oanda warns upcoming volatility

[yunny1]

Just got this message from Oanda, I guess it is better to close any trades before greek elections

Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.

Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.

If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions. Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout.

OANDA apologizes for any inconvenience this may cause.

For more information, please contact a Customer Service representative.

Best regards,

The OANDA team

[granty123]

in other words theyre screwing you. stopping you making money from the greek end game.

[wmorris3825]

The market isn't even open until 5pm est so... I don't get how that changes anything. I never hold trades over the weekend, but if I did I'd close them before that. We'll see what happens, but trading the open could be fun on Sunday!

[yunny1]

The market isn't even open until 5pm est so... I don't get how that changes anything. I never hold trades over the weekend, but if I did I'd close them before that. We'll see what happens, but trading the open could be fun on Sunday!

The FX market is always open. with oanda you can trade even on weekends...

[wmorris3825]

Oh, we'll that makes sense then. Didn't know that. Lear something new every day!

[MachineGun]

have they done this before? seems crazy that theyre doing something so drastic.

[rhodytrader]

According to some stuff I saw, this is the first ever full halt like this (not counting end-of-week system maintenance).

[southportuk]

That's my account closed at Oanda. Just read this at another forum forexfactory.com/showthread.php?p=5759630 Well I think they know everybody is going to be on the sell button and they can't cover there arses.

[southportuk]

Here a warning from Hotforex

Dear Valued Customer,


On June 17th, Greece will be holding their elections. Although we cannot predict the effect the outcome of the election will have on currency prices, we anticipate there may be sudden changes in the Euro and other major currency pairs.



Therefore, HotForex recommends that you may want to reduce any significant positions in Euro by close of business on Friday, June 15th to protect your positions.




Thank you from your team at HotForex

But they are not stopping you trading.

[yunny1]

But they are not stopping you trading.

Are they open from 6:00 AM EST until 3:00 PM EST, on Sunday?