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  • #2,881
  • Jan 23, 2015 11:48am Jan 23, 2015 11:48am
Quoting madxzen
{quote} and what if you had a Pro account? Are you a client or a creditor?
A VIP client.
  • #2,882
  • Jan 23, 2015 12:03pm Jan 23, 2015 12:03pm
Quoting tonirai
{quote} No, for now, you don't have to do anything. You are not a creditor, you are a client. Retail clients are one thing... Professional clients and creditors are another (these ones are those who have to fill a claim).
Tks
  • #2,883
  • Jan 23, 2015 12:04pm Jan 23, 2015 12:04pm
Well, Guys let's concentrate on these words published in KPMG website, cus its very important.
Please we don't need to know everyone story about trading.

This issue is not expected to impact clients who only held cash balances in their account at 9:30am
GMT, Thursday, 15 January 2015 and entered no subsequent trades. For this reason we expect to be
able to agree such balances more quickly than those affected by this issue.

Well, this means, our prove of our claims is the statements of date: 15 January 2015, the statements sent to us before the crises, at 12:00 midnight???

or what do you think?
please reply.
  • #2,884
  • Jan 23, 2015 12:14pm Jan 23, 2015 12:14pm
Quoting dambuster
The way I read the last statement, in my own case, is as follows (and may help those in a similar situation) 140k account -75k loss when all open trades got closed by Alpari (NB: non were CHF) 65k balance left So, 75k just gone, poof, thank you very much Alpari 65k balance left will now get 'pooled' and paid out on a 'pro-rata' basis Nest stage: wait to be informed of the 'pro-rata' basis. What will it be? 100% of balance? 80%, less...? As traders we already have the odds stacked against us but this is just absurd Totally FUBAR

Sucks. What trades were you in? I would assume they will only adjust CHF-realted fills.

Hopefully Oanda will buy them and you will get atleast the 75k back without haircut.
  • #2,885
  • Jan 23, 2015 1:00pm Jan 23, 2015 1:00pm
Quoting dambuster
will now get 'pooled' and paid out on a 'pro-rata' basis Nest stage: wait to be informed of the 'pro-rata' basis. What will it be? 100% of balance? 80%, less...?
pro-rata of the pooled amount, not your very own balance. Means you'll get your money back. I guess they should have explained that more easily ...
  • #2,886
  • Jan 23, 2015 1:29pm Jan 23, 2015 1:29pm
Quoting JensG
{quote} pro-rata of the pooled amount, not your very own balance. Means you'll get your money back. I guess they should have explained that more easily ...
  • #2,887
  • Jan 23, 2015 1:55pm Jan 23, 2015 1:55pm
So to be clear... with this update we still have to wait to send anything to the administrators? i´m ok? I ask this because i don´t want that any administrator say me that i can´t claim anything cause i´m out of time to reclaim...

Thanks to all for the info...
  • #2,888
  • Jan 23, 2015 1:59pm Jan 23, 2015 1:59pm
Quoting Aesg
So to be clear... with this update we still have to wait to send anything to the administrators? i´m ok? I ask this because i don´t want that any administrator say me that i can´t claim anything cause i´m out of time to reclaim... Thanks to all for the info...
The claim form can be sent now.

I rather would not miss out in case they go by :" you do not ask, you do not get it."
  • #2,889
  • Jan 23, 2015 2:11pm Jan 23, 2015 2:11pm
Quoting wantsomepips
{quote} The claim form can be sent now. I rather would not miss out in case they go by :" you do not ask, you do not get it."
Thanks a lot... and where is the form that i has to send... do you have the link?
  • #2,890
  • Jan 23, 2015 2:13pm Jan 23, 2015 2:13pm
Quoting dambuster
The way I read the last statement, in my own case, is as follows (and may help those in a similar situation) 140k account -75k loss when all open trades got closed by Alpari (NB: non were CHF) 65k balance left So, 75k just gone, poof, thank you very much Alpari 65k balance left will now get 'pooled' and paid out on a 'pro-rata' basis Nest stage: wait to be informed of the 'pro-rata' basis. What will it be? 100% of balance? 80%, less...? As traders we already have the odds stacked against us but this is just absurd Totally FUBAR
If I was u buddy..i would get a laywer..u cannot lose 75k just like this..there has to be a law against this sort of thing
  • #2,891
  • Jan 23, 2015 2:19pm Jan 23, 2015 2:19pm
Quoting nAVIN2007
{quote} If I was u buddy..i would get a laywer..u cannot lose 75k just like this..there has to be a law against this sort of thing
this is what confuses me about you guys. On the one hand you claim that 50 to 1 leverage is not enough, yet on the other you get pissy when you lose money from the peg break.

would any of you be complaining if you had gained 75k.

i did nothing wrong, I shorted eurchf, and I still get shafted for making the correct play.
  • #2,892
  • Edited 2:42pm Jan 23, 2015 2:32pm | Edited 2:42pm
Quoting verv
{quote} this is what confuses me about you guys. On the one hand you claim that 50 to 1 leverage is not enough, yet on the other you get pissy when you lose money from the peg break. would any of you be complaining if you had gained 75k. i did nothing wrong, I shorted eurchf, and I still get shafted for making the correct play.

From what I gather pro traders with large funds with 100's of millions will very rarely use leverage 10:1, usually it will 3:1 or 4:1.
most pro retail traders will use 5-20:1 leverage.

Let's say if you, think that currency trading can be done with $100 or $500, I guess 100:1 and 500:1 leverage can be used for such a traders.
all you will loose is $100 or $500, no real harm done. I guess you get better odds than roulette.

But as I said before we all are different and we have to find with what we are comfortable and trade the way we enjoy it.

If anyone would land a job with hedge funds, their rules would be on any given trade you can use leverage of up to 8:1 and you can only risk 1% of account on any given trade. That is the word on a street.
  • #2,893
  • Jan 23, 2015 2:51pm Jan 23, 2015 2:51pm
Quoting verv
{quote} this is what confuses me about you guys. On the one hand you claim that 50 to 1 leverage is not enough, yet on the other you get pissy when you lose money from the peg break. would any of you be complaining if you had gained 75k. i did nothing wrong, I shorted eurchf, and I still get shafted for making the correct play.
Losses are part of trading. I have a rate of about 60%. 40% loss. But always with stop loss. Never without. And never, when important decisions are made. Because then the market is unpredictable, especially at a high leverage of the 500th
  • #2,894
  • Jan 23, 2015 2:56pm Jan 23, 2015 2:56pm
Quoting verv
{quote} this is what confuses me about you guys. On the one hand you claim that 50 to 1 leverage is not enough, yet on the other you get pissy when you lose money from the peg break. would any of you be complaining if you had gained 75k. i did nothing wrong, I shorted eurchf, and I still get shafted for making the correct play.
Dude get the facts right.He lost his money because his trades were closed not because of the chf fiasco.
Yes you made your money but plz put yourself in the shoes of those whose have lost a lot if not
everything because of the lies of the SNB. You did not make any correct play,you just got lucky
or had some other insider info.Please correct me if I am wrong.
  • #2,895
  • Jan 23, 2015 3:10pm Jan 23, 2015 3:10pm
Quoting shail31
{quote} Dude get the facts right.He lost his money because his trades were closed not because of the chf fiasco. Yes you made your money but plz put yourself in the shoes of those whose have lost a lot if not everything because of the lies of the SNB. You did not make any correct play,you just got lucky or had some other insider info.Please correct me if I am wrong.
It is not SNB's job to give currency speculators a warning of some sort of changes in their policy.

They are supposed to do whatever it takes to make Swiss economy stabile. How they do it, it is completely up to them. If there are people speculating on that, they should know their risks and exposure.
  • #2,896
  • Jan 23, 2015 3:14pm Jan 23, 2015 3:14pm
Quoting nAVIN2007
{quote} If I was u buddy..i would get a laywer..u cannot lose 75k just like this..there has to be a law against this sort of thing
What should a broker do with open trades if he's forced to close shop? I'd say closing them is the only option. Beside that, I'm pretty sure that it is stated in the clients agreement that the broker is allowed to close trades at any time.

Sorry for the loss, buts it was quiet clear that things like these can happen. What an acceptable drawdawn is, is up to him by the way, I'm not going to judge that.
  • #2,897
  • Jan 23, 2015 3:14pm Jan 23, 2015 3:14pm
Quoting wantsomepips
{quote} It is not SNB's job to give currency speculators a warning of some sort of changes in their policy. They are supposed to do whatever it takes to make Swiss economy stabile. How they do it, it is completely up to them. If there are people speculating on that, they should know their risks and exposure.
You missed my point.They have been giving speculators regular updates as early as end of december that they will defend 1.20 for
sure.This is intentionally misleading .Dont forget SNB is a central bank.Hence people trust them .
  • #2,898
  • Jan 23, 2015 3:19pm Jan 23, 2015 3:19pm
How was it? Trade what you see, not what you expect.

BTW: I'm not happy with the way the SNB acted, but still ...
  • #2,899
  • Jan 23, 2015 3:38pm Jan 23, 2015 3:38pm
Quoting JensG
How was it? Trade what you see, not what you expect. BTW: I'm not happy with the way the SNB acted, but still ...
That sounds pretty good to me.
Im by no means perfect, but as a trader I look at the facts, I never listen and act on what others say.
I always had the question in my head, "Eurozone needs bazooka QE so how but more importantly why would SNB keep defending?
That kept me away from CHF crosses.
  • #2,900
  • Jan 23, 2015 3:58pm Jan 23, 2015 3:58pm
Personally i have about 40k on alpari and i trade without leverage so just 1:1...leverage is very dangerous and with a good balance you just don't need to use it. Maybe i can arrive just 1:2 for how i work...but not more.
And if we have this issue is just for a bad use of leverage.
myfxbook: neoxis
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