Chat start time Feb 7, 2014 9:11:59 AM EST
Chat end time Feb 7, 2014 9:48:53 AM EST
Duration (actual chatting time) 00:36:53
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info: You are now chatting with 'Sherrie'
Sherrie: Hello. How may I assist you?
Michael: Hello. I'm looking at the stop loss that was hit with my USD/JPY Trade. And when I compared it with the charting system that I used, it looks like it should not have hit. Also, I compared other brookers and their prices didn't breach my stop loss.
Sherrie: Okay do you use the fxTrade or MT4 platform?
Sherrie: Which one
Sherrie: For your security, before I can continue I will have to ask you your security question.
Michael: I have MT4 which I used for alerts but not for trading, and I trade using the java fxtrade platform.
Sherrie: Thank you
Sherrie: One moment please while I investigate
Sherrie: On MT4 at the candle at 8:30 should have reached a low of 101.357
Sherrie: Your stop loss is set at 101.401
Sherrie: The bid price has dipped below your Stop loss price
Michael: Yes, I know. However no other dealer that I can find or quote went as low as Oanda's. Does Oanda make the market swing lower to pick up stop losses? Or does Oanda's prices reflect what the market prices are?
Sherrie: We provide our price based on what our liquidity provider provide us
Sherrie: During volatile times, such as this morning
Michael: BTW, Tradingview.com and Forexfactory.com is what brought my attendtion to this.
Sherrie: There could be spread widening
Sherrie: We don't stop hunt, as we don't trade against our client, taking client out will not benefit us in any way
Michael: Well, can you reverse the stop loss action? Or should I just post my charts, this chat, and the pricing data on various web sites and let your the market judge along with drawing my account and seeking another dealer. I've read that Oanda is reasonable about this, but your comments do not seem reasonable. I thought Oanda's prices represented market prices.
Sherrie: It's a valid pricing, thus we can't reverse the stop loss action.
Sherrie: As you maybe already aware, forex market is not centralized, there's not One price as in the stock market.
Sherrie: Prices among brokers should be around the same ball park, however, there's no guarantee that all brokers should have the same the price.
Sherrie: It's well possible that one broker's price a bit lower or higher than other brokers.
Michael: Ok. Well then Oanda "valid" price was the lowest of any dealer that I can find. Perhaps I need to find a dealer who's prices don't swing as wide as Oanda's. Anyhow, I'll take this to the Forum boards and see if I am out of line or of Oanda just burned my trade and a lot of others.
Sherrie: I'm sorry that how you feel about this pricing, however, you may do just what you described if that's what you wish.
Michael: Yep. And the market will decide if Oanda get's to continue the practice of lowering their quotes in order to hunt stop loses.
Sherrie: We don't stop hunt, we are fully regulated, any such practice will have severe repercussions on us.
Michael: Thanks for reminding me of that. I'll file a complaint while I am at it.
Michael: Check out and you will see why I am not really to happy with Oanda.
Sherrie: Again like I've explained, we don't guarantee that our pricing will be identical with other brokers. It's unfortunate that you've been stopped out, however, this is a valid pricing
Michael: Ok. Well I see that you have dug in your heals and I am sure Oanda is doing this with it's other customers and this is why other dealers are in business. I'll file my complaints and post my charts showing pricing along with this chat. I'm sorry we couldn't work this out.