So, if the paperboy forgets to collect one week, do you tell him to pound sand? I'm sure Oanda recalled the profitable (against them) trades first.
Quite right! It's not your responsibility to check Oanda's quotes, they quote prices they're prepared to deal at, you clicked and they filled. I can't see how they could get away with reversing profits, it's making a complete mockery of the new NFA regs. Someone needs to make a test complaint and see if the rules are worth anything, this is an ideal opportunity.
You bring a very interesting point to the topic. I hope that you will be able to solve your issue. Please keep us update ! new rulez, new loopholes... as the sword and the shield...
Dont be silly, your trade deserves to be reversed as will those people who have lossed Oanda will reverse those. If Oanda didnt reverse the losers then that would be unethical. Your stance that u deserve the profit is unethical as you knew that there was something very very wrong with that qoute. I hope the NFA tells you the same as i am sure that you will get nothing. That price was just crazy! Be a trader that u can be proud of.
Yeah, let's just forget the rules and reverse everything, but where do we draw the line when it comes to bad ticks? 1000, 100, 10, what is the limit before we are supposed to know "that there was something very very wrong with that qoute", or I tell you what maybe we should just let the broker decide which trades he would like to reverse, yeah let's leave it up to him, we'll just carry on trading and hope the profits we make will still be there next time we open the platform! There's absolutely no need for errors like this, these types of erroneous quotes could easily be filtered out.
Trades should be reverted - but in a timely fashion. Its taking days and that's just ridiculous. Just FYI, trades do get busted on exchanges too, it just happens way less frequent. There are a lot of accounts affected, i'm guessing one of them will file a NFA complaint/arbitration and they will get fined. Would be a huge reputational damage with a nice headline on the NFA website and incident in their database.
What about long traders that got reamed or BK'd? Should Oanda honor the profits but reverse the losses? IMO, anything 10 ticks outside the extremes on a prime-band (EBS, Reuters, Currenex prime), should be considered a mis-quote and busted. That's non-news, of course.
I agree, so what they need to do (if they're exclusively STP which I can't see them being) is notify traders within the allowed time and provide the documents to support the adjustment, as the rules clearly state. What is annoying is not the fact that they're reversing trades but the dismissive way they're treating their customers and totally ignoring the new NFA rules, it took them hours before they made any attempt at an announcement and even then it was uninformative.
Ok fine, so let's have that right across the board, if they can reverse trades on that basis then we should be able to as well. Let traders see how a trade works out and if it loses then they can try and find an excuse to have it cancelled off. The rules were put in place for a reason but going by what Oanda are doing they seem totally ineffective.