As an update, Oanda credited my account what looks to me an arbitrary somewhat fair sum. I have followed up with an email asking for a breakdown of the credit.
Its not excellent, it is the basic level of service that is required by them especially with them promoting these forex ethics guidelines. What about the lost opportunity to make a profit?
Please. Try arguing your point here. Let me help you - trader A has a sell stop that doesn't get executed as market surges up. Trader B has a buy stop that doesn't get executed as market surges up. Trader B whines that it's not fair that he lost the opportunity to make a profit. If you're trader A, do you call to complain as well?
lol, are you talking about the Oanda 'Traders Bill of Rights'? That's a standing joke, especially when they had to backpeddle about there not being a potential conflict of interest, and they only admitted that one because they were forced to. At the end of the day Oanda, just like any FX marketmaker, are under no obligation to quote prices or to fill at the prices they do quote. They're also under no obligation to honor any stop, limit, or market order, it's all in the agreement somewhere. In effect they can quote what they want, fill what they want, and reverse what they want, no comebacks and all perfectly legal. Not that I agree with it but that's the terms under which we do business and we just have to accept them or trade elsewhere......the question is where because all FX bucketshops have the same clauses in their agreements. If they're compensating for losses sustained then it's a bonus, and I can tell you right now there's not one marketmaker who will compensate for loss of opportunity to make a profit. It sounds to me like they're being kinda fair really, they could have just said tough luck that their quoting engine was down, shit happens.
I find this thread a little bit amusing. First of all, for years the FX market was pretty much limited to banks, institutions, hedge funds, etc who were pushing around billions of dollars. Trades were executed by actually calling around different banks to get the best quote. Now the industry has changed and let the little guy with $500 come in and trade with 400 to 1 leverage. Then the little guy complains that he is not treated like a customer that trades billions of dollars worth of FX a month. Look guys, here is the simple solution, go open up an account at UBS or Fimat. Oh wait, they require a little more then $500. You guys are the same people why the freaking SEC and NFA have to over-regulate everything. Pretty soon we will have regulations in the FX market for all the bucket shops because of all the $500 accounts being victimized. I know there are legitimate complaints out there, but come on, the FX market is not the same as the s&p market (thank god for that). Sorry for the rant but the solution seems very simple here. Get more capital.
Okay Maverick, run along and trade some Wrangles now. I know guys who have $500K+ in their Oanda account and IG Markets. Not everyone trades spot FX because of lack of capital.
Reaver, I did not say that. Spot FX has nothing to do with lack of capital. Not trading at UBS or Fimat does. Personally I have no issue with the bucketshops. You get what you pay for. Just don't pay $3 for a burger and then complain about the quality of the meat. Anyway, good trading to you.