My Saxo Bank story: ~ 90.000$ loss after a blink

sorry for your loss.....................

people need to realise that trading is not a game and certainly not for the fainthearted and risk extends to every part of the process .......including the broker .....and naturally market risk

ive lost thousands in the past on various ventures and other businesses ..........about £70,000 is my record when a property deal went sour after the market crash in 2008/9..........had to offload something as I was squeezed on liquidity .....(when I knew actually I should have been buying even more property instead - sob :cry: )

pick yourself up and come back ...................I guarantee you will be more diligent in every deal you do from now on .....we learn little from success but everything from failure...........so you've learnt a lot ..........whilst I appreciate you must do everything in your power to recover funds.............I would also recommend you let go of anger towards all the supposed perpetrators as quickly as possible as it is of no use to you at all.........and delays your return to other profitable enterprises

sorry again
N
 
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If I understood correctly, this is incredible. You were short so you'd made the right call. The platform showed you had made a significant profit, but then the broker reviewed all the fills and your profit turned into a loss...
Some traders who were long made huge losses and, unfortunate though it is, I can understand the brokers going after them... But in your case you were on the right side of the market. It will be interesting to see what the Danish regulator makes of this. Good luck and please keep us updated.
 
Exactly.

The Danish Regulator did not send me any answer from the case
(my complaint was sent on the 28th of January).

But I got a threatening e-mail from Saxo during this week...
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Something similair happened to 'Yunben' over on Forex Factory not to do with the SNB farce though. He was trading with Forex.com and had £20k of winning trades removed and all lose trades left.

He complained to the UK regulators and they dismissed the complaint saying the adjustment was fair.

Trading is like living in the Wild West.
 
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neil324 said:
Something similair happened to 'Yunben' over on Forex Factory not to do with the SNB farce though. He was trading with Forex.com and had £20k of winning trades removed and all lose trades left.

He complained to the UK regulators and they dismissed the complaint saying the adjustment was fair.

Trading is like living in the Wild West.
Click to expand...

yes.
i was cruising Big Mikes Forum last night looking for a piece of , er , information. i came across a thread from some poo guy who has recently had his FXCM ( PLEASE NOTE JASON ROGERS AND FILL US IN ON WHAT HAPPENED)
Aaccount closed. most worryingly was the last post of the thread by Big Mike himself which seemed to label the thread starter as a vendor?!? it was confusing, but what was clear was the lack of posts after. Im so intrigued i must ask Jason to comment. I think the thrust of the matter was the suspendee was getting profitable. i will find it and post the link
 
Being told to fook off, your not welcome, is one thing.

Having 65K removed from your account with the regulators consent is a whole different sport...

BTW, Big Mike is most likely paid by FXCM through adverstisement.
 
That's forex for you - you are dealing with a dealer and not a broker.

The dealer takes the other side of your trades, a broker pushes your trades to an exchange.

The dealer doesn't want to lose money. They want you to lose money. A broker wants you to survive and place more trades to generate more commissions.

The orders were never 'executed' - so asking them when they were executed is like asking for the exact time Captain Ahab speared the whale. It's a fictitious market.

I think that in this case, Saxo should not have hit you with a loss. I can understand them wiping your profits but to use this opportunity to remove money from your account is poor form.

It seems they are happy to wipe out the profits from that day but are aggressively chasing the losses.

I hope the OP gets some restitution. This is not really about trading being an uncertain game but that FOREX accounts are just really SIM accounts where no orders go to a real market and the dealer, the person you trust with your money, removes money from your account based on your SIM losses.
 
They are defining themselves “As active Market Maker” on their HP.
Which is pretty questionable after this repricing story...

Anyways, I totally understand, what you mean...

I already had a personal meeting with a Saxo rep, but it
was pretty informative. Maybe they are going to sue me...
Won’t be surprised. :)
 
You know saxo were still providing liquidity in its capacity as a liquidity provider whilst the eurchf was dropping!
 
Interestingly, Dukascopy, a Swiss brokerage, reduced the margin available on the CHF, last Autumn as they were concerned about the CHF pegged level. It begs the question about the broker's responsibilities in general, but then look at how many went broke!
If Saxo were to take anyone to court, they would find themselves grilled in fine detail about the events of that day.........that would be good viewing....
 
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