EUR/CHF wipeout/margin call ... negative balance ... what to do?

Turveyd said:
That's your opinion and I disagree, it might be handy for others to be able to read who are in the same boat, who don't want to post on a forum.
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Well then let them post. It's a sad state of affairs that you clowns want to walk away from an obligation. Nobody forced any of you fools to buy EUR. Swallow your medicine and move along.
 
destriero said:
Well then let them post. It's a sad state of affairs that you clowns want to walk away from an obligation. Nobody forced any of you fools to buy EUR. Swallow your medicine and move along.
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The only thing I will say in your favour, who would be mad enough to trade EUR/CHF it's been in a 3 pip range for weeks, I see normal movement then protection kicks in at 1.20000 and flat line till it gets above.

They where long, expecting the protection to make it a zero risk, wait for a bounce higher and take profits, guess that zero risk eventually bit them on the ass.
 
Hi,
I am in the same situation as you. Negative balance exceeds 3x my initial money.
I tried to do 50/50 agreement but the they told me they are looking for a full amount and that I should deposit significant upfront payment this week.
I had the same position with other broker who covered my negative balance. So next time I open an account I will go for DUKASCOPY or OANDA.
I also found out that my order to sell half of the position at 1.2011 was not filled, but when I exported the historical quotes from IB, there was a high of 1.201135 that week so order should have been filled. That would significantly impact my position.
I will write a complaint to IB and I am going to find a lawyer who can help me.
I think all of us with negative balance should file a joint compaint.

Good luck

Pentaquark said:
Hi all,

I would like to start this thread as a platform for people who got wiped out in last weeks EUR/CHF move and are unsure on what to do now.

Ok, day 3 after the FX tsunami...I'm one of the suckers who got hit hard by the EUR/CHF floor removal...very hard! When coming back from a meeting I faced myself with a negative balance exceeding 5 times my account size. Took everything together to wait for the rebound...wanted to close the position...not possible due to negative account balance! Called IB, they walked me through on how to close it anyway. Left with a minus on my account exceeding two times the cash I had in it. I'm with Interactive Brokers.

Question:
- Who needs to stand up for the loss?
- Is it the duty of IB to close the position if margin is exceeded to protect their own business interest?
- What if I can't (or don't want to) equalize the account balance?
- What's the normal procedure?
- Can maybe someone who got wiped out in the past elaborate the possible options?

Please make this a constructive discussion. No lectures on what should have been done.

Kind regards and strength to everyone facing the same,
F
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Hasnt every IB customer trading leveraged products had to state liquid net worth in writing?
I would surmise that if losses exceed stated liquid net worth then you are off the hook for the
difference. Otherwise pay up.
 
Another way to look at it is ... what if this extreme move was in your favor, what would you expect from your broker?

Edit: correction!
 
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TraDaToR said:
Is the amount you allegedly owe to IB meaningful compared to your net Worth? Is it a threat to your family's finance?

I feel for you, man. Anybody should be in your boots here. Newbies but seasoned veterans as well. Stay strong.
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Second this. Depending on your situation, you may either need to be saving up like a frugal Scrooge or getting ready to default. Probably best to read up on your local laws regarding defaults.
 
Snbmess said:
Hi,
I am in the same situation as you. Negative balance exceeds 3x my initial money.
I tried to do 50/50 agreement but the they told me they are looking for a full amount and that I should deposit significant upfront payment this week.
I had the same position with other broker who covered my negative balance. So next time I open an account I will go for DUKASCOPY or OANDA.
I also found out that my order to sell half of the position at 1.2011 was not filled, but when I exported the historical quotes from IB, there was a high of 1.201135 that week so order should have been filled. That would significantly impact my position.
I will write a complaint to IB and I am going to find a lawyer who can help me.
I think all of us with negative balance should file a joint compaint.

Good luck
More...

Thanks for stepping up to the plate with me on the topic!
 
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