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EUR/CHF

  • #14,101
  • Jan 17, 2015 11:00am Jan 17, 2015 11:00am
Quoting Harris27
{quote} Dude, understand that our problem with the swiss mafia bank is not removing the peg off guard but why assure it many times...repeating...then all the sudden remove it. This is a disgrace. I'm a man of my word, people who do what Swiss NB had done loss credibility and are X for me. "The rate was cut as a feeble attempt to prevent piling into the franc" In what did this matter? As if didn't exist, eurchf reached 0.83-0.85 for some brokers same day and 0.96 for all a day later. Do you even doubt that both decisions were very amateur?!
And dude, understand that was YOUR problem that you took in their assurances with warm welcomes. And the rate cut didn't matter. As I said... feeble. Negatives rates make the CHF "unattractive."

I don't necessarily think it's amateur because I don't think it's owed to the markets. I was surprised at the size of the move. The price action will digest the news, and pair likely will be stable again.

Personally, I think the SNB planned to catch the market off guard. EURCHF has been a one way market for a while. Francs can now buy a lot more "things"

Bare this in mind, the CHF was held artificially low for three years. It took the:

Inserted Video
When the facts change I change my mind, what do you do sir
  • #14,102
  • Jan 17, 2015 11:00am Jan 17, 2015 11:00am
To clarify my stance first. I have been trading this pair for two years on the long side and made enough profit. Slippage is no strange to me. I experienced it during scheduled news announcements from the economic calendar. It was obvious that slippages in the event like this would be enormous so I was reducing my exposure in recent months. I made acceptable loss and was disciplined in money managing.

Central banks don't need to worry about traders and speculators, rather they should care about real economy. One of their missions it to maintain price stability. When you start your business you don't need to have PhD in economics to figure out macroeconomic conditions. Government officials are there to give very, very loose hints in layman terms about where economic politics is heading. If any U turn must be done don't do it abruptly. Again, forgetting about traders at all, and thinking about real economy only, SNBs actions can be assessed as amateurish.
  • #14,103
  • Jan 17, 2015 11:01am Jan 17, 2015 11:01am
Quoting jmn5611
{quote} I hope you were able to correct them. Unless a trader gets into a car wreck or gets seriously ill and winds up in a coma, they should never face a margin call on their total account on a single trade. That's just stupid. Having said that, I was stupid too once upon a time.
I totally agree with you, and like I mentioned before it's always do to leverage. You got traders here with a $200 balance on 500:1 trading lots
When the facts change I change my mind, what do you do sir
  • #14,104
  • Jan 17, 2015 11:04am Jan 17, 2015 11:04am
Quoting Harris27
{quote} Dude, understand that our problem with the swiss mafia bank is not removing the peg off guard but why assure it many times...repeating...then all the sudden remove it. This is a disgrace. I'm a man of my word, people who do what Swiss NB had done loss credibility and are X for me. "The rate was cut as a feeble attempt to prevent piling into the franc" In what did this matter? As if didn't exist, eurchf reached 0.83-0.85 for some brokers same day and 0.96 for all a day later. Do you even doubt that both decisions were very amateur?!
Because they changed their mind about the peg being a good idea. It's that simple. They decided the peg was no longer a viable solution to their deflation problem, and decided to remove it and attempt something else. The markets react to news from central banks and other sources, not the other way around. The Swiss National Bank doesn't owe anybody a courtesy call or advance notice. Was it unexpected? Yes. Was it damaging? Very much so. This is the reality of trading in a free market, especially when an artificial dam was put in place that couldn't last. I truly feel for everyone that lost large amounts of money in the removal of the peg, but calling the SNB a "Swiss Mafia Bank" and "a bunch of pussycats" is just childish and immature, and doesn't help anything.
  • #14,105
  • Jan 17, 2015 11:04am Jan 17, 2015 11:04am
Quoting Pip Anon
{quote} Right the facts. The fact is.. SNB dropped the fix, tough luck. Brokers lost because they want to offer 300:1 to clients. Look, I don't care about central banking. Their all the same. My beef is people whining about it as if they owe some sort of warning. I just watched a clip of Edger at Oanda say yea, it was a surprise. Take it on the chin and time to move on. If you thought central banking was credible, that's a personal problem
FXCM leverage 50:1, UK has 200:1. We're gonna move on for sure, it's always the case after pitfall time, but not before giving Swiss National Bank it's right for loss of credibility and not before brokers pay clients money for breaching its contract by not respecting stop out and margin necessities.
  • #14,106
  • Jan 17, 2015 11:05am Jan 17, 2015 11:05am
Quoting Caa
saxo now sending "formal demand of payment" with deadline to pay, friday 23 jan
ignore them or stall, they will go broke if this is situation, i did not get this mail
  • #14,107
  • Jan 17, 2015 11:07am Jan 17, 2015 11:07am
Quoting Harris27
{quote} Not only retail traders, most people including brokers were not prepared for this surprise, swiss big companies are in deep financial problems, crying for help. We do not talk about "ifs", but facts. The cap was in place, Swiss NB assured it until few days from the disaster. Draghi didn't promise something that do not exist. Swiss NB did not promise to set a cap and failed to do it. If they hadn't set a cap from 3 years, we have no problem with them, we weren't talking here or this thread was dead long time ago! The worst Swiss NB have done...
Harris, I suspect the SNB thinks that the ECB is going to get serious about QE. The SNB understands that the Eurozone is in trouble. What they have done is wash their hands of the Euro. They didn't cheat anyone. Others posters here saw the writing on the wall. If you are young enough to believe what any public figure says without doing some homework, then it was a good lesson for you. In the hour before the SNB released the peg, the market showed very clear signs of something going amiss.

The charts don't lie.

I'm not trying to insult you or talk down to you. I am just saying I remember when I lacked the market experience to see some things. I was trading during 911. I was trading when Abenomics was announced. I already told you I was trading when the peg was put in the first place. The Swiss simply declared their independence from what they think is a looming crisis in the Eurozone itself.
If you are good at something, never do it for free--Joker
  • #14,108
  • Jan 17, 2015 11:09am Jan 17, 2015 11:09am
Quoting Pip Anon
{quote} Lol I know, they got bailed out. Like I told someone else, I wasn't surprised the fix was dropped. Just surprised it took so long. Complacency breeds indolence. Traders thought everything was a sure thing. The 1.20 floor would always stand and all I'd have to do is go long. Psssh. This is what forex used to be.
Said it many posts backward. US authorities, NFA and CFTC love companies like FXCM who pay fines and continue business. Not all clients ask for their rights, the broker wins on scamming on the long run!
  • #14,109
  • Jan 17, 2015 11:12am Jan 17, 2015 11:12am
Quoting Harris27
{quote} FXCM leverage 50:1, UK has 200:1. We're gonna move on for sure, it's always the case after pitfall time, but not before giving Swiss National Bank it's right for loss of credibility and not before brokers pay clients money for breaching its contract by not respecting stop out and margin necessities.
Hey the SNB also took a $60 billion CHF hit. Some professional traders will even go out to say 50:1 is still way too much leverage. Alpari UK is out of business, so is Excel in NZ. I believe both offered over 200:1.

Check FF listing of brokers servicing non-US clients. There is serious 1000 and 2000:1 leverage. I mean really.

Plus, a few months ago I was on Dukascopy TV giving a brief analysis on EURJPY. I said straight out there will be a time were traders loose faith in central banking. Central bankers backed themselves into a box.
When the facts change I change my mind, what do you do sir
  • #14,110
  • Jan 17, 2015 11:13am Jan 17, 2015 11:13am
Quoting Harris27
{quote} Said it many posts backward. US authorities, NFA and CFTC love companies like FXCM who pay fines and continue business. Not all clients ask for their rights, the broker wins on scamming on the long run!
Can we really blame the broker, though? They didn't force traders to overlever, let alone the majority have no idea what they're doing. Sometime's there has to be personal responsibility.

However! If you have $2-300,000 in capital sure go 200:1. I think leveraged should be capped on capital backing it.
When the facts change I change my mind, what do you do sir
  • #14,111
  • Jan 17, 2015 11:23am Jan 17, 2015 11:23am
Quoting jmn5611
{quote} Harris, I suspect the SNB thinks that the ECB is going to get serious about QE. The SNB understands that the Eurozone is in trouble. What they have done is wash their hands of the Euro. They didn't cheat anyone. Others posters here saw the writing on the wall. If you are young enough to believe what any public figure says without doing some homework, then it was a good lesson for you. In the hour before the SNB released the peg, the market showed very clear signs of something going amiss. The charts don't lie. I'm not trying to insult you...
I agree that Swiss NB decision was for its favor only! They surrendered and threw the towel, telling other CB, we are no longer responsible for euro weakness.

I bet other CB's were surprised more than we were. No counter reaction in the market whatsoever!! Nobody can face the tsunami bcoz nobody expected it.

I disagree, they cheated us all, they said something and did the opposite in no time.

It's not about experience, be sure I have much experience in the markets, this is why my profits from eurchf trading were withdrawn weeks ago. Despite this loss from trading the pair, am xxx% over my deposited amount for this account and trading other pairs on other accounts smoothly, no effect.

No one could had predicted this timing of peg removal, whatever your experience is. Many on this thread were saying and still they expected peg removal a year or more backward!! Can you imagine how much money I and others gained from this pair from a year till now??

The great predictors stopped trading it a year ago. So don't come now and tell us it was clear the cap will be removed.
  • #14,112
  • Jan 17, 2015 11:28am Jan 17, 2015 11:28am
Quoting Pip Anon
{quote} Can we really blame the broker, though? They didn't force traders to overlever, let alone the majority have no idea what they're doing. Sometime's there has to be personal responsibility. However! If you have $2-300,000 in capital sure go 200:1. I think leveraged should be capped on capital backing it.
Don't take this personal, but your comment lacks basic knowledge of trading with brokers. The more your capital the less they'll give you leverage, clearly to protect themselves. Even ones who give 500:1 it becomes 1:100 if over 100K

Another thing, we can blame brokers for breaching margin and stop out conditions. Higher leverage could had protected in more money left in balance if brokers applied the condition right, not left account go to negative and give clients favor of replacing it to zero.
  • #14,113
  • Jan 17, 2015 11:33am Jan 17, 2015 11:33am
Quoting Pip Anon
{quote} Hey the SNB also took a $60 billion CHF hit. Some professional traders will even go out to say 50:1 is still way too much leverage. Alpari UK is out of business, so is Excel in NZ. I believe both offered over 200:1. Check FF listing of brokers servicing non-US clients. There is serious 1000 and 2000:1 leverage. I mean really. Plus, a few months ago I was on Dukascopy TV giving a brief analysis on EURJPY. I said straight out there will be a time were traders loose faith in central banking. Central bankers backed themselves into a box.
The only thing you were right about, lost faith in CB's and brokers too, time to re-read contracts and choose brokers wisely accordingly, if there's someone there reliable enough after Swiss NB tragedy!!
  • #14,114
  • Jan 17, 2015 11:33am Jan 17, 2015 11:33am
Quoting Harris27
{quote} Don't take this personal, but your comment lacks basic knowledge of trading with brokers. The more your capital the less they'll give you leverage, clearly to protect themselves. Even ones who give 500:1 it becomes 1:100 if over 100K Another thing, we can blame brokers for breaching margin and stop out conditions. Higher leverage could had protected in more money left in balance if brokers applied the condition right, not left account go to negative and give clients favor or replacing it to zero.
Don't take this personal, please remove head from arse. I didn't say thats how it was. I said those who have capital to loose should have the ability to loose it.

Trading 3 lots on $100,000 is manageable. Trading 3 lots on $1,000 - not so much.

So, before you want to try and question my experience please hold your tongue cause you have no idea, let alone coming from someone who thinks central banks owe traders a heads up.
When the facts change I change my mind, what do you do sir
  • #14,115
  • Edited 11:50am Jan 17, 2015 11:34am | Edited 11:50am
Quoting Harris27
{quote} I agree that Swiss NB decision was for its favor only! They surrendered and threw the towel, telling other CB, we are no longer responsible for euro weakness. I bet other CB's were surprised more than we were. No counter reaction in the market whatsoever!! Nobody can face the tsunami bcoz nobody expected it. I disagree, they cheated us all, they said something and did the opposite in no time. It's not about experience, be sure I have much experience in the markets, this is why my profits from eurchf trading were withdrawn weeks ago. Despite...
I did not provide enough info in my last post. My apologies.

I trade hourly charts, and I trade in manner that allows me to see pretty much 24 hour market movement. I will repost the chart that gave it away. I didn't know why the CHF was collapsing, all I needed to know is that that it was.

I got my signal to get short 3 hours before the move. Of course, as I said before, It could have easily gone the other way.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFH1.png Size: 53 KB
If you are good at something, never do it for free--Joker
  • #14,116
  • Jan 17, 2015 11:48am Jan 17, 2015 11:48am
Good News:

We would like to take this opportunity to thank you for your patience following on from Thursday’s CHF market events, and to highlight our commitments to our clients.

- We honour our promises, negative balance protection continues to be enforced on all retail trading accounts. Our team has been working to manually correct any negative balances that remain on your trading platforms. This process should now be complete.

- Your funds remain protected and completely segregated from the capital FxPro uses to meet its collateral requirements.

- We also offer broker to broker transfers for those wishing to withdraw their funds from other brokers experiencing difficulties.

Thursday’s events were an upset for the entire industry, but one that we have responded to quickly and with composure. We intend to continue moving forward, providing you with better tools and services, even better prices and the most professional conditions in the industry.

We sincerely thank you for your continued loyalty.

*All brokers working on taking advantage to capture clients from other brokers like FXCM, Alpari, Excelmarkets, FXDD...etc.

Anyway, at least they fixed something, not asking clients to cover negative balances
  • #14,117
  • Jan 17, 2015 11:58am Jan 17, 2015 11:58am
Quoting Pip Anon
{quote} Don't take this personal, please remove head from arse. I didn't say thats how it was. I said those who have capital to loose should have the ability to loose it. Trading 3 lots on $100,000 is manageable. Trading 3 lots on $1,000 - not so much. So, before you want to try and question my experience please hold your tongue cause you have no idea, let alone coming from someone who thinks central banks owe traders a heads up.
A CB is not a bucketshop, spreading promises or sureness of cap importance, day in day out, the last was Danthine words few days ago, to suddenly do the opposite.

Let alone coming from myself who stands for his word = CREDIBLE, not the INCREDIBLE Swiss National Bank, if you know the difference between both other than the "IN"!
  • #14,118
  • Jan 17, 2015 12:01pm Jan 17, 2015 12:01pm
Quoting jmn5611
{quote} I did not provide enough info in my last post. My apologies. I trade hourly charts, and I trade in manner that allows me to see pretty much 24 hour market movement. I will repost the chart that gave it away. I didn't know why the CHF was collapsing, all I needed to know is that that it was. I got my signal to get short 3 hours before the move. Of course, as I said before, It could have easily gone the other way. {image}
You mean Gbpchf chart gave u the hint before the move time or it was a coincidence?
  • #14,119
  • Jan 17, 2015 12:01pm Jan 17, 2015 12:01pm
Quoting Harris27
{quote} A CB is not a bucketshop, spreading promises or sureness of cap importance, day in day out, the last was Danthine words few days ago, to suddenly do the opposite. Let alone coming from myself who stands for his word = CREDIBLE, not the INCREDIBLE Swiss National Bank, if you know the difference between both other than the "IN"!
So you are upset because you feel lied to??

As I said before, charts don't lie, and there are always insiders. There was market based warning.
If you are good at something, never do it for free--Joker
  • #14,120
  • Jan 17, 2015 12:02pm Jan 17, 2015 12:02pm
Quoting Harris27
{quote} You mean Gbpchf chart gave u the hint before the move time or it was a coincidence?
If you watch charts you notice things happening that should not be happening. The SNB releasing the peg was pure chance. Getting short based on what the chart tells you is not.
If you are good at something, never do it for free--Joker
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