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FXCM Discussion

  • #5,981
  • Jan 16, 2015 10:05am Jan 16, 2015 10:05am
Quoting TheGreatMilenko
{quote} According to their website all accounts are monitored by "margin watcher". This means that in theory you can never lose more than you deposit. You should never go into negative equity. If they've fucked up and allowed this to happen, for what ever reason I would like to think that clients owe fxcm nothing. Surely it's fxcm that owes their liquidity providers? Any way, I don't fully understand. Perhaps someone could put me right. :-)
In theory you can never lose more than the deposit because FXCM has a no debit policy (one of the few brokers with this policy) not because of the margin watcher. I don't think FXCM can win if they sue the traders for the negative balances because they explicitly say they will credit the debit balances. It's mandatory for them to credit the debit balances since they had that policy so they don't have chances to win money if they sue the traders.

If I'm wrong and they can recover the money I will close my FXCM account because their no debit policy is the only reason I made an account with FXCM.
  • #5,982
  • Jan 16, 2015 10:07am Jan 16, 2015 10:07am
Quoting pipster1
http://video.cnbc.com/gallery/?video=3000347213&play=1
Saw this earlier. CNBC now reporting Jefferies Sr. Managers are at FXCM now. I'm keeping my fingers crossed!
  • #5,983
  • Jan 16, 2015 10:09am Jan 16, 2015 10:09am
Quoting dargane
{quote} Saw this earlier. CNBC now reporting Jefferies Sr. Managers are at FXCM now. I'm keeping my fingers crossed!
Statement due in 3hrs https://twitter.com/alaidi/status/556120282495463424
  • #5,984
  • Jan 16, 2015 10:09am Jan 16, 2015 10:09am
Quoting dargane
{quote} Saw this earlier. CNBC now reporting Jefferies Sr. Managers are at FXCM now. I'm keeping my fingers crossed!
  • #5,985
  • Jan 16, 2015 10:10am Jan 16, 2015 10:10am
Quoting dargane
{quote} Saw this earlier. CNBC now reporting Jefferies Sr. Managers are at FXCM now. I'm keeping my fingers crossed!
FXCM has value, with its name and presence in the FX world. The best option is sale to larger broker or to an private equity firm now.
Trade what you see, not what you think!
  • #5,986
  • Jan 16, 2015 10:11am Jan 16, 2015 10:11am
Quoting KeyframeHR
{quote} Statement due in 3hrs https://twitter.com/alaidi/status/556120282495463424
Thanks for the info...my news feed sucks!
  • #5,987
  • Jan 16, 2015 10:13am Jan 16, 2015 10:13am
Quoting pipster1
{quote} Just logged in no problem
OK, you all will have to forgive me again. I was typing my password wrong. I am able to log in. Did I mention that I'm in full blown panic mode?
  • #5,988
  • Jan 16, 2015 10:13am Jan 16, 2015 10:13am
Quoting OMGtrader
{quote} FXCM has value, with its name and presence in the FX world. The best option is sale to larger broker or to an private equity firm now.
Agree, they have many clients and the highest trading volume.

The truth is no broker/bank is safe these days. Moving to gold bars under the mattress.
  • #5,989
  • Jan 16, 2015 10:14am Jan 16, 2015 10:14am
Just closed my open trades and withdrew my principle - All appears to have been executed.
  • #5,990
  • Jan 16, 2015 10:15am Jan 16, 2015 10:15am
Quoting Bilstein
I, for one, was on the winning side of yesterday's disaster. Contemplating whether or not to withdraw my funds. All sorts of buzz going around. I'm having no problems with my terminal or the MyFXCM logon. It's strange, aside from high spreads on CHF pairs, everything seems "business as usual". I say that loosely, lol.
If you have a substantial amount won, I would withdraw until everything settles.
  • #5,991
  • Jan 16, 2015 10:16am Jan 16, 2015 10:16am
sad reality of business. It takes years and years to build but only 1 day to crumble, i.e FXCM... smh.
Trade what you see, not what you think!
  • #5,992
  • Jan 16, 2015 10:16am Jan 16, 2015 10:16am
Quoting dargane
{quote} OK, you all will have to forgive me again. I was typing my password wrong. I am able to log in. Did I mention that I'm in full blown panic mode?
Panic is definitely warranted today.
  • #5,993
  • Jan 16, 2015 10:18am Jan 16, 2015 10:18am
Quoting goldfinch
{quote}I like the bit about Financial Recovery, they will go after those with negative balances.
and get nothing. We're talking people that had $20k in deposits and are now $200k in debt.
  • #5,994
  • Jan 16, 2015 10:18am Jan 16, 2015 10:18am
Quoting OMGtrader
sad reality of business. It takes years and years to build but only 1 day to crumble, i.e FXCM... smh.

It took about 3 minutes yesterday for them to lose 225 million dollars, that is 70 Mn a minute.
A contrarian; I always disagree.
  • #5,995
  • Jan 16, 2015 10:18am Jan 16, 2015 10:18am
Quoting nicklessss
Can anybody explain to me why FXCM stock was down with a big gap THE DAY BEFORE THE SNB ACTION???????????? {image}
Well, I don't know.

http://www.mideasttime.com/fxcm-majo...k-fxcm/307115/
  • #5,996
  • Jan 16, 2015 10:18am Jan 16, 2015 10:18am
Quoting dargane
{quote} OK, you all will have to forgive me again. I was typing my password wrong. I am able to log in. Did I mention that I'm in full blown panic mode?
I may be wrong, of course. However, I am not panicking. I just don't feel it, see no reason to. If accounts are segregated there should be no worry even in the event of forced closure. Maybe a waiting period or something. I am more frustrated about the possibility of a closure of a broker I had good experience with. Three reasons to be optimistic about: 1) They have communicated issues through their PR line pretty much asap 2) platform is still working as usual, even after their stock halted (normal procedure after such volatility 3) News about Jeffries

I'm not cleaning out my acct. yet. I'll wait and see what happens.
  • #5,997
  • Jan 16, 2015 10:27am Jan 16, 2015 10:27am
i think the issue with the CHF move was the halt in trading of the currency. Had it not be halted, there would still had been liquidity and people's stop will be hit, of course there would had been slippage but nothing in the likes of 1000-2000 pips slippages.
Trade what you see, not what you think!
  • #5,998
  • Jan 16, 2015 10:28am Jan 16, 2015 10:28am
Quoting pipster1
I wish they would let me know so I can go short the EU with a 50 lot. Would rather lose it that way, guns blazing, instead of bankruptcy.
LOL, who doesnt wish they let them know as well. Funny joke eh.
  • #5,999
  • Jan 16, 2015 10:38am Jan 16, 2015 10:38am
http://www.forexfactory.com/news.php?do=news&id=522058

92% dropped? It's way too crazy!!
  • #6,000
  • Jan 16, 2015 10:38am Jan 16, 2015 10:38am
Quoting OMGtrader
i think the issue with the CHF move was the halt in trading of the currency. Had it not be halted, there would still had been liquidity and people's stop will be hit, of course there would had been slippage but nothing in the likes of 1000-2000 pips slippages.

There was no halt in trading, you can't halt a currency. Nobody was quoting prices, when the floor went at 1.20, the next bid was below parity, once it hit parity, you could only get a bid in the mid seventies, there was no market for a few minutes and the prices offered were 1,000's of pips away. You need 2 to make a market and when nobody is willing to take the counter part that's when you see these events. Trades weren't filled and stops got hit at silly levels because there were no prices quoted in between.

CHF gained 20-23% in minutes, that doesn't happen when you have an efficient market, it only happened because nobody was willing to take the other side.
A contrarian; I always disagree.
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