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  • #6,861
  • Edited Jan 30, 2015 12:49am Jan 29, 2015 8:41pm | Edited Jan 30, 2015 12:49am
Quoting rayzz
Tim, I'm based in australia too. Tell your friend to pull up fxcm product disclosure statement,pg. 29. On that page youll find that fxcm clearly states their no-debit-balance policy during volatile period. Tell asic too. Let us know how he goes.
thanks rayzz. I will keep you guys updated. I knew ASIC is already onto them. But we still need as manay people as possiable reporting to ASIC in Australia to kick them out of Business. The way FXCM broken their promiss in just 24 hours after the announcement makes me worry to those who have your accounts zeroed out. Because this fraud company may come back to you with your previous record in the future to drive you bancrupt. The best solution is for all Australian traders to work together and kick them out of business in Australia forever
  • #6,862
  • Jan 29, 2015 8:52pm Jan 29, 2015 8:52pm
Nevermind, missed the press release from FXCM themselves. What exactly does FXCM have to stand on legally when their own terms stipulate negative balance protection? I don't understand why they would even try going after the top 10%.
  • #6,863
  • Jan 29, 2015 8:59pm Jan 29, 2015 8:59pm
Quoting Kanzler
What exactly does FXCM have to stand on legally when their own terms stipulate negative balance protection?
Theres no single answer to that... its going to depend on the exact laws in each country, exactly what documentation each client signed, all kinds of things.
  • #6,864
  • Jan 29, 2015 9:21pm Jan 29, 2015 9:21pm
Quoting Kanzler
They send lients an email forgiving balances and you still have a bunch of paranoia and panic. Nothing will make some people happy. {quote}

How was my reply to @Esprit "a bunch of paranoia and panic". He had a very simple question yet a question dealing with legalities which @Jason rogers is usually in no position to answer. So I gave @Esprit my opinion regarding his question and advised him to ask for and read any pertinent legal disclosures. The latter is common sense, isn't it? Regarding the former, if you disagree with my assessment of what the email meant in the context of "no debit policy" you are more than welcome to share your interpretation. Yes, FXCM forgave the majority of negative balances incurred after SNB but @Esprit's question was regarding their future policy, not the past so quite perplexed how you could possibly see any paranoia and panic in my previous post.
  • #6,865
  • Jan 29, 2015 9:25pm Jan 29, 2015 9:25pm
Quoting srt
{quote} I just did a quick finance review of FXCM in regards to the stock. Sept. 2014 profit of $7.3 million/quarter so $29 million a year & maybe more now that they've switched to commission & have more customers after buying FXDD & IBFX. $262 million in stockholder equity @ end of Sept. 2014. Subtracting $225 million leaves not much :-) So if FXCM is trying to recover 60% of negative balance that's $135 million. Trade loss of $225 million minus $135 million = $90 million total loss from Swissy mess. So for Leucadia to fund them with $300 million,...



I like where you're going with this...

In these calculations, did you take the 20% loan consideration from Leuadia or was this just based on the loan dollar amount?

I do have a solid appreciation of what you are saying about others staying with FXCM as well as the scrutiny that would surround insider sales...

HOWEVER...

Insider action:

Quote
An SEC 4-K form filing, revealed that former FXCM Inc Chief Dealer, Michael Romersa, has sold his last 363,807 shares on the 22nd of January in the aftermath of the release of the details of the agreement between FXCM and Leucadia.

Now this could be argued as we are coming into tax season and this fella just needed an extra million to keep in the good graces of the government...but if you check it out, HERE, you can see that he just pulled another mill out of the company holdings just over a month ago...maybe he's supporting the troops, like, the boy-scouts, or a habit...who knows, but it seems awfully coincidental that he did happen to sell the peak of market after the exodus.

Insider track??

We can only speculate....

As for others staying...well...there's a big question mark that surrounds this idea too..

Look at this guy here:
Quoting maokun
My negative balance of 150k has been cleared. Thank you so much.
150k???

Now, I don't know this trader, but I have a little speculation that surrounds this and this too goes replying under the "Grain Of Salt", on his actual losses.

This guy has been a member of FF since 2012...

When did he start trading?? Nobody could really know...but I'd be willing to bet, it was around 2012.

So, let's say that now it is 2015 and give him the benefit of the doubt in that he's been hitting this market for a full 3 years...has he made $150k?


I'd be willing to put money on a big fat "NO". here.

So...the greatest gains this guy has ever seen or will ever see is in erasing $150k loss in 2 weeks. Given that he never had to trade to do it and also given that this "Forgiveness on Accounts", is a "One time Consideration", how long do you think this guy is going to last before coming to the conclusion that he's really better off hitting the ponies than attempting this shit?

Again, grain of salt...IF as the FXCM press is to be taken at face value and he is one of 90% of traders that are getting "Off the Hook"...if he isn't the only one fleeing, I'd be absolutely fucking SHOCKED!!



We've all done stupid things in the past. Burnt our fingers on the toast...driven home after a couple too many...stepped out on the old lady...called in sick to go golfing...

IF and when caught, we get that cold hard slap of reality and though the idea might be there, the desire to continue on with existence TRUMPS the desire to be a fucking idiot.

Everybody that leaves Forex now after their, "One time Only" forgiveness with the losses on their accounts, is probably smarter than the rest that survived by luck or funds alone.

They've got a story.

The rest of us, may only have a dream and another day in play.

GREAT FUCKING POST DUDE!!

I really appreciate the time you put into it!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,866
  • Edited 9:38pm Jan 29, 2015 9:25pm | Edited 9:38pm
@tim,
Looks like your friend had a "... master trading agreement ...".
Did he have a different type of account to "us" plebs.
Think I have seen that "master trader" bit on some of the other negative balances will be recovered wording.

.
edit: was he using the active trader platform
.



ps I also have AU account, but not master trading and not neg balance.
just over margined almost, by fxcm actions.
Target 2 : Stoploss in the green
  • #6,867
  • Jan 29, 2015 9:30pm Jan 29, 2015 9:30pm
Quoting eurasian
Ouch, so it looks like your friend is one of the 10% of negative balance accounts that FXCM have said they will target for recovery. Is there any indication of what criteria they have used to make this choice?
90% is just what FXCM says and I don't think they are really going after client based on type of investors, net worth etc. I suspect it is based on the amount of negative balance as that makes more sense to them.
  • #6,868
  • Edited 9:58pm Jan 29, 2015 9:44pm | Edited 9:58pm
Quoting mindscream
{quote} 90% is just what FXCM says and I don't think they are really going after client based on type of investors, net worth etc. I suspect it is based on the amount of negative balance as that makes more sense to them.
Yes, from my friend's case in post 6857. FXCM will basically just go after anyone they think is worth to go after. 10% or after the big guys is just buxx shxx. My friend is only a normal retail client here in Australia. Nothing is secured even for those ones whos account was zeroed out. We have to work together and give ASIC pressure to terminate FXCM's Australian business. This is when everyone can really have peace and move forward with their lives
  • #6,869
  • Jan 29, 2015 9:50pm Jan 29, 2015 9:50pm
Quoting scalpz
@tim, Looks like your friend had a "... master trading agreement ...". Did he have a different type of account to "us" plebs. Think I have seen that "master trader" bit on some of the other negative balances will be recovered wording. . edit: was he using the active trader platform . ps I also have AU account, but not master trading and not neg balance. just over margined almost, by fxcm actions.
No, my friend only had normal trading account with FXCM. We dont even know what the hell is " master trading agreement". He is just a very ordinary guy whos got family to look after as well. He needs to work for others in order to put food on the table like most of us here. I was trying to help him in the past weeks and was very shocking when he got FXCM's claim email this morning with a deadline of 5th Feb
  • #6,870
  • Jan 29, 2015 10:11pm Jan 29, 2015 10:11pm
Looks like it's right.

But don't just focus on that doc solely. Read also product disclosure statement pg.29 about their no debit balance policy.

Fxcm is trying to focua us all onto that agreement only because they need a force majeure stipulation to support their case. Whether it is a force majeure or not is still questionble because lots of other brokers saw this snb coming and they took meaaures. Fxcm had a bad risk management, and they want clients to pick up the tab when the policy says clients will not be held responsible.
  • #6,871
  • Jan 29, 2015 11:11pm Jan 29, 2015 11:11pm
Quoting tim10167
{quote} No, my friend only had normal trading account with FXCM. We dont even know what the hell is " master trading agreement". He is just a very ordinary guy whos got family to look after as well. He needs to work for others in order to put food on the table like most of us here. I was trying to help him in the past weeks and was very shocking when he got FXCM's claim email this morning with a deadline of 5th Feb
I dont think FXCM goes through each and every client to find out what sort of agreement is in place. They send out mass emails and some are probably not application to local agreement, laws and context.
  • #6,872
  • Jan 30, 2015 2:32am Jan 30, 2015 2:32am
Quoting KeyframeHR
One thing I would miss the mlst if I ditch FXCM,and thos might sound very odd, is actually Trading Station. I really really like it both on desktop and on android tablet. Web one could use some work though. But even web one is better than other crapware out there.
Totally agree with you, Trading Station rocks and yes, Trading Station web is way better than all other web based clients. I had a micro account with FXCM (50 bucks) and even though I was not affected by CHF blow when FXCM announced their new margin requirements I decided to look for a new broker.

I was particularly interested in Web clients and so far compared to the other clients I tried (Sirix and cTrader), Trading Station Web is light years ahead of either one. Funny thing: what I thought was standard features available in any web client (Heiken Ashi candles + trailing stop) turned out to be unique to TS only.


Quoting KeyframeHR
I've demoed that cTrader web on FxPro, what a horrible experience. Charts are barely visible
Oh, yes. Why they went with that eye-killing black scheme is beyond my understanding. At least Sirix client can be switched from Black to White. Heiken Ashi candles do not exist in either one though.

Anyway, Trading Station in all its forms (desktop and web) is a really great client. I wish it was adopted by other brokers as well or FXCM once again became "micro-account friendly" . Another killer feature would be an option to add custom indicators to the Web client just like with the desktop version.
  • #6,873
  • Jan 30, 2015 2:52am Jan 30, 2015 2:52am
Quoting tim10167
{quote} I got hard evidence. It was an email sent by FXCM few hours ago. But I need to check whether my friend is welling to post the letter on this forum
May I ask approximately how much negative balance does your friend have and the amount of initial deposit?
  • #6,874
  • Jan 30, 2015 3:48am Jan 30, 2015 3:48am
Quoting maokun
{quote} May I ask approximately how much negative balance does your friend have and the amount of initial deposit?
Sorry I dont have permission to reveal his account value other than the email FXCM sent him this morning. But I will check with him. I think what we all have to realize after my friend's case is that any retail trader can be the on the 10% list FXCM is after, as lone as FXCM thinks they can get something out of you, they will make a move. As per my previous posts, I am extremely disappointed that FXCM neglects the regulatory law in managing their retail business. If FXCM chooses to take this path, I am sure the will get burnt eventually by regulartory bodies in different countries. This is not the end for many of us, we have to persist and bring this fraud company to its knees.
  • #6,875
  • Jan 30, 2015 4:03am Jan 30, 2015 4:03am
Recently FXCM made marketscope update. Does someone tell me how is now possible to see 4 charts at the same time.
New default layout allow me just 3???
  • #6,876
  • Jan 30, 2015 5:56am Jan 30, 2015 5:56am
Tin10167 & outplay555, or anyone else,

For all these who still have negative balance, we are putting up a group to defend (attack!) ourselves. If Tin10167's friend or Outplay555 are willing to join, please send me a PM.
Cheers

Note: the Product Disclosure Statement p29 is a AU document, you do not have it in other countries (at least I did not find i elsewhere).
  • #6,877
  • Jan 30, 2015 6:34am Jan 30, 2015 6:34am
Quoting PhilouFX
Tin10167 & outplay555, or anyone else, For all these who still have negative balance, we are putting up a group to defend (attack!) ourselves. If Tin10167's friend or Outplay555 are willing to join, please send me a PM. Cheers Note: the Product Disclosure Statement p29 is a AU document, you do not have it in other countries (at least I did not find i elsewhere).

Hi PhilouFX. My friend and I are thinking about the same thing too. Thanks for inviting. It is about time for the Australian based victims to defend together. Is there an email address we can send to communicate to each other? As you know FXCM is watching this forum and we need to communicate elsewhere. Let us work together to spread the word and gather more people.

Thanks


Tim
  • #6,878
  • Jan 30, 2015 7:17am Jan 30, 2015 7:17am
http://forexmagnates.com/breaking-fx...over-attempts/

Breaking: FXCM Inc Takes a ‘Poison Pill’ To Prevent Hostile Takeover Attempts
The issuance goes effective on February 9, 2015 to stockholders which purchase from the company one one-thousandth of a share of preferred stock with par value of $0.01 per share at a price of $11.20.
Jan
30
2015
Posted on January 30, 2015 by Victor Golovtchenko in Breaking News,Brokers,Retail Forex
0 Comments
http://forexmagnates.com/wp-content/.../fxcm-logo.jpgFXCM Inc (NYSE:FXCM) has just announced its intentions to raise additional funds from existing shareholders through the means of a rights issue. The company declared a dividend distribution of one right on each outstanding share of the Company’s Class A common stock.
The rights issue is aiming to bring in additional funds at this crucial time for the company and since FXCM Inc (NYSE:FXCM) has decided to go down this road, the firm should be fairly confident that the plan will be successful.
The issuance goes into effect on February 9, 2015 to stockholders which choose to purchase from the company one one-thousandth of a share of preferred stock with par value of $0.01 per share at a price of $11.20.
The number of capital raised will depend on the percentage of shareholders who decide to participate in the re-capitalization plan of FXCM Inc (NYSE:FXCM). With the current number of 15,060,000 of Class A common stock being floated, the company could raise up to $168 million.
Typically rights issues are used by companies in distress, with major UK banks RBS and Lloyds both raising money at a critical time in 2009 to reinvigorate their balance sheets. Under a stockholder rights plan, existing shareholders have the privilege to purchase a specified amount of new stock in the company at a specified price within a specified time.
In essence the move represents a form of another round of public offering.
According to a FXCM Inc (NYSE:FXCM) SEC filing, initially the rights will not be exercisable and certificates will not be sent to shareholders as the rights will be automatically trading with the Common Stock.
- See more at: http://forexmagnates.com/breaking-fx....araM2KVk.dpuf
  • #6,879
  • Jan 30, 2015 7:37am Jan 30, 2015 7:37am
Anyone notice FXCM jack up the spread to 19 pips for GBPUSD just now during advance gdp news release. Imagine having set a SL at the high. The chart did not take out the high but the spread cause the SL to be triggered. All those words of low tight spread just got thrown out the window along with the tiny little bit of credibility that are left with them.
Take my view with a pinch of salt!
  • #6,880
  • Jan 30, 2015 8:09am Jan 30, 2015 8:09am
Quoting forexcaye
Recently FXCM made marketscope update. Does someone tell me how is now possible to see 4 charts at the same time. New default layout allow me just 3???
http://www.dailyfx.com/forex_forum/f...tml#post609285
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