I feel robbed by etx capital and I don't know what to do. Any advice?

[Shadowman540]

So how do we protect / quantify potential losses when this sort of thing happens, (simple newb explanation please), just for kicks I have a 100k account and am trading long side that day, an atr stop gives me a position of £35ppoint, with a stop getting me out at a £1000.00 loss, (1%), just say.
All hell lets lose and the broker decides to let me out at the bottom for a 5000 pip loss at £35ppoint? I owe them £175000, and ive had a somewhat" bad day at the office love", might not quite cut it with the misses!!!!!!!.

is it enough to trade with 1%, and keep leverage down to 10-1?
ps I don't have a 100k account, nor do I trade the swissy

 

[gle101]

So how do we protect / quantify potential losses when this sort of thing happens, (simple newb explanation please), just for kicks I have a 100k account and am trading long side that day, an atr stop gives me a position of £35ppoint, with a stop getting me out at a £1000.00 loss, (1%), just say.
All hell lets lose and the broker decides to let me out at the bottom for a 5000 pip loss at £35ppoint? I owe them £175000, and ive had a somewhat" bad day at the office love", might not quite cut it with the misses!!!!!!!.

is it enough to trade with 1%, and keep leverage down to 10-1?
ps I don't have a 100k account, nor do I trade the swissy

Yes high leverage can be a "bitch at the bottom".

 

[Splitlink]

Many clients, I'd think. (Not that they're alone, there.)

I wonder whether they've read this thread, or whether you've suggested that they ought to?

I suspect that in "the general scheme of things" this may be very small fry to them. Nevertheless, technically within their rights though they may be, it clearly doesn't do their reputation any good at all, to put it mildly. Perhaps especially over such a small case? You'd think, in the circumstances, that some kind of goodwill gesture, at least, wouldn't kill them? But then again, maybe they have 100 other cases like this?

(Pace Neil, above, I wouldn't be walking away yet, myself.)

Edited to add: ETX is the one that used to be called "TradIndex", isn't it?

Yes, they should be reading this thread! The publicity aspect is one they should be considering very seriously. Personally, ETX is one that I shall keep away from if I ever need to change.

I am, just, reading this thread, which is, now, several months old. Perhaps, there was a happy outcome and I have, yet, to read it.

 

[Shadowman540]

1% is ok for me on eod day charts, (longer stops keeps leverage down anyway), I don't actively day trade at the moment (real money), but iam fully in the less than 1% camp now!.
The way I trade I would've been short that day anyway but,,,, man!, idve been in full sweat mode even then!.
some people mustve been absolutely mullered!.

 

[Shadowman540]

Forgot,
Hope the op got sorted out with etx, iam putting them on the list never to use.

 

[igeurchfloss]

Similar issue with IG Index. Difference being they just decided to wait 10 mins before starting to sell client positions resulting in one of the worst prices around And 350 clients with negative balances totalling £18.4mn.

 

[igeurchfloss]

Yes, they should be reading this thread! The publicity aspect is one they should be considering very seriously. Personally, ETX is one that I shall keep away from if I ever need to change.

I am, just, reading this thread, which is, now, several months old. Perhaps, there was a happy outcome and I have, yet, to read it.

No happy outcome yet for clients of

Etx
cmc
Saxo
IG Index
Swissquote

See the stats section for those that were good to clients

http://negativebalancewithigindexoneurchf.yolasite.com/our-story.php

 

[Shadowman540]

Interesting stuff, id like to know just how it went with the negative balance protection that firms like fxcm did have/still have, iam with them have been for a while now and any other info anybody has on this from there broker as it happen end.
Cheers all.

 

[igeurchfloss]

I believe you are fine with someone like FXCM. I would advise though never having more than £50k with any one provider though.

Obviously I am a little biased due to what happened on eurchf but I would advise not using any of the brokers chasing negative balances. They are only a handful which leaves plenty of other options.

 

[Shadowman540]

That list of firms "doing the good deed", is encouraging at least, ive copied it, and I wouldn't have more than 50k in one broker either, just enough to cover margin and some is the plan at the moment.

 

[igeurchfloss]

Hi Barry - any more news on your situation with ETX?