P.S.: how's the retail-Barx? I personally don't think they will have much success with their min/max position size policy, minimum deal is 100K and maximum size is 3M - they don't please the small-time traders nor the bigger ones with that.
You're right, they are kind of middle of the road in no-mans-land. They will actually agree min trade size of 50k if you push them, and they say 3m is to ensure 'guaranteed' WYSIWYG price (presumably not across NFP though!) I can't imagine who put the whole package together because it's far from ideal and like you say has a very limited market, platform's nice though but to be honest there's nothing there that isn't available elsewhere. "...the wait is over....", well not quite Barclays!
Which you find and exploit with disgusting regularity! I guess a PM is out of the question on the next find?
Gold closes at 5:15pm est... right after close today HUGE SPIKE so I closed my long... then HUGE DOWN SPIKE ROFL!!! suck it oanda <img src="http://elitetrader.com/vb/attachment.php?s=&postid=2018103">
I don't get how this works when they reverse a trade Did they cancel off the trade altogether or is it just the take-profit they cancel, or did they give you a choice? It looks like you brought at 894.10 'ish and closed the trade a couple of hours later on the spike, nice trade. Then 2 days later when Gold is 20 bucks lower at 874.00 they say sorry, misquote, we're taking back your profit and leaving you with a long Gold position and a big unrealized loss :eek: And what about margin? If you thought you were flat after closing the trade and had opened other trades then suddenly you have margin tied up in an unexpected long Gold position, what happens? Do they make some allowance for that? Say Gold gapped down and they had cancelled off your take-profit, and you had other open trades, could it cause a margin call? What a rip-off! It's like being in a Casino and having a Queen, the dealer deals you an Ace, you win and then when you go to cash in your chips they say sorry, that was a 7 not an Ace, you lost and what's more you owe us money! That's crazy, how do people stand for that! In all my years of trading I have never once had a trade cancelled or rolled back, on Oanda it seems like it happens all the time!
Even worse is if the 'faulty' spike triggers a stop loss (or you just close manually when price starts going heavily against you) followed by real price action into same direction. Oanda rolls the closing trade back and voila, your losing position is back, this time probably heavily in red as the price begun moving against you! Hope you enjoy your margin call. Why this would happen goes into conspiracy land but it doesn't change the fact that it indeed may happen.