Oanda - Add Your SCAM SCREENS Here

[cabletrader]

Quote from JSSPMK:

I think it's very difficult trading intraday via forex shops as they MAY say that chart is just indicative & even though it doesn't show a level being touched it doesn't mean that price hasn't actually been there or they may widen the spread when it suits them to hit stops. ImPO if you wish to avoid the above then your targets and stops have to be based on further away support & resistance zones.

Quotes are only indicative, most marketmakers make that very clear, in effect we're only trading a derivative but most marketmakers are usually within a few pips of each other and the underlying market. The marketmakers charts should track the marketmakers quotes though, why wouldn't they, where's the disconnect between quotes on a quote panel and quotes on a chart?

Moving stops further away to try and avoid their dreamt-up spikes/spreads or moving targets closer to increase the chance of them being met is exactly what they want you to do, increase your risk and reduce your reward! It really shouldn't be necessary to try and devise ways to outsmart this kind of manipulation and trickery, it shouldn't exist in the first place.

I trade with another marketmaker and haven't experienced any of the problems I've had with Oanda, unfortunately they don't offer a fund manager facility otherwise Oanda would be dumped faster than I could say 'Dick Turpin'

 

[Ivanovich]

Did you post this complaint on their forums? If you have the backup like you do, Stumm or whatever his name is usually replies.

 

[cabletrader]

Quote from Ivanovich:

Did you post this complaint on their forums? If you have the backup like you do, Stumm or whatever his name is usually replies.

Believe me I would except that anyone who dares to complain on those forums usually gets an avalanche of abuse from Oanda groupies!

Apart from that, Stumm takes criticism extremely personally and I'd sooner make a graceful exit out of choice when the time is convenient rather than be unceremoniously evicted with a week's notice

Having said all that, the platform and trading today seem to be fine....

 

[bugscoe]

I was in a trade last NFP when that spike occurred. I did not have a hard stop on. I learned my lesson on a prior NFP when the same thing happened and I got taken out.

I don't even recall seeing any comments on it on the Oanda forums.

 

[Ivanovich]

Quote from cabletrader:

Believe me I would except that anyone who dares to complain on those forums usually gets an avalanche of abuse from Oanda groupies!

Apart from that, Stumm takes criticism extremely personally and I'd sooner make a graceful exit out of choice when the time is convenient rather than be unceremoniously evicted with a week's notice

Having said all that, the platform and trading today seems to be fine....

I've complained about a few things and got out unscathed. I think you'll find you would too if you have the evidence.

 

[cabletrader]

Quote from Ivanovich:

I've complained about a few things and got out unscathed. I think you'll find you would too if you have the evidence.

Fair enough I'll give it a shot....when I've logged out of the platform and changed my IP

I think they're legitimate concerns, hopefully Stumm or one of his minions will reply with a reasonable explanation.

Wish me luck, I'm going into the lions den....I may not be back!

 

[operator]

Quote from cabletrader:

Oanda admitted they entered an extra zero in error, it should have been 20.

This is concerning. Why are they even putting their grubby paws on the quotes...How many banks do they say feed into their platform?

 

[cabletrader]

Quote from operator:

How many banks do they say feed into their platform?

No idea, but here's another Oanda mystery 15 pip spike up on Usd/Cad a couple of hours ago....

~

 

[JSSPMK]

Quote from cabletrader:

Quotes are only indicative, most marketmakers make that very clear, in effect we're only trading a derivative but most marketmakers are usually within a few pips of each other and the underlying market. The marketmakers charts should track the marketmakers quotes though, why wouldn't they, where's the disconnect between quotes on a quote panel and quotes on a chart?

Moving stops further away to try and avoid their dreamt-up spikes/spreads or moving targets closer to increase the chance of them being met is exactly what they want you to do, increase your risk and reduce your reward! It really shouldn't be necessary to try and devise ways to outsmart this kind of manipulation and trickery, it shouldn't exist in the first place.

I trade with another marketmaker and haven't experienced any of the problems I've had with Oanda, unfortunately they don't offer a fund manager facility otherwise Oanda would be dumped faster than I could say 'Dick Turpin'

That's what happens in unregulated markets, you have various quotes and to prove them wrong is a task & 1/2. Once I was trading some pair and my stop loss was elected at the time when the chart never showed that level has been touched, obviously I was on the phone to sort things out, all they kept telling me is that charts are indicative & even though they don't show my stop loss level has been touched quoting has & if I was to look in their terms & conditions.... Since that time I decided not to daytrade unregulated markets, as there is little you can do, because there isn't 1 quoting source, but many. I suppose it's still OK for longer term trading activities though.

 

[cabletrader]

Quote from JSSPMK:

That's what happens in unregulated markets, you have various quotes and to prove them wrong is a task & 1/2.

I agree, but I do believe the degree of price manipulation is very marketmaker specific, some seem to play it fairly straight while others blatantly move quotes to suit themselves. I always thought Oanda were pretty fair but just lately they're a joke.

I guess there's pros and cons to trading actual exchange quotes vs trading a virtual market, liquidity can be a big issue but then quotes are universal.

Oh well, I'll give it until the end of the month to see if things improve, if not then I guess we'll have to part company.