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contrarycanary
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contrarycanary
Global Prime
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Apr 21, 2021 at 05:59
If you have a $30k account and are $10k in drawdown, on 200:1 leverage. And your leverage reduces to 20:1, that's a 10x increase in margin requirement. I'm no expert so maybe my math isn't quite right but to me, it means if you want to maintain that 30% drawdown position, you'd need to deposit another $300,000 to have a sufficient balance.
Global Prime
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Apr 17, 2021 at 10:36
Global Prime notified me less than 48 hours before the ASIC Product Intervention Order took effect (which significantly reduced retail traders leverage), resulting in me losing nearly $15,000 in my account.ASIC announced the change 5 months ago. but I was told about it on Thursday afternoon. They said I could either deposit $100,000 to cover the leverage reduction that would take place in the next couple of days, or my account would easily go into margin call and pretty much all my open trades would be closed.
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