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Realities of Forex Investment
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mnandii
#3061 Posted : Friday, January 16, 2015 7:27:22 PM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
hisah wrote:
FXCM in Talks With Jefferies for $200 Million Rescue

Whoa! Sh** just hit the fan! Largest US FX broker needs a rescue package! SNB bombshell has started claiming casualties.

Risk management people. Remember that. Time to start assessing your broker. Weak ones will be thrown under the bus with your money!

Applause

And your bank too! Pray
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Ceinz
#3062 Posted : Saturday, January 17, 2015 1:19:58 PM
Rank: Veteran

Joined: 5/7/2009
Posts: 1,032
Location: Sea of Transquility
mnandii wrote:
hisah wrote:
FXCM in Talks With Jefferies for $200 Million Rescue

Whoa! Sh** just hit the fan! Largest US FX broker needs a rescue package! SNB bombshell has started claiming casualties.

Risk management people. Remember that. Time to start assessing your broker. Weak ones will be thrown under the bus with your money!

Applause

And your bank too! Pray


Welcome back bro. Long time.
“small step for man”
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Ceinz
#3063 Posted : Saturday, January 17, 2015 1:35:56 PM
Rank: Veteran

Joined: 5/7/2009
Posts: 1,032
Location: Sea of Transquility
hisah wrote:
FXCM in Talks With Jefferies for $200 Million Rescue

Whoa! Sh** just hit the fan! Largest US FX broker needs a rescue package! SNB bombshell has started claiming casualties.

Risk management people. Remember that. Time to start assessing your broker. Weak ones will be thrown under the bus with your money!


True dat. I use gain capital, I don't know how this storm affected them. ( May be they profitedDrool )

*UK retail broker Alpari Ltd said on Friday it has entered insolvency after racking up losses
“small step for man”
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Ceinz
#3064 Posted : Saturday, January 17, 2015 1:45:17 PM
Rank: Veteran

Joined: 5/7/2009
Posts: 1,032
Location: Sea of Transquility
hisah wrote:
Now that the Swiss referendum voted against 20% CB reserves I'll be buying gold this year! This will be contra play.


The decision on EURCHF peg already boosting gold I consider the trend to be changing at this point and will be looking for long opportunities on pull backs.
“small step for man”
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mnandii
#3065 Posted : Saturday, January 17, 2015 4:20:03 PM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
Ceinz wrote:
mnandii wrote:
hisah wrote:
FXCM in Talks With Jefferies for $200 Million Rescue

Whoa! Sh** just hit the fan! Largest US FX broker needs a rescue package! SNB bombshell has started claiming casualties.

Risk management people. Remember that. Time to start assessing your broker. Weak ones will be thrown under the bus with your money!

Applause

And your bank too! Pray


Welcome back bro. Long time.

Thanks. smile
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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tonicasert
#3066 Posted : Sunday, January 18, 2015 7:22:55 PM
Rank: Member

Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
Interesting times for forex brokers. Time to take a breather and review how this pans out?

Luckily my broker (oanda) says they've survived, but considering withdrawal till things cool off.
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Mkimwa
#3067 Posted : Sunday, January 18, 2015 10:14:18 PM
Rank: Member

Joined: 10/26/2008
Posts: 380
The CHF move left me in an interesting position..

I was short on GBPCHF, with a TP set at 1.51 . When the news came out, my position was not closed due to lack of liquidity, and at one point went to a big +ve number. I tried unsuccessfully to close the position, called my broker who indicated that they had suspended trading the CHF pairs.

When trading resumed, GBPCHF was now trading at 1.36, and the position was closed at TP of 1.51, rather than the then current price of 1.36. I would have expected the position to be closed at the then current price (as am sure they did for many people who were in the negative).

Your take good people? I expected positive slippage, which I believe should be passed on to the traders.
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hisah
#3068 Posted : Sunday, January 18, 2015 11:05:07 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Mkimwa wrote:
The CHF move left me in an interesting position..

I was short on GBPCHF, with a TP set at 1.51 . When the news came out, my position was not closed due to lack of liquidity, and at one point went to a big +ve number. I tried unsuccessfully to close the position, called my broker who indicated that they had suspended trading the CHF pairs.

When trading resumed, GBPCHF was now trading at 1.36, and the position was closed at TP of 1.51, rather than the then current price of 1.36. I would have expected the position to be closed at the then current price (as am sure they did for many people who were in the negative).

Your take good people? I expected positive slippage, which I believe should be passed on to the traders.

With all the forex regulations since 2010 and heavy penalties, there is no broker that would grant such a slippage. Read their T&Cs and you'll see you have no case.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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hisah
#3069 Posted : Sunday, January 18, 2015 11:21:48 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
What SNB did on Thursday should be labelled as a criminal act from the sheer size of the manipulation magnitude. Hopefully the swiss corporate will not sit down and press for the CB lot to be handcuffed for shuttering many jobs and livelihoods.

The Fx broker mayhem is just beginning and in coming weeks and months there will be bankruptcies with the market digesting the turmoil.

The SNB actions have just ensured that gold and other alternatives such as bitcoin etc will get bid for a while.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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mnandii
#3070 Posted : Monday, January 19, 2015 8:44:48 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
hisah wrote:
Mkimwa wrote:
The CHF move left me in an interesting position..

I was short on GBPCHF, with a TP set at 1.51 . When the news came out, my position was not closed due to lack of liquidity, and at one point went to a big +ve number. I tried unsuccessfully to close the position, called my broker who indicated that they had suspended trading the CHF pairs.

When trading resumed, GBPCHF was now trading at 1.36, and the position was closed at TP of 1.51, rather than the then current price of 1.36. I would have expected the position to be closed at the then current price (as am sure they did for many people who were in the negative).

Your take good people? I expected positive slippage, which I believe should be passed on to the traders.

With all the forex regulations since 2010 and heavy penalties, there is no broker that would grant such a slippage. Read their T&Cs and you'll see you have no case.


This is a very good question to ponder since if the slippage is against you the broker promptly closes your position far beyond your SL. Why shld the same not apply in the case of a TP?
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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