Ignorance Is No Defence

[counter_violent]

So, the last week in particular in the markets have seen countless blown accounts and the knock on effects of sever and in some cases terminal losses for trade providers / brokers.

It will be too late for the uninformed in this harsh world of trading of course, but for those that survive, financial education is key.

Just for starters, some light weekend reading then for those that can be bothered.

http://www.wsj.com/articles/switzerland-scraps-currency-cap-1421320531
http://scholar.google.co.uk/scholar...a=X&ei=F2_DVOmxA7C07QbnpIHIDg&ved=0CB4QgQMwAA

And for those that can't, or don't have the mental capacity, I suggest you give up trading. It's not a game you know where there are no consequences. It's very real and will cost you money if you don't know what you need to know and perhaps more importantly, what and when to avoid certain trading activity.

 

[BSD]

True words, true words !

 

[forker]

Even sound money management and a PhD in financial markets wouldn't have stopped the loss that some have incurred. That being said, avoiding currencies where the central bank has applied extraordinary measures of controlling it's value would have saved a lot of pain. That's called common sense which is all to often set aside in the trading plan. Still feel very sorry for those affected though

 

[counter_violent]

Even sound money management and a PhD in financial markets wouldn't have stopped the loss that some have incurred. That being said, avoiding currencies where the central bank has applied extraordinary measures of controlling it's value would have saved a lot of pain. That's called common sense which is all to often set aside in the trading plan. Still feel very sorry for those affected though

Thanks, that's one of the points I wanted to get across.

 

[Atilla]

So, the last week in particular in the markets have seen countless blown accounts and the knock on effects of sever and in some cases terminal losses for trade providers / brokers.

It will be too late for the uninformed in this harsh world of trading of course, but for those that survive, financial education is key.

Just for starters, some light weekend reading then for those that can be bothered.

http://www.wsj.com/articles/switzerland-scraps-currency-cap-1421320531
http://scholar.google.co.uk/scholar...a=X&ei=F2_DVOmxA7C07QbnpIHIDg&ved=0CB4QgQMwAA

And for those that can't, or don't have the mental capacity, I suggest you give up trading. It's not a game you know where there are no consequences. It's very real and will cost you money if you don't know what you need to know and perhaps more importantly, what and when to avoid certain trading activity.

Typical gloating I told you so - smart alek approach.


One must ask the question - was the pain avoidable. Could this have been better handled? What other options were open to SNB?

The fact that QE has been on the table and spoken of for so long and then SNB to claim this was seriously discussed considered and acted upon is a freaking remarkable joke.

Many businesses big and small as well as individual lost money and it is typical of you CV - coming out with something like this now.

I told you (so)! = Said when something bad happens after you warned someone that it would happen


Considering SNB confirmed supporting policy two days before and certainly gave no warnings - Abuse of position and power imo.


I do think and believe arrogance and conceit knows no boundaries like stupidity.


Enjoy!

 

[Sonicscooter]

ATILLA..........three letters....................ERM



http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm


Sorry but i have zero sympathy, its always someone else's fault but the muppet that put the trade on......Believe it or not, this is a business.

 

[tomorton]

It is sad for the people who lost heavily on the SNB announcement. Its your own personal choice whether you criticise them for reckless risk-taking / wilful ignorance / naive optimism - any and all could be true and these guys are easy targets now anyway. I have no feelings for them one way or another, the market chews people up like a wood chipper and next time I could be in there getting shredded.

But I do feel cheated in that I'm not hearing of traders who anticipated the SNB move but also got on the right side (or even just went flat) before the announcement.

Its one thing to say you wouldn't have done a foolish thing. But please stand up and be counted if you took the opposite side and made a profit.

 

[Atilla]

ATILLA..........three letters....................ERM



http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm


Sorry but i have zero sympathy, its always someone else's fault but the muppet that put the trade on......Believe it or not, this is a business.

Not the same. Pretty much most people knew £ v DM at 2.95 was not sustainable months in advance and there was much talk before. Soros bet his pension on it and made his name.


I'm not disputing the actions here. It was the right thing to do. Simply that they misled the market. Whether they didn't care or this is somehting they could simply do and so have done so irrespective of who was going to get burnt.

Now people are gloating how fantastic and marvelous clever sod bankers they are. REALLY???


This isn't over and there will be repercussions and I do hope the SNB in turn gets a bloody nose for it too in due course when the boot is on the other foot.

In fact some say - Bear Sterns and Lehman's weren't thrown any bones for their past deeds (or lack of them).

 

[scholfield]

It is sad for the people who lost heavily on the SNB announcement. Its your own personal choice whether you criticise them for reckless risk-taking / wilful ignorance / naive optimism - any and all could be true and these guys are easy targets now anyway. I have no feelings for them one way or another, the market chews people up like a wood chipper and next time I could be in there getting shredded.

But I do feel cheated in that I'm not hearing of traders who anticipated the SNB move but also got on the right side (or even just went flat) before the announcement.

Its one thing to say you wouldn't have done a foolish thing. But please stand up and be counted if you took the opposite side and made a profit.

Apparently @BeginnerJoe made money on the move....apparently

 

[counter_violent]

Typical gloating I told you so - smart alek approach.


One must ask the question - was the pain avoidable. Could this have been better handled? What other options were open to SNB?

The fact that QE has been on the table and spoken of for so long and then SNB to claim this was seriously discussed considered and acted upon is a freaking remarkable joke.

Many businesses big and small as well as individual lost money and it is typical of you CV - coming out with something like this now.

I told you (so)! = Said when something bad happens after you warned someone that it would happen


Considering SNB confirmed supporting policy two days before and certainly gave no warnings - Abuse of position and power imo.


I do think and believe arrogance and conceit knows no boundaries like stupidity.


Enjoy!

Well this is a typical response from you and I expected no less.

It was bloody obvious what was going to happen in Euro lala land in the final analysis. The only question was when !

Just because the SNB had some artificial unsustainable cap in place should not have given traders any comfort to take a position. The downward pressure on the EUR had been in evidence for a long time and the SNB's capacity to defend that peg finite.

And before you accuse me of easy stating any of this in hindsight, think again, I've been banging on about Euro lala land and various other nonsenses for yrs.

 

[Atilla]

It is sad for the people who lost heavily on the SNB announcement. Its your own personal choice whether you criticise them for reckless risk-taking / wilful ignorance / naive optimism - any and all could be true and these guys are easy targets now anyway. I have no feelings for them one way or another, the market chews people up like a wood chipper and next time I could be in there getting shredded.

But I do feel cheated in that I'm not hearing of traders who anticipated the SNB move but also got on the right side (or even just went flat) before the announcement.

Its one thing to say you wouldn't have done a foolish thing. But please stand up and be counted if you took the opposite side and made a profit.

Shshsshush... zero sum game and all that.

 

[Atilla]

Well this is a typical response from you and I expected no less.

It was bloody obvious what was going to happen in Euro lala land in the final analysis. The only question was when !

Just because the SNB had some artificial unsustainable cap in place should not have given traders any comfort to take a position. The downward pressure on the EUR had been in evidence for a long time and the SNB's capacity to defend that peg finite.

And before you accuse me of easy stating any of this in hindsight, think again, I've been banging on about Euro lala land and various other nonsenses for yrs.

STOP your gloat dude! Euro has not failed and not likely to in your life time.

SNB is not even in the Euro. Get facts straight.


I guess now any adverse news and will get to hear how fabulous you are


The whole globe is in a crises mate. We aren't that far behind or out of the woods yet withour trillions of debt either. Get a grip!

 

[counter_violent]

STOP your gloat dude! Euro has not failed and not likely to in your life time.

SNB is not even in the Euro. Get facts straight.


I guess now any adverse news and will get to hear how fabulous you are


The whole globe is in a crises mate. We aren't that far behind or out of the woods yet withour trillions of debt either. Get a grip!

What does SNB not being in Europe have to do with it ffs !

The point of the thread, which you clearly missed, is about the need for traders to be informed as opposed to the majority that fall into the uninformed camp.

 

[Atilla]

What does SNB not being in Europe have to do with it ffs !

The point of the thread, which you clearly missed, is about the need for traders to be informed as opposed to the majority that fall into the uninformed camp.

Is that what you were trying to say... Oh sorry... Now I get it - the whole market was uninformed because the SNB chief informed the market two/three days before otherwise.


Thanks for clearing that up

 

[Sonicscooter]

Like i KEEP saying, its business, tough luck, deal with it or get a job a McDonalds.


We live in a spineless culture, everyone wants to point at someone else to blame instead of tasking personal responsibility for ones own actions.

 

[counter_violent]

Is that what you were trying to say... Oh sorry... Now I get it - the whole market was uninformed because the SNB chief informed the market two/three days before otherwise.


Thanks for clearing that up

It perfectly illustrates the point that no one can be trusted no matter what they say.

Thanks for confirming which camp you are in, not that that was in doubt for a second

 

[Splitlink]

Typical gloating I told you so - smart alek approach.


One must ask the question - was the pain avoidable. Could this have been better handled? What other options were open to SNB?

The fact that QE has been on the table and spoken of for so long and then SNB to claim this was seriously discussed considered and acted upon is a freaking remarkable joke.

Many businesses big and small as well as individual lost money and it is typical of you CV - coming out with something like this now.

I told you (so)! = Said when something bad happens after you warned someone that it would happen


Considering SNB confirmed supporting policy two days before and certainly gave no warnings - Abuse of position and power imo.


I do think and believe arrogance and conceit knows no boundaries like stupidity.


Enjoy!

Atilla, you and me get along but I disagree with you on this, as far as forex traders are concerned.

I have learned that a lot of Spaniards took out Swiss franc mortgages when it was fashionable to do so. At the time, these people thought they were being smart. Did they not think that they were taking out a loan that could last up to twenty odd years? Should the Spanish Government try to help them out by giving them a tax break of some kind? I think not.

Should forex traders who made large amounts of money be asked to reimburse those traders who have negative balances? I think not.

Is the SNB responsible for looking after its own interests and those of Switzerland? I think so.

How can a strong currency, like the Swiss franc, be tied to a sick euro, which has been falling since I can't remember, without having to call quits at some point?

Are there unscrupulous dealers about? Yes, there are.

This is a jungle. A lot of people read this forum and think that trading is easy. There are so many threads on this site about the Swiss franc that one would think that newbies would be put off trading forever. Unfortunately, they won't be, though. The next currency crisis will bring on a new wave of posters protesting about unfair dealing practices.

I'm sorry for them, but it's their fault.

 

[spinola]

So, the last week in particular in the markets have seen countless blown accounts and the knock on effects of sever and in some cases terminal losses for trade providers / brokers.

It will be too late for the uninformed in this harsh world of trading of course, but for those that survive, financial education is key.

Just for starters, some light weekend reading then for those that can be bothered.

http://www.wsj.com/articles/switzerland-scraps-currency-cap-1421320531
http://scholar.google.co.uk/scholar...a=X&ei=F2_DVOmxA7C07QbnpIHIDg&ved=0CB4QgQMwAA

And for those that can't, or don't have the mental capacity, I suggest you give up trading. It's not a game you know where there are no consequences. It's very real and will cost you money if you don't know what you need to know and perhaps more importantly, what and when to avoid certain trading activity.

Exactly, ignorance is no defence. which is why FXCM, cannot claim any Force Majeure !

 

[NVP]

Like i KEEP saying, its business, tough luck, deal with it or get a job a McDonalds.

We live in a spineless culture, everyone wants to point at someone else to blame instead of tasking personal responsibility for ones own actions.

yep ...that's about the truth of the matter......trading makes most tough businesses look like a picnic

N

 

[Splitlink]

Exactly, ignorance is no defence. which is why FXCM, cannot claim any Force Majeure !

Force Majeure is used for tsunami, hurricanes, flooding, etc. When it is claimed for
currency trading it is a load of crap.

However, there is no harm in trying!