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  • #4,641
  • Dec 20, 2015 1:36pm Dec 20, 2015 1:36pm
OK I got a relief..

On that CHF black swan day, the FF news calender showed a clear red news event coming on CHF, 2 times on the same day...!!

I only trade between news, never take a trade to bed...Close at least 30 minutes before the release, no matter what...

Here´s a picture of the 15/1/2015 news calender...
Attached Image (click to enlarge)
Click to Enlarge Name: CHF.png Size: 37 KB
  • #4,642
  • Edited 4:36pm Dec 20, 2015 4:17pm | Edited 4:36pm
Quoting cuchuflito
Meaning, being profitable as I am, I could build up my account to a nice level, with hours and years of work, only to see it dissapear in an afternoon??? Thanks in advance for an honest answer!
I highly doubt you will get an honest answer from Oanda or anybody related to them.
You are 100% correct, you will have a nice big fat account, be confident that your funds are safe with Oanda, try to "save" (lol) the withdrawal fee they charge on every single withdrawal (not even one free after years of being loyal), and boom ! Oanda "halted" all the CHF pairs and enabled ONLY at the absolute bottom when the xxx/CHF pairs started to go up again. And this, only to see/hear Oanda's propaganda after, about how "great" they did for customers.

A picture will probably speak more than everything I can say to you. Here it is:
Attached Image (click to enlarge)
Click to Enlarge Name: MyFxBook.png Size: 41 KB


(FYI, the CHF event was on january 15, the rate change was expected (first item in the news calendar), and the second one (Jordan speaks) was only AFTER the event ("Sorry guys, we told you the floor was the cornerstone of our monetary policy, that we would defend it with utmost determination, and ... too bad. Come on, trust a banker, even worse, a central banker ? Seriously ? - the SNB")
  • #4,643
  • Dec 31, 2015 3:48pm Dec 31, 2015 3:48pm
Quoting Mevo
{quote} I highly doubt you will get an honest answer from Oanda or anybody related to them. You are 100% correct, you will have a nice big fat account, be confident that your funds are safe with Oanda, try to "save" (lol) the withdrawal fee they charge on every single withdrawal (
If you where right, then why can I make a withdrawal every month with no fees and a second one in the same month will cost $15.00, but they warn you upfront for that.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,644
  • Dec 31, 2015 3:50pm Dec 31, 2015 3:50pm
Quoting KillerWhale
{quote} If you where right, then why can I make a withdrawal every month with no fees and a second one in the same month will cost $15.00, but they warn you upfront for that.
Oanda has been my main broker for over 10 years and I think they don't come better.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,645
  • Dec 31, 2015 3:56pm Dec 31, 2015 3:56pm
Quoting cuchuflito
{quote} Hi Greg I have an important question: On the 1.01.2015, the dayly spike/range, for USDCHF was a wopping 2787 pips..... (I was luckily not invested in any CHF crosses) BUT: from what I read , stops were only "honoured", AFTER the big plunge, with a massive slippage, causing mutiple margin calls. If this is so, I am, like everyone else, exposed to such an event , sooner or later.... Meaning, being profitable as I am, I could build up my account to a nice level, with hours and years of work, only to see it dissapear...
Anyone who ever gets a margin call, is in my eyes dumb stupid.
And should quit trading or learn from it.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,646
  • Dec 31, 2015 3:58pm Dec 31, 2015 3:58pm
Quoting KillerWhale
{quote} Anyone who ever gets a margin call, is in my eyes dumb stupid. And should quit trading or learn from it.
Otherwise, you're a loser at all times.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,647
  • Dec 31, 2015 4:07pm Dec 31, 2015 4:07pm
Quoting cuchuflito
{quote} Hi Greg I have an important question: On the 1.01.2015, the dayly spike/range, for USDCHF was a wopping 2787 pips..... (I was luckily not invested in any CHF crosses) BUT: from what I read , stops were only "honoured", AFTER the big plunge, with a massive slippage, causing mutiple margin calls. If this is so, I am, like everyone else, exposed to such an event , sooner or later.... Meaning, being profitable as I am, I could build up my account to a nice level, with hours and years of work, only to...
I've had one margin call in 10 years and it will never happen again.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,648
  • Dec 31, 2015 4:09pm Dec 31, 2015 4:09pm
Quoting KillerWhale
{quote} I've had one margin call in 10 years and it will never happen again.
That was in March 2011 when I was thinking Yen would tank after the Fukushima disaster.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,649
  • Dec 31, 2015 4:15pm Dec 31, 2015 4:15pm
Quoting KillerWhale
{quote} That was in March 2011 when I was thinking Yen would tank after the Fukushima disaster.
But the opposite happened, yen got stronger than ever because of the payout of US insurance companies of billions of dollars.
They had to buy Yen for that payout and while I was sleeping and dreaming of big profits, I lost $14,000 in less than an hour.

Fortunately, I still ended the year in profit.

But like I said, I learned a big lesson, it will never happen again!
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,650
  • Dec 31, 2015 4:17pm Dec 31, 2015 4:17pm
Quoting KillerWhale
{quote} But the opposite happened, yen got stronger than ever because of the payout of US insurance companies of billions of dollars. They had to buy Yen for that payout and while I was sleeping and dreaming of big profits, I lost $14,000 in less than an hour. Fortunately, I still ended the year in profit. But like I said, I learned a big lesson, it will never happen again!
Life gives you what you take out of it.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,651
  • Dec 31, 2015 10:52pm Dec 31, 2015 10:52pm
Quoting KillerWhale
{quote} If you where right, then why can I make a withdrawal every month with no fees and a second one in the same month will cost $15.00, but they warn you upfront for that.
Because you're only loosing money and funded your account with a debit/credit card (which is limited to 10k only: http://fxtrade.oanda.com/help/how-to-deposit-funds/ )
I may be "dumb stupid" (according to you, only because I got trapped by Oanda in the CHF event), but I still know to look at a website when I ask myself a question. (and fit all my answer in ONE post)

First withdrawal is free to credit/debit cards ONLY (and wires in SGD apparently !?), but Oanda clearly says that "Credit card withdrawals are subject to credit card company rules that stipulate you may only withdraw up to 100% of the amount you originally deposited into your OANDA account using a credit card"

So you deposited less than 10k and cannot withdraw more than you deposited, aka, you never withdraw any profit (at least until now, you may now argue you grew your account like a boss, and you managed to only withdraw "every month" out of your initial deposit, and we will all pretend to believe you)

http://fxtrade.oanda.com/help/how-to-withdraw-funds
  • #4,652
  • Jan 2, 2016 1:53am Jan 2, 2016 1:53am
No matter how reputable a broker can become. If they can screw with your account to their advantage, they will. It's a question of opportunity and if they can get away with it.
  • #4,653
  • Jan 2, 2016 10:35am Jan 2, 2016 10:35am
Mingary, I mainly agree with you. Besides, it seems the opportunity is too tempting for most brokers.

Now to be 100% fair about Oanda, the CHF event was a special event, and I feel they had the hard choice of taking losses themselves, or screwing the customers. Like a lot of brokers, they chose the second option. Not saying it's not bad (even VERY bad), but it was the circumstances to put things in perspective. What it means too, is that in any similar case, they will not hesitate to screw you, BIG TIME !
  • #4,654
  • Jan 2, 2016 10:37am Jan 2, 2016 10:37am
Quoting Mevo
Mingary, I mainly agree with you. Besides, it seems the opportunity is too tempting for most brokers. Now to be 100% fair about Oanda, the CHF event was a special event, and I feel they had the hard choice of taking losses themselves, or screwing the customers. Like a lot of brokers, they chose the second option.
How did they screw the customers during the SNB event?
  • #4,655
  • Jan 2, 2016 10:40am Jan 2, 2016 10:40am
Atokys, are you saying it's too hard to go back in the thread or read the threads dedicated to the subject ??? It seems indeed easier to ask without doing any effort, but do you really expect me to explain everything all over again because you wrote a 1 sentence question ? Seriously ?

You can check my post history too if you want, I wrote quite a lot on the subject, and on Oanda specifically.
  • #4,656
  • Jan 2, 2016 10:43am Jan 2, 2016 10:43am
Quoting Mevo
Atokys, are you saying it's too hard to go back in the thread or read the threads dedicated to the subject ??? It seems indeed easier to ask without doing any effort, but do you really expect me to explain everything all over again because you wrote a 1 sentence question ? Seriously ? You can check my post history too if you want, I wrote quite a lot on the subject, and on Oanda specifically.
Ok, so how did they screw their customers?
  • #4,657
  • Jan 2, 2016 7:45pm Jan 2, 2016 7:45pm
Quoting Mevo
Atokys, are you saying it's too hard to go back in the thread or read the threads dedicated to the subject ??? It seems indeed easier to ask without doing any effort, but do you really expect me to explain everything all over again because you wrote a 1 sentence question ? Seriously ? You can check my post history too if you want, I wrote quite a lot on the subject, and on Oanda specifically.
http://www.forexfactory.com/showthre...10892&page=224

Oh look, its you. I never realised! And you never answered the question.

You are acting mighty strange I would say.
  • #4,658
  • Jan 2, 2016 8:00pm Jan 2, 2016 8:00pm
It seems that most of the concern centers around the CHF event from Jan of last year. While I am not here to defend any broker and what they did during that time I can only imagine the chaos at their main offices during the ridiculous swing in price. Many accounts went far negative and until they could verify the validity of the price information they probably froze everything in an act of desperation. As a direct result of that event FXCM ended up having to borrow 300 million US just to keep operating.

As a trader you assume all of the risk when you trade. Is the broker liable when your internet connection drops? Not likely. Unless you can prove they did it with mal-intent then you just have to suck it up and realize it is a part of trading.
  • #4,659
  • Jan 3, 2016 6:54pm Jan 3, 2016 6:54pm
How many people out there are consistently profitable with OANDA. I have been with them for a couple of years, but do not like the idea of my broker profiting from my losses. Too much conflict of interest, which concerns me. Any thoughts?
“The most valuable commodity I know of is information”
  • #4,660
  • Jan 4, 2016 2:46pm Jan 4, 2016 2:46pm
Hello - I trade with Oanda in my office, but I don't like the Android Version for my mobilephone.

Is it possible to trade the "normal" Microsoft Version when I use a Microsoft mobilephone, like a Lumia ?
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