@BP33 would we get a kind of compensation from priorfx for not honouring our orders?

tomazxyn posted:
@BP33 would we get a kind of compensation from priorfx for not honouring our orders?

I'd like to be able to answer that but I cannot say I know.

I'm waiting for a definitive explanation from them as to why orders were not filled.

Until I receive that, I'm unable to provide any more updates.

What I do know is that the issue of orders not being filled occured at multiple brokers, so I suspect liquidity providers have a lot to answer for.

There are precedents for such a thing occuring, the issue with the SNB is a fairly recent one.

I'll update when I know more.

If you do not trade with dodgy brokers from Cyprus, this does not happen. Brokers from the UK, US, Switzerland, Australia, and any other well regulated country would be more likely to handle this well. And, if they did not, you would be far more likely to get compensation.

mcpeacock posted:
@fire_kid - blown account.... it seems....

you should check your balance at the client area of PriorFX.... and prepare to be shocked.
mine says this: -9.22337203685e+16 😲😲😲😲

- instant update - now my balance at priorfx is back to just around my initial deposit number.... :S

haha yeah i saw something like that. i think there was a big investor may be invested nearly 1million usd. after see huge dd probably he decided to withdraw all money and priorfx gave wrong balance/equity info which corrected within couple of min. if i am not wrong, account balance was 5mil+. currenct balance 1.9mil and loss 2.3million, so i assume there was a big investor :P
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according to myfxbook current month loss is 41.75% could anyone calculate your account, if this is correct? in my account loss is approx 49%

not sure if myxbook showing less loss due to almost 1million withdrawals
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BP33, this one important: we have 45% equity protection when we fill up the document. yesterday equity went to 15% drawdown, but account was still running. i will send them e-mail about this issue, but it will be also good if you ask them too.

I really do not see any benefit of switching to priorfx..getting a compensation from them for their own error now looks difficult.

at this moment GBP and EUR completely unpredictable. it will be nice if we stay away from EUR and GBP.

not sure if it's priorfx fault. read this article:
https://www.telegraph.co.uk/business/2016/10/07/pound-flash-crash-sees-sterling-plunge-6pc-within-minutes/

instead of money compensation may be it will be easy if we ask lower spread for some pair.

 

Hi BP33,

I am really sorry for the loss. Really. However this is forex and show must go on.

I would like to know what are your plans. Are you going to abandon the account or keep trading. Do you have any suggestion regarding recovering from the loss?. ALways markets are unpredictable but most of the times the risk is managed provided you have a solid risk management plan.

You are very good trader. May be it would be possible to continue trading increasing a bit your normal exposure in order to get similar results as you were getting in hotforex and therefore accelerating the recovery. At the same time, and in order to compensate for the additional risk, may be you can set equity protection at a reasonable level (may be 15%).

I am willing to keep my money in the account but I need to see your plans. Otherwise,please let us know asap. In this way we will recover the loss using different solutions.

Thanks.

fire_kid posted:
at this moment GBP and EUR completely unpredictable. it will be nice if we stay away from EUR and GBP.

not sure if it's priorfx fault. read this article:
https://www.telegraph.co.uk/business/2016/10/07/pound-flash-crash-sees-sterling-plunge-6pc-within-minutes/

instead of money compensation may be it will be easy if we ask lower spread for some pair.

 

I believe it is a very good idea.

@Pablo51

as long as we have money on account we can always recover. currently we lost approx 42%(if someone invested money from the start). so if we do not deposit any money, account have to make 72% profit to recover the loss.

consider every four month we making avg 15% profit, it will take approx 15month to recover full money. and if we deposit money monthly basis recover will be fast.


bp33 best arrangement is '45% equity protection'. but sadly this protection did not work properly. as soon as 45% equity hit priorfx system suppose to close down all trades automatically. i asked support about this issue, they replied they upgrading it and they will send me an e-mail next week about this issue.

anyway i am happy i have 52% equity. i would not be surprised if account blown. bp33 was trading all gbp pair. almost 1K pips spike for a min 😁

bp33 please settle down all problem as soon as possible and start trade 😎

i notice since when he moved to to priorfx the monthly performance dropped unlike when he was with hotforex..i am yet to be convinced priorfx is the way forward..

if we were earning a minimum of 5-10% for the past 4months like when we were in hotforex we would probably have less to worry about after yesterday CRACKDOWN

fire_kid posted:
@Pablo51

as long as we have money on account we can always recover. currently we lost approx 42%(if someone invested money from the start). so if we do not deposit any money, account have to make 72% profit to recover the loss.

consider every four month we making avg 15% profit, it will take approx 15month to recover full money. and if we deposit money monthly basis recover will be fast.


bp33 best arrangement is '45% equity protection'. but sadly this protection did not work properly. as soon as 45% equity hit priorfx system suppose to close down all trades automatically. i asked support about this issue, they replied they upgrading it and they will send me an e-mail next week about this issue.

anyway i am happy i have 52% equity. i would not be surprised if account blown. bp33 was trading all gbp pair. almost 1K pips spike for a min 😁

bp33 please settle down all problem as soon as possible and start trade 😎

WEll there was an agreement about the 45% DD. Let's see what the broker says but if they do not respond properly I would consider other actions.

what a disgrace

i hope there are further updates soon.

Platform was frozen..trade could not be taken or exited..orders were not honoured..if not for the expertise of BP33 our account would have probably ended up with nothing or below 15% in our balance..Trading with such a broker is high risk to me..A well regulated broker would compensate its client for its own own errors..

tomazxyn posted:
Platform was frozen..trade could not be taken or exited..orders were not honoured..if not for the expertise of BP33 our account would have probably ended up with nothing or below 15% in our balance..Trading with such a broker is high risk to me..A well regulated broker would compensate its client for its own own errors..

totally agreed

The broker is regulated in Cyprus (OK…I know..). It claims there have segregated accounts. The fact is that if they are not honouring their agreements it is easy for them to lose credibility and therefore the entire business. I believe we have to wait for an answer from them. Otherwise I suggest we look for legal action.

I did not receive a daily confirmation mail today ... that doesn't look good. What is going on ?

jajest posted:
I did not receive a daily confirmation mail today ... that doesn't look good. What is going on ?

It actually seems good. It means something is going on.