When The Screens Froze: Black Swan Day through Traders’ Eyes

While the news of the day no doubt focused on the looming finality surrounding key brokers, traders were also broadly affected by the snap SNB decision – did you strike it big, forget to place a stop, or consumed by greed?

Everyday traders are the lifeblood of the FX industry, with Thursday and Friday being days like any other, with one notable exception – utter pandemonium reigned throughout the day with markets closed to CHF trading or worse, absolute darkness.

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates would like to know how you did or what your experience was like during these trying times. While some made small fortunes, others found themselves on the wrong side perhaps losing their entire accounts. Written below are a few testimonials:

“No surprise that traders got hit hard yesterday, I got hit hard, but I will recover, I just didn't like the actions by brokers...I usually don't write anything, but this is enough…”

-Viktorija

“I am a trader and I do make living out of this. Meta Trader didn't work, couldn't connect to server, if it could connect - you couldn't close orders or open new ones, not even on EURUSD or other trading instruments… (sending "off quotes" phrase) you just couldn't do anything there. In order to close trades, for their support it took 3 hours...”

-Brian

“The worst thing was that their stop losses didn't work, orders weren't closed. The prices passed by the stop loss and losses continued to grow!!!!”

-Erwin

“Made a total killing on my EUR short positions. Would hate to have been longing the USDCHF”

-Joao

“How can this even be legal…cannot close this order for hours and watching myself rescindd hard earned ground”

-Joseph

“Forgot to place my stops, now my account is basically at 0”

-Victor