I had a long NZDUSD position with stoploss moved to BE @ 0.7371. yesterday price had been dropping slowly towards it but by the time I went to bed there was still a good 40/50 pips distance. today I found that it was taken out by 0.5 pips. Oanda`s normal OHLC chart showed that price stopped at 0.73828, still a good 11 pips away from my stoploss, but if you add Oanda`s Low Bid price overlay to the chart you`ll find out that this particular Low Bid price suddenly reached 0.73705. and Oanda`s helpdesk told me that this was their true bid price.
I also checked GFT, FXCM and various MT4 brokers` charts, and on all of them NZDUSD`s decline stopped at around 0.73800, none of them dropped below 0.73750.
NZDUSD has resumed its upward trend for the time being, and if I still had my position I`d be almost 100 pips in profit by now. I`ve fought hard and lost a few small probes for putting this positions in, you can imagine my bitterness for having been ripped like this.
and this has also raised an alarm in me. I chose Oanda because of its tight spread, as I believed it`d be cost-saving in the long run. however if things like this keep on happening, am I really saving anything at all? I did a quick calculaton, I trade approximately 20 times a week, let`s say each trade with Oanda saves me aobut 1.5pips, that`s 30 pips a week, 1500pips a year. but I could easily have gained at least that much by keeping this position alive for a year, possibly more if it`s aligned with the main trend.
so my point is, as long as a position is alive, its potential far outweighs any cost saved by so called `competitive rates`. but with Oanda, my current understanding is that positions are more likely to be taken out becaue of its sudden widening of spreads. for me, it only need to happen a couple of times each year before its `competitive rates` become not so competitive after all.
however I`m not yet ready to migrate, becaue I`m not sure the grass is really greener elsewhere. I`m currenlty interested in Dukascopy and Interactive Brokers, but I haven`t tested them yet. I quite like FXCM but its spread is really awful. does anyboy have any suggestions?
I also checked GFT, FXCM and various MT4 brokers` charts, and on all of them NZDUSD`s decline stopped at around 0.73800, none of them dropped below 0.73750.
NZDUSD has resumed its upward trend for the time being, and if I still had my position I`d be almost 100 pips in profit by now. I`ve fought hard and lost a few small probes for putting this positions in, you can imagine my bitterness for having been ripped like this.
and this has also raised an alarm in me. I chose Oanda because of its tight spread, as I believed it`d be cost-saving in the long run. however if things like this keep on happening, am I really saving anything at all? I did a quick calculaton, I trade approximately 20 times a week, let`s say each trade with Oanda saves me aobut 1.5pips, that`s 30 pips a week, 1500pips a year. but I could easily have gained at least that much by keeping this position alive for a year, possibly more if it`s aligned with the main trend.
so my point is, as long as a position is alive, its potential far outweighs any cost saved by so called `competitive rates`. but with Oanda, my current understanding is that positions are more likely to be taken out becaue of its sudden widening of spreads. for me, it only need to happen a couple of times each year before its `competitive rates` become not so competitive after all.
however I`m not yet ready to migrate, becaue I`m not sure the grass is really greener elsewhere. I`m currenlty interested in Dukascopy and Interactive Brokers, but I haven`t tested them yet. I quite like FXCM but its spread is really awful. does anyboy have any suggestions?
