As a long term client of Oanda, I have mixed feelings about this. Recent government enforced stats has shown that Oanda had the largest percentage of profitable clients over other forex brokers. I am sure that is due in part to Oanda previously not having Metatrader therefore keeping all those bogus account draining robots out of their game. With some of the tightest spreads in the industry during regular market hours, I have no doubt their client base will increase with this new addition and more get rich quick seeking people will find themselves on the curb.
For Netpicks people, there is no issue. Already being pushed and prodded to be a professional in their dealings with the markets and having the coaching staff ready and willing to tell you that you are becoming one of the failed statistics when you get lazy, this will just help you with costs. The more money in your account…the larger positions you can take with proper risk management…a positive expectancy strategy…success is available to those that not only want it, but will work at it. The SST, as well as the UST work well with Metatrader. I personally have zero qualms with Metatrader.
This is just a general announcement and not an endorsement of Oanda nor Metatrader. For those interested, head over to Oanda and grab yourself the practice account. They are still working out the issues for live accounts. One KEY thing…..using Metatrader to PLACE your trades limits you to micro, mini and standard positions. You can still take advantage of the exact position sizing Oanda offers by enter the orders directly through your account interface.