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Oanda Forcing Customers To Hold Trades?

  • Post #1
  • Quote
  • First Post: Aug 26, 2004 11:01am Aug 26, 2004 11:01am
I was trading on OANDA and received a call from them telling me that I have to hold trades for at least 5 minutes or they would close my account. About a week later my account was closed. I was wondering if anyone using Oanda had experienced this? I think they did it because I made a considerable amount with my trades, and since they take the other side of the trade all my gains were coming directly out of their pockets.
  • Post #2
  • Quote
  • Edited 11:36am Aug 26, 2004 11:33am | Edited 11:36am
Quoting fxdaytrader
I was trading on OANDA and received a call from them telling me that I have to hold trades for at least 5 minutes or they would close my account. About a week later my account was closed. I was wondering if anyone using Oanda had experienced this? I think they did it because I made a considerable amount with my trades, and since they take the other side of the trade all my gains were coming directly out of their pockets.
Did OANDA tell you that you are not allowed to close your trades, either taking a loss or profit, within 5 minutes after opening the trade? And then they closed your account because your trades in general were closed within 5 minutes? I know I am basically repeating exactly what you posted in the first place - it just sounds weird....I've been an OANDA client for some time and never heard anything like this.
Thats exactly why, pretty weird right? They said I am "scalping" by holding under 5 minutes that that is "not allowed". I laughed at them when they called me to tell be about the 5 minutes. I explained to them that I do the same when I trade stocks. Its not like I was putting in a crazy amoun of trades for 1 or 2 pips profit. I was putting in 20 to 30 lot trades and making anywhere between 10 to 40 pips. I maybe placed 3 to 4 trades a week. The funny thing was that the first trade after I received their "five minute ultimatum", I lost about $3500. Needless to say I did not hold it for more than 5 minutes. No complaints from Oanda whatsoever. My next trade later that week I made it back and more. My account was shut down later that day.
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Oanda sucks. Go with FXCM.Their spreads are higher but at least they have a reputation.
I've seen very little negative feedback regarding OANDA on the trading forums but if they are starting with the kind of nonsense that fxdaytrader describes it would be very disappointing.

Fxdaytrader - just out of interest - were you trading the spikes around news times? It appears that the market makers are trying to make it more difficult for traders during those times because they obviously have difficulty to cover themselves during the 'radar shows'. And one thing is certain - they will not allow any client to make money at their expense! FXCM for one have changed their policy regarding guaranteed fills. Straddling the market just before important news comes out was easy money for a while but I suspect not any longer....
It usually was around the times of news. The funny thing is that probably most of the time I was in profit if I would have held it longer I would have made more. I've used other fcm's to clear and never had that problem.
Quoting fxdaytrader
It usually was around the times of news. The funny thing is that probably most of the time I was in profit if I would have held it longer I would have made more. I've used other fcm's to clear and never had that problem.

Go with MB Trading, (I been with them over 2 yrs) and you will never have that problem, period.
I'd just typed out a reply, then I realised that this thread was over 5 years old. I assume that theres nothing to this?
jesus christ...
Working towards CME membership
Quoting Gasmeter
I'd just typed out a reply, then I realised that this thread was over 5 years old. I assume that theres nothing to this?


You know... holding trades for more than 5 minutes may not be a bad idea. LOL. That's a generalization that probably hasn't changed in the last 5 years.
Quoting Gasmeter
I'd just typed out a reply, then I realised that this thread was over 5 years old. I assume that theres nothing to this?
LOL. I think we all do this at some point... this actually maybe a new record 5+ year old post reply.
Don't wish it were easier, wish you were better. ~ Jim Rohn
Quoting LasVahGoose
LOL. I think we all do this at some point... this actually maybe a new record 5+ year old post reply.
It's gotta be a record. The forum's not much older than that.
Get behind me guys, this zombie thread is about to eat my boomstick!
Thank you Lux!
Quoting ScalpOrDie
Get behind me guys, this zombie thread is about to eat my boomstick!
Ah c'mon! Let's get it going so that people can continue to bitch about the same thing they started on 5 years ago.
This is utter bullsh1t.
Oanda has stated many times explicitely that they have no such
limitation.
One can hold as short a trade as one wants.
I would think that most people's trades are exited out automatically in accordance with their set SLs and TPs. Therefore, the whole issue of time becomes moot and obsolete, as the rate of pip movement becomes the sole deciding factor in how long a trade lasts.
Oanda is a F*^&king liar half the time.....they say one thing, but do the other. What do you expect from a broker that is COUNTERPARTY to your trades?

Go with MB Trading and you'll never have that problem. PERIOD

Im a CTA, been with MBT just over 3 yrs, never had trouble executing orders within 5 min. Hell , i scalp 30% of my trades in as lil as 3 min. No order interference at all..

* No, I do NOT work or am I being compensated in any way shape or form by MBT when I say how good they are. Im just explaining from someone who manages over $4 million of clients' money and only uses the best brokers. Interactive Brokers is another very good one.

Best Regards
Oanda will get anal on you if you scalp dozens of full lots for just a couple of pips profit. No matter what they say, I spoke to punters who got the same warning, if they won't hold trades longer than 2 minutes, they will get in trouble.
forget about tomorrow, just steal away into the night
Erm, which of the marketmakers isn't?

Quoting joemiami
Oanda is a F*^&king liar half the time.....they say one thing, but do the other. What do you expect from a broker that is COUNTERPARTY to your trades?
forget about tomorrow, just steal away into the night
Er. . I just wanted to participate a thread that was created before I even discovered the joys of online forex trading! I've only been in the game for 3 years. Still a bit of a n00b I guess. . .
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