There once was a man from Nantucket Who ran a trade house called a bucket. Though his methods were wrong His profit was strong So he thought to himself "Well then fuckit!" I just made it up! Off to work. David
I think 15 minutes is the limit, they still have to provide documentary evidence. Once the 15 minutes is up I believe the opportunity to reverse profitable trades no longer exists. Like you say, sit back and enjoy the show, it's going to be real interesting to see how it plays out. I wonder if the NFA regs allows them to send out a 'blanket' email to everyone saying there will be adjustments or whether it has to be about a specific trade and to a specific trader. Oanda are supposed to be programming gurus, surely they can write something to detect and filter out these bad ticks. This is all assuming Oanda are in fact exclusively STP.....
Oh, I thought it was an imposter!!! Sir Alfonso, I hope you're having a nice day, you're doing a great job!
Appears as if the fun is continuing over @ OANDA. Was considering opening an acct for position trading but have now reconsidered . The timing of this was fortuitous. Think I'll stick with the Futs or stump up and go ECN.
I personally got in long USD/JPY at the market when USD/JPY was trading down at around 55 on sunday night. Not a limit order or whatever, I just bought at the market at the price Oanda offered me. I had no clue this was a "data problem", I knew in japan were elections etc...so who knows?! A couple of minutes later I got out, at the market again, closing my position around 94. Made over 10k EUR on that trade. Not gonna make me rich but enough to care about. Around 20 hours later I got an email saying that my trades were "corrected" and they stole my profits. I asked them via email to give it back to me and told them about the NFA-rules. They said they won't pay while knowing about the NFA-rules. They clearly violated the NFA-rules since they are not an ECN and even if they were didn't inform me within 15 minutes but 20 hours later. I've documented the whole issue while it happened doing screenshots of FX-Trade showing the trades as they happened. So what's next? Call the NFA? What do I have to do now to get my profits back? I'm a european citizen.
Get real, as an fx trader you know that price you got was not correct, if u thought it was correct why would u go in the opposite direction to that move at such high volatility. A seasoned trader who believed that qoute to be true would never have went in the opposite direction because clear a nuclear bomb or something went off. You new it was a mispricing and you were gaming the system. Secondly, i dont trade through oanda, but the both the bid and offer drop or just the bid, if so how did you make money if the offer didnt move and u were buying. Since usual either the bid or offer flys around when fx bucketshops qoutes go out of wack!
It may or may not be NFA compliant - im not a lawyer - but gosh, how can you possibly think a JPY quote with a 55 handle is not a bad quote?
Well at the end it doesn't matter what I thought while executing the trade. For whatever reason I thought 55 is a good price to buy USD/JPY. And Oanda gave me that quote for a couple of minutes so I did. I'll post the screenshots once I got note from Oanda that they definitly won't change their standpoint.