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I personally applaud them. This says to me that it will too hard for them to hedge their risk should a lot of traders take one side because the market isn't really open during that time. If it were another broker they would just hunt your stops or whatever so they wouldn't lose money.
Michael Greenberg just wrote the following article about Oanda's trading halt on June 17:
----------------------------------------
http://forexmagnates.com/oanda-pause...eek-elections/

OANDA pauses trading next Sunday – worried about Greek elections

Jun14, 2012
Posted by Michael Greenberg in Brokers

It seems brokers worldwide are very concerned with the outcome of the Greek elections taking place this coming Sunday, June 17th. Yesterday Saxo Bank announced that it’s doubling the required margin for the CHF currency. The concern is that Greek elections may be the beginning of Eurozone’s meltdown sending markets on a roller coaster ride resulting in large losses for either traders or brokers or both.

This is what Tony Savor, OANDA Chief Technology Officer, had to say about OANDA’s decision:

Yesterday, OANDA announced that it would halt trading this Sunday, June 17, from 6:00 AM EDT until approximately 3:00 PM EDT. I would like to further explain OANDA’s reasoning for this action.

First off, OANDA is the only forex provider that permits off-market, weekend trading. In truth, volumes during the weekend are much lower than typical trading days, but OANDA has made this available as a service for its clients rather than an opportunity to increase corporate revenues.

The decision to halt trading is very-much tied to the uncertainty in Europe and in particular, the Greek election. Given these events, there is the potential for extreme exchange rate volatility at a time when global currency markets are closed. OANDA’s concern is that exchange rates could undergo significant fluctuations as the exit polls are being made public. If these fluctuations are wide enough, accounts that under normal conditions would be considered well-capitalized, could become subject to a margin call.

By halting trading and holding the closing prices steady during this period, we aim to shelter traders from the potential for price spikes. Of course, once trading resumes, new market rates will come into effect and while the hope is that prices will have settled by this time, some accounts may still face the risk of a margin call.

This is why we have issued a warning recommending that traders reduce positions if they determine they are vulnerable from a margin perspective. At the very least, all traders should review their accounts prior to the weekend and ensure they have sufficient capital to prevent a margin call when trading resumes at the new market price.

On a final note, anyone with open positions during this time, regardless of their choice of forex broker, is at risk when exchange rates reset upon the resumption of trading. Yes, sending out this message is to inform our traders of the trading halt, but it is first and foremost intended to inform the investing community of the potential volatility in the coming days and to provide sufficient time to make any necessary adjustments.
"Dare to live the life you have dreamed for yourself. Go forward and make y
Quoting Marv
What a joke this "bröker" is.

Lemme see. Basically they'll stop all trading activity when they expect a period that THEY deem too volatile for THEIR taste. I mean after all it has always been their philosophy that traders have no right to freely manage their own risk as they see fit, that it's the bröker/government/etc that should decide when traders should and should not be allowed to trade and what limits should be imposed on their risk taking. Of course it's all dressed in political correctness of the "it's only for your protection"...
to Marv's defense, Oanda can also halt trading durin the week as THEY see fit. This goes back to havin "someone" else deciding what's good for us rather than allowing the clients the full responsiblity for their accounts. Again, you have to think the bigger picture here folks as to what role a broker really has ..

I'm not saying i'm overly upset, but i will take note of this...
Working towards CME membership
Quoting shrike
You realize this is on a sunday - where every other broker and bank doesnt trade either?
Quoting Jack_Larkin
Yeah Marv, you went a little far with that one. :/

Most brokers won't even be open then..
Not talking about other brökers or this occurrence in particular, just this ridiculous "we know what's best for you" attitude of Oanda, and the hypocrisy of always making it (and other risk-related tactics of theirs) appear as if they're doing it for your protection when it's clearly for theirs.

Like hilmy I'm not overly upset either, just pointing out bs for the sake of it.
Just read that Oanda recently appointed a new CEO about 3 weeks ago, finally replacing Michael Stumm (who btw was its founder).

The new guy is called K Duker (yes his first name is one letter) who "headed up Deutsche Bank’s eFX business in Asia Pacific and for the past four years, has served as Managing Director for OANDA’s Asia Pacific division."

Let's see if this causes any changes. "OANDA’s one goal is to become the destination of choice for retail forex traders globally" he says, so we know at least that's not going to change. Oanda continuing to target only retailers means it will almost definitely keep its current MM model with its tight risk management. "Don't fix what isn't broken" style (for them of course).

Pussies.

EDIT: The only exception I could find is him saying "We are in the process of designing and implementing a series of new features to be added to our flagship fxTrade platform." I'd say it's about time they expanded that platform some more. Let's see what those features will be.
Quoting Marv
Not talking about other brökers or this occurrence in particular, just this ridiculous "we know what's best for you" attitude of Oanda, and the hypocrisy of always making it (and other risk-related tactics of theirs) appear as if they're doing it for your protection when it's clearly for theirs.

Like hilmy I'm not overly upset either, just pointing out bs for the sake of it.
to say that a broker is shutting down operations because of an excessive amount of volatility is ridiculous. any trader making money knows the money is made on the volatility.

im with you on this one. a complete farce, theyre covering their own hides.

they could care less about "You"... and for "You" to think otherwise is as effective as blaming your losses on "stop hunters"...

losses come from bad decisions and no wealth preservation mechanisms within the "trader's" game plan when approaching the market, not excessive volatility.

high volatility causes the market to move after price is locked in those tight ranges of consolidation during periods of Low Volatility that everyone typically gets chopped up in paying wide spreads to brokers who tell you that high volatility is too risky...

id rather ride the momentum or be wrong and take a small loss, than to get stuck paying the spread in a market that goes nowhere...

just saying...
This is the email I got also.This could also mean huge gains for a trader if handled right.Maybe get in now with a series small stops?I have had an account with oanda for 4 years and never got an email like this hmmmm."shit hitting the fan?"



Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.
Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.
If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions. Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout.
OANDA apologizes for any inconvenience this may cause.
What the FU*K are you people talking about!? I agree a lot of people will hate Oanda for this move, but Oanda is a market maker (and the best one at that), haven't you known that already? Who the FU*K trades mil rounds with them? What 'money' are you guys talking about, who makes money here? Don't bullshit me please! About your huge losses and missed opportunities. They offer trading ON SATURDAY and the trading will be halted UNTIL 3PM SUNDAY when everybody else is closed down anyhow! Don't bitch about the move, there's 99,99% chance you trade $0.000001/point and bitching about something market makers do makes you look even more pathetic. If you don't like Oanda, go somewhere else. Where you gonna go, to an even lamer bucketshop probably with a BS name like "Space X Ray FX"? STOP BITCHING! This is how market makers work, if you don't understand that, there's no help for you. Acting like not being able to trade on SATURDAY will make you lose or miss MILLIONS of dollar, JEEZ! You faker cent 'traders'.
For those that are offended by the "we know what's best for you" attitude, don't worry. It's not for you. Oanda is just using that as a cover up. You must understand that an honest mm like Oanda must hedge their net position of all of their traders. Normally Oanda will adjust their hedge appropriately during the week. On the weekend I assume that the trade volume is so low that they don't really bother to hedge anything. However in this case they are probably worried about a high volume that they can't hedge because markets are closed. True, they could do this during the week as well but then they could hedge their positions. Like I said before this should make you more confident in Oanda because it means they are trying to profit like a mm should and not from sl hunting or other gorilla tactics.
Wow somebody is upset.I was simply stating a fact I never knew of Oanda doing something like this.I am not bitching the least bit.Have been out of trading for awhile and find this in my email.I tell you this govno,I am a changed man recently.Awhile back I would have told you to......I just had to go back and erase what I just typed because I was letting someone as yourself get to me for a minute.But realized it's not worth it.This life is a testing ground.I choose to be mercyful even for lost souls as yourself.Please go back and read your post.Then sit back and think to yourself what type of person would react like this.I forgive you,godbless.And no I am not a profitable trader.I gave it my best for 3-4 years and was at breakeven,so I decided to let it go for now,maybe one day to come back to it,who knows.But the best of luck to you,it's harder then one perceives.
Quoting jlmac27
Wow somebody is upset.I was simply stating a fact I never knew of Oanda doing something like this.I am not bitching the least bit.Have been out of trading for awhile and find this in my email.I tell you this govno,I am a changed man recently.Awhile back I would have told you to......I just had to go back and erase what I just typed because I was letting someone as yourself get to me for a minute.But realized it's not worth it.This life is a testing ground.I choose to be mercyful even for lost souls as yourself.Please go back and read your post.Then...
Respect.

There are quite a few drunk-posting imbeciles with temper issues around here, as you might expect from what is practically a gambling forum. Just ignore them. It works wonders.
My post wasn't directed any anyone individually, so if you find yourself offended that's your problem buddy. I didn't mean to insult anyone but I just can't comprehend the intellectual level of some people here on this board. It's like explaining to a dumb person that they're dumb. No matter how you explain it to them, they still won't understand what you're trying to say. I was sorry to have posted that message a mere minute after I did it, but I can't turn back time. Trying to explain something that should be a given is a fail on its own and I realize that now. My outburst was just an impulse and I apologize to all of you for I have acted in affect rather than rationally. The rational thing to do would be to ignore this thread which I'm going to do now.
I agree that they do this not to protect the clients, but rather to protect the firm. But what are they supposed to do? There is no market for eur/usd during this time - are they supposed to eat the loss (or profit - depending on how their clients do) ? Its also in the interest of the clients that a broker does not take execessive risk.

Last sunday they must have made a big loss. The 100bn spanish bank-bailout was announced in the european afternoon, clients had plenty of time to go long eur/usd and basically earn 150 free pips, coming directly out of Oanda's pockets. And this was not the first situation like this. Weekend trading is a bad idea for a broker, and with the greek elections coming up, it would just be reckless.

They should ditch weekend-trading all together, and do it like everyone else to be honest. Close friday 17:00 EST open sunday 17:00 - and be done with it.
Quoting govno
My post wasn't directed any anyone individually, so if you find yourself offended that's your problem buddy. I didn't mean to insult anyone but I just can't comprehend the intellectual level of some people here on this board. It's like explaining to a dumb person that they're dumb. No matter how you explain it to them, they still won't understand what you're trying to say. I was sorry to have posted that message a mere minute after I did it, but I can't turn back time. Trying to explain something that should be a given is a fail on its own and I...
you were absolutely right in what you are saying. real traders dont have time to post on forum's because theyre too busy making money while everyone else cries about the rules imposed on them by "the game"... you're good, with me anyways... not that that matters but i totally appreciated your POV because it was truth... who the F*ck trades on a Saturday anyways?!?!?!?!?!?!?!

Saturdays are meant for the beach and the B*tches!

i didnt realize Oanda allowed trades on Saturday. if that is the case, that means that while every major bank in the world is closed down, Oanda opens up shop to take the other side of everyone's trade to make a killing off the fools who should be chilling at the beach or preparing for the real market open on Monday!!!

i personally prefer to deal with an STP (Straight Through Processor) as I want my trade ideas to be tested in the Real Market and not by some Bucket Shop's Deal Desk!

i wonder how much of a killing they make on the satuday clowns thinking they are playing a real market...
Quoting unknown4x
I am not interested in Sunday 3pm trading.


You are welcome.
you're absolutely right. and probably one of the few that may actually be turning a profit... why anyone would want to trade against a bucket shop on a sunday instead of getting ready for the real market moving opportunities that will happen on MONDAY is beyond me...

somebody might have said it best earlier... this may actually be a forum full of gamblers... why am i not looking at my charts right now?~!

oh thats right its friday and im making plans to be at the beach until sunday at 3pm!! lol

good luck to all of you! especially those playing against the bucket shops!!
Quoting a.speculator

Saturdays are meant for the beach and the B*tches!

i didnt realize Oanda allowed trades on Saturday. if that is the case, that means that while every major bank in the world is closed down, Oanda opens up shop to take the other side of everyone's trade to make a killing off the fools who should be chilling at the beach or preparing for the real market open on Monday!!!

Most banks are staffed over the weekends and do trade, just low volumes.
Quoting JeremyWS
Most banks are staffed over the weekends and do trade, just low volumes.
Finally bigger brain has arrived.
Quoting JeremyWS
Most banks are staffed over the weekends and do trade, just low volumes.
show me one professional trader making money and taking trades on a saturday and ill agree to your point...

and A_3... since youre the saturday trading stud why dont you post your P/L and prove to us the effectiveness of trading during times of literally no volume, liquidity, and market participation...

just put it all on black 13 tough guy
Quoting A_3
Finally bigger brain has arrived.
...and smaller pockets.

its good to see that your ego allows you to believe that you indeed are the smartest person in the room...

i hope you know where that path will lead you. buddy

by the way, after a quick review of your posts it seems like you have nothing to contribute to the ff community other than insults to everyone you come in contact with...

dont be pissed off at the market or the traders who trade against you... be pissed off at the bad decisions you make... you know, like deciding to trade on a saturday.

i will cease participation in the thread as it is obvious there is nothing more for me to learn here today... other than the fact that there are those who foolishly attempt to dictate what the market will do on a saturday.

i truly wish you the best of luck with that strategy... again, have a nice day sir.
Quoting a.speculator
show me one professional trader making money and taking trades on a saturday and ill agree to your point...

and A_3... since youre the saturday trading stud why dont you post your P/L and prove to us the effectiveness of trading during times of literally no volume, liquidity, and market participation...

just put it all on black 13 tough guy
It may not be about making money, it maybe squaring of balance sheets and readjusting exposure, but it does happen. You clearly dont know what you are talking about as it does happen a lot.
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