Looking on their forums it would see there's some issue with that piece of crap platform again! http://www2.oanda.com/cgi-bin/msgboard/ultimatebb.cgi?ubb=get_topic&f=17&t=005015#000009
I just got there a week ago. Is this a common occurence? And what is with these spreads! 20 pips on AUD/JPY? 15 pips on EUR/JPY? 5 pips on EURUS
Bad-data spikes do seem to happen at Oanda occasionally - but I've only seen 100 pip spikes - not 4000. Those spreads start to narrow after the weekend and get to normal when the Japanese banks open Monday morning.
I've never seen a data misquote of this magnitude - tons of folks screaming about margin calls, and even if/when Oanda gets to fixing it all, any trades those folks had open during that time could be screwed - or in a much better position. But if you can't defend yourself against moves in the market because your account hasn't been "restored" yet...what to do? What a laugh...
I am having a difficult time believing this could happen at all. You would think there's be breaker of some sort to check a sudden move of more than, say, .2% or more.
They're usually pretty good at filtering erroneous ticks, the whole thing must be a nightmare to put right, if they're allowed to put it right! It will be interesting to see how they handle this as it comes within the NFA price adjustments rule. As far as I can see no-one received notice within the allowed 15 minutes that Oanda intends to make any trade adjustments, so it leaves them the option to either correct the trades which the 'spike' affected negatively or adjust none! Depending on how they handle it this could actually cost them millions. I know a big percentage of Oanda's clients are pretty damn stupid but I think even they might notice a margin call I suppose they could always say it was widened spreads, mind you 4000 pips is probably pushing it a bit, even for Oanda!
If you can get written confirmation from Oanda that a trade will be reversed or restored then offset it if there's any money left in the account! Unfortunately it looks like quite a few people have had margin calls and other positions closed.....wow, what a nightmare!