Stopped Out Only At Oanda
May 1, 2007 by Trader Rich
This is nothing new and just part of trading but I was stopped out on my long GBP/USD trade apparently only at Oanda. Look at Oanda compared to 2 other brokers.
This seems like it's too much of a discrepancy compared to FXDD and FXCM.
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That really bites doesn’t it?? Mentally I had a hard time dealing with it….thus i had to switch. Not sure if EFX will be any better, but I’m about to find out.
I guess I would have been stopped out eventually… We had a pretty big breakdown during the Japanese session. The fact that the spike is evident still sucks.
It looks like Cable, correct, What timeframe was the chart & what time did it happen?
Hi,
If you can provide me with the exact time of that trade I\’d be happy to look into it more for you and maybe try and clear up the confusion behind this apparent discrepancy.
Great blog by the way.
Regards,
Andres.
OANDA Corp.
Andres, David, it was the GBP/USD (1 hr) and it happened at around 9:00 pm EST. Andres, thanks for the compliment, that would be great if you could find out why the larger spike compared to other brokers.
Hi Rich
Just out of interest, how do you get the colored candles…I can’t find that option on FXGame…
Cheers, Motu
Motu, just left click on one of the candles on a chart. It will bring up a bunch of colors to choose from, I chose red/green. Your’s are probably the default which is grey.
Rich,
Any chance you can post the Ticket # for the stop loss? That would help me get the exact time and quote. The Ticket # is listed on the activity tab.
Thanks,
Andres
OANDA Corp.
“This seems like it’s too much of a discrepancy compared to FXDD and FXCM.”
uhh ya think…
classic stop hunting great job oanda well done. After all, what does a Delaware corporation headquartered in Toronto care about regulation… sadly they care even less about you and your hard earned money.
Go with FXCM they’re much better. They have had their “moments” with their trading platform
but they’re getting better everyday. Their “no dealing desk” option is great fast execution
and if you’re lucky you can catch very small spreads I’ve even seen zero pip spread on eur/usd
when it gets busy (not often but I’ve seen it). They have enough customers and make enough money
so they don’t need to stop hunt. On a few occasions, I’ve had big orders where I’ve come within
1 pip of being stopped out and and I survived. In my opinion they are honest and if you
know what you’re doing you’ll make a lot of $$.
Use your charts wisely, keep your orders sane and reasonable avoid those “job report” days
and with time and patience you’ll be fat and happy
But those price “discrepancies” are so typical off forex broker domiciled outside the USA.
They are really are brazen. Their thinking is, “what are YOU gonna do about it”
Don’t let yourself get stop slayed by these crooks. BTW, some of these companies based
outside USA are “connected” if ya know what I mean….(usually the eastern european variety).
Yes, losses are part of the business, but with time you’ll notice a “pattern of behavior”.
So watch your back and your wallet. But dont take my word for it, do some google and yahoo searches
and you’ll see what i mean. The horror stories are endless.
Hi,
I just like to clarify the previous 2 posters comments that seem to suggest that OANDA is not an American company. OANDA is a New York headquartered company with offices in Toronto and Zurich. We’re regulated in the US by the CFTC and NFA.
Hi Andres,
Are your headquarters in New York or Toronto? Just curious because I have seen contradicting info in several places.Thx
Hello Rich, I will appreciate if you let us know about the outcome of Andres’s investigation of that trade. Thx.
[quote=Andres]Hi,
I just like to clarify the previous 2 posters comments that seem to suggest that OANDA is not an American company. OANDA is a New York headquartered company with offices in Toronto and Zurich. We’re regulated in the US by the CFTC and NFA. [/quote]
fxtrade.oanda.com/about
Was established in 1996 and is headquartered In Toronto
with offices in New York City and Zurich
nfa.futures.org/basicnet/
Type “OANDA”
cftc.gov/enf/enfforex.htm
cftc.gov/enf/enfform.htm
April 2007
Adjusted net capital
FXCM 65 million dollars
OANDA 18 million dollars
Even more striking is Excess Net Capital
FXCM 54 million
OANDA 9 million
cftc.gov/tm/tmfcm.htm
Hope this sheds some light on OANDA solvency, as well
As insight into the nearly 20 pip discrepancy 18 or 20
Pips doesnt sound like much but factor in how many
Other customers that may have gotten stopped out
AND the size of those orders.
it adds up for them NOT you.
Oanda is a Canadian based Company, thats not a bad thing.
Having offices in New York and Zurich doesnt mean very much.
Anyone can put up a brass plate on rented office space and
Claim global presence. And if you do have multiple trading
rooms Then you did a crappy job of quoting Richs trade.
Make no Mistake Oanda knows exactly what they’re doing.
Yes they are registered, but hey whos going to make a
Fuss over an 18 pip discrepancy.
Enron was registered to trade too.
Sorry for making a federal case out of this but I dont
Like losses big or small. And if this has happened to anyone
Before using OANDA then perhaps it is a federal case.
Just some food for thought.
See you guys at the forex expo May 19-20 2007
http://www.nfa.futures.org/BasicNet/Details.aspx?entityid=0325821
see… Canada eh.. LOL nice try OANDA
When the sh*t hits the fan, good luck trying to get your money back from them. Remeber they dont have the same laws in canada as they do here. Be careful with ANY broker who uses \”PAYPAL\” for deposits and withdrawls its not worth the headaches
One of the principals is listed as OANDA HOLDING NV
NV is Naamloze Vennootschap Dutch version of LLC
No doubt a limited company formed in the Netherlands Antilles Tax haven. You get the picture.
If thats the case, then youre really screwed if they go belly up.I dont know but the whole thing seems way too fishy. Ill keep my money in the USA with a USA company that way you can have a fighting chance. trading with broker outside the USA sounds tempting but what good is it if they scre with your orders Requoting, Stalling orders, closing orders, cancelling orders ignoring limit orders…. its incredible what those guys get away with Ive never experience none of that using FXCM Well. I think Ive made my point here. Enjoy…
Hi Rich…I had a look at the entry point…it seems to me that OANDA’s chart didn’t trigger a long signal based on your parameters for entry, only FXCM did.
Are you trading off of FXCM and entering orders on OANDA? If so, might pay to enter orders on FXCM and stay away from OANDA, unless you are going to generate signals from OANDA.
Cheers, Motu
Made a reference to the claims made above on the Oanda Forum. Very neutral and clearly put. Suggested that Oanda make a statement about it to ease us that have read the stop hunting. My repeated postings were immediately deleted.
Andres, Why do you spend your energy replying here and why do you go so far as to complement this blog when you delete my postings on your Oanda forum that mentions this blog and asks for some explanation. What about the bill of rights? What about transparency? What about honesty.
I am a customer of Oanda and I am beginning to worry. Okay, overall I am satisfied but….if Oanda is involved in stop hunting then….I need to look elsewhere. Except for this piece of shocking reading I have been very satisfied with Oanda. I hope that the claim made on this blog is false or an error and is corrected quickly. I would hate for it to affect your overall great reputation. As for deleting my postings on Oanda, it has made me more cautious in believing your statement about transparency. In my posting I did not refer to any competitor nor did I make any negative comments towards Oanda.
Andres, Since you will not reply to my concerns and request for an update on the claim made against you on this blog in the Oanda Forum perhaps you will be kind enough to respond on this blog.
Regards
[quote=Forex Trader]fxtrade.oanda.com/about
Was established in 1996 and is headquartered In Toronto
with offices in New York City and Zurich[/quote]
I LIKE HOW THEY CHANGED THE INFO ON THEIR ABOUT PAGE AFTER I MADE THIS POST LAST MONTH
UNFORTUNATELY IF YOU CHECK THE NFA WEBSITE AND DO A BASIC SEARCH YOU WILL SEE THEY ARE CLEARLY HEADQUARTERED IN CANADA
THEREFORE BY CHANGING THE INFO ON THEIR WEBSITE THEIR FALSE ADVERTISING WHICH IS ENOUGH GROUNDS FOR AN OFFICIAL COMPLAINT TO THE NFA
LETS SEE IF THEY CHANGE IT BACK TO HEADQUARTERED IN TORONTO LOL IT IS PATHETIC