Technically, I don’t believe this could be done unless the broker was bucketing your orders. I also don’t want a cap on my upside. If I had been wise enough to be long CHF… AND they capped my win at 400 pips I’d be very unhappy.
When EUR/CHF melted down, stops weren’t filled because there weren’t enough bids to offset them. Everyone was long at 1.20. Underneath, nothing but air. The real money was parked down near parity back in 2011. I started seeing stops filled at 1.0135
I’m sure many brokers are devising plans for some safety net. I’m sure regulators are coming up with more onerous policies as well. The problem is that the broker’s LP’s are the ones holding their (our) money, so I don’t know how they could implement your suggestion?
Seems everyone would be happy to bankrupt their broker and let them take the hit when it wasn’t their fault. I was talking to an offshore broker just the other day and he told me they can’t take credit cards anymore, because traders were charging back their losses. The risk managers at the credit card companies have had enough. No more Forex. Another tool for the retail trader removed. The walls keep closing in on us, and the CHF debacle is just serving to speed up the process.
Hey everyone I am new to the forum. I have a question and hope someone can help me with. I am a US citizen and resident and I am looking for a broker that will allow me to trade forex vanilla options. If anyone could help me out that would be great. Love the forum and this thread is great.
Yes, I admit that in my last comment I had not fully thought through everything related to what I was trying to say. The post was really more of a “knee jerk” rant (like the recent good one by aaceofspades) against proposals, rumors, and threats to decrease trading leverage, an almost sacred right we traders hold dear. Surely [B][I]SOMETHING[/I][/B] can be figured out to avoid leverage reduction or even thinking about it, which I personally consider unthinkable. And I can definitely understand why some traders would be quite unhappy if their windfall profits in any future “Black Thursday” were capped or partially seized by the broker to offset broker losses. Thank you Tallinex for your helpful explanation of the severe vulnerability of some brokers.
Yes, I realized when I posted my last comment that the protective stops were “blown through” and became worthless on Black Thursday. In a future similar crisis, though, some of the stops might hold. I really do think however that enough money can or should be able to be made during normal, day to day trading conditions, and so I personally would be willing to let the broker have most of my profits (to help offset the negative balances of the losing traders) if I had a winning trade with extremely high profits during any future Black Thursday. But if other measures can be created to help protect the precious few 15 brokers in List 1, then I would of course want to keep my profits.
Technically, I don’t believe this could be done unless the broker was bucketing your orders. I also don’t want a cap on my upside. If I had been wise enough to be long CHF… AND they capped my win at 400 pips I’d be very unhappy.
Yes, Ace - that was my point yesterday … the brokers who trade against clients (no names mentioned but they’re on this list) would rightly be crowing about minimal losses and forgiving balances, because they wouldn’t have any real losses to worry about… and their clients’ negative balances were all virtual money to begin with.
However, every true ECN/STP brokerage took a hit to some degree - if you consider that a 1.0 lot short CHF position represented approximately $10,000 - $14,000 in losses to ECN brokers, you can gauge how many lots companies like FXCM were holding at the time.
Yes - this is also a problem that will cause huge issues if attitudes don’t change. Very many acquiring banks decided to block US transactions over the last few weeks due to the US mentality of looking to pass blame / responsibility on to others. Considering the time and expense involved in handling/fighting the growing number of fraudulent disputes (for the card issuer, the Visa/Mastercard arbitrators and the vendor), it’s no real wonder that banks are saying “Enough is enough!”. At the end of the day, if you keep kicking a dog, it’s gonna turn around and bite you.
I am one of the U.S. traders that was absolutely very happy trading with FinFx until my account had to unfortunately have been transferred to Tallinex.
I can only hope that your company takes care of my account as well as FinFx did.
Tallinex sent login information this morning. MT4 up and running. So far, so good, but I can’t login to the website and see my account or process a withdrawal yet. I have high hopes for this broker. We’ll see.
The last paragraph of the email from Tallinex with the MT4 login info states that information for logging in to their back office to process deposits / withdrawals will come in a separate email.
Quote:
[I][B]Remember: The above information relates only to your MT4 trading account.
You will receive another email containing your new Tallinex back-office
login details, but that is not required to trade your new MT4 account.[/B][/I]
I always find it interesting when MT4 losses connection for a few minutes and gaps are formed on charts. Here’s a screenshot of the pairs that I watch. Obviously, this is hardest on scalpers but, I find it irritating also. Had to drop down to 1m charts where it’s easier to see them.
Another three minute MT4 disconnect with no router issues on my end (it’s got to be an issue on the brokers server) and here are the 1m chart gaps. This happened fairly frequently with FinFX and seems to be an issue for Tallinex too.
At this point the only thing I’m mildly annoyed about is I still haven’t received any info from Tallinex about my back office access. Hopefully soon enough. The account transfer was fairly pain free.
Hmmm … the “unfortunately have been transferred to Tallinex” part doesn’t sound very positive
In fact, you’ll find we take care of you every bit as well as FinFx - maybe even a little better… we’ve even kicked things off by giving you a deposit bonus on your transferred balance.
Hey, Ace … hang in there a little longer. The process of migrating the trading accounts is fairly simple, but migrating all of the back-office information is a huge task due to the many differences between the two back-office systems. Rest assured, we’re working as fast as we can to get this final piece of the jigsaw into place.
Whoever is posting here does not have the right information as I received different information regarding the deposit bonus when I contacted LiveChat regarding this. The contradicting information quite honestly doesnt sit right with me. If someone from Tallinex can please clarify with the CORRECT information regarding the bonus, that would be much appreciated because its quite confusing.
As far as I have been informed, the DEPOSIT bonus expired at the end of December 2014, and this is NOT the bonus we are being given as we have been informed here, but a chance to gain BACK the initial deposit after trading a certain amount of lots. I frankly would have liked the one that expired, but thats just me.
I’m not too concerned with the bonus. Right now, I’m technically unable to access MY money. Tallinex should have had back office access functioning prior to the transfer. Just waiting to see how they handle the issues.
Since the client transfer was technically “as of midnight on Jan 31st” (because there were many managed clients and fund managers involved), we obviously wouldn’t have any client information prior to Feburary 1st. So, while we’re good at most things, even can’t make back office access in place for clients who aren’t even clients yet!
I’d like to point out, however, that back office access was not interrupted for existing clients or for clients who joined us directly over the weekend… it is simply that creating back-office profiles using data from a totally different back-office system is long-winded task and needs to be checked very carefully - it is not a case of selecting a file and just clicking “Import”.
