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Ouch! Is this more common in forex currency pairs only? What about the futures contracts. I wonder what happen with like the @SF contract when it started breaking to the upside
It's the largest spread I've ever seen in fx, but I've heard tales of similar stories in stocks amongst others. I don't think it'd be so bad if he was trading on a futures exchange as it's more tightly regulated and participants can see eachothers orders/market depth so the spread would widen but not as much due to less fear. The problem with OTC is that you don't have the safety of regulation, accountability or any sense of depth which is the reason I wouldn't trade them personally.
If dealing with OTC as it sounds like he was, it was whatever the dealer wanted to give him, which was clearly the worst deal possible. Bucket shops 101.
It was actually 'DMA' so went into a liquidity pool made up of all sorts (brokers/banks etc). Even so, the whole OTC industry is dubious and I'd never trade my own money on it. That's from someone who works in and around it.
for some otc products it's better to do it the old fashioned way and use the phone and ask for a quote. but don't tell them what side you're interested in
In a re-run of the catastrophic trading losses that occurred around the Russian Ruble collapse last month (as we described here and here in great detail), two FX brokers (US-based FXCM and New Zealand-based Excel Markets) announced tonight that they can …
many people have profited from the 1.2 peg for the past 3 years. it is almost too easy money - long EUR/CHF when its near 1.2
in fact not just too long ago 2-3 weeks? when SNB announced negative interest ( EUR/CHF was 1.207-1.212) all the longs was winning big - it jump at lest by 70 pips.
But EUR/CHF returned close to 1.2 again very soon ... i thought it was strange but that probably tempted many people who were won previously to take a bet again - probably even a bigger bet since they expect SNB to defend the peg again
OK, I'm new to this so excuse my naive question. Why was everyone surprised at this change?
I am developing a Forex forecasting system with a colleague and we have the software in beta now. We were running it this week and we were showing some enormous changes relating to CHF.
Being new to this we thought there was a bug with our software and we started to try and trace the fault. The following day the market moved as per our forecast.
If us two amateurs can forecast this with our unproven software what happened to all the sophisticated and mature systems that are currently on the market.
I can provide screen shots of our forecast if that is allowed on this forum?