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

ExperiencedJoe said:
The urge was strong in me, and I got a free runner out of it. Break even + 10 stop is on and the trade has positive carry. I win every which way.

CJ1O
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I started, so I will finish. I find this market difficult to read. Hence I am doing a random exit here for a couple of % in account growth, in addition to the carry interest earned.

psSd
 
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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
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Please add me in your joint complaint - jl303631@gmail.com
 
loyek590 said:
ask a tax professional, I don't believe forex losses are restricted to 3k per year
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Do you mind telling us how to report on our taxes the correct way to report forex losses to take the full loss and not just 3k?
 
loyek590 said:
all true in a normal case. This may not be a normal case. Perhaps a class action against ib pleading they have always auto liquidated in the past so it has become just standard procedure.

But I agree with you. If it was me and times were hard I would set up a payment plan with ib. Orherwise, it is just as you say, start getting phone calls and mail from some collection agency.
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What class action? You have to demonstrate a legal basis for your case so far no a smigin, otherwise the courts will throw it out and he may be stuck with IB's court costs above and beyond his losses. Ignorance is not a defense in courts IE should have read the agreement.
 
IMO there will be no collection agency calls till after mandatory arbitration is settled. IB may ask you to pay but without a judgment I can't see a collection agency getting involved, can you?
 
You have to first find a securities law firm willing to take on your case, they will do all the leg work including assembling litigants.
 
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you are not right. WH Selfinvest is not a common fx broker. You almost can't find any client.
So its harder to collect the clients than find a lawyer.

Anyway I've already fund a lawyer and I know the steps that we have to do.

so:
join this class action lawsuit if you are a client of WH Selfinvest
whseurchf@gmail.com
 
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