I understand that Oanda effectively offers no dealing desk to trade with via telephone. - They will allow you to close positions via telephone when Oanda is down. - They view allowing you to close positions via telephone when you are down (internet, systems, away from desk, etc.) negatively. - No opening of positions via telephone, period. I would like to hear more about how this has worked out with clients. What happens when there are technical problems?
I've been trading with OANDA since 2001; I've never had trouble with their policy. There have been maybe three instances when I was unhappy because of a bad spike. They went back and undid my orders that were triggered. I would have to say that my style (emulating the successful traders I have known) relies more on management of stops than on getting the perfect entry price.
Funny this thread. Because today, Oanda is down. Lots of users having problems logging in. Normally Oanda is good, but when it goes to crap, it goes to crap. I'm quite pissed off that it does this on big news days sometimes.
Thank you for the posts - would be great to hear more, especially about today .... because there was no reward and no risk in the market. With a data release like NFP, and multiple officials speaking it only takes seconds for the market to travel. Even with telephone dealing, unless you are calling a familiar desk on a direct line where you can short cut through the extra info and cut to the chase - computer input will always be blindingly faster. Counterparty imposed VaR, it does not get any better.
FX trade froze a few times ahead of the ECB conference. Each time just when EUR/USD was tanking fast. I was unable to adjust my stop - the order window froze when I sent the order in- and was stopped out . Anyone had the same problem?