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  • #14,301
  • Jan 23, 2015 10:45am Jan 23, 2015 10:45am
Quoting Ira.WSJ
Hi everybody, My name is Ira Iosebashvili and I'm a reporter with the Wall Street Journal in New York. We're looking to talk with individual investors who had/have accounts with FXCM about the day of the Swissie's big rally (and its aftermath) for a story we're doing. We'd be interested in what trades you had on, your reaction to the big move, what you plan to do next, etc. If you care to talk, please send me an email at ira dot iosebashvili at wsj dot com. We'd love to hear from you! My two latest stories on the pain the Swiss franc's rally has...
AVOID !

The more this gets attention in the media the more it attracts the attention of regulators. These people are only interested in selling sensationalism, hence.......

Quote
Why do your articles make it sound like risking everything by margin trading a pegged currency was in any way normal. It wasn't. It was an archetypal "picking up nickels in front of a steamroller" trade. Traders and brokers were willingly taking extreme risks. The innocent victims were some of the customers of Alpari who, while taking no stupid risks themselves, where unaware that their broker was.
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #14,302
  • Jan 23, 2015 12:07pm Jan 23, 2015 12:07pm
Let me be clear that anyone who has a negative balance with FXCM will end up winning in Court.

A contract can be abusive or even illegal. And even if the contract is legal, the SNB decision and its consequences constituting a Force majeure event is really legally debatable.

Finally, no matter what the verdict will be regarding their force majeure point, the advertising material specifying the "no balance policy" will prevail. In all countries (in Europe at least,not sure about America) when it comes to retail clients protection the Financial professional party has to be as clean as white snow to hope to win. And it certainly ain't the case with FXCM. As a pro you just can't win when you are half lying, not matter the small lines.

I shall add that FXCM holds a fair share of responsibility in not preventing the loss sustained by most of its clients. When some competitors took measures to protect their clients by :

 

  1. releasing specific warnings about the risk that the peg might break and that the liquidity might vanish to a point that stops wouldnt be triggered. That negative balances might occur. That such break would constitute a force majeure if it was to happen
  2. reducing the leverage (as they are doing now),
  3. increasing the margin requirements (as they also are doing now)
  4. or by making the trade unavailable (FXCM did it for not long ago for the USD/RUB).


How come they did nothing when they had so many clients at risk in their book? How come they are the one who suffered the most from this event?

Legally Financial professionals have all those above responsibilities toward their clients. and in Europe many Courts would condemn FXCM for such lack of anticipation and lask of warnings and lack of measures to prevent the losses. Retail clients are idiots and are treated as such by Courts. FXCM had no right to be near as idiot as their clients. And they have.

  • #14,303
  • Jan 23, 2015 12:58pm Jan 23, 2015 12:58pm
Saxo Bank is a retail foreign exchange trading bank.

However the (a) lack of systems and (b) depth of the scam is revealed by Saxo's statement after the giant Swiss Franc move. To quote:
“Due to today’s exceptional market movement in CHF crosses, we have been filling client orders and positions in an extremely illiquid market. Once we are better able to establish true market liquidity, all executed fills will be revisited, and will be revised and amended to more accurate levels. This may result in a worse execution rate than the originally filled level.”

It is of course garbage of the highest order that in the biggest currency movement of recent times there pertained an "extremely illiquid market". If Saxo quoted the wrong price the problem is Saxo's systems.

Instead Saxo is just stealing from its clients. It did a deal and they traded at a rate - and they are rewriting that deal to suit them.

Theft is the right word.

Any regulator that lets Saxo Bank do this is failing it core functions. Saxo bank's licenses should be revoked.
  • #14,304
  • Jan 23, 2015 5:28pm Jan 23, 2015 5:28pm


Inserted Video
When the facts change I change my mind, what do you do sir
  • #14,305
  • Jan 24, 2015 8:14am Jan 24, 2015 8:14am
Quoting JackStephens
woops i didnt see the news on the Calendar !
Why? This is the post of 15th January. It makes me curious.
  • #14,306
  • Edited Jan 26, 2015 2:53am Jan 25, 2015 10:37pm | Edited Jan 26, 2015 2:53am
Quoting RudiMar
Let me be clear that anyone who has a negative balance with FXCM will end up winning in Court. A contract can be abusive or even illegal. And even if the contract is legal, the SNB decision and its consequences constituting a Force majeure event is really legally debatable. Finally, no matter what the verdict will be regarding their force majeure point, the advertising material specifying the "no balance policy" will prevail. In all countries (in Europe at least,not sure about America) when it comes to retail clients protection the Financial professional...
Hi RudiMar, I am one of these FXCM customer with a negative balance. I am presently collecting all documents; adds, statement, agreement (before Jan 15th, as they changed them since) where they mentioned that losses are limited to deposits.
If you (or other readers) have any such documents, please send me a link or as attached document to [email protected].
Tks in advance.
  • #14,307
  • Jan 25, 2015 11:32pm Jan 25, 2015 11:32pm
Quoting Ira.WSJ
Hi everybody, My name is Ira Iosebashvili and I'm a reporter with the Wall Street Journal in New York. We're looking to talk with individual investors who had/have accounts with FXCM about the day of the Swissie's big rally (and its aftermath) for a story we're doing. We'd be interested in what trades you had on, your reaction to the big move, what you plan to do next, etc. If you care to talk, please send me an email at ira dot iosebashvili at wsj dot com. We'd love to hear from you! My two latest stories on the pain the Swiss franc's rally has...
Hi Ira,
In France several groups of FXCM customers are getting organized and are preparing to sue FXCM over negative balance.
One association (regrouping over 50 traders) is http://www.atpf-trading.fr/
  • #14,308
  • Jan 26, 2015 1:34am Jan 26, 2015 1:34am
Quoting PhilouFX
{quote} Hi Ira, In France several groups of FXCM customers are getting organized and are preparing to sue FXCM over negative balance. One association (regrouping over 50 traders) is http://www.atpf-trading.fr/
Is there a such group in the UK?
  • #14,309
  • Jan 26, 2015 2:18am Jan 26, 2015 2:18am
Quoting maokun
{quote} Is there a such group in the UK?
Not that I am aware off!
  • #14,310
  • Jan 26, 2015 10:12am Jan 26, 2015 10:12am
FXCM's clients in France are starting to receive phone calls about their negative balance being reset to zero. Not sure about the reality of this yet since there has been no official declaration made by FXCM. Not sure if clients for other countries will be treated the same way.
  • #14,311
  • Jan 26, 2015 10:16am Jan 26, 2015 10:16am
Quoting RudiMar
FXCM's clients in France are starting to receive phone calls about their negative balance being reset to zero. Not sure about the reality of this yet since there has been no official declaration made by FXCM. Not sure if clients for other countries will be treated the same way.
It is illegal in most countries. They need to transfer a copy of credit agreement to customer by post before calling. Also FXCM should notify in prior that rights for virtual "debt" where transferred to another legal entity. All this look like scam. It is also advised by lawyer to register such calls in police.
  • #14,312
  • Edited 10:46am Jan 26, 2015 10:33am | Edited 10:46am
I'm going to break the status quo (by talking about the currency par eur/chf instead of discussing FXCM, so bear that in mind.

The eur/chf has risen nearly 400pips today, most likely due to rumors of the SNB intervention (I still have yet to hear an official announcement)

funny thing is, Spili was the only one who mentioned this previously-I guess people don't want to talk about trading this pair for now.

At any rate, immediate resistance is around 1.013 (possibly a scrape at 1.016), followed by 1.020 (+/- 30 pips)

Any more than that, and the SNB intervention (or maybe the fear of intervention) is beyond worthwhile trading (for shorts I mean). Technically, the eur/chf is extremely overbought, and I do not recommend going long right now. If you went long at parity or 1.01, it was decent, but right now, we're at a significant resistance. I wonder if the Swiss National Bank is punch through this as well.

I expect the first major support to be around 1.005~1.01. But I'm worried about the recent swiss news, which reports 1.10 to be optimal target for swiss firms.

And I apologize for my typos (if there are still some left). I'm currently occupied at the moment, while also attempting to trade.
  • #14,313
  • Jan 26, 2015 6:25pm Jan 26, 2015 6:25pm
Quoting PhilouFX
{quote} Hi RudiMar, I am one of these FXCM customer with a negative balance. I am presently collecting all documents; adds, statement, agreement (before Jan 15th, as they changed them since) where they mentioned that losses are limited to deposits. If you (or other readers) have any such documents, please send me a link or as attached document to [email protected] ("[email protected]"). Tks in advance.
Hi Philou, are you UK client with FXCM?
  • #14,314
  • Jan 26, 2015 10:09pm Jan 26, 2015 10:09pm
Quoting RudiMar
{quote} Hi Philou, are you UK client with FXCM?

Well, all Europeans (I fit in this group) are 'UK customers', after some countries have local support offices.
  • #14,315
  • Jan 27, 2015 11:50am Jan 27, 2015 11:50am
They say a picture is worth a 1,000 words. True, & can also be worth an infinite amount of $, if used properly.


K.I.S.S.
Attached Image (click to enlarge)
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  • #14,316
  • Jan 27, 2015 9:47pm Jan 27, 2015 9:47pm
Quoting mostafa54
result eur chf: analysis2014.blogspot.com/2015/01/eurchf.html


Great! ......do you have a target to take profit? What next?
  • #14,317
  • Jan 28, 2015 12:40am Jan 28, 2015 12:40am
nothing random about this "chaos", folks. These lines have not changed since being drawn 2 weeks ago.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH4.png Size: 21 KB
  • #14,318
  • Jan 28, 2015 10:50am Jan 28, 2015 10:50am
Like a slave
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH4.png Size: 21 KB
  • #14,319
  • Jan 29, 2015 10:09am Jan 29, 2015 10:09am
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFDaily.png Size: 16 KB






La lala lala
  • #14,320
  • Jan 29, 2015 10:13am Jan 29, 2015 10:13am
Quoting RudiMar
Let me be clear that anyone who has a negative balance with FXCM will end up winning in Court. A contract can be abusive or even illegal. And even if the contract is legal, the SNB decision and its consequences constituting a Force majeure event is really legally debatable. Finally, no matter what the verdict will be regarding their force majeure point, the advertising material specifying the "no balance policy" will prevail. In all countries (in Europe at least,not sure about America) when it comes to retail clients protection the Financial professional...


Fuck you, victim! If you got burned from being in a VERY POOR position, then LEARN FROM IT! Rather than whining & crying about losses, why not engage & TAKE YOUR PROFITS BACK??? The market is still moving, right? Traders are TRADING & looking for pips, not whining about getting beat. If you were banking on the SNB & got burned then SERVES YOU RIGHT! Bank on yourself! If the last year of pinning was legal (which you MUST HAVE COUNTED ON FOR YOUR TRADING), then HOW CAN YOU NOW COMPLAIN WHEN YOU LOSE on it??? Loser!
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