Oanda Issues and Comments

Thanks for the comments on Oanda everyone.

Terrence says:

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
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.

Terrence,
I have yet to hear from Oanda regarding this morning.  I just sent them
a follow up email to get some sort of explanation.  Oanda was also
having disconnects during the Japanese session yesterday and into the
European session.  I'm not one to complain much about brokers.  If you
want to trade Forex, you accept what you get right now with hopes of
future improvement for the retail trader.  Oanda has been O.K. but I
really do think that the slowdown of their platform during busy times
is totally unacceptable.  In addition, they really don't have features
with their platform that help you in succeeding.  You take the good
with the bad because no broker has had all the features I'm looking
for.  If you want all the features, you use the API and write your own
software.

Michael D. says:

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.

Michael,
I agree with you.  They probably widened the spread on the GBP/USD to
30 pips due to the BOE interest rate statement.  To be honest, I wasn't
following any fundamental news and wasn't even aware of the interest
rate statement coming out.  In addition, the interest rate hike was a
total surprise.  Thanks.

I'll let everyone know what happened this morning when Oanda responds. 

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