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Attachments: CHF move as a broker "Stress Test" - Which tried to honor SL's?
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CHF move as a broker "Stress Test" - Which tried to honor SL's?

Quoting Forexia
{quote} Stupid chicken s***! Taking our money when the market suits them; when s*** hits the fan, they all scramble out of sight leaving us holding the bag. And they call themselves "market makers"? Market makers, as the name implies, is supposed to make a market and it doesn't say they only need to make market when the market condition is to their favour; no it means they are supposed to be there making a market no matter what happens, standing ready to buy and sell even when otherwise there is no market. Otherwise what's the point of having "market...
Exactly! Lots of traders seem to just accept slippage. They are even quick to ridicule those who even raise the topic. It is ridiculous to me as it seems they are supporting these large corporations which exist unnecessarily. I am also sure they would quickly take the other side if they had their accounts wiped out and if it was a substantial part of their portfolio.
My SL order got filled at 1.1980. The broker is Alpari MT5.
I'm with Oanda (had the same letter this morning as further up the queue) & to be fair to them they have honoured both my SLs at 1.1990 with no slippage! (I don't trade very large numbers though). The only thing I had an issue with was the 1hr in which they froze trading. I also had a small sell triggered at 1.1990 (with a TP at 1.1) - eventually I closed out at 1.17677 (the price at which it was frozen at) - as I pretty much panicked (wondered WTF was going on with the EURCHF pair). Have written to Oanda as want my TP of 1.1 honoured on the sale (though not holding my breath on this one), will report back if I get anything. Compared to some - very lightly bruised by this.

Just goes to show that you need a decent broker (even if they are a market maker - I understand what that means) & always use SLs.
ALPARI - Has it gone BUST
Trading Platform disabled
They are NOt answering Phones!
Quoting grin
{quote} 1.2017 ??? How did you manage that? In the whole time since previous day's close bid was not over 1.2010.
1.0217 not 1.2017
im talking about Usd-CHF
Quoting Fxworld
My SL order got filled at 1.1980. The broker is Alpari MT5.
I trade with Alpari MT5 tooooo but i didnt use SL my SELL Trade was wiiiiiiide open for alll the profits
Quoting Eur Usd
Oanda wrote me, and I am sure now it is good broker and should stay with them. "Dear Valued Client: Early on January 15, 2015, the Swiss National Bank (SNB) sent global financial markets into turmoil with a surprise move to eliminate its three-year-old cap on the franc (CHF). In the wake of this unprecedented market event, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity...
Yesterday I realized that the absolute most important thing in Forex is to use a broker with a Negative Balance Protection.
Forex is a losers game.
Quoting trader121
{quote} the absolute most important thing in Forex is to use a broker with a Negative Balance Protection.

That's new to me, my broker went burst the terminal is not quoting new prices. I have to search for a new broker.
Attached Image (click to enlarge)
Click to Enlarge Name: CRITICAL - OPEN POSITIONS MUST BE CLOSED _2015-01-16_08-01-52.png Size: 44 KB
Let it turn and find your entry.
Quoting Leomeister
I received an email from Excel Markets broker with the following message. Sadly their explanation about being stuck with no liquidity on the CHF makes sense. I'm trusting their assurances about client segregated funds being available for immediate withdrawal are accurate. It will be a pity if, as they say, they must close their business as they seem stand up in their business practice. ------------------------------------------------------------------------------------------ {image} The dramatic move on the Swiss franc fueled by the Swiss National...
I was with Excel Markets too. Shame, they were good. Now I'm broker-less apart from some old bucketshop account I won't use again. Now who shall I go to? It's not something I'm too clued up about because I was happy with Excel Markets.
Quoting Mroue26
{quote} I trade with Alpari MT5 tooooo but i didnt use SL my SELL Trade was wiiiiiiide open for alll the profits

Bad news buddy, they are bust.
A contrarian; I always disagree.
Quoting trader121
{quote} Yesterday I realized that the absolute most important thing in Forex is to use a broker with a Negative Balance Protection.
Negative Balance Protection also went for a toss yesterday. When there is no liquidity no broker in the world can help fill your order at the price you quoted. Unless your broker was a market maker who offered to take up your quote.

What's the most important thing is leverage and risk management. But even that can go only so far.

Trading the financial markets is risky. Period.
Quoting jw1981
{quote} Negative Balance Protection also went for a toss yesterday. When there is no liquidity no broker in the world can help fill your order at the price you quoted. Unless your broker was a market maker who offered to take up your quote. What's the most important thing is leverage and risk management. But even that can go only so far. Trading the financial markets is risky. Period.
You misunderstood me, I did not meant this regarding the fullfillment of orders. I don't care about fullfillment of orders in that situation.

What I mean by that is the personal liability to the broker. What I realized yesterday is if you trade with a broker without a negative balance protection, this can lead to your personal bankrupt, becuase brokers are trying to get the negative balance back from you.

With OANDA, this can't happen because they do not take actions agains traders with a negative balance.

Leverage and risk management does not help in that situation, you just can say then "Hey I Need to file personal bankruptcy, but I had a proper leverage and risk management!"
Forex is a losers game.
Quoting Intrepidpips
{quote} That's new to me, my broker went burst the terminal is not quoting new prices. I have to search for a new broker. {image}
Yep, no more Excel Markets as of today...they have gone under water..just don't understand how if they were ECN broker so in theory they were supposed to only transfer your order to an ECN network and take a commission for it..I am confused
Quoting trader121
{quote} You misunderstood me, I did not meant this regarding the fullfillment of orders. I don't care about fullfillment of orders in that situation. What I mean by that is the personal liability to the broker. What I realized yesterday is if you trade with a broker without a negative balance protection, this can lead to your personal bankrupt, becuase brokers are trying to get the negative balance back from you. With OANDA, this can't happen because they do not take actions agains traders with a negative balance. Leverage and risk management does...
My bad. Misread you.

This makes Oanda into the list.
We expect euro/Swiss to trade around 0.90-1.00 francs after all the stop loss orders have been cleared."
Quoting merquise
{quote} Yep, no more Excel Markets as of today...they have gone under water..just don't understand how if they were ECN broker so in theory they were supposed to only transfer your order to an ECN network and take a commission for it..I am confused
Because the clients accounts are negative and someone has to pay for the losses, the client or the broker. Market Makers are the brokers that win the day as they are long when you are short and vice versa!
Oanda is market maker right?
Quoting goldfinch
{quote} Bad news buddy, they are bust.
what do you mean?
Quoting Mroue26
{quote} what do you mean?
They're insolvent .http://www.alpari.com/company-news/p...t-announcement
Quoting Mroue26
{quote} what do you mean?
mean they cannot shore up their reserves needed per regulation set aside for operational use. They are forced to shut down.
Trade what you see, not what you think!
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