I hope there’s not but I’m sure there are many who are sitting with short Swiss trades looking at big losses on their accounts. Brokers are also pulling quotes and closing positions altogether.
While this may start panicking a few people there’s no point in jumping on the phone to your broker as thousands of others will be too. The brokers are likely to be in just as big a hole as you are and while that’s not meant to comfort you they are not going to answer your questions until they get themselves straight.
It’s going to be tough for some of you but the best thing to do is take a deep breath and wait it out. Make sure you have a copy of your daily statement from yesterday’s close and wait until the dust settles before trying to sort out your positions.
Now the tough love. Unless you had guaranteed stops on your positions you are likely to be stopped out way below your stop loss level. Any arguments will have to be based on where they deem that prices actually traded through the move. Refresh yourself on your brokers terms and conditions so you know the lay of the land.
The risks have always been there with Swiss trades and unfortunately it’s been very ugly, but that’s the playing field we stepped into and the risks we take. I don’t want to seem harsh as obviously losing money is a serious matter but a calm head works better than anger or panic.
Feel free to fire any questions you have and we’ll do our best to answer them. Be prepared that this might rumble on for a considerable amount of time.
