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I saw this play out live on Monday morning (Sydney) and wondered WTF had just happened to GBPAUD and GBPNZD.
I have an excellent account manager at OANDA Australia. He explained:
"we experienced inaccurate pricing on those pairs. We have already completed an impact analysis and rectified those that were impacted (some negatively, some positively).
The team are currently looking into solutions to minimize the re-occurrence of such spikes ... please be assured that we are doing everything we can to ensure this doesn't happen again (if there is an unforeseen error of any sort in future, please as always reach out and we will rectify it asap)."
So, for anyone who was adversely impacted, I would suggest contacting OANDA at the earliest. Based on my previous 6 years with OANDA, I would be very surprised if they didn't assist you. Hope this helps.
Thank you for the suggestions. I've been thinking about forex futures lately, as the spot forex market is actually made up by various brokers and each can have its own quote to screw people. The forex futures market is a centralized trading place. Is that right?
Do you know if it trades on the same 24/5 basis? Does it have cross pairs like EUR/JPY?
Hope I can give my 2 cents. He is right. I think you will find the Currency Futures are a much better choice. I have begun transitioning from Forex to Futures and I finally made some money. (I have a long way to go) But, I have noticed I do not get stopped out nearly as much as with Forex pairs.
I "get it" that Forex can be like a spouse and you just dont want to leave, but Futures is better in the long run emotionally and financially because Currency futures are centralized. That alone is enough to get a sane person out of Forex.
I am sure some will disagree, but from my experience, the bulk of people making money on Forex pairs, are either selling education or indicators. You cannot trade the pairs, i.e. EUR/JPY, but instead you trade the individual Currency. You can use TradingView simulation to watch your trades play out.
Thank you! I think even without the ability to trade cross pairs, forex futures is still more attractive.
I find it confusing that certain micro contracts like MSF have a very short chart on ThinkOrSwim. But other contracts like M6E display fine. I wonder if MSF is actively traded?
No, they reimbursed me for the issue. If you look at other Brokers same date same time, they had no spike. This made me think manipulation. But I already know Forex is manipulated, bless their hearts. .
Hemmo posted a response from OandA in the beginning of this thread. And a photo. I will add my photo to confirm what he also experienced. At the time, if you pull up a FXCM or Forex.com chart there was no spike. I looked today and it appears to be the same. Pull up two charts on TradingView (for example) side by side with OandA and FXCM to see.
Alternatively, don't trade spot forex. Trade currency futures. Then you won't be just trading against your broker, and no broker will have a different price.
Just a suggestion.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote