So a black swan event with proper risk management even with massive SL slippage is practically negligible. Secondly, in the case of the CHF black swan event, I didn’t have any skin in the game as I don’t trade CHF.
Ok, I understand that you don’t know too much how the SNB event went down (there was a guaranty from the central bank on the CHF pairs… until there wasn’t anymore. So it wasn’t comparable to another pair in that situation at the time. Today, sure. At the time, not at all.) About what I mentioned just above, it resulted in a 1500+ pips slippage with Oanda. Any “risk management” is irrelevant in this case. Except the fact that you only have 20% in your account. To be 100% fair with Oanda, they did forgive negative balances, that was the good point compared to some other brokers. Because with a broker chasing you for negative balances, even your “I only have 20% with my broker” becomes irrelevant.
The bad side is that Oanda having lower leverage than other brokers, people had far more money on their account compared to the trades they open (what you’re basically saying – And reason why they could allow themselves to forgive negative balances rather than go through the hassle of chasing customers. They made enough on the balances they put their hands on). Oanda just totally emptied a lot of accounts this day, mine included (of course ! I wouldn’t be as vocal about it instead…)