Oanda.com Review-attacked by ForexPeaceArmy

When it comes to Oanda instead of using the title of scam I do not know
whether to use the title of FX-RAT and or CRIMINAL. If using a stop loss they
will get you and if not using one their sneeky margin call policy will. If
not using a stop loss their margin call policy is so calculated that it will
get you too quickly. Is this REALLY for your safety or another way to screw
you out of your profits?
I first started out with them using a stop loss but after awhile I had to
literally stop using one because 95% of the time I was stopped out. I was using
around a 30 pip one. Afterall, one is frowned on if one does not use one because
one is told one will loose all his account if one does not. One of my trades
with a stop loss was stopped out by the market moving within a pip or so past
my stop loss and of course immediately went the other direction. The market did
not move there on other brokerage charts. It looked so suspecious that I
complained with no resolution. For the market to have moved to that peticular
pip especially with no S&R present or near and immediately change directions
had an odds of one in a million. I knew right then I was being hunted!
So, now with no stop loss I finally started making a profit. But wait!
that did not last for long. What else could it be? It was Oanda’s very sneeky
Margin call policy. Their policy is so manipulated that they have to have math
calcultors on their site for their clients to use to figure a margin call, profit,
units available, etc. God forbid if one did not gratuate from college!! I went to
college, so I wipped the sweet off my brow.
Anyway, what happened next is the margin calls started coming in. By the way,
on a pratice account I had around a 95 % positive trade record. But when I went
live with Oanda’s platform, FO-GET ABOUT IT! Ok! so now that the margin calls
started coming in it did not make sense. My trades were not moving THAT much. So I
started taking a closer look at the Margin call policy and low and behold
I found out that their policy is that if ones trade moves around 50% of ones
margin used then one gets the big MC. In all my years of trading I have never
seen a margin call this tight with any other broker. For example: If your primary
account currency is USD and your balance is 400.00, the pair is GBP/USD, opening
rate is 2.0000, you are buying, using 10,000 units, margin ratio is 50:1, your
margin call rate will be 1.97979 and your loss will be $202.10. Thats half
of your account margin lost. The market moved 203 pips to hit the MC. But that
is SMALLER than the range of the ADR of the GBP/USD pair.
So :I asked Oanda about this. What was their excuse? It was that they didnt want
their traders to loose their whole account funds because the trader would not have
any funds left over to keep trading with them. Well, this touched my heart so
much that I had to get my Violin out and cry in my beer. Not really. hee hee.
It really sounded like a lode of crap! What really is going on is a sneeky
way of taking your money. Let me explain. Each currency pair has its own
average daily range (adr). The pairs volitility will move up and down inside
this range on the daily chart. It will hit a high and a low point. Oanda’s
margin call being soooooooo tight within this range one will suridly get hit with
a MC if the trade goes against you with no stop loss. Ones trade should be able
to BREATH in this range. In other words be able to move throughout the range
without getting stopped out by the MC while also not using a stop loss.
If one is trading WITH the trend on the weekly and daily chart
the market can move against you a couple of hundred pips or so depending on the
currency pair and USUALLY reverse and move in your favor again.
So your trade needs this room to breath and should not get a MC. One could use a
stop loss outside the adr to avoid the stop loss hunting but if hit it will
be a big loss but so is being continuously stop loss hunted. The only
way to keep this MC from happening is use a tight stop loss near your enter
and get hunted, or adjust the amount of units and or leverage used. About
half or less of your units and or a smaller ratio of leverage, say from
50:1 dowm to 20:1 or more. Ok thats fine but what happens is that your profit
per pip drops to a rediculous amount to the point that there is no point
in even trading in the mini market. One is forced to use large amounts of
capital in your margin account. So one in the mini market
is forced to gamble with this around 50% of your account margin call business.
You could use a stop loss to prevent this whole thing but we all know about the
stop loss hunting gamble. If one wants to invest in FX on the long held
trades (with no stop loss) you will probably get a margin call. Scalping may only
be a way to make a profit at these odds.
I argued with Oanda about this whole MC business and they said that they can’t keep
adjusting the MC to fit the ADR of each currency pair. What I understood them to say
is that it would be too difficult. But they have these math calculators for every
little thing as mentioned above so, I guess their computers would get exhausted and
burn up if they had to do all that computing. God forbid! The other day I had a trade
move within a PIPETTE (INCREMENT OF A PIP) of my take profit point then shot back the
other direction into a MC. This would not have been suspecious except that this happened
two days in a row. Either the price was manipulated by Oanda or everyone should kiss
my butt cause I am a Freckin market genious! :I can predict down to the pipette
where the market is going to go. Just kidding! And the positive reviews of Oanda on
this site make me want to FROW-UP. Either these people work for Oanda, have little
experience in trading FX, or have the IQ of a monkey. Probably the first two.
The answer to getting around the FX-RATS and all this could be to NOT use a stop
loss, only use a broker that has a loose margin call with more breathing room or one
that stops at zero funds. It will be a gamble of course if your trade keeps going
against you and you loose all of your account. It will be less of a gamble if you use
a currency pair that has a daily ADR that will give you plenty of breathing room far
from the MC point. The Adr should be much smaller than the MC range. Also, one needs
to still have funds in the account to recover if the MC is hit. As of this date
because of Oanda’s MC policy my account funds are $6.93. I lost it all because of
deciding not to use a stop loss and their rediculous MC got me. Since Oanda has
kicked me out of trading with them for arguing with them I am looking for a broker
that will let me have a reasonable Margin Call and let me BREATH!