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IC Markets margin call

  • #1
  • First Post: Jan 15, 2015 5:19am Jan 15, 2015 5:19am
Hy... please someone could hel me.. I'm really desperate cause after SNB decision i'm in margin call with balance account closed at -3.5k€ (and i've lost all my money cause all position are closed now) I had a stupid pending order at 1.19 in Eur/chf from many months.... and today the tragedy..
Now i have to solve this problem with broker Icmarkets cause the had to close all my position before my negativa balance or not?
I'm not so expert and my english it's not so good so i need help to try to solve this annoyng problem...
Please help me
Regards
  • #2
  • Jan 15, 2015 6:32am Jan 15, 2015 6:32am
Well, SL and TP can only be fulfilled when there is a market for it. If your SL triggers a buy for the CHF at a certain price but the market is selling 2000 pips above it, or not selling at all.....GUESS WHAT !!

Same for TP. You may saw a killing on virtual profits but was unable to close your position. Guess what? you can only bank several pips above it.
So, you think you have rights? LOL
  • #3
  • Jan 15, 2015 6:36am Jan 15, 2015 6:36am
Quoting ForexOracle
Well, SL and TP can only be fulfilled when there is a market for it. If your SL triggers a buy for the CHF at a certain price but the market is selling 2000 pips above it, or not selling at all.....GUESS WHAT !! Same for TP. You may saw a killing on virtual profits but was unable to close your position. Guess what? you can only bank several pips above it.
I don't understand what you mean. I didn't have any sl and all my position was closed from broker by margin call... The question is why the don't close all my positions before balance account goes in negative? what' i have do to now. ?
Please help me
  • #4
  • Jan 15, 2015 6:39am Jan 15, 2015 6:39am
Quoting cescof
{quote} I don't understand what you mean. I didn't have any sl and all my position was closed from broker by margin call... The question is why the don't close all my positions before balance account goes in negative? what' i have do to now. ? Please help me
Because they can't. There is nobody selling CHF so the next quote gaps thousands of pips above it.

I don't know how brokers will deal with it.
So, you think you have rights? LOL
  • #5
  • Jan 15, 2015 6:41am Jan 15, 2015 6:41am
Quoting ForexOracle
{quote} Because they can't. There is nobody selling CHF so the next quote gaps thousands of pips above it. I don't know how brokers will deal with it.
So what's happen in this case?
  • #6
  • Jan 15, 2015 6:45am Jan 15, 2015 6:45am
Quoting cescof
{quote} So what's happen in this case?
I don't know!!

The 3 obvious possibilities are:

1- Your broker eats the losses

2- They come after you to make you pay for it.

3- They go bankrupt.

It all depends on the "fine prints" and the country you live etc...etc
So, you think you have rights? LOL
  • #7
  • Jan 15, 2015 7:03am Jan 15, 2015 7:03am
Quoting ForexOracle
{quote} I don't know!! The 3 obvious possibilities are: 1- Your broker eats the losses 2- They come after you to make you pay for it. 3- They go bankrupt. It all depends on the "fine prints" and the country you live etc...etc
I live in italy where can i check conditions?
Thanks
  • #8
  • Edited 7:43am Jan 15, 2015 7:16am | Edited 7:43am
Sorry to hear about your loss.
The easy thing for you to do is walk away from your broker & let them eat your negative balance. I'm sure there will be many accounts like yours.
  • #9
  • Jan 15, 2015 7:23am Jan 15, 2015 7:23am
I had an open long at eur/chf today, and was not able to close due to 2000 pips spread during the news from snb. So position was closed due to manipulated quotations. My SL was not fullfilled. I used JDF brokers. I think no broker today had good quotations in any chf-currencies.
  • #10
  • Jan 15, 2015 7:52am Jan 15, 2015 7:52am
Quoting cescof
I didn't have any sl...
Not wishing to add salt to the wound, but who suggested you trade without a Stop/Loss?

So, you lost €3500 on a trade, bad luck. Take a walk, and when you have calmed down, sit quitely and decide how you intend to recoup your loss.
  • #11
  • Jan 15, 2015 7:58am Jan 15, 2015 7:58am
Quoting srt
Sorry to hear about your loss. The easy thing for you to do is walk away from your broker & let them eat your negative balance. I'm sure there will be many accounts like yours. Don't worry about the open order, it won't be executed.
I'm not familiar with SL fine prints, but it is possible for a customer to be liable for a negative balance.

depending on your country the broker may have the right to take this out of your butt!!
So, you think you have rights? LOL
  • #12
  • Jan 15, 2015 7:59am Jan 15, 2015 7:59am
Quoting Duffgen
{quote} Not wishing to add salt to the wound, but who suggested you trade without a Stop/Loss? So, you lost €3500 on a trade, bad luck. Take a walk, and when you have calmed down, sit quitely and decide how you intend to recoup your loss.
Yes yo add salt to wound... i've lost much more than this cause i've lost all my money in that account and i want to try to save this 3k cause broker have to close my postion before....
An for sl i did forgot this order just 0.3 lot and what can i say i'm quite disperate so what's your add when you remember me sl ?
I need some help if somoene can but not this kind of obvuos suggests..
I'm not able to recover over 15k just with trade that's for sure... so i'm really really in stuck
  • #13
  • Jan 15, 2015 8:03am Jan 15, 2015 8:03am
Quoting cescof
I live in italy where can i check conditions? Thanks
In your contract with the broker!
I'm not insane; my mother had me tested.
  • #14
  • Jan 15, 2015 8:10am Jan 15, 2015 8:10am
You can not lose more than your deposit,
responsibility broker
  • #15
  • Jan 15, 2015 8:13am Jan 15, 2015 8:13am
what laverage you're using on your account ?
  • #16
  • Jan 15, 2015 8:35am Jan 15, 2015 8:35am
Hi,

Ok, if it can make you any good, I'm in the same position as you with OANDA, for bigger amounts.
The problem of OANDA (and I saw PEPPERSTONE did the same) and probably IC Markets had the same problem is that there was NO QUOTES for a period of time (more than 1 hour).

Look at the chart of EUR/CHF: Is there a BIG gap ?
Look at the time: Probably more than 1 hour missing.

So they closed your position far AFTER they should have done.
The big problem is that this gap was NOT a natural thing from the market, but problem from the brokers (and/or liquidity providers).

You SHOULD have been margin called at the stopout level of your broker (probably 50% of the needed margin)
And THIS is a mistake of your broker. First you don't owe them any money, secondly, THEY OWE you money (the 50% of margin)

Now, to get this back, it's another story. Complain to the broker, if they don't do what they should, complain to the regulator and finally go to court.
Good luck.


EDIT: It seems, with good and real brokers, everything was fine, so there was plenty of liquidity and positions should have been closed when needed with SL and margin calls.
  • #17
  • Jan 15, 2015 8:42am Jan 15, 2015 8:42am
Quoting Breza
You can not lose more than your deposit, responsibility broker
Most broker TOS state that you have to make good on negative balances. I only know Oanda who explicitly states that you cannot lose more than you deposited (and they zerod out negative balances in the past).
  • #18
  • Jan 15, 2015 8:58am Jan 15, 2015 8:58am
Without being familiar with brokers fine prints, I would say again that if your broker got screwed by their LP they will try to go after you.

Now if they will get money out of their customers is another thing.

I hope I'm wrong, but I see a lot of lawsuits and brokers going bust soon.
So, you think you have rights? LOL
  • #19
  • Jan 15, 2015 9:06am Jan 15, 2015 9:06am
Quoting ForexOracle
Without being familiar with brokers fine prints, I would say again that if your broker got screwed by their LP they will try to go after you. Now if they will get money out of their customers is another thing. I hope I'm wrong, but I see a lot of lawsuits and brokers going bust soon.
I don't see any chance a broker can get additionnal money from a customer. Not legally, not in practice.
I doubt they would even try it.

I agree with you about potential bankrupts soon.

Now, the real problem of this story is that this guy is supposed to still have some money (50% of his needed margin), but good luck to get this back.
About the liquidity providers, the "it's not me, it's them", they can tell it. It's still BS. You are a customer of the broker. What they do behind is not your problem (in theory)
  • #20
  • Jan 15, 2015 9:52am Jan 15, 2015 9:52am
Quoting Breza
You can not lose more than your deposit, responsibility broker
This statement is nonsense! When the spread extends beyond your stop, or if you don't have one (God forbid), you lose more than your initial deposit. This statement is written at the bottom of most advertisements for the Fx Broker/Dealer.

Unfortunately, and something that annoys me no-end here on FF, most people do not educate themselves fully about the arena they are entering. Just read the advert to the right of this page. It states for XM.com brokers that "FX trading involves a high level of risk". No sh*t!

Please, get educated about the Fx market, its participants and the level of risk one undertakes every time one presses the trade button.

Sorry for your loss.
One against the many.
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