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EUR/CHF

  • #14,141
  • Edited 9:45pm Jan 17, 2015 9:16pm | Edited 9:45pm
Guys,

I strongly recommend all traders to pull your funds out of FXCM even after the 300million rescue.

FXCM’s business is 100% concentrated in the forex business unlike other bigger diversified groups such as CitiFx and E*Trade. This means with the number of FX client’s flight out expected in the comings weeks and months out of concerns over whether and how long FXCM will be able to remain operational even in spite of the loan, which is not intended for operational costs, but rather to replenish negative equity balances and to restore it to SEC regulatory compliance. FXCM’S business will shrink considerably in the foreseeable future. Therefore for them to pay back 300 million in two years’ time becomes impossible. And guess who will be the next rescuer?

FXCM is just buying time, not solving their problem.
  • #14,142
  • Jan 17, 2015 9:35pm Jan 17, 2015 9:35pm
My stop was 1.1985 so I had about a 25 pip stop but I got slipped 1700.I would tell anyone now just to keep the bare minimum in any brokerage account so if they go down you only lose 10-15% of equity, none of them can be be trusted to manage risk properly at all times.
  • #14,143
  • Jan 17, 2015 10:16pm Jan 17, 2015 10:16pm
Quoting Market Maker
My stop was 1.1985 so I had about a 25 pip stop but I got slipped 1700.I would tell anyone now just to keep the bare minimum in any brokerage account so if they go down you only lose 10-15% of equity, none of them can be be trusted to manage risk properly at all times.
There would have been a lot of buy limits at 1.2000 with virtually none below that level. Could stops placed right on or above that level have been ok?
  • #14,144
  • Jan 18, 2015 12:32am Jan 18, 2015 12:32am
Depended on your broker I've heard some people still got massive slippage with stops at 1.2001 and 1.2002 but some people with stops here got filled so luck of the draw I guess.
  • #14,145
  • Jan 18, 2015 1:44am Jan 18, 2015 1:44am
Quoting Market Maker
Depended on your broker I've heard some people still got massive slippage with stops at 1.2001 and 1.2002 but some people with stops here got filled so luck of the draw I guess.
i got filed at 1.2+ but then later saxobank revised that they were filled at 0.96, what a bunch of funny people
  • #14,146
  • Jan 18, 2015 1:48am Jan 18, 2015 1:48am
Quoting jmn5611
{quote} Well I'm glad you are still in the game Harris. This too, shall pass.
Not a scam swiss nb will stop me to continue enjoying trading and making money, though the mentality and feeling will never be like before swiss nb scandal!
  • #14,147
  • Jan 18, 2015 1:49am Jan 18, 2015 1:49am
Quoting Market Maker
Depended on your broker I've heard some people still got massive slippage with stops at 1.2001 and 1.2002 but some people with stops here got filled so luck of the draw I guess.
Thanks MM. I think I'll just avoid rates decisions from now on, or at least wait until after they happen. Hopefully no other flash crash happens for a long long time. My goal is to be retired by the time the next one strikes!
  • #14,148
  • Jan 18, 2015 1:54am Jan 18, 2015 1:54am
Quoting jmn5611
{quote} I am wondering how you could expect it to be in your favor when the charts were screaming the other way? The Holy Grail in trading is Want What the Market Wants. Bias is going to cost you a lot of money.
The charts tells u something will happen, not what will happen specifically. Swiss NB assured 1.20 till last minute, monthly weekly and daily charts were favoring a spike, there was no doubt or even thoughts that at that time the floor will be removed due to all the circumstances and at front defense was Swiss nb words that turned to be the biggest disgrace of all time!!!!
  • #14,149
  • Jan 18, 2015 2:10am Jan 18, 2015 2:10am
Such guy must govern a CB?!: "If you decide to exit such a policy, you have to take the markets by surprise," Jordan said on Thursday.

-----------------

IMF Managing Director Christine Lagarde lamented the lack of a warning from SNB Chairman Thomas Jordan. "I find it a bit surprising that he did not contact me," she said. For ECB policymaker Ewald Nowotny, the move was "a surprising decision".


When those were surprised, no bandwagoner must come to this thread to accuse others of high leverage or reckless trading, claiming they new floor removal will happen blah blah
-----------------------------------

Details of ECB policy debates often leak because of the large numbers of officials also involved; if President Mario Draghi announces next week that the ECB is to launch quantitative easing, he will surprise no one. Draghi has made no secret of the fact that such a programme is under discussion on the ECB Governing Council.

Exactly, he had been hinting of it like the FED to rate hike for long months, who carry massive losses from any future move will be blamed bcoz was warned many times before.
-----------------------------------

By contrast, as recently as Monday, SNB vice-chairman Jean-Pierre Danthine said the cap, introduced in 2011 at the height of the euro zone crisis to fend off deflation and a recession, would remain the cornerstone of SNB policy.

danthine jordan and the other swiss nb idiots committed the biggest scandal of all time.
--------------------------------

While officials at central banks generally play down the idea that they offer each other advance notice, they almost always prepare financial markets, businesses and each other for important policy shifts by openly discussing their thinking in the run up to any move.

No, the smart jordan want to surprise, as if the market is his wife want to surprise with a gift, idiot!
----------------------------------------

"All depends on where the exchange rate settles. If it stays around parity (with the euro), it's going to be a real blow for the Swiss economy," said Jan-Egbert Sturm, director of the KOF Swiss Economic Institute.

praying for it to stay below parity for long years, to fxck the swiss economy, anyway many stopped buying swiss made after it became the most overvalued currency, how now!!
----------------------------------
"It was only about 48 hours ago when we had a speech from Mr Danthine on the SNB board where he again stated that the floor would remain in place," Yu said on a call with investors.

Again, what a shameful swiss national bank
---------------------------------------------
  • #14,150
  • Jan 18, 2015 2:13am Jan 18, 2015 2:13am
Quoting zoran22
{quote} i got filed at 1.2+ but then later saxobank revised that they were filled at 0.96, what a bunch of funny people
Did saxo send u an official request for fund with a deadline to pay? They offered a certain leverage, they couldnt get you out in time, they share the responsability. Anyway i dont have what they are asking even in land / house. So snb has effectively created mass defaults.
  • #14,151
  • Jan 18, 2015 2:14am Jan 18, 2015 2:14am
Quoting tommy64
EURCHF seems correlate to USDCHF as EURUSD to USDCHF before EURUSD is no more correlate to USDCHF !! Not easy now to use correlation as an edge on EURUSD !! {image} {image}
Right. Swiss mafia bank spoiled correlation too. Turned the market upside down! even FF logo hahaha
  • #14,152
  • Jan 18, 2015 2:18am Jan 18, 2015 2:18am
Quoting tim10167
Guys, I strongly recommend all traders to pull your funds out of FXCM even after the 300million rescue. FXCM’s business is 100% concentrated in the forex business unlike other bigger diversified groups such as CitiFx and E*Trade. This means with the number of FX client’s flight out expected in the comings weeks and months out of concerns over whether and how long FXCM will be able to remain operational even in spite of the loan, which is not intended for operational costs, but rather to replenish negative equity balances and to restore it to SEC...
This must had been made after FXCM millions fines from 2006 till 2014.

FXCM responsibility today to tell its clients how will it fix their accounts rather than just release an announcement about bailout!
  • #14,153
  • Jan 18, 2015 2:19am Jan 18, 2015 2:19am
Quoting zoran22
{quote} i got filed at 1.2+ but then later saxobank revised that they were filled at 0.96, what a bunch of funny people
If you have a proof that they exit it at 1.20 like screenshot or something in logs folder, save it to face them with if they go legally later .
  • #14,154
  • Jan 18, 2015 2:25am Jan 18, 2015 2:25am
We hear all about the large losses, but I am curious as to who made off with the HUGE profits.......

GREEN pips to all.
  • #14,155
  • Jan 18, 2015 2:25am Jan 18, 2015 2:25am
Bro, At what exact time Swiss NB released the announcement ?

We must go more specific into brokers exit prices and times. If everyone will start stating the price and exact time(seconds too) that their broker exited orders at ?, will be very helpful in the legal process for all of us.

Are there any brokers out there that respected stop out and margin, anyone can report?

I'm searching into many brokers(Non-US) terms and conditions to see the difference and transparency in margins and stop out especially during high volatility market.

Will report my comparison result afterwards.
  • #14,156
  • Jan 18, 2015 2:31am Jan 18, 2015 2:31am
Quoting SmoothTrader
We hear all about the large losses, but I am curious as to who made off with the HUGE profits....... GREEN pips to all.
Yeah I made some cash I was short eur/chf but broker only gave me 10% of what I made, hopefully find out this week if I get the rest.
Has anybody else had the same experience?
  • #14,157
  • Jan 18, 2015 3:49am Jan 18, 2015 3:49am
Quoting Market Maker
What I should have done is kept just enough to cover the minimum margin for this trade in my account then it would have gone negative and FXCM would have zeroed the account which would have meant I would only have lost 10% of what I have done. .
I'm not so sure it would have worked out in the way you think. Does FXCM actually state they will zero out negative accounts? As far as I know they said that they are owed 225 mln from their customers. Now that they have been shortterm saved it's buying them time to deal with negative balances.
I'd say: be happy about being wiped out with no negative balance. I am.
The most sensible thing would have been not to trade short Chf, easy to say after the fact. But they were a lot of people warning about the strategy, although I guess only few put their money where their mouth was.
It's interesting to see that a lot of brokers acutally are in trouble, this at least means they were as stupid as we were. It's shameful on the other hand to have brokers who obviously did good or plan to do that. This means they didn't really took the other side of clients' trades, but waited for a 'good' price to fill.

There is no sure thing and no free lunch. You did the sensible thing and it saved you.
Fail better.
  • #14,158
  • Jan 18, 2015 4:04am Jan 18, 2015 4:04am
I have negative cash balance in SAXO -62k. Traded options and got filled to stop out and they modified the deals. Is there any solution for that?

Friday they call me about negative cash balance but i said it was incorrect.

Someboby any information they will let off this payment as others do?
If they not is it possibilty to probate this negative balance?
If yes between SAXO and me will be on the Hungarian court?
If danish court legitimate how can probate it in Hungary?

I havent got any demand of payment from saxo.

Thanks
  • #14,159
  • Jan 18, 2015 4:07am Jan 18, 2015 4:07am
I do not think FXCM will go after negative balances many peoples accounts will be 10's of thousands in debit they know they do not have anywhere near the means to pay it back plus they stated clients cannot lose more than the account deposit so they do not have a leg to stand on legally. I believe Jeffries have thrown good money after bad. Although FXCM have received this loan it is only a matter of time before they go under as it is imperative in trading that you can trust your broker and you can not trust FXCM anymore.I am looking at trading with Oanda as they have done the right thing by protecting clients are an honest broker and feel they would probably do the same if it happened again.
  • #14,160
  • Jan 18, 2015 4:22am Jan 18, 2015 4:22am
Maybe,but someone with a few k net worth is never paying back 100k debt no matter how much you threaten them will legal action.
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