I was buying short tearm options through SAXO bank trade floor. Initaly I was working with 20 000 USD, last morning 12:00 I fell to 16000 usd and I couldnt withdraw it from the account. After that they recalculated my loss and said that I am -400 000 usd, and a bit later -560 000 USD, and that I haver to cover that Loss in the next couple of months ???????!!!!!, Did anyone have the same problem ? During trade, option for this not to happen was ON . What are my responsibilities in this case ? I couldnt do anything to stop this .... !!!
I was buying short tearm options through SAXO bank trade floor. Initaly I was working with 20 000 USD, last morning 12:00 I fell to 16000 usd and I couldnt withdraw it from the account. After that they recalculated my loss and said that I am -400 000 usd, and a bit later -560 000 USD, and that I haver to cover that Loss in the next couple of months ???????!!!!!, Did anyone have the same problem ? During trade, option for this not to happen was ON . What are my responsibilities in this case ? I couldnt do anything to stop this .... !!!
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Hello, I am in the same case. My account is showing a 6 digits negative number. Do you know what to do ? I am student and i dont have the funds necessary to make up for that loss. Do you think you can contest it ?
{quote} Hello, I am in the same case. My account is showing a 6 digits negative number. Do you know what to do ? I am student and i dont have the funds necessary to make up for that loss. Do you think you can contest it ?
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I am sorry to hear that, this sudden SNB decision seriously brought another turmoil to financial market.
At this moment, I am afraid, not even SNB would offer hand to market participants who incurred loss due to trading CHF related pair/product.
I was buying short tearm options through SAXO bank trade floor. Initaly I was working with 20 000 USD, last morning 12:00 I fell to 16000 usd and I couldnt withdraw it from the account. After that they recalculated my loss and said that I am -400 000 usd, and a bit later -560 000 USD, and that I haver to cover that Loss in the next couple of months ???????!!!!!, Did anyone have the same problem ? During trade, option for this not to happen was ON . What are my responsibilities in this case ? I couldnt do anything to stop this .... !!!
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If I were in your shoes (as well as the fellow's above me) it pains me to say that I'd quickly acquaint myself with the local personal bankruptcy laws.
Yesterday provided an incredible lesson in terms of how vicious markets can be. Some very seasoned players lost a lot of money yesterday. We're talking guys who have been in the markets for decades. Really feel sorry for everyone. Although I've stayed away from EURCHF for the past few years it never occurred to me to stay away from other CHF crosses. Did I ever dodge a bullet.
But do you think you can contest their option's value ? I mean they changed their valuation twice, and for sure in their favour.. Do you think a grouped legal action against them might favour us ?
{quote} touche... me too lucky enough to not get with CHF trade. my reason is simple: 1. why not trade USDCHF => because it is the same as trading EURUSD. I already shorting EU so it is useless to long USDCHF. 2. why not trade EURCHF => Thursday trade on EURCHF is purely based on fundamental. If you use technical analysis, USDCHF formed a big triangle with 1.2 as base. if the price close below 1.2 then I'll enter, if not wait and see. Unfortunately the price indeed close below 1.2 but it is already too late.
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Good for you, lol. What I think is:
1, I guess, just guess, the reason why someone trade EURCHF maybe because they believe EURCHF is very safe, no dramatic changing because of the limitation of 1.2 by SNB. Unfortunately, the most safe place became a hell.
2, For USDCHF, I saw a healthy down trend from 2001 on Month chart. Anyway, I do not touch it.
{quote} Good for you, lol. What I think is: 1, I guess, just guess, the reason why someone trade EURCHF maybe because they believe EURCHF is very safe, no dramatic changing because of the limitation of 1.2 by SNB. Unfortunately, the most safe place became a hell. 2, For USDCHF, I saw a healthy down trend from 2001 on Month chart. Anyway, I do not touch it.
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1. Do you think USDCHF will go down more?
2. This morning I woke up check my USDCHF already in green position over $2k, but didnt close it, coz hoping for more upbeat drum especially from US CPI announcement. I was wrong again, it was going south so low and the position was red $1k, but now is back to $400. I didnt what I was thinking, I could have better weekend, now I am kind nervous. But I will keep the good faith, been listening CNBC all day, expert says US$ will keep getting stronger. I keep my fingers crossed.
3. If Swiss Central Bank has negative deposit rate, who wanna put money in that bank?
4. I think USD will swing back up north...againts Swissie
{quote} 1. Do you think USDCHF will go down more? 2. This morning I woke up check my USDCHF already in green position over $2k, but didnt close it, coz hoping for more upbeat drum especially from US CPI announcement. I was wrong again, it was going south so low and the position was red $1k, but now is back to $400. I didnt what I was thinking, I could have better weekend, now I am kind nervous. But I will keep the good faith, been listening CNBC all day, expert says US$ will keep getting stronger. I keep my fingers crossed. 3. If Swiss Central Bank...
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My apologize, cause, to be honestly, I have no answer to your question. I never know what will happen tomorrow, and never try to know. I just look.
Also, since CHF is free now, maybe in the future I will pay attention to it. But now, I will never look at it, because, as you know, the whole world need time to accept what has happened. Time is needed.
SNB's sudden action did make a big killing to the market, and , maybe to himself too. Wait and see.
I wonder if there is any way we can suit SNB for "misleading" or cheating investors. 3 days ago they said the peg was a fundamental pillar of their monetary policy, and back to Dec 18th 2014 Mr. Jordan said that they would defend the peg with uttermost decision. They lied, cheated and they knew many people would get hurt by a surprise announcement. If any of us would even try to manipulate the market, he would end up in jail. These guys bankrupt brokers and traders, and get an applause? There is a liability here, a serious institution cannot say...
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I agree with you. It should be a crime to give a false statement. What he did was cruel. God knows.
I wonder if there is any way we can suit SNB for "misleading" or cheating investors. 3 days ago they said the peg was a fundamental pillar of their monetary policy, and back to Dec 18th 2014 Mr. Jordan said that they would defend the peg with uttermost decision. They lied, cheated and they knew many people would get hurt by a surprise announcement. If any of us would even try to manipulate the market, he would end up in jail. These guys bankrupt brokers and traders, and get an applause? There is a liability here, a serious institution cannot say...
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The way it has been done this time is disgusting. When they put the floor in the first tike at least they were threatening about the strengh of the chf. This time, they kept lying til the last few days. 5 days ago snb dathine said that the cap was here to stay.
Best to trade 1% of your account or in the ball park a smidgen more or less. Even if your stop loss wasn't honored or you had none at all, it would be a big hit but not an account killer. When you take a position in the market, you are at risk. Those who did not lose on this can safely learn from what happened. Acts of God and war will cause this as well.
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And never put all your money into your trading account. Use leverage instead.
I have the same situation. Trading SAXO Bank with options and got a filed as stop out price wiht underlying 1,17x after i have many on my account. So i decided to trade again and open some position tomorrow i see what happened. My cash balance goes - 62k$. Of course i have no enough money for that. I got a phone call on friday to put the money and i said it was incorrectly, nobody informed, can not modify an execution trade. They are market makers they have the price. I haven't got any official demand email for the payment of the loss. I live in Hungary.
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?
Have i any rights to protect this incorrect situation?
Please help me
Hello I am a retail trader with SAXO Bank and they too also have asked me to pay a 6 figure sum to them due to negative balance.
They originally close me out around 1.15 taking all my margin.. then they called me the next day saying they adjusted the price and now I should pay a very very large sum.. I don't have this money and infarct i lose my life savings here..
Questions: First I don't have anything close to the money they are asking for me? will I have to sell my car and pay them monthly installments?
Second, they are actually a market maker and a counter party in the FX markets, clearly stated in the execution policy. This means that they make their own price.. of which they DID 1.15.. but then they revised the price based on an EBS quote transaction, 0.89 ish or something crazy. That was not my transaction right? My trade was against SAXO bank and they transacted at 1.15 meaning EBS should also show 1.15 for example..?
Also the funds I had in the account were the collateral asked by the bank to control their risk, they took the risk also by selling to me EURCHF just as much as i took risk for buying. - I don't cry about losing my savings.. but they should not cry about negative balances...
All in all I guess I have no money to give SAXO.. I will have no choice but to find a good lawyer and do my best to investigate SAXO bank market maker practices.. because as i understand they made money from me the other day by taking all my margin..
Any help or advise would be appreciated...............
I did not trade any CHF pair, but I think how central SNB stupid! I didn't find any reason why they do like this. they are terrible to control their currency and destroy their economy. Why they do not just increase floor from 1.2 to 1.1 or something like that. My head of central bank in our country a developing country has control our currency better than them. The consequence is a lot of people will stay away from trading forex or will trade with small amount due to uncertainty risk.
Lots of opportunities on the chf pairs. Look for a significant retrace on most in the next coming days
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There are no opportunities on CHF. The bankster crooks have made sure of that. Why would anyone trade that little criminal hideout nation's currency after this? I never touched CHF pairs before this and I don't intend to start now.
Everyone should initiate short sells of the CHF and reduce it to 0.0010.
Lots of opportunities on the chf pairs. Look for a significant retrace on most in the next coming days
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Monday evening in Tokyo... 7:18 pm. We have an IB forming on EUR/CHF, but the range isn't very tight (1H chart).
O - 1.0059 C - [undetermined] H - 1.0069 L - 1.0035
That's currently a 34-pip range. On the charts that I've seen with the biggest DIBS breakouts, the ranges on the key IBs are around 10-15 pips on average.
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