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  • Swiss National Bank discontinues minimum exchange rate, lowers interest rate to –0.75%

    From snb.ch Story is in PDF Format

    The Swiss National Bank (SNB) is discontinuing the minimum exchange rate of CHF 1.20 per euro. At the same time, it is lowering the interest rate on sight deposit account balances that exceed a given exemption threshold by 0.5 percentage points, to −0.75%. It is moving the target range for the three-month Libor further into negative territory, to between –1.25% and −0.25%, from the current range of between −0.75% and 0.25%. The minimum exchange rate was introduced during a period of exceptional overvaluation of the Swiss franc and an extremely high level of uncertainty on the financial markets. This exceptional ... (full story)

rock on......

my hat is off to them for being able to keep it this long.....h
to trade and code, keep both simple... no call to impress....h
Someone to accuse Robber Bank MMs? :-)
wow....
holy sh....t
wow i thought my broker is error but it seems very heavy drop
  •  Guest
  • | IP XX.XX.149.12
wow....gila bingits CHF
i have trippled my account..i was heavily short on GBPCHF
practising coitus interruptus
wonder how many margin calls that just caused
usdchf crazyyyy
WTF not listed in FF news or anywhere else..
what ever it takes
  •  Guest
  • | IP XXX.XXX.82.126
That was a massive massive drop..like falling off from a cliff!!!
Boom
wow i had a usdchf long.. drop like crazy good thing it a very small postion
  •  Guest
  • | IP XXX.XXX.1.41
wowwwww.... USDCHF drop 1500 pips ..O.o
This is messed up, no broker is allowing trading on CHF, e.g. can't close open or change orders on this currency?
  •  Guest
  • | IP XX.XX.253.86
booomb ..

CHF is get strong
Shit that was thunder from a clear sky....I was long on EUR for a change and now in deep S**t...
this was much better fun than intervention
CHF pairs are locked, can't trade, would like to know how they deal with SL position
yep
O.M.G.
RevarK
  •  Guest
  • | IP XXX.XXX.180.16
SNB bulletin wasn't on schedule today, was it?
fuck,margin call
  •  Guest
  • | IP XXX.XXX.64.42
how many trade die with no stoploss, i sell chfjpy, but i set stoploss
I want my money back!
I got a quote USD/CHF at 0.10 LOOOL on IC markets
So this is good for the CHF? Why? Isn't lowering rates bad for a currency?
Gees what a move - this is why I'm a scalper!
what a experience !!!!!!!!!!!!!!!!!!!!!!!!!!
XM..shutdown all chf pair lol
suiciderate just went up 4%
How the hell! I'm getting between 200-400pip spreads.
40 pips spread on GBPUSD WHY?
Quoting kPack
suiciderate just went up 4%
lolz
the pros of pending orders on S & R's.

millions anyone?
the approximate present does not approximately determine the future
  •  Guest
  • | IP XXX.XX.172.60
Swiss National Bank finally give in...
Quoting ChanhXanh
I got a quote USD/CHF at 0.10 LOOOL on IC markets
Alpari have locked my trades. Same story with USDRUB, always on the right side, but when theres this much volatility us retail traders get locked out of the fun!
Quoting scottik187
Gees what a move - this is why I'm a scalper!
This is why you should NOT be a scalper and be in this move would be a great day for yah
  •  Guest
  • | IP XX.XXX.204.196
if you were short on the CHF, don't delusion yourself, you broker will not validate your 700 pips profit trade... just saying

of course if you were long ... your broker will copulate with your account balance.

I don't trade the CHF, exactly because the SNB is known to mess with the currency market.
I was lucky, I was short on the EUR... for once I did not have a take profit value set ... I closed with ~ 60 pips profit .. out of the 180 that were there when the news came out ..

There is no such thing as controlled currency rate... in the end the market wins
eur chf 3700 down
  •  Guest
  • | IP XX.XXX.50.230
Thank goodness I had a stop loss on eurchf
  •  Guest
  • | IP XX.XXX.8.220
fxcm stops xxx/chf pairs too
Wow, usually nothing can't surprise me on forex, but that was really unexpected, SNB has recently lowered rates and now this, strange! It's a pity that I had TP at 1.1729 on EURSUD and got risk:reward ratio 1:3,43, I could have 1:14,4 I'm sure that many people went bankrupt due to EURCHF fall, stop loss couldn't work in this situation...

EDIT: Hmmmm, I refreshed chart and it has changed, EURUSD minimum was 1.1560 at admiral markets, few minute before it was 1.1619...
ohhhhhh usd/jpy drop???????????//
dax crashing... indecies going bye bye...?
Excellent news. The Swiss Franc has been a proxy for trading the Euro (tied at the hip so to speak) for really quite some time. This will free up the CHF and make it once again a tradable currency in its own right.
my $1800 account blown up with a 0.1 lot audchf trade.
1648 pips dropped ...
god helps us
That confirmed ECB QE
80% sure
You cannot learn better without losing
Im I glad I abandoned trading this pairs since late 2014, to think I almost got tempted to take a long from 1.2007 2 weeks ago, my account would have blown cos no stoploss will work under this situation. My heart goesout to all eurchf bulls who had hope in snb 1.2000 scam.
please anyone tell me why drop usd/jpy????????? is it tempory?
Congrats to all eurchf bears who had the balls to short this pair before 1.2000 got cracked.
eur chf now 4276 pips down
just wtf... o_O
Trading is the hardest easy money You'll ever get.
Grazy Market
Enter Signature
  •  Guest
  • | IP XXX.XXX.18.164
I forgot to enter a stop loss and one chf trade cleaned my account BIG OOPS
  •  Guest
  • | IP XXX.XXX.103.253
Swissy bitch
Swipe all CHF traders and now getting momentum again...... !
I shorted USDCHF before this happened but on my Oanda platform price is stuck at 98 while it is at 73 according to Dow Jones news.
Anyone have chf quotes? I'm locked out
  •  Guest
  • | IP XX.XX.243.102
same as me ..all blow up....
  •  Guest
  • | IP XXX.XX.8.102
F**k you CHF,... i don't trade you, but all my pair going down and cause me several margin call.... f**k you
bloomberg quotes
EUR/CHF is trading 1.0447 Low 0.8517
GBP/CHF 1.1793 low 1.1729
USD/CHF 0.8816 low 0.7400
Trading is the hardest easy money You'll ever get.
  •  Guest
  • | IP XXX.XX.225.199
Why than USD is going down please tell me
I can confirm that Oanda has locked all CHF pairs. Wow, this is quite a ride.
CHF locked out, no quotes for last 30 minutes
Trade what you see..
Black day in forex market
  •  Guest
  • | IP XX.XX.119.3
NEVER TRUST A CENTRAL BANKER )) utmost determination my A..behind
I just saw sperad 3260 on EUR/CHF ... lol
Quoting joancb
I want my money back!
Freedom for Catalonia!
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
Probably some black days for brokers too..lol
I was on chf/jap sell.... cleaned out my acct ....now $6425 in the red....Oh bugger.
Quoting fxmusa
Black day in forex market
It depends if you was short or long on chf
alot of people are going down today, lets keep the jokes to a minimum. Sorry anyone who lost. Probably should be calling my broker to make sure they didnt just go bankrupt
Twitter: @TrendersGame
Something tells me Soros did well today. Isn't a situation like this where he made billions? The British we're pegging the pound to Germany's deutschemark and were essentially forced to free it?
Quoting michaelpelly
Someone to accuse Robber Bank MMs? :-)
Monsieur Pelly, you should have a bierre.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
million of fx trader loss her money today , this kind of unexpected news
  •  Guest
  • | IP XXX.XXX.38.85
Go Markets 3500 pips spread on GBPCHF
2 of my other brokers have frozen the Swiss pairs, the price is in middle of nowhere ...wow never seen this before!
  •  Guest
  • | IP XXX.XXX.71.168
FOREX.COM stops trades in CHF!!!
please anyone tell me why drop usd/jpy????????? is it tempory?
It's just a strong move against the strong dollar. To the waaar ....
r all retail brokers havng their spreads as much as 20-25 pipsfor down price and 2-5 pips for bids
Quoting ChanhXanh
I got a quote USD/CHF at 0.10 LOOOL on IC markets
My lowest qoute was 0.06450
We miss 100% of the shots we don't take
Quoting Exodus
Freedom for Catalonia!
Yeah! LOL
USDJPY dropping because traders are going to safe heavens now...risk off...they are buying JPY again...I've been short USD/JPY in the last week, so good for me. Also shorted AUDCHF right before the move started, didn't know about the news, I am not trading the news and made 800 points . Awesome day. Feel sorry for those without stop losses...This will be a hard lesson.
Nice losses also for brokers...
fall u bastard gbpnzd like gbpchf
why that shit curency dont falll
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  • | IP XXX.XXX.153.8
i am fucked.fuck
It now seems like platform about to normalize back before chf sudden dismay
  •  Guest
  • | IP XX.XX.255.173
All the pairs with the chf at numerator goes up
All the pairs with the chf at the denominator goes down, because the chf became stronger
  •  Guest
  • | IP XX.XX.2.212
mantap tau tau duit jadi banyak Gile aje,,, CHF YOU ARE MY SAVIOR
  •  Guest
  • | IP XXX.XX.89.42
F**k this market
I never saw such a move, it was really unexpected
Excel Mkts quotes:
USDCHF 88758 / 89372
EURCHF 1.03872 / 1.04441
Quoting Grimace
So this is good for the CHF? Why? Isn't lowering rates bad for a currency?
The big news is that the Swiss Central Bank will no longer have a floor where 1 euro is worth 1.20 francs. The rate is secondary and the moves would have been even bigger to the upside for CHF if they had kept the -0.25 rate or raised it.
The 20 min drop made more profit than my casual years!
Trade Safe, Live Like a King.
My demo account was wiped in few seconds
  •  Guest
  • | IP XXX.XXX.121.182
i earned 155,000 USD with eurchf...waaaaaaaw...my balance is up by 155,000
Fricking "unscheduled meeting"! That's why it wasn't on the FF calender. I haven't really been trading CHF anyway because it & EUR pairs moved simultaneously; as someone said, now CHF pairs might become independently tradeable.

Nice day to check if your broker is really an ECN or not
I dont think a stop will have done much to help,. you will get your ass slipped
Hot damn this move could have blown up our currency exchange PAMM, thankfully we were out of the CHF

absolute insanity
Quoting r41225
Nice day to check if your broker is really an ECN or not
You're not kidding. I would imagine some brokers could go bust if they had more long CHF traders than short.
  •  Guest
  • | IP XXX.XX.71.167
Karma on those brokers who stop hunt CHF short positions. Screw them back.
Quoting flylife
USDJPY dropping because traders are going to safe heavens now...risk off...they are buying JPY again...I've been short USD/JPY in the last week, so good for me. Also shorted AUDCHF right before the move started, didn't know about the news, I am not trading the news and made 800 points . Awesome day. Feel sorry for those without stop losses...This will be a hard lesson.
I'm just hooing my SL and TP's will be fullfilled? I had SL on CHF pairs which should of accounted for 2-4% my account, my MT4 platform is showing 120% loss for these pairs? I also had two TP's hit which would of made me +6%-7% but instead showing me negative losses of -120% of my account. Will wait till the end of the day to get this one sorted???
Quoting mamalujo
Im I glad I abandoned trading this pairs since late 2014, to think I almost got tempted to take a long from 1.2007 2 weeks ago, my account would have blown cos no stoploss will work under this situation. My heart goesout to all eurchf bulls who had hope in snb 1.2000 scam.
Why would not a stop loss work? Could you please let me know about it more since it could happen with other pairs as well. I have a friend who has been stopped with some of his winning trades and losing trades today. Since he had more losing trades floating, so he had a margin call. I mean to say stop loss/ Take profit both worked with his account even today.
  •  Guest
  • | IP XXX.XX.89.42
If this news have such impact then why it is published secretly !! or why we couldn't get any info before happening such mess. So many many traders and also brokers got busted today
First time in my life that I ask myself if there will be a tomorrow.
Invest in alarm clocks
On Armada market eurchf low was 0.8374. Nice move in 15 mins
Grats if someone with eurchf short made money!
I've had SL on pairs before where gapping occurs on the Sunday night and rather than the SL price being honoured the open price was given resulting in an heavier loss. Today the prices in pounds are all over the place in my MT4 platform, I will have to wait and see what Alpari are going to do at the end of the day????
Quoting mikeytag
Something tells me Soros did well today. Isn't a situation like this where he made billions? The British we're pegging the pound to Germany's deutschemark and were essentially forced to free it?
This nothing like the GBP peg situation. The British were always going to lose that fight because they were trying to keep GBP strong. For the SNB it was the opposite, they wanted weak CHF; all they had to do was keep printing.

However if you read the whole release listed above you will see that they became disenchanted with the slide in the value of the Euro, so they took off the brakes. Let us see what effect Chf Libor rates of -0.25% to -1.25% are going to have.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  •  Guest
  • | IP XXX.XXX.91.87
easiest million dollars have ever made
Quoting lakhan
Anyone have chf quotes? I'm locked out
I was short on AUDCHF with Pepperstone, trade disabled .8732 was taken, servers down for over 15min, how convenient...
Accurate Forex Trading Signals | PAMM/MAM Managed Accounts Market Makers
Quoting sharabela
Why would not a stop loss work? Could you please let me know about it more since it could happen with other pairs as well. I have a friend who has been stopped with some of his winning trades and losing trades today. Since he had more losing trades floating, so he had a margin call. I mean to say stop loss/ Take profit both worked with his account even today.
Generally stop losses are subject to slippage (which there would be a heap in this circumstance) and you pay extra for guaranteed stop losses (although not all brokers offer them. Normally it's not much extra for a guaranteed stop loss but on CHF the wrong way any sane broker would have charged extra and hedged their position.
Hope for the best, prepare for the worst.
Eurchf 1.0403 1.0413
Quoting Nednones
I'm just hooing my SL and TP's will be fullfilled? I had SL on CHF pairs which should of accounted for 2-4% my account, my MT4 platform is showing 120% loss for these pairs? I also had two TP's hit which would of made me +6%-7% but instead showing me negative losses of -120% of my account. Will wait till the end of the day to get this one sorted???
All I can say good luck... Now I realize how important is to be with a big broker and not with a market maker...
lolz look at px of USA stocks DJ..NQ
Lol. This is from the release:

"The minimum exchange rate was introduced during a period of exceptional overvaluation of
the Swiss franc and an extremely high level of uncertainty on the financial markets. This
exceptional and temporary measure protected the Swiss economy from serious harm. While
the Swiss franc is still high, the overvaluation has decreased as a whole since the introduction
of the minimum exchange rate."

Well SNB if you thought CHF was overvalued before this release, get ready and hold onto your hats.
  •  Guest
  • | IP XX.XX.137.184
buy usdchf
  •  Guest
  • | IP XX.XX.134.181
looks like the shit hits the fan
This is what happens when you play with pegged/ rigged game. Here was a clue... Google " Pegged " on Urban dictionary = a man who received a strap on dildo in the ass from a woman .... I think her name was Jordan
  •  Guest
  • | IP XX.XXX.106.213
Sorry for the losses
  •  Guest
  • | IP XXX.XXX.146.183
i lose 1000USD in one sec. Can i claim back?
  •  Guest
  • | IP XX.XX.129.30
USDJPY continuing down?
Dukascopy Bank SA official home page news archive:

"03 October 2014
Reduction of maximum leverage on EUR/CHF exposures
Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Europe is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014."


They knew it...
0.1 on EURCHF

0.3 on GBPCHF
practising coitus interruptus
One of the best days in my life hahaha, made a tidy sum but definitely no where as near as seasoned players here.
Next big thing is QE, justice ruling is a go on their OMT plan though.
  •  Guest
  • | IP XXX.XX.16.94
damnnn CHF !!! that's why you need stop, to limited ur loses
Quoting lotv
I was on chf/jap sell.... cleaned out my acct ....now $6425 in the red....Oh bugger.
my acc also cleaned out and now -155k EUR, good my broker covers it
WHO HAS QUOTES ???
Yeah?! Well.. you know, that's just like.. your opinion man! - Big Lebowski
My stop loss on FXCM has slipped!
Quoting zohaibayub85
My stop loss on FXCM has slipped!
Mine too....
HOLY CRAP that's crazy...thank god no CHF trades open....
I have quotes and I am with Interactive Brokers...with good brokers you don't have problems...
  •  Guest
  • | IP X.XXX.105.130
Thank god no CHF trades open....
  •  Guest
  • | IP XXX.XXX.99.31
This is real suicidal. i was long on USDCHF thnak Heaven it was a pet account. i can only withstand 500pips but i got a heavy negative balance now. wondered who will pay that.
which broker?
Quoting dd303
my acc also cleaned out and now -155k EUR, good my broker covers it
  •  Guest
  • | IP XX.XXX.21.6
Stop loss in real forex trading is not guaranteed!!! We lose very big amounts of money. SNB f...k you
Quoting rootkit
which broker?
FXPRO
Quoting rootkit
which broker?
yes, which broker?
why usd/jpy is so dropped

fuck you chf
don't find the correct answer in market. just feel it and follow the wave.
Quoting lakhan
Anyone have chf quotes? I'm locked out
Check with your broker. Not all broker are same. i'm using Instaforex until now ok, dont have any problem with them. not to promote them but just for your info only.
Never see something like this, what a crazy day...
Thanks God i short Euro not CHF
Forex as Leverage
Quoting flylife
I have quotes and I am with Interactive Brokers...with good brokers you don't have problems...
Same with IG Singapore, no interruption in trading (spread was insane though).
  •  Guest
  • | IP XX.XXX.201.30
Quoting dd303
my acc also cleaned out and now -155k EUR, good my broker covers it
what broker is that?
Pepperstone getting off quotes , servers down again , 15 min during CHF Fiasco
Accurate Forex Trading Signals | PAMM/MAM Managed Accounts Market Makers
  •  Guest
  • | IP XXX.XXX.153.8
so who will pay for the minus balance accounts?
Fxcm platform it's gone?!!!waiting Elvetic speech?!
Quoting dab
Generally stop losses are subject to slippage (which there would be a heap in this circumstance) and you pay extra for guaranteed stop losses (although not all brokers offer them. Normally it's not much extra for a guaranteed stop loss but on CHF the wrong way any sane broker would have charged extra and hedged their position.
Which brokers out there give guaranteed stop losses?..this is useful information..people forget time and time again its about risk and money management..profits will take care of themselves..thanks in advance
Carpe Diem
Does anyone as a Stream ???

http://www.snb.ch/fr/ifor/media/webtv/id/webtv

The is the only one I have but it is too slooow
  •  Guest
  • | IP XXX.XXX.60.122
This move proved how well controlled the market is, i have for months now though that the USDCHF was overvalued and just i was forced to closed my trade... boom the USD felled like a dick with anxiety issues. They issue news to justify moves they want to make. Your best hope is scalping with tight stops. Sometimes i feel like the market is trading programmed to trade against me alone.... Anyhow part of the game, still many opportunities.
Talking Heads...
"...IT MUST BE A SHORT AND FAST DECISION..."
RevarK
http://www.reuters.com/article/2015/01/15/us-swiss-snb-cap-idUSKBN0KO0XK20150115
Accurate Forex Trading Signals | PAMM/MAM Managed Accounts Market Makers
Hi friends .. take care, this is not a real market.
  •  Guest
  • | IP XXX.XXX.51.76
I trailed my tops on the way down and was $20K in profit when
the broker cut ALL my USDCHF trades - this cant be right, no profit???
I'll remember this day forever
byby gbpnzd
1000 pibs coming sooon new episode
buy now fukers is almost break daily cheart
  •  Guest
  • | IP XXX.XXX.214.2
Well, in my humble opinion, if You were holding any positons on EURCHF then it should be a short..this move was logical..Didn't think it would go like this though..but You have to realize that EUR is total BS, political and economical decision made (or not made) will result in even more turmoil..EUR is not going up any time soon...
So, I guess the Swiss should start printing money now
However, put StopLoss is always a good idea for every trade hehe...
hell yeah,,
***Please stay alive, someone loves you*** please re-post this message to save lives
Invest in alarm clocks
just fall gbp nzd comon a litle and faling will be great
stay aalive gbp fall istorical
  •  Guest
  • | IP XXX.XX.225.199
Anyone guys able to trade usdchf my broker is not allowing to trade these pair. yet...
Had a hunch something big tsunami was on the way. Closed all positions 1 hr before this happened.
This event is a good opportunity to "Stress Test" your broker and VPS if you use one. If your broker honored your SL settings on a CHF pair with a fill to close close to your SL level could you please post their name in this thread?

Despite what they state on their home page every FX broker will play this event differently. Let's use this opportunity to help each other by pointing out the best and worst brokers. Currency volatility will only be increasing and knowing which brokers do best by their clients will be critical for survival and success.

My Excel Markets broker filled my SL on USDCHF at the lowest price about -1700 pips rather than near my SL of -135 pips. They supposedly use ECN/STP for their liquidity. I filed a complaint with them and will see what they decide. Fortunately I was testing a new VPS so was only trading .03 lots and lost $650.

If you feel your broker did good by you please post their name here or PM me.
Thanks
Quoting Leomeister
This event is a good opportunity to "Stress Test" your broker and VPS if you use one. If your broker honored your SL settings on a CHF pair with a fill to close close to your SL level could you please post their name in this thread?

Despite what they state on their home page every FX broker will play this event differently. Let's use this opportunity to help each other by pointing out the best and worst brokers. Currency volatility will only be increasing and knowing which brokers do best by their clients will be critical for survival and success.

My...
Noone will honor you SL if there is no such a price on the market. So you won't find "best" brokers, doesn't matter you are big or retail investor. Get real.
Quoting Leomeister
....
If you feel your broker did good by you please post their name here or PM me.
Thanks
I am also curious to know how different brokers deal with the situation. Probably it is better to start a thread in the forum and discuss brokers there?
Wonder why does something big always happen on Thursday? I hate trading on Thursday. Always will hate it.
""Noone will honor you SL if there is no such a price on the market. So you won't find "best" brokers, doesn't matter you are big or retail investor. Get real.""
-----------
My question is very real. Your gaff is in the phrase, "...if there is no such (a) price (on) in the market." That is the question isn't it, 'what liquidity was in the market?". That's why I asked the question.

Your assumption of a negative will guarantee your lack of success in the market.

Any positive constructive experiences to be shared by others?
1700pips slippage on fxcm and washed my account out
Quoting bakemaka
I am also curious to know how different brokers deal with the situation. Probably it is better to start a thread in the forum and discuss brokers there?
Excellent suggestion Bakemaka. I started a forum thread in Trading Discussions titled, "Stress Test"-Which tried to honor SL's ?"
lol............grrr
  •  Guest
  • | IP XXX.XXX.103.253
robbery of the year 2015
Quoting ThisPip
Probably some black days for brokers too..lol
lol, .. agreed,
I see it all in between ...
IC Brokers just send an email they will adjust due to a backup system offering prices that were not truly available, this is not over yet. We can be sure the broker will be adjusting to stop their own losses, not ours.
  •  Guest
  • | IP XXX.X.184.206
Really x3 GLAD I had no positions open.
Really x3 AFRAID to call any of my brokers to ask them if they went bankrupt...
Why are chf pairs not moving? at all? or is MB trading not trading them anymore lol
Just made a ton of pips going long from the bottom AUDCHF!! I think this will at least close the gap halfway.. target .7800!
I really feel sorry for a lot of you small retail guys who got wiped out today, and mostly for those who don't'/didn't understand how SL works on their trading platform. I hope you all keep your head up and plough onwards.
the chf jpy seems to shape the hammer candlestick bearish reversal
the usdchf seems to shape bullish hammer reversal
the eurchf seems to shape bullish hammer reversal
look at the monthly chart!!! don't be deceived by rumour!!!
I don't trade CHF since the last robbery in 2011, but I trade forex and interest me - how is it possible that the spread on one pair is 1386 pips and that at the same pair "disappeared" 1141 pips from charts, and all that in one single day .....
perhaps my English is not perfect - but I know the Jungle
is it a good time to buy CHF
I guess after today a lot of traders will leave the floor and never touch forex market ever again
True knowledge is knowing that you know nothing. Socrates.
Quoting Leomeister
...

Any positive constructive experiences to be shared by others?
1. Establish a position with positive PL.
2. Protect this position with options; no SL needed
3. Hold that position as long as possible
4. Trade FX futures not Forex
These are the only ways to survive such earthquake.
True knowledge is knowing that you know nothing. Socrates.
Quoting Sarkel
1. Establish a position with positive PL.
2. Protect this position with options; no SL needed
3. Hold that position as long as possible
4. Trade FX futures not Forex
These are the only ways to survive such earthquake.
Well put.
Options are a great hedge but then most will be put off by the fact that you have to pay a premium.
FX Futures is the way forward as it is a regulated market unlike the cash side where pretty much anything goes.
i do not think stop losses have respected from brokers in this sudden move
god helps us
wakakakak SNB take profit!!!!
next BOJ take profits????
Quoting majkara
Well put.
FX Futures is the way forward as it is a regulated market unlike the cash side where pretty much anything goes.
Do you have 6S volume print at that time ???? ... because i missed it.

imo, regulated or not, if banks stopped quoting price because liquidity disappeared, and since banks provide liquidity for futures too and because 6S is a thin market (compared to 6E), I think we will get the same situation ...
I see it all in between ...
Last time when CHF was below 1 again eur. That when central bank CHF step in to weaken the CHF and set the ceiling, so the price move within 1000+ pips in hours. Today they was saying the cap was removing, so yes is was a shocker but how could it also can cause the CHF to drops more than 1000+ pips?
Quoting Sarkel
I guess after today a lot of traders will leave the floor and never touch forex market ever again
Forex trade is SCAM. I thank my God I had not refunded my account. I was planing to do so.
Many traders indeed will go bankcrupt and never trade forex again.
Why would brokers prevent some traders to claim their gains, but are quick to make SL slip till -1,700 pips. This tells you this is all SCAM. Well planned.
Quoting palinco
Forex trade is SCAM. I thank my God I had not refunded my account. I was planing to do so.
Many traders indeed will go bankcrupt and never trade forex again.
Depends how much you wanted to succeed, some will go and never return, some will come back and they will succeed...
Quoting nkimandi
Which brokers out there give guaranteed stop losses?..this is useful information..people forget time and time again its about risk and money management..profits will take care of themselves..thanks in advance
I know IG Markets (www.ig.com.au) do, it just costs an extra spread of 3 pips, even on EUR/CHF at present - not sure about last night though or before the floor was removed. If wanting to know others than I suggest googling something like fx brokers with guaranteed stops - bear in mind though that any broker is only as good as their financial management, if they go broke it might still lose you your money - look for segregated client funds.
Hope for the best, prepare for the worst.
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  • Comment #198
  • Quote
  • Edited Jan 16, 2015 2:31am Jan 15, 2015 5:01pm | Edited Jan 16, 2015 2:31am
People blaming banks, brokers & whatever.......but seriously, was it so difficult to see that EURCHF had been hovering around that 1.2 level & that the breach of that level is going to trigger a $hitload of SLs & there will be very few buyers immediately below that level? Really? I mean the people that can't even grasp that much have only themselves to blame. SNB was always going to give in on that 1.2 peg, sooner or later, Euro as a currency was a bad idea to begin with, & SNB was never going to be able to go on defending it forever.

Knowing the obvious, wise people would either have stayed away from CHF-pairs altogether or trade them knowing that they may have to endure several 100s or even 1000s pips worth of loss & manage one's leverage & lot-sizes accordingly.

Markets are unpredictable, $hit happens, they can make you rich & they can wipe you out so one must always be prepared for anything; & more importantly, not risk the money that one can't afford to lose.
damn secret news....just give me a alert forexfactory not to enter market
"Trap The RED News"
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r41225 you have no clue what you are talking about
Keep your day job
2463 pips drop, or 24630 points drop, in just 15 minutes
Quoting palinco
but are quick to make SL slip till -1,700 pips.
simple, because there's no liquidity.

http://www.bloomberg.com/news/2015-01-15/mayhem-erupts-on-trading-floors-after-snb-s-currency-shocker-.html
I see it all in between ...
Quoting Thx
Do you have 6S volume print at that time ???? ... because i missed it.

imo, regulated or not, if banks stopped quoting price because liquidity disappeared, and since banks provide liquidity for futures too and because 6S is a thin market (compared to 6E), I think we will get the same situation ...
I do not have the volume but I do know that 6S was halted 10 times (velocity logic) in the space of about 5-10 minutes or so. You will be able to get the time/sales from CME's website the next business day which should be a nice read.

What I was referring to in terms of regulation is that once a futures trade is done, there is almost no chance of having it re-priced or busted unless it traded out of bounds, and in 99% cases it will be re-priced to the band limit. I know that a lof LPs on the cash side just rang their clients and either re-priced or cancelled trades, and in some instances many hours later.

What destroyed many brokers today was 'leverage'. Only the bigger guys were able to survive today's carnage. I just hope that the smaller retail guys take this as a lesson that they need to learn and understand all the aspects of the platform they trade on.

Wishing you guys all the best and keep your heads up.
Quoting palinco
Why would brokers prevent some traders to claim their gains, but are quick to make SL slip till -1,700 pips. This tells you this is all SCAM. Well planned.
Because fx cash is an unregulated market and they can do whatever the hell they want to. Some trades today were being cancelled/re=priced many hours after the news (some cases 5-6 hours). You may ask why and how can this happen. It can because there is no regulation to stop this happening on fx cash.
On fx futures, you can only think about re-pricing/busting a trade if you report it within 15 minutes, and even then the exchange most likely just re-prices.
Quoting Thx
simple, because there's no liquidity.

http://www.bloomberg.com/news/2015-0...-shocker-.html
Also, on most platforms a SL is just a market order, which means no bottom or price protection. How many retail guys knew this? Most likely not many due to the fact that in the past they had their SLs executed and filled at their SL price, but this was only because there was liquidity. When liquidity disappears a SL which is a market order will go down/up (depending if buy or sell) to the next best price, and today in some cases it was 1700 pips lower than the SL price that was set.
Quoting dodbonvis
wakakakak SNB take profit!!!!
Actually no. SNB lost something to the tune of 60bn CHF. Have a read:

http://www.zerohedge.com/news/2015-01-15/did-snb-just-suffer-worlds-biggest-daily-loss-ever
Bloomberg just said FXCM has 225million clients losses
i saw this on live.
Crazy day. I came on to look at my charts and open CHF/JPY and all the candles are tiny and im like why the hell is it glitching.. it wasn't glitching! Sorry for all those who lost money I wasn't in this so can't comment but I use Profiforex.. and yes they are unregulated and middle man but they've been around (I'm not endorsing them or saying go to them or anything like that.) But I just contacted them and they seem as cool as ice and CHF is trading they are a white label broker so they have no stake they make their profits from commissions and always withdrew me so.. Seems like things are running okay with them.. Being in the biz (forex) for as long as I have learned few tricks #1 don't keep all your money in 1 account #2 dont trade all your positions in 1 account #3 dont keep just one broker..#4 keep enough money to trade no more no less. so what it teaches is if something like this happen you blow just 1 of many account yes it sucks but you didn't blow everything and always can continue running we hit bumps but we keep going.. I've been around since 2001 and here on FF since 2005.. as can be seen by my tag.. and for those who were in this.. its a learning curve a painful experience one but teachs. I've experienced my fair share of crazyness like this. Walk away with something out of this besides disappointment and regret. Fact that things like this are avoidable by traders if they position themselves properly to make sure unexpected catastrophe wont be the end but just a bump! so once again sorry guys.. but I wish all those who brush this off get up and continue trading the best of luck. If forex was easy then everyone would be doing it.
There are those who know, and there are those who don't know.
Quoting Guest
r41225 you have no clue what you are talking about
Keep your day job
Actually, trading is my dayjob, that's why I can easily see the obvious technical & fundamental cues & position myself accordingly, & don't go around blaming others.

Quoting palabara
Being in the biz (forex) for as long as I have learned few tricks #1 don't keep all your money in 1 account #2 dont trade all your positions in 1 account #3 dont keep just one broker..#4 keep enough money to trade no more no less.............Fact that things like this are avoidable by traders if they position themselves properly to make sure unexpected catastrophe wont be the end but just a bump! If forex was easy then everyone would be doing it.
GREAT advice that all serious traders should take into consideration!
There's another big event coming up in the FX calendar: the Greece elections on 25 Jan.

Maybe the Swiss pulled this stunt fearing a Greece Euro exit and the ensuing economic fallout.
...
One NZ broker gone...

https://www.excelmarkets.com/

CRITICAL NOTICE 15 Jan 2015

The dramatic move on the Swiss franc fueled by the Swiss National Bank's unexpected policy reversal of capping the Swiss franc against the euro has resulted in rare volatility and illiquidity. Both our primary and backup liquidity providers became unresponsive or illiquid for hours after the event. The majority of clients in a franc position were on the losing side and sustained losses amounting to far greater than their account equity. When a client cannot cover their losses it is passed onto us.

ALL OPEN POSITIONS MUST BE CLOSED BY 5PM NEW YORK TIME OR THEY WILL BE AUTOMATICALLY CLOSED AT THAT TIME. NEW POSITIONS CANNOT BE OPENED AS OF THIS TIME.

ALL CLIENT FUNDS ARE IN SEGREGATED ACCOUNTS AND NEVER USED FOR LP MARGINS. OUR PRIMARY CONCERN HAS ALWAYS BEEN PROTECTING CLIENT FUNDS AND 100% OF POSITIVE CLIENT EQUITY OR BALANCE IS SAFE AND WITHDRAWABLE IMMEDIATELY.

Global Brokers NZ Ltd. STP's 100% of order flow and has sustained a total loss of operating capital. GBL can no longer meet regulatory minimum capitalization requirements of N$1,000,000 and will not be able to resume business. Losses incurred on trades that could not be exited due to illiquidity were losses incurred directly with the liquidity provider and we do not have the ability to reimburse those. Please note the interbank market for francs was illiquid for hours after the event and no traders with an open franc position were able to close it for a significant period of time, at any broker.

News of the impact of this event on companies and traders is just beginning to come to light. As Directors and Shareholders we would like to offer our sincerest apologies for this devastating turn of events, and to thank you for being such a supportive group.

We ask that you place withdrawal requests for your account balance at your earliest convenience and allow for minor delays as our team begins to experience higher than usual service volumes.

Note: We are currently experiencing hundreds of withdrawal requests. A small percentage of clients have reported errors during the automated withdrawal request process. If you experience a system error please do not panic. Although we are not offer trading services our staff is fully operational and we will not disappear on you. If an error occurs please email us at [email protected] describing the nature of the issue. We thank you for your patience and for the kind words many of you have already expressed.

- David Johnson, Director
http://www.bloomberg.com/news/2015-01-15/new-zealand-currency-broker-closes-on-losses-after-swiss-shock.html

http://ir.fxcm.com/releasedetail.cfm?ReleaseID=891597&mboxSession=1421401760881-833807&visitor=2A5C6F4E05013543-600001176000C722
Be prepared for many more 'insolvency' announcements from brokers today as shit really just starts filtering.
Damn, 2 day not opening my terminal and miss this opportunity.. shit
SNB attempted to stay on the hay ride wagon with all the other supporters of the euro. But eventually, the hand writing on the wall becomes no longer ignorable, even to an agency that committed to being one of the "good ole' boys".

The super-rich need to be taxed, new creative high taxes on incomes, estates, holdings, and heretofore tax loopholes (goodbye Luxembourg). These are the ones that have outrageously benefited from the laws they had their lawyers and minions in government create and put on the books. These are the ones with the money needed to be infused back into economies to benefit everyone, not just themselves. These are the ones that are hoarding it, sitting on it, and coveting more of it,....at the expense of everyone else.

The SNB just came to the realization that it had enough of being a memeber in good standing with all these thieves that refuse to do the only thing that is going to work.

My hat is off to the SNB. Too bad nobody else has the balls to go against these bastards.
I agree with traderathome. The SNB rightfully cut off the leeches in the eurozone.
FUCK
I´m miss my opportunity.... maybe next time. the news my friendly it´s the more important, see the news and wait for the moment to be a hero!!! next time one euro one dolar.
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I had a stop right below 1,20. I got stopped out at 1,16 after a few mins and Saxo Bank changed it to 0,96 the other day.
If this is not stealing from people, than what??

I hope, they stole from some heavy people too, and end up in a shithole.
Quoting Guest
I had a stop right below 1,20. I got stopped out at 1,16 after a few mins and Saxo Bank changed it to 0,96 the other day.
If this is not stealing from people, than what??

I hope, they stole from some heavy people too, and end up in a shithole.
You did very well to get stopped at 1.16
Most people were stopped below 1.0
Some brokers would not give any pricing for an hour after the statement.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
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Yes, but I was changed to 0,96 too overnight.

Is it legal to change already existing closes after a day?
Quoting cybermie
Check with your broker. Not all broker are same. i'm using Instaforex until now ok, dont have any problem with them. not to promote them but just for your info only.
Instaforex is a fraud, be aware
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  • Posted: Jan 15, 2015 4:32am
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    Category: High Impact Breaking News
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