Minimum Exchange Rate for CHF Discontinued | Currency Futures


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Minimum Exchange Rate for CHF Discontinued

  #7 (permalink)

London, United Kingdom
 
Trading Experience: Intermediate
Platform: N/A
Broker/Data: Bloomberg
Favorite Futures: Energies
 
CobblersAwls's Avatar
 
Posts: 308 since Jul 2014
Thanks: 1,077 given, 385 received

A harsh lesson

Had a client get liquidated, from a winning trade, due to a simple mistake today.

The client was short USDCHF from around as it continued to tank. In his excitement to take profit he hit a buy market order at possibly the worst time, when there was zero liquidity and the spread was astronomical.

He ended up getting such a bad fill it liquidated his account ($100k) and all from what seemed like a large winner. We are in talks with the liquidity providers involved but it looks like he may never get that fill he was after, or even a profitable one.

They say a wise man learns from the mistakes of others. I'll always remember this story whenever there's capitulation and it seems like 'an easy trade'. I'll also remember to avoid market orders!

Hope no one on futures.io (formerly BMT) got stung too bad!

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