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EUR/CHF

  • #14,201
  • Jan 18, 2015 2:13pm Jan 18, 2015 2:13pm
I have to say I'm extremely sorry for anyone who got shafted in this shit storm, but some good will come of this.For a start the CHF will now become tradeable (hopefully followed soon by JPY( watch that one folks, thats soon to do the same thing IMO) and the fact that a lot of the bucket shops offering 1/100 plus to unsuspecting newbies will have now gone out of business
Where price is now, it has been before, and will be again.
  • #14,202
  • Jan 18, 2015 2:13pm Jan 18, 2015 2:13pm
Quoting jmn5611
{quote} Yes, technical traders had time to get short, there are other traders on this site that made money from this as well. So you are butthurt about losing money you did not have to lose, and so it's everybody's fault but your own. When you get serious about this business, you will eventually learn that that you live and die your own executive decisions. Stop blaming others for your losses.
Swiss National Bank lost its credibility forever, just as many brokers lost it.

Bandwagoners never made money, and 1000K money differs from penny money of micro lots Had time to short when?! when it fell 2000 pips hahaha

Am not blaming others, blaming Swiss NB and brokers that had not respect their policies, anyway they are well known now and no trader gonna open an account with it anymore.

Some more and we'll read from u that Swiss NB tragedy was great for people worldwide. You don't watch TV, No Radio, No Newspapers?!! not seeing, reading and listening how many families are unemployed from the swiss mafia bank childish decision?!! big companies bankrupted, nobody buying "made in swiss" until further notice years............How much time until the market recover from this swiss scandal?!!! Do you even know the difference between usdchf 1.02 and 0.85?!!! easy to go to top yeah!!!

Even jordan said that he was surprised by market reaction hahaha what an idiot governing a CB!!!!!
  • #14,203
  • Jan 18, 2015 2:20pm Jan 18, 2015 2:20pm
Quoting MaxDoom
{quote} your chances of success are about zero...... stops are not guaranteed, all trades are subject to liquidity, and you happily entered into leveraged trading... remember all those disclaimers you agreed too.... "leverage trading is high risk, you may lose more than your deposit" etc. it will not be difficult to prove the market was lacking liquidity...

Brokers with loss and want to claim their money back may have their say about stops not guaranteed. But it is also very difficult for them to defend the fact that they have constantly persuade regulators around the world to allow them increase client leverage so they can generate more sales and neglect the risk of market instability as we see on the news report. FXCM and other brokage firms with loss also can’t deny the fact that some other brokage firms who applied appropriate protection mechanism in the past year are fine compare to them. And how do you think when judges around the world see on one side where the contract between brokage and client stating extraordinary situations may happen and on the other side brokage firms advertise guarantee no negative balances on accounts?

FXCM and other brokage firms with loss of course may take people to court. But do you think it’s going to be an easy win for them with all these negative evidence against them? I don’t think so. Let those guys try to take some clients to court and they’ll know how difficult it is.

In fact, there is a high chance that regulators and judges may even turn against them. FXCM’s lawyers are evaluating the pros and cons of taking their clients to court. And I don’t think they will be confident and happy with the evaluation.
  • #14,204
  • Jan 18, 2015 2:27pm Jan 18, 2015 2:27pm
Quoting Harris27
{quote} Swiss National Bank lost its credibility forever, just as many brokers lost it. Bandwagoners never made money, and 1000K money differs from penny money of micro lots Had time to short when?! when it fell 2000 pips hahaha Am not blaming others, blaming Swiss NB and brokers that had not respect their policies, anyway they are well known now and no trader gonna open an account with it anymore. Some more and we'll read from u that Swiss NB tragedy was great for people worldwide. You don't watch TV, No Radio, No Newspapers?!! not seeing, reading...
No, actually I sold at 5522 on a bearish divergent bar at 107amCST on the 15th. Since I am a technical trader I do not read the news, and had no clue about a floor. I did what my chart told me to do. As I have said before, it could have just as well gone the other way. I protect myself from swans by risking only 1% of my account balance per trade. In other words if my that portion of my account gets taken to zero, I lost 1% of my total equity.

Watching television, listening to the radio, and reading newspaper creates biases, and hurts trading. If you are going to progress from a novice to being competent in trading you need to stop doing these things.
If you are good at something, never do it for free--Joker
  • #14,205
  • Jan 18, 2015 2:56pm Jan 18, 2015 2:56pm
FXCM Emerges as Potential Buyer for the Business of Alpari UK

He he
  • #14,206
  • Jan 18, 2015 2:58pm Jan 18, 2015 2:58pm
http://www.ft.com/intl/cms/s/0/6d4eb...#axzz3PBuYKhFj
Attached Image
  • #14,207
  • Jan 18, 2015 3:02pm Jan 18, 2015 3:02pm
Quoting jmn5611
{quote} I protect myself from swans by risking only 1% of my account balance per trade. In other words if my that portion of my account gets taken to zero, I lost 1% of my total equity.
No you don't protect yourself. By definition black swan implies that your closing order will not be honored. It will be filled with slippage expressed, in pips, by lot of zeros.
  • #14,208
  • Jan 18, 2015 3:05pm Jan 18, 2015 3:05pm
To whoever based in Australia and got hurt by FXCM.

You can now make complaint to ASCI (Australian Securities $ Investment Commission)ŕ http://www.asic.gov.au/for-consumers/

It clearly stats:
Borrowing money:
People who provide you with credit or consumer leases must be licensed or authorised by ASIC. They must not give you credit that is unsuitable for you.

It is very clear FXCM and all these forex brokage firms break the rules with these kinds of fluctuation. In ASIC’S perspective, forex brokers must factor in potential fluctuations in the market and provide appropriate leverage. If you show them evidence on how FXCM pushed regulators around the world to allow them providing more leverage to clients in order to generate more sales, FXCM will be in big trouble.
  • #14,209
  • Jan 18, 2015 3:28pm Jan 18, 2015 3:28pm
there is a high chance that regulators and judges may even turn against them. FXCM’s lawyers are evaluating the pros and cons of taking their clients to court. And I don’t think they will be confident and happy with the evaluation.[/quote]

Agree, I have been going over several brokers websites and thay all assure that they have a "feature" that prevents your acc from going to negative balance. "No, your balance will NEVER go to negative with us". In contrast to what actualy happened one could say that this is -at least- fowl advertising and in court that will be a tough cookie for brokers. They give you the impression that your balance is the limit but the truth is quite the oposite. The "feature" produces a sense of complacency in the trader and that is were the danger lies.
All your lawyer has to do is to introduce the posibility of fowl advertising in court and that will turn the tide against the broker and depending on what country you are located that can end up costing the broker very dearly. In some cases you could ask for every last buck that you ever entered and traded in that acc with that broker... I have discussed it with my lawyer and that is what we will do, we will go for the grand total... the full monty. Nothing less.
  • #14,210
  • Jan 18, 2015 3:45pm Jan 18, 2015 3:45pm
The "feature" is what makes you complacent and complacency is what makes the losses. Finaly the total absence and or falure of the "feature" is at the root of the problem and that is FOWL ADVERTISING. I don't mind having lost my balance, in this game we use what we can aford to lose but I am not willing or going to give one single dollar of negative balance.
  • #14,211
  • Jan 18, 2015 3:46pm Jan 18, 2015 3:46pm
Quoting prutar
Good day to all. I am also a "victim" of SAXO. Actually, I am client of Saxo partner in small EU country, I had some long EURCHF spot trades with stops above 1.2 and I was short with multiple put options. At the time of the event, my spots got stopped above 1.2 and after 3 minutes the margin call closed all my put positions at acceptable price, that was valid at the time of transaction. That all left me with about 25 % of the account. The revisions that came at the evening left me with huge negative balance. I have started to communicate with their...
Imam enak problem. Kako se lahko slišiva?
  • #14,212
  • Jan 18, 2015 3:54pm Jan 18, 2015 3:54pm
Quoting osceiv2
{quote} Imam enak problem. Kako se lahko slišiva?
Moj Email in FB: [email protected]
  • #14,213
  • Jan 18, 2015 4:00pm Jan 18, 2015 4:00pm
Quoting hornsant
The "feature" is what makes you complacent and complacency is what makes the losses. Finaly the total absence and or falure of the "feature" is at the root of the problem and that is FOWL ADVERTISING. I don't mind having lost my balance, in this game we use what we can aford to lose but I am not willing or going to give one single dollar of negative balance.
so you are happy to take profits from trading leverage but complain about the downside...... if this is your attitude you should not trade lecerage
  • #14,214
  • Jan 18, 2015 4:13pm Jan 18, 2015 4:13pm
Quoting tim10167
To whoever based in Australia and got hurt by FXCM. You can now make complaint to ASCI (Australian Securities $ Investment Commission)ŕ http://www.asic.gov.au/for-consumers/ It clearly stats: Borrowing money: People who provide you with credit or consumer leases must be licensed or authorised by ASIC. They must not give you credit that is unsuitable for you. It is very clear FXCM and all these forex brokage firms break the rules with these kinds of fluctuation. In ASIC’S perspective, forex brokers must factor in potential fluctuations...

Thanks for this Tim I will take it up if IGMarkets does not offer any compromise...

If IGMArkets are Market makers can't they do something about filling stops? Or be partly responsible for triggering the stops so far off my original stop loss? I am a newbie yes but I need all the help I can get
  • #14,215
  • Jan 18, 2015 4:30pm Jan 18, 2015 4:30pm
Quoting MaxDoom
{quote} so you are happy to take profits from trading leverage but complain about the downside...... if this is your attitude you should not trade lecerage
I had never been even close to a margin call in over 5 years of trading. Brokers have turned this event into an oportunity to sqeeze the last drop of milk and more from their customers, why do you feel so moral about being trated back in the same way. I will go after my money, do you have a problem with that ? live and learn... this is the ultimate trading style, these guys are on the floor I will show the same mercy and simpathy that they showed to their customers. I will squeeze them for my money and a bit more. An eye for an eye... budy.
  • #14,216
  • Jan 18, 2015 4:36pm Jan 18, 2015 4:36pm
CHF rised because it just had to. In coming world-wide unrest the only true values will be Gold and CHF and the second soon will be attached to the first, so forget about Swiss made anything, think about Swiss banks deposits
  • #14,217
  • Jan 18, 2015 4:50pm Jan 18, 2015 4:50pm
Quoting hornsant
{quote} I had never been even close to a margin call in over 5 years of trading. Brokers have turned this event into an oportunity to sqeeze the last drop of milk and more from their customers, why do you feel so moral about being trated back in the same way. I will go after my money, do you have a problem with that ? live and learn... this is the ultimate trading style, these guys are on the floor I will show the same mercy and simpathy that they showed to their customers. I will squeeze them for my money and a bit more. An eye for an eye... budy....
sure, you will have them quaking in their boots.....I find it absurd that people that trade leverage every day, suddenly think they are not responsible for their debt when it goes wrong......I would be far more sympathetic to a more honest approach accepting of the situation and petitioning a write off rather than the ridiculous position of saying it is wrong..... If you had been short would you be saying it's wrong and giving a refund of the profits....
  • #14,218
  • Jan 18, 2015 5:13pm Jan 18, 2015 5:13pm
Now that this forum has quitened down after last weeks crazy news!!!

I was hoping someone could explain to me what it means for the Libor rate (to my understanding is their interest rate?) to be in negative territory? I have only been trading for a few years now and have never seen this happen before.
Learning is all about about asking the right questions!
  • #14,219
  • Jan 18, 2015 5:22pm Jan 18, 2015 5:22pm
Quoting MaxDoom
{quote} sure, you will have them quaking in their boots.....I find it absurd that people that trade leverage every day, suddenly think they are not responsible for their debt when it goes wrong......I would be far more sympathetic to a more honest approach accepting of the situation and petitioning a write off rather than the ridiculous position of saying it is wrong..... If you had been short would you be saying it's wrong and giving a refund of the profits....
Because the whole situation is absolutely stupid, how do you expect to make a teenager accountable for a loss of xxx,xxx USD if the boy lives on a schollar loan. In the first place why does the FX industry take customers like that, it puts the whole custom base at risk, my losses are ridiculously small and I have nothing to lose by going to court, in my country it does not work like knoc knoc give me your furniture. First they will have to show compliance with the local exchange comission rules about lending wich I doubt they do. Second the are in serious breach of Advertising laws. And finaly if they have the necesary comon sense they should write off and credit the negative balance for I don't think that they are in a position to spend more money than they will finaly collect, if they collect any at all.
  • #14,220
  • Jan 19, 2015 2:44am Jan 19, 2015 2:44am
Quoting gameofpips
{quote} Correct me if I am wrong but the role of a CB is to maintain price stability and not to make profit. Once you mention profit where a CB is involved,then there is a conflict of interest because any CB governor can easily buy or sell their home currency and then jawbone accordingly if they are looking to make profit. Alternatively, the SNB could just have easily pulled their reserves at 1.20 and walked away at breakeven and left the market to stabilize a few pips below 1.20 and not 1800 pips below! Moreover, they can not lose money if they...
It has been a few days now since I posted my opinions and upset a few people but your post has me thinking a little.

If Central Banks were not in it to make a profit then there would be 2 things (at least in my mind)

1) There would be no need to charge Interest on loans, and

2) The central banks would be publicly owned and not privately owned.

The interest they charge on the money they print and loan to governments, companies, and other banks - Where does that Interest money go. The principle portion goes to reducing the cash supply or is redistributed but who gets the interest? Local and National banks obviously make a profit and parts of those profits go to shareholders, pay bonuses and provide for the expansion of banks into new areas. The Central Banks, which are Privately Owned, like the Federal Reserve Bank are obviously owned by some form of shareholders so if interest is profit then the CB's do make a profit for a gain somewhere. I have not bought into the whole argument but the rumors are that the main families (Rothchilds, Rockerfella's etc) are the recipients of the CB interest.

So yes, the central banks are supposed to bring about stability but when they drop interest rates to low levels and print a pile of money to flood the market, someone/s must be getting the interest because it certainly doesn't go back into the government otherwise governments would have no Interest Bearing debts which brings about a unique argument of why the government doesn't just print the money themselves at NO interest instead of issuing bonds and paying interest on them.

Onto your second point - The SNB doesn't controlled the sentiment of the world unless it is specific in its agenda, to which in this case it wasn't and I'll highlight that further below. The worlds perception of what it meant for the SNB to remove that 1.20 was panic and fear which is chaos and chaos cannot be controlled, at least not initially. Had the SNB said to the world 'The current downward pressure of the 1.20 level caused by the significant drop in the EUR since 2013 and potential talk of QE is causing some significant stress and as a result the SNB is going to re-peg at 1.1500 but at the same time implement a change on deposits from -.25% to -.75%. This, and it is speculative because we cannot fully know, could have kept the chaos in check and the result may not have been so bad. Sure there might have been some initial breaks of 1.15 but the shock would have been contained to a reaffirmation of a peg. The SNB chose to announce the rate change but no peg and as a result the market had absolutely no idea of what fair values is, and the weight of stops, both a 1.20 and also the previous lows which would have been considered 'impossible' to break just became another string in the free fall affair.

Ultimately it is now impossible to know any different but all banks be they central, local, small, large, international and domestic make their profits off the interest they charge and the addition of money through easing of monetary policy only exacerbates the debt problems.

Smart/thrifty people don't borrow money when it is cheap, they pay back their loans. Why? Because you pay more off the principle and give the bank less interest on your current loans and save yourself time on the loan (20 years paid off instread of 30 etc). When interest rates are high, you find out what you can really afford to borrow and as a result you live within your means. When there are interest cuts it is either breathing space to enjoy some additional funds or an opportunity to keep repayments where they are and shorten the life of your loan and the burden held over you.

What we currently see in parts of the world where money is cheap is more and more consumption based on credit. What happens when rates need to be adjusted upwards. You only need to look back 5-6 years on the US sub prime to answer that question.

RT
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