Try hard, think fast, die young
Brokers chasing you for negative account balance 863 replies
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Quoting DarkstarDislikedThat sucks man. I noticed when trading it today that it only traded at like 5 prices on its way down. I would up with an extra 10 cents per oz when it blew through my TP.
You should have swapped positions, I pulled 200% return on balance in 5 minutes.
Something tells me Oanda took a beating today...Ignored
Quoting Liquid4xDislikedhmm... some money management might be a good idea next time, lolIgnored
Quoting KingdomTraderDislikedThis was the response of Oanda when I asked them about the possibility of having a negative balance at Oanda. I find this an excellent response!!
KT
Ticket Number: HD250017
Short Description: negative balance
Hello KT,
Thank you for your interest in FXTrade.
It is possible, but very rare. We have measures in place (margin calls) to prevent accounts from going negative, but if a currency or commodity moves a long way in one direction in a short period of time, a negative balance is possible. For example, a large price decline in silver today resulted in some negative balances.
Normally, in the case of a negative balance, you will not be required to deposit the amount you're negative unless you wish to maintain your account and continue to trade. If you wished to maintain your FXTrade account, you would have to deposit funds to cover your debit.
Today, several accounts went negative because of a silver crash. As a goodwill gesture, and because these type of events rarely happen, we credit all the affected accounts back to $1.
Please do not hesitate to contact us if you require further information.
Kind regards,
OANDA FXTrade Team (KS)
www.fxtrade.comIgnored
Quoting dofDislikedYeap, received a same explanation.
They lost some money, i think, but if they wouldn't credit the accout they whould have lost more on image. Many people lost yesterday, but many people got rich in the same time. I am sorry that i was in the wrong side, but i'm glad i didn't lost that much
I hope this won't happen again verry soon.
I don't think we can protect in situations like this. The best protection is not trading, but if you are in a trade?
What are the chances of this happening to currencies? It happend in '92, everybody knows. GBP moved 5000 pips.Ignored