If the amount involved merits it, seek legal advice. I must say though I think it's a long shot. As has been pointed out above, IB will stand by the point it is your responsibility to protect your account against market forces. IB is under no obligation to auto liquidate, and they will further argue there simply was no market (ie. Liquidity) anyway.
EUR/CHF wipeout/margin call ... negative balance ... what to do?
- Thread starter Pentaquark
- Start date
Well well well: it is very rare for a trader to admit they were one of the "suckers"!!!!
So all hats to you for the good laffffff. Lafffff because for once "I was not one of the suckers!!!!"
Now that is done, some options:
* start legal actions to contest your responsability regarding the losses,
and put it on IB.ops:
imagine you win ( unlikely) , BUT down the line for whatever reason you want
again to trade with IB ( "Karma can be a bitch").
* start debts advice procedures : consolidate, negociate how you will repay these debts.
Obviously, as I keep seeing real benefits of the 10 days dhamma on people who have
done it, I of course recommend a 10 days www.dhamma.org to gain full clarity and make
wise decisions.
HArdly a sucker, no way to predict that, just purely 100% unlucky, other side and WOWSA's huge huge profits
Screwed is also my guess, they will pursue you for your losses, only fair everyone on the other side has likely took it all out and ran away.
Depends on your circumstances, I'd say screw them and go for Bankrupt but if you own a house, nice car, bla bla bla then there all GONE.
Got to hope there aware of that option and they'll offer you a repayment plan.
Any contact from them yet ??
Depends on your circumstances, I'd say screw them and go for Bankrupt but if you own a house, nice car, bla bla bla then there all GONE.
Got to hope there aware of that option and they'll offer you a repayment plan.
Any contact from them yet ??
Nope...no contact from them yet. Just a general message to all CHF based clients that they should check their account balances and should transfer cash to meet any margin requirements. Another user got the message that they supposedly need some time to sort out the mess on their side. Understandable.
Please all stay constructive. All opinions welcome but no bragging about your gains, nor bashing on the losers. We all know that there needs to be someone else on the other side of the trade. If something comparable happens to you one day, you may be grateful that this thread exists. Thank you.
at anyrate, if it was me, I would do nothing until ib contacts me, then call one of those lawyers who advertises on tv and ask if they have any advice, but I would not let it go all the way to collections. ib will work out a deal with you, a monthly payment plan, or maybe negotiate a reduction if you pay in full that day. Just like a big hospital bill.
Good post penta. I was just calling out the two people who were making this thread about them instead of staying focused on the real topic, which is very important as all of us cash traders take a black Swan risk on any trade.
Stops are only as good as the liquidity above or below our position, I'd the liquidity disappears, you can be screwed even on a tight stop trade. I can imagine a few tick scalpers even got caught up in this and they would have had a tight stop.
Even better reason to always have a hard stop in place for an emergency. It doesn't mean you'll get filled if liquidity dries up but at least you'll have a chance.
Even better reason to always have a hard stop in place for an emergency. It doesn't mean you'll get filled if liquidity dries up but at least you'll have a chance.
I was long chf the night they pegged, my 80 pip stop was filled 900 pips lower
I also hope this event doesn't sway u from continuing to trade. It likely will be expensive lesson but don't let it break you.