Long-term, you'll probably need a bit more filtration than that for keeping Oscars. For now it's probably fine. The thing with nitrates is that in a freshwater tank you only have 3 ways of dealing with them:
1. Prevention (keeping the bioload down, not overfeeding, etc)
2. Plants -- plants will use the various nitrogen compounds for their growth. However, keeping plants with large cichlds is very tough.
3. Dilution (water changes). Without going into the math (makes my brain uncomfortable), unless you're replacing over 50% of the water, the percentage of nitrates (and other fish-generated chemicals) will continue to slowly build up. David Boruchowitz, of TFH magazine, has written extensively about this. He did a long-term experiment of daily 90% water changes with a tank of Oscars. Part of the idea is to simulate the natural replacement of water in a stream -- only the stream is from your pipes. I personally don't have time for that kind of regimen. I change about 50-70% twice weekly. Plenty of people do fine with less drastic changes, and many species likely wouldn't tolerate it. However, if you're having nitrate problems, changing larger quantities of water would definitely help. Also cut down the feeding, of course.
