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  • #9,201
  • Jan 17, 2015 5:44am Jan 17, 2015 5:44am
Quoting Egosuma
first broker is already belly-up http://www.alpari.com/company-news/p...-announcement/ basically what happens: - you deposit funds, collateral with broker - The broker is responsible to ensure you do not loose more than the collateral - you start trading, if you are wrong, your collateral gets less - if you loose all collateral, you get a margin call, and your funds will be depleted. - if you loose more than your collateral, this is the risk for the broker - with the big drop in half a minute, and no market during...
It'll be allright, the UK has extremely strict regulations on finance stuff. AlpariUK had to declare insolvency because their own funds were too small to cover the clients losses after they margincalled everyone out of the losing positions. All that means is that clients cannot trade while the books are frozen. If you had money in a trading account and no open trades, that money is still yours and protected under EU and UK law up to 100.000 euros i believe. If your balance was positive, after a while you'll get it deposited. If your account was margincalled, you are responsible for the full losses of your account, even if the loss is bigger than your account. Depending on the size of the loss, you will be prosecuted for the remainder of the money.

I'm sure it will take a bit of time while the authorities go over the books, but after a couple months things should be all right if you weren't exposed to the CHF circus.

It's a good reminder that stoplosses don't always work the way we want them to, sadly it's exactly in the circumstances we REALLY want them to work.

I think it's also a good opportunity to find out which brokers are properly hedging to protect both their clients and themselves. I am (was?) with AlpariUK myself, so I have to do a bit of brokersearching anyway, this is the perfect time to see which brokers are reliable.
The game taught me the game. And it didn't spare me the rod while teaching.
  • #9,202
  • Jan 17, 2015 9:36am Jan 17, 2015 9:36am
Because of what happened on CHF currency, i'm really tempted to trade ONLY futures.
I'm really afraid that could happen something similar on other currencies.
What are yours advices? Should i keep trading currencies or move on?
Work smarter,not harder
  • #9,203
  • Jan 17, 2015 9:42am Jan 17, 2015 9:42am
Quoting yaysayer
{quote} If your account was margincalled, you are responsible for the full losses of your account, even if the loss is bigger than your account.
this scares me
Being good at what you do is a result of having fun
  • #9,204
  • Jan 17, 2015 12:11pm Jan 17, 2015 12:11pm
Quoting Egosuma
{quote} this scares me
Why should you let it scare you? It's an integral part of trading with leverage. Make sure you aren't overleveraged and situations like this cannot kill your account. My total margin never exceeds 10% of my equity. If it does reach 10%, it's in different pairs. This makes trading less spectacular of course, but I can do without the drama :-)
The game taught me the game. And it didn't spare me the rod while teaching.
  • #9,205
  • Jan 17, 2015 1:06pm Jan 17, 2015 1:06pm
Quoting yaysayer
{quote} Why should you let it scare you? It's an integral part of trading with leverage. Make sure you aren't overleveraged and situations like this cannot kill your account. My total margin never exceeds 10% of my equity. If it does reach 10%, it's in different pairs. This makes trading less spectacular of course, but I can do without the drama :-)
Totally agreed my friend. To me first rule in trading is "protect your money".
I know people here in FF that use quite clever systems like multiple accounts or hedge with futures and, in any case, never overleverage.
Per aspera ad astra
  • #9,206
  • Jan 17, 2015 1:32pm Jan 17, 2015 1:32pm
It does not scare me money-wise. I do not overleverage. It is more a game to me. If I get a lunch out of a good position I am already happy.

It scares me because the assumption is you can never loose more than your deposit (which was also my assumption).
You dont want to deposit more than you can affort to loose.
Now that apparently is a mis-assumption. A very strong but false sense of security.

It scares me because everybody with half a brain can open a forex account.
And everybody with half a brain can come up with "go long on eur/chf because we are already near the 1.20 support level"
Half a brain even sets a stop loss at 1.19, not thinking it would ever come so far.
But not everybody with half a brain will realise that the bottem is artificial and they can actually loose more than they bargained for. A lot more.
(ps: I did not have any chf positions)
Being good at what you do is a result of having fun
  • #9,207
  • Jan 18, 2015 3:57am Jan 18, 2015 3:57am
Quoting marcof91
Because of what happened on CHF currency, i'm really tempted to trade ONLY futures. I'm really afraid that could happen something similar on other currencies. What are yours advices? Should i keep trading currencies or move on?
Hello Marco91,

Well Marco I would advise that you continue to trade currecies but with protections...situations like this doesnt happen often and last few days i talk to few brokers and good traders regarding this isuess...If your broker is good than than if you had Sl on place they would pay you your money back or fullfill stop loss order (Tarantula-good trader from other thread told that his tight SL was fullfilled with only -20 pips loss order)

Actually this move was also a great stress test to brokers industry and now it is more clearly which ones do bussiness honest and which one are doing bad things!

They learn something out of it and they will prepare better for the situations like this but if you dont have protection than better to trade futures only...

Only my 2 cents....

Regards!
  • #9,208
  • Jan 18, 2015 8:36am Jan 18, 2015 8:36am
Just a suggestion for everyone:
"When you become a consistently profitable trader and you have been able to repeat your success with your demo account, for 6 consecutive months at least, and so you decide to open a live account, you should open a live account with an as small as possible balance.
Trade with this account and double your money first, no matter how long it takes.
Withdraw your principal and keep on trading with the residual balance which is your profit indeed.
Grow your account to a reasonable balance with the power of compound interest, and then withdraw the profit all at once.
Repeat the same process over and over again".
(not mine).:nerd:
Per aspera ad astra
  • #9,209
  • Jan 18, 2015 9:08am Jan 18, 2015 9:08am
Quoting jpadvisor
Just a suggestion for everyone: "When you become a consistently profitable trader and you have been able to repeat your success with your demo account, for 6 consecutive months at least, and so you decide to open a live account, you should open a live account with an as small as possible balance. Trade with this account and double your money first, no matter how long it takes. Withdraw your principal and keep on trading with the residual balance which is your profit indeed. Grow your account to a reasonable balance with the power of compound interest,...
Good advice jpadvisor. I have been trading for almost 20 years and if you are going to be in the markets then you have to be prepared for risk. You are going to be in the market for the next crash of 87, or the next 9-11, or the next capture or Sadaam or any other event that moves that markets. Weak players and vendors get taken out and the system ends up better for it afterwards. Futures have their own problems, you can't trade .01 of something like you can in FX. I once blew out an account trading corn of all things because it got locked limit down for 4 days. Yes I was over leveraged. I don't even want to take about the time I bought cattle futures the same day that Oprah talked about mad cow disease on her show. My point is, if you are going to trade, there is going to be risk, but with risk comes the potential for profit and you just have to be prepared.
  • #9,210
  • Jan 18, 2015 10:01am Jan 18, 2015 10:01am
Quoting Zokynho
{quote} Hello Marco91, Well Marco I would advise that you continue to trade currecies but with protections...situations like this doesnt happen often and last few days i talk to few brokers and good traders regarding this isuess...If your broker is good than than if you had Sl on place they would pay you your money back or fullfill stop loss order (Tarantula-good trader from other thread told that his tight SL was fullfilled with only -20 pips loss order) Actually this move was also a great stress test to brokers industry and now it is more clearly...
Thanks for your explanation. I feel much better now.
I trade with XM broker,they seem pretty good,no much traders complains about them.
Work smarter,not harder
  • #9,211
  • Jan 18, 2015 10:43am Jan 18, 2015 10:43am
Quoting mcfresh
{quote} Good advice jpadvisor. I have been trading for almost 20 years and if you are going to be in the markets then you have to be prepared for risk. You are going to be in the market for the next crash of 87, or the next 9-11, or the next capture or Sadaam or any other event that moves that markets. Weak players and vendors get taken out and the system ends up better for it afterwards. Futures have their own problems, you can't trade .01 of something like you can in FX. I once blew out an account trading corn of all things because it got locked...
I'm trying to imagine how I'd feel at that exact moment....good grief.

But yeah, if we choose to make money in the riskiest way possible (I guess drugs and arms traficking have better profit margins, but let's stay on the legal side here), we have to find ways to cope with the risk. In our system, but in our heads as well.

You and JPadviser hit the nail on the head.
The game taught me the game. And it didn't spare me the rod while teaching.
  • #9,212
  • Jan 18, 2015 3:15pm Jan 18, 2015 3:15pm
Quoting marcof91
{quote} Thanks for your explanation. I feel much better now. I trade with XM broker,they seem pretty good,no much traders complains about them.
Hey Marco,

If you are satisfied with your broker than great,use it.... but hint for every new trader:'' do a detailed broker research before start real trading,this is 1st step of your trading career''---the CHF situation is the best example of this,dont use shortcuts on this..

Regards!
  • #9,213
  • Jan 18, 2015 3:20pm Jan 18, 2015 3:20pm
Quoting jpadvisor
Just a suggestion for everyone: "When you become a consistently profitable trader and you have been able to repeat your success with your demo account, for 6 consecutive months at least, and so you decide to open a live account, you should open a live account with an as small as possible balance. Trade with this account and double your money first, no matter how long it takes. Withdraw your principal and keep on trading with the residual balance which is your profit indeed. Grow your account to a reasonable balance with the power of compound interest,...

Great words Romualdo,

Real shame that I didnt want to follow this advise when i first start....but I always going the harder ways

Regards!
  • #9,214
  • Jan 18, 2015 3:50pm Jan 18, 2015 3:50pm
Quoting Zokynho
{quote} Hello Marco91, Well Marco I would advise that you continue to trade currecies but with protections...situations like this doesnt happen often and last few days i talk to few brokers and good traders regarding this isuess...If your broker is good than than if you had Sl on place they would pay you your money back or fullfill stop loss order (Tarantula-good trader from other thread told that his tight SL was fullfilled with only -20 pips loss order) Actually this move was also a great stress test to brokers industry and now it is more clearly...

The ones doing the bad things are the ones not hurt by this. The ECN's who do not trade against you are the ones who got hurt. Of course the brokers trading against you are honoring stops and forgiving negative balances, they didn't have those trades with their LP's, they were not exposed. Now people think those are the "GOOD" brokers. I can understand now why they feel the need to regulate, because most people realyy have no clue.
  • #9,215
  • Jan 19, 2015 1:02pm Jan 19, 2015 1:02pm
Quoting Zokynho
{quote} Great words Romualdo, Real shame that I didnt want to follow this advise when i first start....but I always going the harder ways Regards!
When I first started didn't know this advise. After some months I blew my first account.
Now it is to remember, also to myself, which is the correct habit in this world.
Per aspera ad astra
  • #9,216
  • Jan 19, 2015 2:12pm Jan 19, 2015 2:12pm
Quoting jpadvisor
{quote} When I first started didn't know this advise. After some months I blew my first account. Now it is to remember, also to myself, which is the correct habit in this world.
yes thats a good advice. take money from the table and buy for example some good bottles of wine. or a new car.or an appartment. Then you made a profit. otherwise its only bookmoney. and maybe market wants to take it back. i have to remeber that to...
  • #9,217
  • Jan 19, 2015 3:27pm Jan 19, 2015 3:27pm
Quoting jpadvisor
{quote} When I first started didn't know this advise. After some months I blew my first account. Now it is to remember, also to myself, which is the correct habit in this world.
Dear JPA, We are
receiving mixed signals...your posts are full of wisdom and you have been on this thread from the beginning are brothers to assume that you are now a consistently profitable retail trader or are you still aspiring ?
  • #9,218
  • Jan 19, 2015 3:57pm Jan 19, 2015 3:57pm
My broker said:
Quote
Following the decision taken yesterday by the Swiss National Bank to leave the "floor" (minimum target level ) of the EUR / CHF , XM would like to assure its customers that was not affected by it. The overall effect on the commercial activity of the company is immaterial.

I am in good hands.
Work smarter,not harder
  • #9,219
  • Jan 20, 2015 5:18am Jan 20, 2015 5:18am
Quoting Squiggles
{quote} Dear JPA, We are receiving mixed signals...your posts are full of wisdom and you have been on this thread from the beginning are brothers to assume that you are now a consistently profitable retail trader or are you still aspiring ?
Hi Squiggles,
as you can see from my profile in FF I am an humble part-time trader, like others here.
I became profitable after studying and then applying the Alien's systems. It took me quite some time to acquire confidence with them.
I had to go trough the entire thread more times.
This way I also realized that in Alien's words there was a lot of wisdom.
Now I'm trying to follow his rout.
Per aspera ad astra
  • #9,220
  • Jan 20, 2015 12:15pm Jan 20, 2015 12:15pm
Just for fun

Inserted Video


I hope this video do not offend nobody in any way (if that's the case, sorry, it was not my intention).
Work smarter,not harder
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