Brokers chasing you for negative account balance | Page 15 | Forex Factory

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Brokers chasing you for negative account balance

  • #281
  • Jan 21, 2015 3:29pm Jan 21, 2015 3:29pm
Looks like this guy KNEW that this was going to happen about 7 years ago !!!!!!
The first post is DEc. 2, 2008
There are 16 pages of comment on this.
It is a strange link but just read what was said.
http://www.godlikeproductions.com/fo...sage677266/pg1
  • #282
  • Jan 21, 2015 3:36pm Jan 21, 2015 3:36pm
I got email from IC markets too, my negative balance was adjusted to the "correct" price feed as they claimed, and now the balance is even 2x worse!! they didn't adjusted the trades/prices, they adjusted the balance directly!!!! WTF, you have no clues about what happened with their price feeds and now they just adjusted the balance and asked you to pay back!!

If it's LP's fault that they provided error prices ,then go for LP for compensations. why does ic markets come to clients for money? what's the logic? fkc it.
  • #283
  • Jan 21, 2015 4:13pm Jan 21, 2015 4:13pm
Quoting Yellowdirt
Looks like this guy KNEW that this was going to happen about 7 years ago !!!!!! The first post is DEc. 2, 2008 There are 16 pages of comment on this. It is a strange link but just read what was said. http://www.godlikeproductions.com/fo...sage677266/pg1
Yeah, he's talking about Kondratiev waves, I've read a bit about these before.

https://en.wikipedia.org/wiki/Kondratiev_wave

Quite a few people called this event, it was a temporary peg, the SNB complained some months ago about the depreciating Euro as their balance sheet was expanding rapidly - since then it's dropped further and faster, and now the ECB announcement re. QE that will potentially drop the EUR even further (which would mean the SNB having to buy even bigger bucket loads of EUR to keep the peg). There was a risk for this, it was telegraphed, it should have been more widely picked up on.
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #284
  • Jan 21, 2015 4:21pm Jan 21, 2015 4:21pm
Quoting rootkit
I got email from IC markets too, my negative balance was adjusted to the "correct" price feed as they claimed, and now the balance is even 2x worse!! they didn't adjusted the trades/prices, they adjusted the balance directly!!!! WTF, you have no clues about what happened with their price feeds and now they just adjusted the balance and asked you to pay back!! If it's LP's fault that they provided error prices ,then go for LP for compensations. why does ic markets come to clients for money? what's the logic? fkc it.
w0w...

Put that in the, "Carefull what you wish for", file...

Much the same as requests for more market regulation. They all work about the same.

By the time things get fixed, they are twice as fucked as before.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #285
  • Edited 4:47pm Jan 21, 2015 4:34pm | Edited 4:47pm
Quoting mkom_prod
forexia, connect, thank's for your input. I do not know if I missunderstand their answer but to me it kind of seems like they already made adjustments to the CHF trades on my account. Strange though because the price of closure still remains at 1.48. Can you believe how bad this must be for some traders when My position only was 0,04lot
DON'T give up!! NEVER give up!! You are in the right and they are in the WRONG here. This is what you should and this is what I would do in your situation:

1. Go back to them and tell them you don't agree with this settlement of the transaction nor accept the negative balances as the trade was settled on errorneous and unfounded price.

2. Demand for a re-adjustment to a justified price that actually existed. (See how important price continuity is in the market and how s***ty those liquidity "provider"'s actions are in shutting down their quote system? Now we have no idea what should and could be the fair price and they can take the price to whatever level they want and pass it off as the "fair price" and in this case to even turn a winning trade into a losing trade) Tell them you want the trade to be re-evaluated and ask them to provide you proof for existence of this price at 1.48 like the Time & Sales information during that period which many brokers like Interactive Brokers readily provides to clients in their trading software.

3. At the same time, take all screenshots of their price charts of the security in question and all evidence that you have (all emails that they have sent you, all your order and transaction history, journal, what adjustment they did) that does NOT justify this ridiculous price. In case if IC Markets does not wish to revise the trade with an honest price, you should gather all evidence and launch a complaint with ASIC., the regulator that oversees IC Markets and all those liquidity "providers" since those liquidity "providers" are global companies. And you should ask ASIC to investigate BOTH IC Markets AND the liquidity "providers". ASIC might not be able to take your complaint about the liquidity "providers" from you because they do NOT have a direct dealing relationship with you BUT you can let them to be aware of their action because for sure, IC Markets is going to mention them so you might as well tell ASIC first so they can be aware of it.

4. If I were you, I would start searching for a lawyer, somebody who is knowledgeable with Securities Law AND financial trading, preferably somebody who had actually traded in his/her life. You might not need him/her but it never hurts to start the search early because they all have their lawyers already. I hope this is just a WIP email while IC Markets is working through their "trade/price adjustment process" but if this is their "final answer", then this is NOT just simple price issue anymore; this is Securities Fraud.

Good luck and all the best!
Make your losses in demo. Earn your profits live.
  • #286
  • Jan 21, 2015 4:38pm Jan 21, 2015 4:38pm
Quoting rootkit
I got email from IC markets too, my negative balance was adjusted to the "correct" price feed as they claimed, and now the balance is even 2x worse!! they didn't adjusted the trades/prices, they adjusted the balance directly!!!! WTF, you have no clues about what happened with their price feeds and now they just adjusted the balance and asked you to pay back!! If it's LP's fault that they provided error prices ,then go for LP for compensations. why does ic markets come to clients for money? what's the logic? fkc it.
Because LP is dumping it right back to them.
Make your losses in demo. Earn your profits live.
  • #287
  • Jan 21, 2015 4:54pm Jan 21, 2015 4:54pm
Quoting Forexia
DON'T give up!! NEVER give up!! You are in the right and they are in the WRONG here.
These are famous last thoughts of most pedestrians...right before they need to have their asses scraped off of the road.

The only position more desperate than being forexia, is taking his advice.

Do not listen to this fool.

As bad as shit seems now, it can get a lot worse when you either ignore the problem or follow the rantings of a lunatic.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #288
  • Jan 21, 2015 5:21pm Jan 21, 2015 5:21pm
Quoting FiboFreak
{quote} This goes to my previous post of some erranous behavior by LP's and Broker's. Again, this isn't as simple as people think, and there is strong evidence given to regulators in US & Europe that there have been strong manipulations by LP's and Broker's to exacterbate the price movement and widen spreads further. Personally, I am expecting a shitstorm, and this is probably the most polite way I can put this.
Finally, I am glad that regulators are taking notice IF this is true. I hope they have the guts to stand up to those "Big Bank" bullies and do the right thing and punish them for the fraud that they have committed.
Make your losses in demo. Earn your profits live.
  • #289
  • Edited 6:10pm Jan 21, 2015 5:25pm | Edited 6:10pm
Quoting Magix
{quote} These are famous last thoughts of most pedestrians...right before they need to have their asses scraped off of the road. The only position more desperate than being forexia, is taking his advice. Do not listen to this fool. As bad as shit seems now, it can get a lot worse when you either ignore the problem or follow the rantings of a lunatic.
Either a clueless troll or a bank employee. Either way not interested in seeing his garbage anymore.

Two trolls gone, 8 to go!
Make your losses in demo. Earn your profits live.
  • #290
  • Jan 21, 2015 5:39pm Jan 21, 2015 5:39pm
Quoting Forexia
{quote} Either a clueless troll or a bank employee. Either way not interested anymore in seeing his garbage anymore. Two trolls gone, 8 to go!

Actually...neither.

Walking around with your head up your ass denying responsibility isn't going to get you, your money back.

And encouraging others to take the same steps is both negligent and irresponsible.

If others want to act by seeking actual legal council, this would definitely be a great course of action...

Following your worthless advice is just plain and simply a really fucking bad idea.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #291
  • Jan 21, 2015 5:44pm Jan 21, 2015 5:44pm
question: would those that came out winning in the chf debacle "forgive" their winnings to the brokers so that the brokers can "forgive" the debt of the losers?
come on, cuts both ways, mate
  • #292
  • Jan 21, 2015 6:37pm Jan 21, 2015 6:37pm
Quoting delphene
question: would those that came out winning in the chf debacle "forgive" their winnings to the brokers so that the brokers can "forgive" the debt of the losers? come on, cuts both ways, mate
question: Would all the liquidity "providers" bail us out now just like how we bailed them out when they f***ed up on their over-leveraged, irresponsible bad trade that they made without research back in 2008?

Indeed, cuts both ways.
Make your losses in demo. Earn your profits live.
  • #293
  • Jan 21, 2015 8:03pm Jan 21, 2015 8:03pm
Quoting Forexia
{quote} question: Would all the liquidity "providers" bail us out now just like how we bailed them out when they f***ed up on their over-leveraged, irresponsible bad trade that they made without research back in 2008? Indeed, cuts both ways.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #294
  • Jan 21, 2015 8:44pm Jan 21, 2015 8:44pm
Quoting Magix
{quote} Actually...neither. Walking around with your head up your ass denying responsibility isn't going to get you, your money back. And encouraging others to take the same steps is both negligent and irresponsible. If others want to act by seeking actual legal council, this would definitely be a great course of action... Following your worthless advice is just plain and simply a really fucking bad idea.
to everything you've posted in this thread.
  • #295
  • Jan 21, 2015 8:53pm Jan 21, 2015 8:53pm
In the long run it could be worse for the brokers if they start going after negative account balances. People will be afraid something similar will happen in the future and might stop trading alltogether
  • #296
  • Jan 21, 2015 9:04pm Jan 21, 2015 9:04pm
Quoting Pharm0r
{quote} to everything you've posted in this thread.
Straight up honesty here, dude...

If I hadn't been sitting out market since the second week of December...I'd prolly be that wankers strongest ally and advocate.



I do feel sorry for those who are in a situation which is basically inconceivable.

I really have no idea of what I would do if found in the same boat. I read on one thread, some Australian trader is out $280k from that one move. Chips on the table, that'd be pretty devastating.

But at the same time, I still don't believe stomping your feet around and producing quote after quote, accusation after accusation and baseless bad advice is a healthy solution. What I do believe, is that those unfortunate enough to have been stricken down by the big bad Swissy, to close their FF Tab down and start looking for possibilities. The hope that breeds here, will be of no value in the days that come.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #297
  • Jan 21, 2015 11:30pm Jan 21, 2015 11:30pm
Quoting Magix
{quote} Straight up honesty here, dude... If I hadn't been sitting out market since the second week of December...I'd prolly be that wankers strongest ally and advocate. I do feel sorry for those who are in a situation which is basically inconceivable. I really have no idea of what I would do if found in the same boat. I read on one thread, some Australian trader is out $280k from that one move. Chips on the table, that'd be pretty devastating. But at the same time, I still don't believe stomping your feet around and producing quote after...
Talking sense, much to the dismay of a couple here. Good advice that, if you find yourself in trouble because of this scenario FF is probably the last place you should be looking. Head to your broker, ombudsman, lawyer or regulator for the facts and advice. Gems of wisdom here are worthless.
  • #298
  • Jan 22, 2015 12:03am Jan 22, 2015 12:03am
Quoting Trenderer
In the long run it could be worse for the brokers if they start going after negative account balances. People will be afraid something similar will happen in the future and might stop trading alltogether
That's right. At least that's what I'm going to do, even though I benefited from CHF that day, but not much. Closed up everything and packing. Forex is never going to be the same. Though it was fun.
  • #299
  • Jan 22, 2015 12:16am Jan 22, 2015 12:16am
Quoting cold chisel
{quote} That's right. At least that's what I'm going to do, even though I benefited from CHF that day, but not much. Closed up everything and packing. Forex is never going to be the same. Though it was fun.
An honest response, well done, I fear a large majority of retail traders should have an honest look at things too. But, sometimes things happen and it's time to move on, good luck in what it is you shift to.

So, Cold Chisel, Goodbye,nothing is Forever now, time for Shipping steel. Remember your Yesterdays, keep the Misfits ,Hands out of my pocket, as you travel on beyond the Flame trees. Enjoy the Cheap wine at Breakfast at sweethearts it is All for you. Because When the war is over Forever now it's All for you.

For those outside of Aussie and don't know about Cold Chisel that will make absolutely no sense!!

To Mr Chisel, best regards.
  • #300
  • Jan 22, 2015 12:20am Jan 22, 2015 12:20am
Greeny, you are great. ))
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