My Trading Log

Trading Discussion Trade Journals
1803

Why not breathe a little life into this old thread. Here are two different pieces of news both related to the recent market shock caused by the Swiss national Bank releasing the cap on the relation between CHF and EUR.

The first is about a small broker: industry_view Public Page | FXSTAT!!!

The second is an excerpt from an email I received from one of the absolutely best brokers worldwide, one I’ve used since 2009 with yet to encounter any problems:

Early on January 15, 2015, the Swiss National Bank (SNB) sent global financial markets into turmoil with a surprise move to eliminate its three-year-old cap on the franc (CHF).

In the wake of this unprecedented market event, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients. OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).

As a very well capitalized broker, we are proud to report that it is business as usual at OANDA: client trading, deposits and withdrawals are processing normally.

OANDA is proud of its strong reputation for fairness and integrity. We thank our customers for their continued loyalty and welcome new traders who want to experience outstanding service and execution.

Contact Us | Feedback | Enquiries | Media | Advertising | Offices | OANDA.

Thank you for trading with OANDA,

Ed
President and CEO, OANDA Corporation

Choose wisely when you go looking for a broker, they’re not all made of the same stuff!

1804

Wow, another one, this time a very well known broker: industry_view Public Page | FXSTAT!!!

1805

Is even the worlds biggest retail forex company heading into insolvency? FXCM Comments on Swiss Franc Movement (NYSE:FXCM)

1806

So now we know what happened to FXCM. We can all take that as a lesson in risk management - even the big boys can screw up.

I haven’t screwed up though, making money nowadays. It took me much longer to get there than I would ever have believed. My advice to you if you’re not there yet is to read as many trading books as you can get your hands on, and don’t give up. Those books can often be found online as pdfs, probably not quite legal, so I wouldn’t dream of recommending it…

1807

Being a publicly listed broker on the NYSE provides financial transparency for our traders that is not available with many of our competitors. That’s why it’s important to note that despite the events of January 15th, our capitalization remains at levels similar to before the Swiss franc movement.

As of our most recent quarterly earnings release, FXCM had $328 million in operating cash and $1.0 billion in customer equity. Furthermore, our regulatory capital surplus of over $200 million is as strong as it has been in recent years.

Sound advice and congratulations on becoming profitable!