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EUR/CHF

  • #14,261
  • Jan 19, 2015 6:29am Jan 19, 2015 6:29am
One last thing for you to chew. Brokers and Banks will make very good use of your negative balance puting it in their balance as a loss wich will aleviate their tax load. If you are not being asked to pay is because accountants and lawyers of these companyes have not yet decide wether it is better to collect or put it in thir balance, so by now the best is to sit and cut off the brokers mongers plaguing the forum. And don't forget that those who were on the right side of the trde are just as angry to Brokers because they are getting a fraction of what they actualy earned. Talk to your lawyer, there is a lot to learn from these black swans.
  • #14,262
  • Jan 19, 2015 6:46am Jan 19, 2015 6:46am
"We have a free exchange rate once again, said the SNB's president, Thomas Jordan."
Yes, you have and the CHF strengthened 40% in a few hours. And he is the head of Swiss NB. Two days before the tsunami, he still had been claimed they would keep the peg. Simple liar. "This is a huge hit to their credibility, Deutsche Bank said." "They have had to throw in the towel. They couldn't hold the line anymore, said David Owen"
They talked, talked, talked, and did nothing. Congratulation Mr. Jordan, you created the Black Thursday. Your name will be in the economic history, and your fail will be taught on financial studies. SNB is too small against the global fleeing capital. They move to a deposit rate of -0.25 percent, then -0.75% etc. and who cares?? It's nothing. The russian capital flow to the CHF. Russian rubel's value lost 40-50% in a few months. Who cares -0.75% negative rate???? Buy the way now they earned at least 50, 100, 200% on CHF. Russian capital flee from Rubel to the safe heaven. These petty measures couldn't stop the chf strenghtening. Not mention the ECB's euro weakening is a pressure to CHF.
  • #14,263
  • Jan 19, 2015 7:15am Jan 19, 2015 7:15am
Quoting slotrader
{quote} I had a stop order at 1.1980. I received a trade confirmation that it was executed at 1.1973. It was executed at exactly 9:30:48 GMT. But later Saxo Bank modified the price to 0.9625. {image} My charts show that the lowest price in the first minute after the SNB announcement was 1,14736. Has anybody got some other information about the price at that time? Can attach plot your charts? Because Saxo Banks business terms say that they are entitled to change the price on which the Client's order is executed to the market value at the time at...
https://www.facebook.com/groups/4078...49067/members/

there are more of us charged by saxobank with this obvious froud intention, join us
  • #14,264
  • Jan 19, 2015 7:19am Jan 19, 2015 7:19am
here is a quote from Sean Lee FXWW, via fxstreet

By: Sean Lee


For those who are faced with margin calls this morning, it’s important to get as much information as possible on how the market traded immediately after the SNB announcement and then make a decision on whether you’ve been fairly treated by your broker. Once you have agreed on common ground then you can have a sensible discussion on what the next step is.
This all occurred at around 8:30 pm Sydney time yesterday so please take that into account time-wise:
Prices traded at 1.1972 at 08:30:48 and there was only 1 other trade on the 1.19 handle. We cannot be sure of the amounts but it could have been as little as EUR 1 million per trade; Following on from there, there were 8 trades on the 1.18 handle, 4 on 1.17, zero on 1.16, 2 on 1.15, 4 on 1.14, 3 on 1.13 and 5 on 1.10. Once again these trades could all have been for as little as EUR 1 million, we have no way of knowing this proprietary information; Prices traded at Parity, 1.0000, at 08:31:46, so less than 1 minute after the first trade below 1.20. Modest liquidity only entered the market after 08:35 when prices were still trading around 1.00.
Based on the speed of the move and the size of positioning compared with liquidity, I would consider it to be a minor miracle if any large number of sizeable positions were executed above 1.05 on average. I will continue to try and dig up as much information as I can.
  • #14,265
  • Jan 19, 2015 7:55am Jan 19, 2015 7:55am
Check here in another post. Someone has registered an email for such a group. Write him, if you have the same issue to stop this illegal handling of Saxo:
[email protected]
  • #14,266
  • Jan 19, 2015 8:54am Jan 19, 2015 8:54am
Quoting bg123
here is a quote from Sean Lee FXWW, via fxstreet By: Sean Lee For those who are faced with margin calls this morning, it’s important to get as much information as possible on how the market traded immediately after the SNB announcement and then make a decision on whether you’ve been fairly treated by your broker. Once you have agreed on common ground then you can have a sensible discussion on what the next step is. This all occurred at around 8:30 pm Sydney time yesterday so please take that into account time-wise: Prices traded at 1.1972 at 08:30:48...

on the RF futr contract the volume at 1.2000 was huge at 9:30 uk - 112 mio. and also a lot of trade from 9:31 uk time till 9:35 uk. more than the equiv of 140 Mio.
  • #14,267
  • Jan 19, 2015 9:50am Jan 19, 2015 9:50am
Quoting LarryDarrell
{quote} I don't get it: so you are a very profitable trader, implying you are experienced. You knew about FX being high risk. Yet you think you can take a one-way bet and disregard the consequences? I've stated here that it's best to remain calm, devellop a legal strategy and try to find solidarity in groups, maybe even try to organize groups of 'victims' per broker to co-ordinate. In court most of the different actions of last thursday will come to light and this may help to prevent people from going truly broke. But it doesn't help anyone to keep...
The way he keeps talking about it is what I have seen with other traders who've blown their accounts. It's a good thing he closed all his positions right before an announcement he didn't know was coming happened.
When the facts change I change my mind, what do you do sir
  • #14,268
  • Jan 19, 2015 9:55am Jan 19, 2015 9:55am
i have no trades pior to the CHF announcement, sounds like a conspiracy to me, 1600 points in 5 mins . omg. seems like someone is known before the announcement.
  • #14,269
  • Jan 19, 2015 10:19am Jan 19, 2015 10:19am
I recognized that I was trading EUR/CHF without SL, because in such situation with no liquidity, no SL/ margin call can save your account. Nobody expected SNB to remove the peg, but some brokers/market makers had protection in place before this event.
My broker offers even the possibility to have guaranteed SL on some pairs. Most of brokers don't offer this option and all the SL used by all platforms (E.g. Metatrader, Marketscope and so on) are using non-guaranteed SL. For those who doesn't know what does mean a guaranteed SL. A guaranteed SL = your SL is executed at the price you setup it (but not less than 60 pips from the price you enter in the trade) and the rest of the slippage will be covered by insurance.
In my case, my broker offered the possibility to use guaranteed SL for EUR/CHF till one year ago and then they removed suddenly this option and they have increased my margin to 5% from 1%. When you use guaranteed SL, your paying from your spread - E.g EUR/CHF - normal spread is 1-2 pips, if you activated guaranteed SL the normal spread for the order will be 4-5 pips and the SL should be at least 60 pips from the position's entry price.
Because my broker took me the possibility to have a guaranteed SL, I decided to trade EUR/CHF without SL (margin 5%) and relying on margin call. Margin call is in fact a non-guaranteed SL order.
Stupid call from my side in these conditions. At that time I was pissed off on my broker, mainly because my margin was increased, but today I want to thank him.
So, when the events occurred and SNB made the terrifying announcement to remove the peg, the quotation for EUR/CHF has been frozen for 30 min at 1.19650 in my broker platform giving me the possibility to close manually all my EUR/CHF positions (I had around 10 positions). After 30 min, EUR/CHF was traded around 1.01-1.02.
I can consider today one of the lucky ones because I have suffered only a minimum loss (around 10% of my account).

The only brokers/market makers I can recommend from my side, after such an event are : every broker operating through GAIN Capital (E.g Forex.com, Gftuk.com), OANDA, FXPRO and maybe Admiral Markets. You need to be careful what broker/market maker you choose and the conditions.
Speculation converts one man's capital into another man's income
  • #14,270
  • Jan 19, 2015 2:03pm Jan 19, 2015 2:03pm
Quoting avibe
Am one of the lucky ones... I feel bad for all those who have lost.. it gets better after a loss. {image}
avibe - you the man. Congrats buddy on some amazing trades. Happy for you!
  • #14,271
  • Jan 20, 2015 1:34am Jan 20, 2015 1:34am
Quoting Harris27
{quote} At what price u were stopped? Clearly, brokers spammers will increase on forums

I kept myself from placing a trade as didn't know what to expect.. was just gazing at chart don't believing my eyes
But somebody went in for risk and was rewarded in full.
Don't have a balls to risk my whole account for the sake of a lucky shot..
  • #14,272
  • Jan 20, 2015 2:33am Jan 20, 2015 2:33am
Is this heading below parity short term?

Apparently there is a few non-resident CHF loans being re-financed causing demand for CHF. Once this is over, I see it heading to 1.05+.
  • #14,273
  • Jan 20, 2015 2:55am Jan 20, 2015 2:55am
Quoting zoran22
{quote} https://www.facebook.com/groups/4078...49067/members/ there are more of us charged by saxobank with this obvious froud intention, join us
Hi, how can I join the group?
  • #14,274
  • Jan 20, 2015 3:31am Jan 20, 2015 3:31am
Soon we`ll be waiting for a new interesting situation. As brokers say tomorrow margin requirements for EUR pairs will be increased for two days.
  • #14,275
  • Jan 20, 2015 4:28am Jan 20, 2015 4:28am
Quoting tim10167
{quote} To my fellow trader friends based in Australia: I recently logged an ASIC (Australian Securities & Investment Commission) claim and the progress is very positive. I couldn’t say much more about my case because it is confidential at the moment but I encourage everyone who suffered a negative balance on your account and is chased by your brokers to stand up and report to ASIC. Don’t get scared by the contract you signed with your broker. Why? because government regulatory entities is on top of the contractual law in almost any country. ASIC...
Are you able to disclose which broker?
  • #14,276
  • Jan 20, 2015 4:38am Jan 20, 2015 4:38am
Quoting chawforex
{quote} Are you able to disclose which broker?
I was with FXCM and that’s all I can disclose about my case now. Wish you good luck.
  • #14,277
  • Jan 20, 2015 4:51am Jan 20, 2015 4:51am
Quoting tim10167
{quote} I was with FXCM and that’s all I can disclose about my case now. Wish you good luck.
We should simply ignore them. They will lose even if we go to court with FXCM.

But we should let ASIC be aware of it.
  • #14,278
  • Edited 6:56am Jan 20, 2015 4:59am | Edited 6:56am
Well done tim10167 and best of luck with your progress. It is likely that a broker would attempt to come to the negotation table rather than potentially lose their AFSL but given the manner of their disclosures to the investor/retail trader = retail client if you do not meet the definition of a professional investor (Sophisticated Investor - NTA $2.5M and Annual Income >250,000), I would suggest your issues would cause ASIC grave concern. With the weight of a few complaints it will be interesting to see how these client contracts stand up to scrutiny.

My hat is off to you Sir :-)

A bit of background relating to all entities offerring financial services to retail clients in Australia.

Your ongoing AFS licence obligations
As an AFS licensee, you have a general obligation to do all things necessary to ensure that you provide your financial services efficiently, honestly and fairly.
You have specific obligations relating to:

  1. conduct and disclosure
  2. the provision of your financial services
  3. the competence, knowledge and skills of your responsible managers, as well as their good fame and character
  4. the training and competence of your representatives and authorised representatives
  5. ensuring your representatives (including authorised representatives) comply with the financial services laws
  6. compliance, managing conflicts of interest and risk management
  7. the adequacy of your financial, technological and human resources, and
  8. your dispute resolution and compensation arrangements (if your clients include retail clients).

  • #14,279
  • Edited 7:51am Jan 20, 2015 7:36am | Edited 7:51am
I want to tell about my experience with a broker that is being much talked at this time, FXCM.

On 15/1 I had no open positions on a five figures USD account. After much thinking, taking somewhat of an hastened decision, I closed my account on Friday. I received confirmation normally and today the transaction is pending credit to an US bank.
I've received an email from them explaining the situation very concisely and the fresh capital intervention, but that's all.

Because of that and previous experience I can only speak well about FXCM, I wish the best to all the people working there, forgive them the stop loss busting spikes, and will be happy to do business with them again.
  • #14,280
  • Jan 20, 2015 7:49am Jan 20, 2015 7:49am
What is with the surge of new members here?
A 1 pip gain is better than a 1 pip loss.
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