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EUR/CHF

  • #13,961
  • Jan 16, 2015 4:10am Jan 16, 2015 4:10am
the cheek of oanda to 'forgive' negative balances when their customer agreement explicitly states they themselves are liable for any negative balances
  • #13,962
  • Jan 16, 2015 4:13am Jan 16, 2015 4:13am
Quoting Paz
{quote} No it is not. I'm with FXCM, did not had open positions, and now they have losses that can't or won't cover, I may never see my money again. And as as me all their clients. SNB has scammed the world.
Depends on where you opened the account. FXCM in the EU (as far as I know) accounts are save up to 50.000 GBP if theres a certain scenario....
And the funds are seperated hold from the companys money, so in a case they are untouchable for others.

http://www.fxcm.com/uk/advantages/safety-of-funds/

Don't worry too much, I think they will sort their problems out and stay in business.
  • #13,963
  • Jan 16, 2015 4:24am Jan 16, 2015 4:24am
Quoting Napoleon180
{quote} Depends on where you opened the account. FXCM in the EU (as far as I know) accounts are save up to 50.000 GBP if theres a certain scenario.... And the funds are seperated hold from the companys money, so in a case they are untouchable for others. http://www.fxcm.com/uk/advantages/safety-of-funds/ Don't worry too much, I think they will sort their problems out and stay in business.
What is 50.000 GBP!! What if his account was bigger than that?

This is why people must be cautious by not depositing more than that with unreliable brokers like FXCM that have scam companies principle of:

Scam clients as long as needed, if some clients sue them, pays the fines of regulatory body and continue the process of scamming again.

After all, profits always exceed fines losses.
  • #13,964
  • Jan 16, 2015 4:26am Jan 16, 2015 4:26am
Time for technical stuff. Can't find any price to buy eurchf. Looking to become a seller at or little below 1.05, 1.08 and 1.12, anyone can share technical views?
  • #13,965
  • Jan 16, 2015 4:31am Jan 16, 2015 4:31am
Don't know why but some days ago i changed my trading strategy. Before i had all my available money in the trading account but was begining to get scared so pulled the most out to skrill etc. Now i only put the money that i will risk and no more. If they get lost i put up another portion. Don't keep all your money the same place it is a sick world we live in. Anyways no prob for me right now as i am Dukascopy but you never know when things happen. Sad for people who cant get their hard earned money back now. But what about people who made killing on this? Also sad for them if they can't get what they just earned by style.
  • #13,966
  • Jan 16, 2015 4:32am Jan 16, 2015 4:32am
Quoting Harris27
Time for technical stuff. Can't find any price to buy eurchf. Looking to become a seller at or little below 1.05, 1.08 and 1.12, anyone can share technical views?
Cannot believe the volatility in this pair.
  • #13,967
  • Jan 16, 2015 4:32am Jan 16, 2015 4:32am
Quoting Harris27
{quote} What is 50.000 GBP!! What if his account was bigger than that? This is why people must be cautious by not depositing more than that with unreliable brokers like FXCM that have scam companies principle of: Scam clients as long as needed, if some clients sue them, pays the fines of regulatory body and continue the process of scamming again. After all, profits always exceed fines losses.
Well, everyone should know the risks of trading, and knowing the broker and the rules he is trading with - and therefore managing the risks on his own responsibility.

These "scam" and "thief" mentality is totally the wrong attitute towards forex trading/ brokers in general (well you can not trade without any right?).
Just think about it. Nothing is safe in this world, every bank can fail and go bankrupt, countrys can...theres always a risk where you put your money in...its just a matter of risk management and not having all money at one place.

Don't scream around and spam the thread with bad words, just take a time and think.
  • #13,968
  • Jan 16, 2015 4:45am Jan 16, 2015 4:45am
Quoting tim10167
{quote} Fxcm rang me three times today asking me to put money to balance my negative acc. I told them to piss off. I think they did tell people they will correct the negative account yesterday but when they realized the lost is 225 million this morning, they started to ask all clients with negative balance to put in more money
asking me to put money to balance my negative acc. I told them to piss off.
  • #13,969
  • Jan 16, 2015 5:27am Jan 16, 2015 5:27am
Amazing! Is there anyone here who has earned/lost a significant amount due this volatility?
0% FEAR 100% GREED
  • #13,970
  • Jan 16, 2015 5:27am Jan 16, 2015 5:27am
By the way, FXCM just changed margin requirements on Chf pairs, for example E/C now is 8500 Euro per standard lot (before 500). = factor x 17
  • #13,971
  • Jan 16, 2015 5:32am Jan 16, 2015 5:32am
http://www.thelocal.ch/

Swiss news in english for those who wanna know.

Swiss economy is now expected to grow by only 0.5% now, they have deflation fears, and a lot in Switzerland are seriously pissed. I guess this will have consequences for the SNB's head.
  • #13,972
  • Jan 16, 2015 5:55am Jan 16, 2015 5:55am
Funny, in 2012 I wrote: "the possibility that the 1.20 break downwards, massively, after the snb cant hold it at that mark anymore increase with the time"

http://www.forexfactory.com/showthread.php?t=366216

This statement holds true even tho I focused my energy on the greek stuff at that time, anything that adds pressure to the snb would contribute to this event and therefore increase the probability of this to happen.

Note that noone in that thread was agreeing with me.

Lesson to be learned: Never act against the market, especially if central banks intervene. At the end, the market wins.

My thoughts are with all who have lost that day. I hope it won't play out as bad as it looks now.
  • #13,973
  • Jan 16, 2015 6:53am Jan 16, 2015 6:53am
The 1.2 impossibility
I hadnt heared the was going to hold the E/C above 1.2 until yesterday. To me its seems an impossibility once we where getting close to that. I mean you could put a long with SL right below 1.2 and bet your hwole account. Thats probably what crashed the whole thing to start with. I mean it would be a bulletproof trade?
My signature is: "Classified".
  • #13,974
  • Jan 16, 2015 7:01am Jan 16, 2015 7:01am
Get ready for FXCM stock price melt down
  • #13,975
  • Jan 16, 2015 7:34am Jan 16, 2015 7:34am
The following goes to the idiots who were defending the Swiss NB on this thread. Although they announced going out of business, Excelmarkets can be respected because they are returning clients money, not asking clients to deposit to cover negative accounts balances as scammers thelikes of saxo bank and fxcm are doing!!!!


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
  • #13,976
  • Jan 16, 2015 7:40am Jan 16, 2015 7:40am
Quoting Harris27
The following goes to the idiots who were defending the Swiss NB on this thread. Although they announced going out of business, Excelmarkets can be respected because they are returning clients money, not asking clients to deposit to cover negative accounts balances as scammers thelikes of saxo bank and fxcm are doing!!!! 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...
They refunded my deposit today.
  • #13,977
  • Jan 16, 2015 8:36am Jan 16, 2015 8:36am
chf is soo good for small trades today. You only need to stay in for 1-10 mins thats all it moves llike hell
  • #13,978
  • Jan 16, 2015 8:42am Jan 16, 2015 8:42am
Quoting herbun
Funny, in 2012 I wrote: "the possibility that the 1.20 break downwards, massively, after the snb cant hold it at that mark anymore increase with the time" http://www.forexfactory.com/showthread.php?t=366216 This statement holds true even tho I focused my energy on the greek stuff at that time, anything that adds pressure to the snb would contribute to this event and therefore increase the probability of this to happen. Note that noone in that thread was agreeing with me. Lesson to be learned: Never act against the market, especially...
Can you predict what I will be having for lunch tomorrow? I would like to be prepared for it
A 1 pip gain is better than a 1 pip loss.
  • #13,979
  • Jan 16, 2015 10:34am Jan 16, 2015 10:34am
@aeternum: Honestly, I don't care.
  • #13,980
  • Jan 16, 2015 10:49am Jan 16, 2015 10:49am
Late last year I seem to remember getting an email from Dukascopy informing that "Due to the possibility if the 1.20 floor being broken, they were reducing available leverage on EUR/CHF to 1:10.
They either knew something we didn't or they are just a responsible broker looking after their clients and themselves.I like think it's the latter.
Where price is now, it has been before, and will be again.
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