I’m with turnkey & Coinexx and his size was not the problem. I routinely fill >200 lots with minimal issues. However, I only use limit orders… my stops are >50 pips with a pretty low risk % per trade (i really only need 75:1)… I only trade 2 uncorrelated currencies at a time… I avoid high impact reports… I don’t hold through rollover when spreads widen significantly… and I don’t hold through weekends when markets can gap open 70-100 pips from Fridays close.
Coinexx’s margin close out is 50% of equity and he also took money out. Could that have been the issue? That being said, a 70 pip gap/spread should only happen on a god awful unemployment/GDP advance report or shocking central bank rate/policy change.
Hi all, I made the post over at Forex Peace Army. I can clear up any questions that you have, just let me know. I agree it was big trading and risky. I am not trying to trash on Coinexx, they were great to work with, but like other users have said, if they closed out the GBPUSD position based on news and spread spikes, I am fine with that, but why was there a 70 pip spike on all the other trades running in profit causing them to get stopped out (yen trades mainly)? That is what is not sitting well with me.
There was a $90k withdrawal pending, but it never processed since the trading losses happened. That did not trigger the margin call, it was the spread spike. The other withdrawals were just to see how their withdrawal process worked and to get some money off the table. I withdrew $10K (2x$5K) but that was on October the 11th.
1st things 1st… Wait! You were attempting to withdraw 90K while holding 6 open positions requiring >40K in margin?
How does that make any sense?
hmmmmmmmm there was no market moving report at that time and I’m not seeing those bid closeout sell prices @ that specific date & time on my charts… that does look very suspect!
However…
What were your exact stop prices on those trades? Due to your large position sizes of 2.5-4M, you could have gotten hit with large slippage trying to fill those stops.
The pending 90K withdrawal also could have forced the margin close out liquidation of 21M in contracts @ market causing massive slippage.
In a previous post i mentioned that I routinely trade >200 lots, but that is split over several brokers (US & Offshore) using limit orders!
It is one thing to state an opinion while remaining objective as possible, and another to make serious claims regarding a broker in an public forum without 100% proof that foul play was involved. This is where I take issue. That being said, it is understandable that anyone experiencing such losses might be more prone to react emotionally, without giving proper pause to word things more carefully. I simply think that it is important that others are not too quick to draw conclusions simply after reading the comments, and will, instead, take a step back and approach the discussion intelligently and objectively.
So, you can definitively say, without question, that this is a case of manipulation without any possibility of poor circumstance and/or technical error? I think that the discernment is important.
dude the only way you can be 100% sure its manipulation is to work for the company and see there operations but im damn sure not taking a company word that its some technical error when i seen fishy things with my own eyes
EDIT: ok lets say it was a technical error shouldn’t the company reimburse the trader for there loss?
i dont think anyone is concluding just yet, but we have to agree that brokers have all the abilities to control nearly everything during trading. and the least we can do is share whatever experiences bad or good with the public. its just so many of these similar issues happens again and again. if you go to FinPro’s Telegram channel, you will see many more of similar issues being asked and posted again and again. and I would not be surprised to see more similar cases showing up tomorrow. sure, there isn’t anything direct or solid to say there is any foul play here, because any brokers can say “oh its news time”, “oh its exotic pairs” or even “technical errors”… and damn why so many technical errors happens again and again… i would like to know when is it gonna be fixed or will it ever be fixed.
AMEN, brothers and sisters… U.S. friendly brokers are few and precious,
so let’s not cause them any additional grief. The "Nanny State"
is causing them enough issues…
" so let’s not cause them any additional grief ’ bro any broker who’s playing games with my money is causes their grief and the more games they play with there customer money the more people will come out. so either they do right or get expose
I can assure you that if such a thing happens to my accounts
then I would be concerned… But I would try to get some proof
that I was being cheated. of course…
Hey Clint, I got up-to-date commissions and founded years on several of the brokers. I don’t know how important the data is, but Turnkey’s needs to be updated, and a couple others aren’t yet listed with a commission.
Here it is (Since it was merely “edited”, it has not notified anyone):
If you are not 100% sure, then to claim manipulation in an open forum is irresponsible and unfair. That is my point. Instead, the entire issue could have been discussed without making that claim. Again, that is my point. The way that things have been presented creates unnecessary FUD, which can perpetuate false rumors and give more excuses for heavy-handed regulation. This is why it is important that we address these matters carefully, without jumping to conclusions.
The technical error scenario is just one of many possibilities that give weight to the point that I have been trying to make. Even if this unlikely scenario were to be considered, we would also have to consider the possibility that the technical error has not yet been discovered. But it is not really important for the discussion.
The original poster claimed manipulation. I agree that it is important to have these discussions. I simply believe that we should not jump to any conclusions in such cases that cannot be definitively proven. Discussing the possibility of foul play, especially in such cases that tend to recur, is only logical and should be expected; absolutely. But to claim foul play in a public forum without unquestionable proof is not the same. As previously stated, there is a discernible difference, and I believe that it is important to note that.
I can really see how good FinPro (and, by extension
TurnkeyForex and Coinexx) commissions are, since I’m
watching executions of a nibbling BOT right now; and
when a “copy-slaved” FinProTrading account is up
$100 net profit; another account which a Dukascopy
MT4 account with much worse commission, might be up only
about $60 or so…
So, for micro scalping with average targets of 3.4 PIPs or
so, it’s obvious that the commission advantages can really
add up over time…
FinProTrading performance is really the best which U.S. persons
can get access to with these sample timings:
[EDIT] There is some variability here, but it’s likely an artifact of the
execution environment trying to measure elapsed times and/or delays
waiting for an available server, so really we’re just looking at a couple
hundred msecs for FinProTrading as typical.
of course…