Oanda Credited My Account

January 12, 2007 by Trader Rich 

Oanda credited my account for the 16 pip loss that occurred with an h-system trade yesterday.  It occurred because my take profit order fell within the spread due to major slippage.  When my order executed, Oanda had raised the spread to 20 pips.  I don't like when Oanda raises spreads but if I don't like it, I should make sure that I don't have any open orders during economic releases.   Oanda credited my account but they didn't have to according to the following email:

Yesterday morning at about 07h00 EST the Bank of England announced that
it was hiking Interest Rates 25 basis points. This decision surprised
the market sending the Pound sharply higher against all major
currencies. As the market sought new equilibrium, global liquidity
essentially dried up, resulting in large price gaps as prices literally
jumped to new levels, in a matter of seconds. This action caused
considerable slippage to ensue on your GBP orders. While it is
unfortunate that such slippage occurred, these orders were executed in
accordance with our execution policy on the price available on our FXTrade servers when the order arrived for execution.

  • Ticket 1 was filled by Ticket 2 and was closed by Ticket 3. When 2 was executed, your embedded Take Profit Order fell within the spread, resulting in a loss upon the execution of 3.
    Due to the unfortunate nature of this circumstance, we have credited
    your account in the amount of this loss.  This credit is reflected by Ticket 4.
  • Ticket 5 was cancelled on a BV:TP (Bounds Violation of your embedded
    Take Profit Order). This means that the price had exceeded your Take
    Profit level when it arrived for execution. The server cancelled this
    order with no action taken, as you had indicated in your instructions
    that you no longer wished to be in that trade when the price rose
    beyond 1.9457.

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Comments

3 Responses to “Oanda Credited My Account”

  1. Forex Rookie on January 12th, 2007 11:52 am

    I think oanda only refunded your money cuz you have this HUGE blog and they dont want the bad publicity…lol:D…Anyways yesterday i think we all experienced problems with oanda, i had a personal experience of my own.

    Yesterday At BOE news release i was in a USD/JPY trade that was in profit of 130+ Pips. due to the unexpected resuts it fell 50 pips where i decided to take profit before things got worse, So i pulled the trigger to close the order for 84 pips, and in that split second i was disconnected from the server, When i finally got back into my account i was in profit of 111 pips..LAMO….I exited the trade this morning for a lesser profit of 90 pips….The moral of the story???? IDK..lol..I just wanted to tell my story:D

  2. sea dog on February 3rd, 2007 1:07 am

    On 2/2/07 the GBP USD pair made some radical moves in the morning on an announcement. I have 3 different trading platforms and on Oanda I noticed on the 5sec chart that there were 2 spikes down that were in excess of 40 pips more than what showed on either of my other 2 platforms. The spikes were about 15 seconds apart. I checked the datafeed history on my metatrader platform and could find no evidence of such spikes. I believe Oanda was sweeping stops that had been set on buy orders excuted as the pound started its upward move. I have run into an number of other trading anomolies with Oanda and am rapidly losing confidence in them.

  3. Forex Guest on February 3rd, 2007 4:31 pm

    I’m slowly losing confidence in them too.

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