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Can someone answer a question on Forex Pairs? Why would a Broker send the price up ONLY on their Brokerage, (and I was stopped out immediately) but no other Brokerage had the same spike of almost 1000 pips? Do I have a complaint to pursue?
I am not looking for trouble. I would just like to know if this was justified or Forex Broker shenanigans.
Can you help answer these questions from other members on NexusFi?
What broker was it? In your case I would definitely call them up and try and get them to refund the amount you lost if their quotes were way different to all the other brokers. Even if there was high impact news 1000 pips is insane. Sounds like some type of glitch in the system.
It was OANDA. What's frustrating is I had a few orders setting on the charts for next month at Supply (and it was impossible for them to get there in a week) and they opened and sold. Yet, what's also strange is they had no stops. Someone closed them out at the peak of the spike.
I just sent a complaint to the CFTC to see if they can get answers.
What pair? If you're trading something relatively mainstream like pound, euro, yen, I highly recommend futures. They have micro contracts (M6E for EUR/USD for example) with pretty good liquidity for smaller accounts. Spread is 1 pip. The bigger contract (6E for EUR/USD) has 0.5 pip spread. The biggest risk with forex, cryptos, and the rest of the unregulated wild west of the financial world is exactly this type of nonsense. You take on counterparty risk. With futures, there is no counterparty risk. You see an actual order book, actual liquidity, and none of this garbage.
I appreciate that. I anticipate signing up for Futures within the next year. This is why I purchased membership with Futures.io. For now, I dont have the margin for Futures and am trying to save for it. I can trade the Forex with 100 bucks. But I am paying for it!! One step forward, two steps back.
TraderGB had some really good advice that hit home re: Forex. No centralized market!
That got me thinking . There is no standard and thus, how can you trade supply and demand if there is no centralized pricing. I dont see how.
I just contacted them. Sorta ticked off. They already knew about it. They might as well be politicians.
I asked them why no courtesy email to the customers? No answer, just crickets. They said it happened to all the GBP pairs, but I was in three at the time. GBPAUD, GBPUSD and GBPJPY. Only the GBPAUD spiked up. I was not stopped out of the two others.
I signed up with them after giving away our savings to OTA. So I think it was more an OTA rep that was involved, maybe? It was all done through them years ago. Yesterday, I did ask an OTA instructor and he said it was just a chart malfunction. REALLY? I lost 150 bucks. He didnt know. They just sell trading, they dont know whats going on. (sorry for the sarcasm with OTA. Don't care much for them after what we paid them)
Thanks for showing the chart. My explanation does not do justice, but when someone has a visual it removes and doubt that this is just bizarre. And if you look at any other Broker's chart, you will see nothing. So this was exclusively Oanda. But it proves they have the ability to manipulate price as a single Broker and effect only their OANDA clients. I wish I could let the world see what happened, but not sure where to go.
I kept a copy of the transcript. All the rep said was;
""Yes there is a spike that happened on GBP pairs. This has been report to our back end team and they are investigating this matter as we speak.....They will give an update via email as soon as they finished their investigation."
But as I said, nobody had the courtesy to reach out and let the customers know what happened. So I dont yet know what will happen.
I was stopped out of four separate trades, all at 1.89289. Which is weird because although I had orders in place, they were sooooo far away I had not put in stops. Someone decided to close all four out at the 1.89ish price.
The only good news (if this is good news) is I was sitting at the desk watching this spike happen in real time, and jumped back in with two market orders entered at 1.8915. So, I am up about 50 bucks. But will I get to keep it?
