EUR/CHF

glad to see someone else noticed that...I was wondering myself...New custom indicator for the EUR perhaps?

I took a look after the fact and rarely eye anything CHF unless someone I know is talking about it..So, I can't say I would've been short, but looking at the chart and making some assumptions, I see no reason why starting to short the rallies on /CHF pairs would've been a bad thing to be doing, which, could've caused one to be right in the thick of it dancing all the way to the bank..

Took a couple of weeks to crank out 800 on the GBP/NZD and here's the CHF doing double in 10 minutes...Maybe I should be rethinking my CHF exposure...

Wow FF went belly up too

Wonder what CMC Markets is going to do with the swiss franc blowout? My stops were at 1.1995 and trades showed that i was exited at 1.1898 for a total loss of ($288). Next morning got an email that prices will be adjusted and they have done a wonderful price adjustment of an extra ($5,175) so bringing the total loss to ($5,463) with no notification of what price they drew from thin air.

Even when i called the client services they could not tell me the price that was supposedly finally exited. I will fight them all the way since they would have suffered less than Ecms being a market maker.

So anyone with FXCM with negative balance, What are you going to do?

Do you think they honor their word about credit to zero balance as advertise in their website?

I really liked using CHF as a hedging too on my EUR trades since MB trading wont allow hedging. Thank the sweet lord I wasn't in any chf trades. I suppose ill have to rely on correlation trades to hedge I wish I had more money to risk on some chf longs.

Still waiting to find out. I can't see how they are going to make average Joe in China pay hundreds of thousands he is never going to be able to earn so they are going to have to take some losses. I can't see how they won't be honourable, If they are not then every customer will jump ship.

They do say on their web site 'Can I lose more money than I deposit - Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.' so one would assume they will have to honour this.

I've filled out an audit form and complained that my stop wasn't triggered and that the rep I contacted while I was still +ve balance said 'Nothing we can do. keep trying to close and when a price is available you will be able to close.' At this point the decision had just been announced but there platform would not allow me to close the position until it had dropped to the bottom of the sea. Their platform just seemed to die a death for what must have been 20 minutes, with a couple of horrible jumps which I could do nothing about except watch as one of my account went down, down, down.

I wasn't overly margined on EUR/CHF on that account (my biggest one!) so it is now slightly negative by around £2000 as the price dropped right through the stop order and was never triggered.

I have 2 other accounts with them though (To mitigate from a disaster, I would still say I'm still relatively new to trading). All 3 were relatively small accounts and I didn't leverage too much so I'm not in the disastrous situation as some. My other 2 accounts had no CHF exposure and they are around £3500 so these can cover the debt if they make me do that, although I am going to push back if they try and see what happens.

The annoying thing for me is that I built this up over 2 years from £750 and one decision, which now is as clear as day a stupid one, has knocked me way back. I don't know if I'm more angry at myself than FXCM tbh.

It is interesting to see from other posters which other companies managed to trigger a stop, even with slippage (I still can't bring myself to say 2000 pips is slippage! Especially as the stop didn't ever trigger. I managed to close the position at more or less the bottom).

I have noted that their currency analyst, John Kicklighter, who has been advocating this position for years, is saying he woke to a 6% loss to his account, when he had a 2% risk on that particular trade. His stops obviously got filled on the way down! (I wonder if he uses FXCM?)

I'm interested to see what they do from here. At this point I have gone from being p**ssed at them, to being thankful (After seeing some of the losses others have reported), to thinking that all was going to be gone (when I thought they were about to sink quickly with $1/4 billion debt), to being p**ssed at myself, to now being a lot more calm about the situation.

I'm still healthy (I think!), I've learnt a very valuable lesson and can't be bothered to let it ruin my karma.

Although some have come on here and taken the mick, and there are other message boards hammering us and laughing loudly, I feel bad to everyone who is not in as lucky a position as myself (It could have just as easily been me in all honesty).

I was short euro/chf and picked up a lot of pips and made some good cash, only for my broker to only honour 10% of the trade the next day. I spoke to my broker and he told me the banks are going over all the trades to see if they are legit, my order was at 12003 take profit at 11000.
So i'm hoping to get the lot, has anybody else had this happen to them?
Feel pretty sorry for the people who got wiped out

Hey, are you drunk? what does swiss mafia bank scandal have to do with technical analysts views?

What if they raised the floor or intervened? Analysts views would be right then?

Good if you really profited 100K in 6 minutes, which i doubt when did you enter your sells and where? before the 1.2097? you left your sells of 1.2010 opened till come back and waited till 2 days ago?

Many here are to waste time, no real traders, easy to talk after things hapen than before.

Accusing technical analysts say it all about your knowledge, swiss nb disgrace could not be predicted, bcoz the timing was totally wrong, at least not compatible to what they were saying few days and weeks ago.

I think they just don't want to say "we trade against our clients" .... then diverted the blame to customers who long XXXCHF with the pretext no liquidity to execute the stop loss order..... resulting to negative account balance.

Here's the quote from BBG (the bolded paragraph)

(Bloomberg) -- Losses mounted from the Swiss currency shock as the largest U.S. retail foreign-exchange brokerage said client debts threatened its compliance with capital rules and a New Zealand-based dealer went out of business.

FXCM Inc., which handled a record $1.4 trillion of trades by individuals last quarter, said clients owe $225 million on their accounts after the Swiss National Bank’s decision to abandon the franc’s cap against the euro roiled global markets. Global Brokers NZ Ltd. said the impact on its business is forcing it to shut down.

“I would be astonished if we did not see more casualties,” Nick Parsons, the London-based head of research for the U.K. and Europe at National Australia Bank Ltd., said by phone from Sydney. “This was a 180-degree about turn by the SNB. People feel hurt and betrayed.”

Dealers in London at banks including Deutsche Bank AG, UBS Group AG and Goldman Sachs Group Inc. battled to process orders yesterday when the SNB surprised markets with its announcement on Thursday morning in Zurich. The franc surged as much as 41 percent versus the euro, the biggest gain on record, and climbed more than 15 percent against all of the more than 150 currencies tracked by Bloomberg.

Unprecedented Volatility

“Due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses,” FXCM said in a statement dated Jan. 15. That “generated negative equity balances owed to FXCM of approximately $225 million.”

FXCM’s shares dropped 15 percent yesterday to $12.63, the lowest in almost two years. That reduced its market capitalization to $595.6 million. Spokeswoman Jaclyn Klein didn’t immediately respond to phone calls to her mobile and office phones.

The company warned investors in its 10-K SEC filing last March that its risk controls were imperfect. FXCM had 230,579 retail customers on Dec. 31. They traded $439 billion of currency in December, with an average of 595,126 retail client trades a day.

“Some of our methods for managing risk are discretionary by nature and are based on internally developed controls and observed historical market behavior,” the company said. “These methods may not adequately prevent losses, particularly as they relate to extreme market movements.”


Lol just notice the upside down

None had done or maybe 0.001%, only bandwagoners who come to this thread claim to had shorted the pair.

Why do you think some brokers are happy to announce covering negative accounts and working it well through and after the news time?

Non made millions or billions, brokers who said they paid to clients who bought chf too are liars, bcoz these clients do not exist or very rare to find one out of the 100K of broker clients.

Some bandwagoners accusing others for the losses and calling them trading with emotions have no TV to watch forex channels reporting bankruptcy in many companies in and out forex due to swiss nb disgrace.

Those companies traded or managed their investment from the emotional side too??

The same bandwagoners want to advice others to adapt to the loss and move on hahaha, as if we don't know this, had been in the markets before you were born, writing an opinion here does not mean crying dying from the loss, if this didn't enter your head yet, reminding you that I can afford the loss that was limited to my eurchf trading account, the same account that I withdrew profits from 3 weeks ago, so am on the +side over my deposit by xxx%
But that will not make me close the page of swiss nb scandal before giving its right and continue tracking the broker to cover some losses resulting in not respecting stop out and margin %

I feel for forex brokers like excel markets who carried big losses and got out of business, but didn't run away from responsibility toward clients.

They and others who had done the same despite their painful financial status have more credibility than the swiss nb, fxcm saxo bank and their likes who can't pay clients their money. Because the last ones proved to be pure market makers. Some of the others who are running business till now claiming they played safe are either ones who are hiding losses in their B-Books to recover it later on or announce bankruptcy- time will tell or bunch of liars who ran all clients accounts to negative balances to then tell clients they made them favor by recovering it to zero, when in fact those scam brokers had saved millions from not respecting the contracts that include stop out % and margin requirements.

Anyone knows what brokers paid and who not paying clients? Alpari FXDD ?

Broker name?

I don't want to name the broker yet, as I know one of the owners and he is the one trying to sort it out for me.

Ouch.... do you think I can convince my Broker that these trades are not valid? :-D

Harris, there are people who made money on the drop, but they are not millionaires. I made 400% on the drop. But because I am a conservative trader I was able to smile at my participation, but I will not be retiring on it. It could have gone the other way. I was on the wrong side of the weakening a few years back. The reason I can still post is that when I was on the wrong side of the trade, it cost about 12% of my account. That would take me some months to make it back, but I did. I am with Oanda, and, yet again, they are showing that they are a broker that advanced beginners and competent traders should use.

People that got hurt got hurt because they have not yet learned that leverage is dual edged sword. Trading is a business, it not Raiders of the Lost Ark.

-82k usd with saxo.
They filled below .88 eurchf
I m thinking of offering to pay 41k usd..
What do you think?

can offer the amount u like but tell us more why?

what price orders must had been closed at, stop out % ?

dont give them anything

Your broker had no updates until 1.02 price, time looks suspicious too? Or you left orders run till the end?