even if they cannot see them. This is typically around recent swing highs and lows on lower time frames (1 hour or so). Since they know there is a large pool of liquidity in those areas in the form of retail trader stops they can tap before sending the market in their direction, they simply buy up (for a sell) or sell down (for a buy) in order to trigger those stops then they slam the price back the other way. It's perfectly legit and legal--albeit frustrating when it happens. But again, it is NOT the broker so PLEASE stop blaming them for your understanding about how the market works and what the "big boys" are doing!!! If your stop is to close, then lower your lot size and move the stop further away if you have conviction for your trade!
No broker is perfect and Oanda is no different and some of these other complaints may or may not be genuine, but again I would say there are prob 2 sides to a story and we don't know the whole back ground to these. There are always "one off" situations. But stop blaming your broker for your shortcomings!
Be VERY careful wit brokers like this. Their credit card processor is in Macedonia and is likely unregulated and unaccountable. The broker is located in Belize. that is less of a concern to me, but why would they have their credit card processor in Macedonia?? What if they go bankrupt? You have no chance of recovering your money. Not saying don't, but be careful. I live in the US and would love to use a broker giving me better than 50:1 leverage by US law. FX Choice has up to 200:1 but I still have this concern. They really dont have an answer.
Reply by Anthony K. submitted Dec 15, 2016:
Actually, we do have an answer and a simple one at that. There are not so many card processing companies that are ready to serve Forex brokerages, and even less of them are ready to accept payments from clients around the world. To give this deposit option to our clients, we need to use companies like this. This is definitely a credit risk to us, and it remains behind the curtain for you traders. This is simply a no win situation for us; we disable cards, people start complaining, we make cards available, you guys complain again.
Our Macedonia-based card processor’s only job is to facilitate the processing of card payments, but this is nothing for our clients to worry about because we are responsible for your funds.