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Oanda - FOMC - Platform Crash

Discussion in 'General Forex Talk' started by euroforex, Nov 6, 2010.

  1. euroforex

    euroforex Private

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    This last Wednesday when the FOMC report was released the Oanda platform when berserk. In the years that I've been trading with this market maker spot forex brokerage house, I've never come across such a dysfunctional IT server response to their - most likely - overload of executed orders. I don't preset Take Profits, Stop Losses or Trailing Stops with high impact economic reports, but instead manually trade because Oanda typically jumps to a 10 to 20 spread just prior or instantly upon release of the economic report. Given the fluctuation of bid/ask volatility I watch for the best entry per other tools. Historically my manually executed trades are almost taken immediately, without lag time. But this last Wednesday, not only were my manually executed trades not taken accurately, but the Oanda's server couldn't manage the amount of orders thus causing a serious delay in response to my open/close executions. I have never it this extreme with Oanda, so I'm posting my experience solely as a means of communication for others if they had the same experience with Oanda. Upon making a complaint to Oanda their response was that they could only honor TP and SL preset trades for reimbursement of my losses as a result of their online trading platform crashing, which it finally did - forcing me to boot up on another computer to try and get back in. In the past I traded through FXCM and know that when you execute a trade manually it is just the same as a preset - considering there might be some slippage - but I have been reimbursed when FXCM's computer didn't register my trade the instant it was executed. Oanda says that is written in their policy that they are not responsible for computer glitches causing losses if a preset Stop Loss is not set. If you manually execute to close a trade when "in the money" and it doesn't close you out until you at a deficit, Oanda won't acknowledge this as a equitable trade. Consequently I've filed a complaint with the NFA. (Note: I made back my losses after Oanda's platform seemed to, mysteriously reset back to a normal functioning online trading platform.) Most likely, I will be changing over to TOS (thinkorswim) next year as comperatively, Oanda's chart structure is a bit skewed to TOS. Another tale-tale sign of a market maker's casinoesque trading platform. In solidarity, Rich
     

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