Alpari.co.uk Discussion | Page 155 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Alpari UK Insolvency Does Not Affect Other Alpari Companies 4 replies

Alpari US vs Alpari UK 20 replies

Alpari NZ vs Alpari UK 7 replies

Alpari Direct Pro vs Alpari MT4 Pro 4 replies

Alpari Russia, Alpari UK or MIG??? 5 replies

Attachments: Alpari.co.uk Discussion
Exit Attachments

Alpari.co.uk Discussion

  • #3,081
  • Jan 27, 2015 2:31am Jan 27, 2015 2:31am
Quoting TraderRaven7
It was as much as LP's fault as a broker and traders fault. Everyone played a role in this disaster. Biggest culprit if anyone it is SNB.
No. At some point the SNB would give up the support of the franc. No one aware of a time. And therefore only stupid people have traded against the Swiss franc. And who has not mastered the basics of trading and received too much risk with too large trades, learn the hard must be paid.
  • #3,082
  • Jan 27, 2015 3:23am Jan 27, 2015 3:23am
Quoting leokatz
{quote} No. At some point the SNB would give up the support of the franc. No one aware of a time. And therefore only stupid people have traded against the Swiss franc. And who has not mastered the basics of trading and received too much risk with too large trades, learn the hard must be paid.
Nobody knew that was going to happen. Up until the last minute the talk was they were going to defend the peg and then did the opposite. Why do you think everyone got screwed, it is because no one was prepared that SNB would mislead. You cannot go around blaming new traders. It could have happened when you were new at trading. This is not something that happens every other day.
  • #3,083
  • Jan 27, 2015 3:25am Jan 27, 2015 3:25am
Quoting leokatz
Not the leverage was. It was stupidity of people who can not weigh the risks and benefits. What profits would have been possible in CHF? 50 pips? When? and what risk? Incalculable. Opportunity and risk out of proportion. It was ignorance and stupidity. Ignorance of the basics of trading. Stupidity to open large positions. Who more than 1% of its capital used for trading, has 4,000 pips air without crashes the account. And that opens appropriate positions is within the knowledge about trading. Ignorance and greed were. Not the high leverage. And...
Quoting leokatz
{quote} No. At some point the SNB would give up the support of the franc. No one aware of a time. And therefore only stupid people have traded against the Swiss franc. And who has not mastered the basics of trading and received too much risk with too large trades, learn the hard must be paid.


As you've rightly said, there was very little upside & downside was huge so going long on EURCHF was a terrible trading decision at the time. But of course, that was a pegged currency & it was inevitable but tomorrow, we could be in a trade & Euro crashes massively because one of the bigger Eurozone countries decides to leave Euro, such an event isn't unlikely at all, it could easily occur in the near future but at the end of the day, we, as traders, have to be aware of these possibilities & be willing to take responsibility for the losses incurred, mature traders will do just that instead of blaming other people for their trading decision because that's how markets work, & one trade can wipe out an account. So it's important that we don't put all our eggs in one basket by having more than one (reputable) broker, by NOT putting all our savings into trading, etc. We have to recongnize that the markets are uncertain, nobody knows for sure what will happen & theforefore we have to be prepared, accordingly.

I think it's time that brokers (especially ECNs, who are more valnerable during such events) should consider getting insurance against such rare events in order to protect themselves & their traders.
  • #3,084
  • Jan 27, 2015 3:36am Jan 27, 2015 3:36am
Quoting r41225
{quote} {quote} As you've rightly said, there was very little upside & downside was huge so going long on EURCHF was a terrible trading decision at the time. But of course, that was a pegged currency & it was inevitable but tomorrow, we could be in a trade & Euro crashes massively because one of the bigger Eurozone countries decides to leave Euro, such an event isn't unlikely at all, it could easily occur in the near future but at the end of the day, we, as traders, have to be aware of these possibilities & be willing to take responsibility...
you have my respect for your comments
and i learned to have different accounts when i have my money back
  • #3,085
  • Jan 27, 2015 3:36am Jan 27, 2015 3:36am
Quoting TraderRaven7
{quote} Nobody knew that was going to happen. Up until the last minute the talk was they were going to defend the peg and then did the opposite. Why do you think everyone got screwed, it is because no one was prepared that SNB would mislead. You cannot go around blaming new traders. It could have happened when you were new at trading. This is not something that happens every other day.
You're absolutely right in that it wasn't something that happens every day but these things DO HAPPEN every now & then, & most informed traders know that central banks do pull this sh!t every once in a while & therefore, if we are trading the markets then we should be prepared & take responsibility for our trades rather than blaming others; if one doesn't know that these things do happen occasionally & can't take responsibility for one's losses then perhaps, one should reconsider whether they should be trading at all. As I've said, the best situation would be if the broker is insured & thereby, in a position to forgive negative balances.
  • #3,086
  • Jan 27, 2015 3:48am Jan 27, 2015 3:48am
Quoting r41225
{quote} You're absolutely right in that it wasn't something that happens every day but these things DO HAPPEN every now & then, & most informed traders know that central banks do pull this sh!t every once in a while & therefore, if we are trading the markets then we should be prepared & take responsibility for our trades rather than blaming others; if one doesn't know that these things do happen occasionally & can't take responsibility for one's losses then perhaps, one should reconsider whether they should be trading at all. As I've said, the best...
I agree with the part about taking responsibility. As a third party observer with no trades in chf, I do not agree with the part about blaming new traders for what SNB caused by misleading. Ofcourse everyone who made a loss will be responsible and accountable. You cannot blame new traders, there were plenty of experienced traders who were not repared either. My money is stuck just like others but it is not because of new traders, and I am responsible for putting all the money in one account. Lesson learned the hard way.
  • #3,087
  • Jan 27, 2015 3:50am Jan 27, 2015 3:50am
Quoting Jadgeha
{quote} you have my respect for your comments and i learned to have different accounts when i have my money back
Thanks. We all can always learn something new from one another
  • #3,088
  • Jan 27, 2015 3:55am Jan 27, 2015 3:55am
Quoting r41225
{quote} {quote} As you've rightly said, there was very little upside & downside was huge so going long on EURCHF was a terrible trading decision at the time. But of course, that was a pegged currency & it was inevitable but tomorrow, we could be in a trade & Euro crashes massively because one of the bigger Eurozone countries decides to leave Euro, such an event isn't unlikely at all, it could easily occur in the near future but at the end of the day, we, as traders, have to be aware of these possibilities & be willing to take responsibility...
Meanwhile, many brokers reduce the leverage to make important decisions by the central banks. This is good, I think. In all brokers is to read that the losses from trading may crash the account. Who trades reckless, who must bear the consequences when something like this happens. First you have to acquire the necessary knowledge. Perhaps trading with a demo account and try out how something works. I think many traders have far too little money. Altogether too little money. If I use to trade 10% of my money. I suspect that many traders use their full money to trade. And now these traders complain because they are not able to open a trading account with a different broker. It is wrong anyway, only to have a trading account with a single broker. I now have 6 accounts with different brokers. Three ECN and STP three. Not a pure market makers, because I do not like when servers are unreachable and courses to be manipulated. That's why I say that it might be annoying and uncomfortable that Alpari UK is insolvent, but there is no drama for a forward thinking people. A successful trader is a disciplined person. He will not be swayed by emotions and never take high risks. I think 70% of traders at all brokers are not risk-aware and open to large trades. Pure greed and stupidity. Stupidity is always be punished in life and greed will also be punished by life.
  • #3,089
  • Jan 27, 2015 4:04am Jan 27, 2015 4:04am
Quoting TraderRaven7
{quote} I agree with the part about taking responsibility. As a third party observer with no trades in chf, I do not agree with the part about blaming new traders for what SNB caused by misleading. Ofcourse everyone who made a loss will be responsible and accountable. You cannot blame new traders, there were plenty of experienced traders who were not repared either. My money is stuck just like others but it is not because of new traders, and I am responsible for putting all the money in one account. Lesson learned the hard way.
It could be that experienced traders realize that the losses they made on that trade were theirs & know that they can't blame others for it while a lot of new traders who were caught off-guard are going around blaming others, including brokers, banks, LPs, central banks & whoever they can think of, & that's why some of the experienced traders (who perhaps weren't on the trade) are perhaps being a litte harsh on the new traders..........may be both sides need to have a closer look at themselves, so experienced traders could cut newbies some slack by thinking back to how uninformed they were when they first started trading & new traders should learn their lesson to take responsibility for their losses.
  • #3,090
  • Jan 27, 2015 4:07am Jan 27, 2015 4:07am
Quoting r41225
{quote} It could be that experienced traders realize that the losses they made on that trade were theirs & know that they can't blame others for it while a lot of new traders who were caught off-guard are going around blaming others, including brokers, banks, LPs, central banks & whoever they can think of, & that's why some of the experienced traders (who perhaps weren't on the trade) are perhaps being a litte harsh on the new traders..........may be both sides need to have a closer look at themselves, so experienced traders could cut newbies some...
That would be the best approach for everyone.
  • #3,091
  • Jan 27, 2015 4:09am Jan 27, 2015 4:09am
a little note: Who actually has no money to open a new trading account, which offer several ways to trade anyway. There are several brokers who offer a starting balance during the registration. Although only 25 euros. And there are market makers. But it is free money. Risk management is not possible with this money. It's too little money. I know three of these brokers:
trading212.com
plus500.com
XM.com
  • #3,092
  • Jan 27, 2015 4:21am Jan 27, 2015 4:21am
Quoting r41225
{quote} It could be that experienced traders realize that the losses they made on that trade were theirs & know that they can't blame others for it while a lot of new traders who were caught off-guard are going around blaming others, including brokers, banks, LPs, central banks & whoever they can think of, & that's why some of the experienced traders (who perhaps weren't on the trade) are perhaps being a litte harsh on the new traders..........may be both sides need to have a closer look at themselves, so experienced traders could cut newbies some...
one should understand how the market works and learn first. Then you can trade. Not vice versa. I practiced two years before I started trading. At first, I still had crashed two times my trading account. But small sums. Nevertheless, it was learn the hard. Since then I know that I may trade only a small percentage of the money. A maximum of 2% of the trading account. Better than 1%. Certainly, I have a short term less profits. But I have greater long-term profits than the trader who wants to quickly realize large profits. For these traders at some point crash his trading account because of the excessive risks.
  • #3,093
  • Jan 27, 2015 4:30am Jan 27, 2015 4:30am
Quoting leokatz
{quote} Meanwhile, many brokers reduce the leverage to make important decisions by the central banks. This is good, I think. In all brokers is to read that the losses from trading may crash the account. Who trades reckless, who must bear the consequences when something like this happens. First you have to acquire the necessary knowledge. Perhaps trading with a demo account and try out how something works. I think many traders have far too little money. Altogether too little money. If I use to trade 10% of my money. I suspect that many traders use...
You have raised some excellent points here! Yes, most new traders are perhaps too eager to start trading with real money when in fact, they should be demo-trading to find a strategy that will gain them consistent profits with limited risk while keeping themselves informed about the markets they are trading, & as they are uninforemd, unprepared & undercapitalized, they aim for too high a profit, which leads to overleveraging & all the negatives that go along with it. As you've said, being informed, being well-capitalized, having realistic profit-expectations, managing leverage, being disciplined, having several broke, controlling greed & being prepared for uncertainties are all important things for all serious traders to consider.
  • #3,094
  • Jan 27, 2015 4:31am Jan 27, 2015 4:31am
Quoting panhwar
by Tim Wallace 27 January 2015 1:23am CUSTOMERS of forex and spreadbetting site Alpari UK could have to wait four to six weeks before they can re-access their funds, one of the bidders to buy parts of the collapsed firms warned yesterday. Administrators from KPMG are pooling client funds, and will pay clients the money from their accounts when it is certain the numbers are robust. But the process is being slowed down by uncertainty over how to calculate the sums owed to those who had trades...
Not looking good... These guys charge £400 per hour, it's not a surprise they want to delay the whole process. And their wages will probably come from our accounts...

We're in a wrong biz!
  • #3,095
  • Jan 27, 2015 4:41am Jan 27, 2015 4:41am
Quoting frontier
{quote} Not looking good... These guys charge £400 per hour, it's not a surprise they want to delay the whole process. And their wages will probably come from our accounts... We're in a wrong biz!
  • #3,096
  • Jan 27, 2015 4:42am Jan 27, 2015 4:42am
Quoting frontier
{quote} Not looking good... These guys charge £400 per hour, it's not a surprise they want to delay the whole process. And their wages will probably come from our accounts... We're in a wrong biz!
delay is different. How much time would you need to correct the prices of trades to check? and how much time you need to 100,000 accounts check? A week? Dreams continue. And what sum does it cost? I suspect a maximum of 3%. Were you a greater loss pleasant because the types sloppy work?
  • #3,097
  • Jan 27, 2015 5:29am Jan 27, 2015 5:29am
Quoting leokatz
{quote} delay is different. How much time would you need to correct the prices of trades to check? and how much time you need to 100,000 accounts check? A week? Dreams continue. And what sum does it cost? I suspect a maximum of 3%. Were you a greater loss pleasant because the types sloppy work?
i think everything should be automated
  • #3,098
  • Jan 27, 2015 5:34am Jan 27, 2015 5:34am
Quoting leokatz
{quote} delay is different. How much time would you need to correct the prices of trades to check? and how much time you need to 100,000 accounts check? A week? Dreams continue. And what sum does it cost? I suspect a maximum of 3%. Were you a greater loss pleasant because the types sloppy work?
The question is: why do they want to check all the accounts and "correct" prices, is it because they want: extra work for them (most probably IMO), or extra money for us customers?
  • #3,099
  • Jan 27, 2015 5:45am Jan 27, 2015 5:45am
Quoting frontier
{quote} The question is: why do they want to check all the accounts and "correct" prices, is it because they want: extra work for them (most probably IMO), or extra money for us customers?
Maybe the simple answer is because some clients have asked the FCA to look into it.
Reading back through this thread if some of the questions raised were indeed put to the FCA then they would have to ensure that any concerns were properly investigated.
If one client has questions about correct prices then all clients have to suffer any consequences as a result.
  • #3,100
  • Jan 27, 2015 5:59am Jan 27, 2015 5:59am
Quoting leokatz
{quote} one should understand how the market works and learn first. Then you can trade. Not vice versa. I practiced two years before I started trading. At first, I still had crashed two times my trading account. But small sums. Nevertheless, it was learn the hard. Since then I know that I may trade only a small percentage of the money. A maximum of 2% of the trading account. Better than 1%. Certainly, I have a short term less profits. But I have greater long-term profits than the trader who wants to quickly realize large profits. For these traders...
I also ONLY demo-traded for a couple of years after I found out about forex, then blew up a small account worth a couple of hundred bucks, was trading without SL , news hit & I got stopped out, I knew I was the culprit & the most important lesson was learned - DO NOT trade without SL & keep the amount at risk at no more than a couple of % of the trading account! Never looked back after that. I'd realized that small but consistent gains with limited risk are the way to go. Yes, if one aims too high & risks more than a couple of % per trade then sooner or later they are bound to destroy their account, it's only a matter of time. I think it's better to have a decent-sized account rather than a tiny one, if one expects to make decent profits without risking too much, if one doesn't have the money then may be they should save up & then have a go, keep demo-trading in the meanwhile until they find a decent strategy that will yield realistic risk-adjusted returns.
10 traders viewing now