Will anyone trust the Swiss again?

The Swiss Franc and Swiss banking, long seen as a safe haven for investors. Yesterdays move has to be one of the most ill conceived moves ever. A gradual decrease in the cap level to what the Swiss Bank thought was a realistic level would have been a better economic strategy causing far less economic fallout.

The move yesterday smacks of recklessness and even profiteering at some level. You can be sure that somebody somewhere made a lot of money. It's going to shake up the entire FX industry and probably lead to wholesale changes in the way the markets are run.

That's my view anyway.

Thoughts?

Best regards Steve

Totally agree. Few of regulated brokers has already rolled out of business. I think that not regulated brokers will roll out with clients money soon (as only people move money to their companies).


I suggest to withdrawal all money from all forex accounts for at least month. Then deposit again.


Best regards

U can only blame your self if you got ( financially ) raped By SNB . CHF was a trap . it was set up 3 or 4 years ago by SNB 98 % traders got in to that trap thinking __ whatever . And Boom .............

C'mon, look at this https://www.myfxbook.com/community/outlook/EURCHF and have a look at 1 hour timeframe. Seems that short position are not changed so far, but there are still investors that was not hit SL or stopout. Is that possible?

Dukascopy knew it all the way ..😁


Dukascopy had previously warned clients of the risk of an end to the EUR/CHF peg in October 2014. 'Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014'.😀😁

I haven't been financially raped by SNB. What it appears will happen is that I will be financially raped by the brokers.

I'm down with some brokers and up with others. The ones I'm down with are saying 'tough luck'. The ones I'm up with are saying 'manifest error, clause x.x.x' and reversing my trades.

Best regards Steve

For those unfortunate traders that didn't make money on this opportunity (me) and even more unfortunate ones that lost money, you can still make some money...

...we could start designing shirts and cups to commemorate this event! 😉

DrVodka posted:
Dukascopy had previously warned clients of the risk of an end to the EUR/CHF peg in October 2014. 'Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014'.😀😁

Hope you heeded their advice and placed many shorts! 😉

Damn! Why didn't you tell me about this? 😲

adrian8891 posted:
C'mon, look at this https://www.myfxbook.com/community/outlook/EURCHF and have a look at 1 hour timeframe. Seems that short position are not changed so far, but there are still investors that was not hit SL or stopout. Is that possible?

If I was a betting man, I would go short CHF now too... 'can only get lower' IMHO. ECB announced it was about to begin huge money-printing operation soon, so SNB said 'screw this' and threw in the (figurative) towel (1.2 peg).

BluePanther posted:
For those unfortunate traders that didn't make money on this opportunity (me) and even more unfortunate ones that lost money, you can still make some money...

...we could start designing shirts and cups to commemorate this event! 😉

The jury is still out on my accounts, I'm waiting to hear back from several brokers. If I do survive it a tee shirt seems a nice way to commemorate.
Best regards Steve

Sure, the FX world will receive more regulations, more regulators, more taxes etc.... thanks SNB!
The thing I have the most difficult in understanding is the SNB behaviour. I understand why they did it, but not at all on the method. If this was the plan, why confirm the opposite the week before? Also, if others start talking vaguely of their plans months before any move, why this surprise? Surely the EUR going down is not new from yesterday. If we can't trust a national bank of switserland, where is the world going to? We all love to call the brokers thieves etc.. but this one is really not their fault. May be that they are the big losers here. Of course I am sure there will be some fishy transactions on some accounts that will need to be looked at for some broker misquotes.
Maybe I'll understand better once I know the details of what Draghi's plan is.

BluePanther posted:
For those unfortunate traders that didn't make money on this opportunity (me) and even more unfortunate ones that lost money, you can still make some money...

...we could start designing shirts and cups to commemorate this event! 😉

Cool :)

No my stand on swiss will never change.

They are THE biggest speculators in the world.

Even though I was not caught in any movement. They pulled one little trick too many in last 4 years hands off from CHF.

M

And i traded the fall ;) at the moment +1654 pips...crazy stuff ( Demo account offcourse )
I cant seem to be able to upload the chart its giving some kind of error.
This was without doubt the most intense week i ever had.

Gobllyn

BluePanther posted:
For those unfortunate traders that didn't make money on this opportunity (me) and even more unfortunate ones that lost money, you can still make some money...

...we could start designing shirts and cups to commemorate this event! 😉

gobllyn posted:
And i traded the fall ;) at the moment +1654 pips...crazy stuff ( Demo account offcourse )
I cant seem to be able to upload the chart its giving some kind of error.
This was without doubt the most intense week i ever had.

Gobllyn

BluePanther posted:
For those unfortunate traders that didn't make money on this opportunity (me) and even more unfortunate ones that lost money, you can still make some money...

...we could start designing shirts and cups to commemorate this event! 😉

:) Dont spend your virtual money all at once !