Oh, stop it. I'm just fine with Oanda, and I've been profitable with them for years now. But yes, I don't scalp, nor do I have sympathy for those who do and get burned.
And I've been scalping profitably for years, just not with Oanda, and I too don't have sympathy for scalpers, or any traders come to that, who don't know what they're doing (or who they're doing it with!) and who get burned. But I don't think anyone is looking for sympathy, just a fair deal is all, that's not too much to ask for I don't think.
Yeah, it happened in EURGBP on Friday. Spot was [correctly] bid .8012 and it would "flicker" between .8002 offered and .8012 bid. All you had to do was to place a limit buy for 10MM in at .8003 and wait for the bad quote to take out your limit buy. I expected the trades to be busted and sure enough, they were.
I was wondering as i read this part in your post, would it ever be possible for Spot Forex to have a central exchange and universal price? Im sure all the forex brokers would be opposed to it but like can any part of government say enough is enough we need a Spot Forex Central Exchange and some how make it happen? or would it just simply be impossible to do? Forgive my noobness just wondering
WHAT??? YOU MUST BE KIDDING?!! "BAD TICK" ??? THREE TIMES DURING 20 MINUTES GOING UP TO THE SAME LEVEL???? How many Oanda representants do we have here??? 50% of us??? I will show the image again for those who do not seek on previous pages.... TELL ME IT IS NOTHING IMPORTANT AND YOU ARE AN IDIOT(OR)OANDA REPRESENTATIVE FOR ME! These were 30 pips - not only scalpers were hurt....
It's a good question and a great idea but I'm not sure any government would be interested. In the scheme of things us small retail speculators don't count for much when it comes to governments introducing legislation against the corporates. Apart from that I'm not sure it would be logistically possible would it, there are probably dozens of reasons why it couldn't physically be done. Better regulation of these bucketshops would be an easier option and probably simpler to introduce and enforce, auditing is a piece of cake nowadays. Maybe have a market reference price that every bucketshop had to be within x% of, that way if they moved price by 40 or 50 pips to suit their own order book (as in that Oanda video and some of forestgril's screen shots) then the trader could complain and demand the trade be reversed, and maybe the MM be fined for breaching regulations. At the same time maybe they could bring in something to segregate and protect client's funds if a firm went bust, apart from in the UK there's nothing like that. Didn't Reuters/CME try to set up a central exchange for institutionals, FX Marketplace. As far as I know it was a big flop with no volume, I guess it took away that competitiveness and reduced the profit potential so no-one was interested.
Calm down, forestgril. Noone has been hurt, those trades have been undone. Your bad language and hysteria reflects more on yourself than anyone else. I have had trades busted on Oanda as well as on ECNs (the alleged land of milk and honey by many professional broker bashers like yourself). I have had bad executions on stocks and futures too (none of which got reimbursed). Unfortunatly, things like this are part of the game pretty much everywhere.
It's that type of lackadaisical indifference which allows these things to continue happening and some bucketshops to run rings round their customers with impunity. I can assure you it's certainly not 'part of the game' in forex and it does not happen 'pretty much everywhere'. We're talking about a marketmaker whose only market is forex, and the most traded and liquid pair in the most traded and liquid session! There seems to be two camps here..... Loyal blind-faith Oanda clients who simply refuse to acknowledge the patently obvious either through ignorance, indifference, or what it would mean if, heaven forbid, they even considered the possibility that their beloved marketmaker might not be as snow white as they'd like to believe. Despite numerous examples supported by charts and videos the only explanation they can come up with is 'it happens'. The other camp is skeptical but nevertheless quite prepared to accept a reasonable explanation for what to them appears to be nothing more than blatant dishonesty, unfortunately the first group are unwilling or unable to come up with anything close to a feasible explanation. They say love is blind, I guess they're right!
Even if all the trades were undone this time (there were similiar situations, when not!) i have a simple question: WHY DOES THIS EVER HAPPENED????????????? My language??? MUST BE TOUGH: I will call a idiot whoever will tell me that THESE were only coincidences without a man's influence! Even if it is a computer system failure (NEVER! WHY???), what is the probability of THIS occuring 3 TIMES IN A ROW, GOING UP TO ALMOST EXACTLY THE SAME LEVEL???? And Oanda tells us that they are fully automatic... You know what? If they lied to You once - they will always lie when it will be profitable for them. These will be the same situations, when You'll lose YOUR HARD EARNED MONEY AND YOU WILL NOT BE ABLE TO DO A THING ABOUT IT! When they make a bigger buck, they will tell You "It was a tradable price", which already happened in the past. Some are blind and Cabletrader is sceptical... I am not! There is NO OTHER EXPLANATION: OANDA STEALS MONEY AND IS NO MORE A BROKER TO TRUST. Play with them the shorter time frame and get hurt ("only sometimes")... the market game is so easy... Why not to give a little more to Your poor broker?