What Happened With My Oanda Account
January 11, 2007 by Trader Rich
The big GBP/USD move that I was talking about yesterday did happen this morning but I'm a little disappointed with what happened in my Oanda account. I had 2 orders in last night to go long on the GBP/USD. (h-system) The 2 lot order was canceled by Oanda. The 1 lot order was executed and then immediately closed at a loss. According to Oanda it was a TAKE PROFIT. A loss of 16 pips doesn't seem like a TAKE PROFIT to me. If my orders were executed and take profits executed as I instructed, it would have been a 120 pip profit. The fact is, there was a large spike in the GBP/USD due to the surprise rate hike by the Bank of England. I'm not sure how Oanda treats these types of things due to this fact but I'm waiting to hear back from them.
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That’s troubling to hear. I use Oanda to trade GBPUSD as well. Oanda is supposed to be pretty reputable.
My guess as to what happened is that Oanda probably widened spreads and your order got filled above your take profit, making your take profit below your entry. That’s just my best guess though. Good luck dealing with the issue and keep us updated on it. I’m very interested in hearing how it turns out.
I recently discovered your blog and think it’s excellent. You have inspired me to create my own blog that I will link to my website http://www.forexnetworth.com. I use the OANDA trading platform to trade and like you, I experienced serious problems with the trading platform this morning. I emailed them about the problems and they replied stating that the system did in fact experience some technical difficulties this morning prior to the GBP rate meeting. I still managed to capture 68 pips, but really missed out. I am awaiting further updates from OANDA. Apart from this morning, how have you found OANDA so far? All the best.