Firstly can anyone help me understand, Do I need to top my account up if I am sitting at 72%? will any of my positions close
Secondly my position in slack has randomly closed, what is going on and why would it have closed ? I had no stop loss or take profit so I am unsure what has happened. ( I was in profit at this time )
Lastly, If I am forced to close some positions that are negative will I be compensated for this ?? How do I start this process
Can anyone help ? at least with issue 1? I am looking to close all my positions bar 1 which will bring my % to around 80 free funds.
You have until December 1st to make any adjustments now so a bit more time to work out what you need and decide what to do. There is a thread here dedicated to this very issue and has many useful tools including an App someone made to help you calculate your new margin requirements from Dec 1st
It’s worth bearing in mind that the margin changes apply to Stock CFDs only, your screenshot of course doesn’t express how much of your blocked funds are in these asset types and so I would have a look at the thread above as a first point of call. There are hundreds of similar queries there and answers/suggestions that will probably help you out.
Finally, positions are only closed out automatically once the margin falls to 25% so keep that in mind when doing your calculations.
Best of luck with everything.
My main goal is to keep the Cineworld and FSR positions open. Had I know about this change before my ill timed investment into NEX would never have happened.
By my calculations I need 4400 for Cineworld and 700 for FSR, something I can manage todo.
Is it possible to confirm this ? I have attached screenshots. I very much appreciate your reply Rocky, no one replied to me in the big thread.
Will we be compensated for any amounts we have had to close ?
I’m not entirely sure what you mean about needing 4400 for Cine and 700 for FSR, are you speaking about the amount you need in margin? It’s going to rise from 20% to 50% on Dec 1 so you’ll need to cover half the amount of the total trade from then on until further notice.
The issue with trying to work out the amount needed only for certain stocks is the amount required is affected by the movements of the qualifying assets in the entire account so if your Cine pos has a value of £6k, you need to put up £3k to maintain the margin at 50% if that was the only stock in there but since it isn’t and the margin dollar amount required increases on the falling positions, this is a calculation best done at the end of the session just prior to the changes taking effect.
A member of staff said in the big thread that people will be compensated for losses but that was before they extended the notice being offered. I don’t know if that will still be the case now nor did he give details of the criteria that will be used to determine who receives what and when.
Personally I would be weary of manually closing out losing positions and then chasing compensation afterwards, might be better to let them close it due to lack of margin in terms of providing an argument as to why you are entitled to compensation in such an event but without further clarification on this from staff, I wouldn’t bank on the fact you will be compensated by T212 in that event so best to keep checking the big thread for updates or reaching out to staff directly yourself for verification before Dec 1st.
Yes the 4,440 and 700 were the amount needed to hold these positions if it had been 1;2 from the get go vs the previous margin of 1,791 required to hold. By closing the rest of the positions and adding some more in I hope to keep those active as losing on on Cine now would be a kick in the teeth considering how long I’ve held it and where it will be in Feb.
Had I known about the changes then NEX would certainly not been invested in and it broke even 2 days ago so I would have been able to pull out. Alas I have messaged for further clarity.
Id rather take the hit on the negative balances now than have them close my positions top down and lose out.
Right so call this burn out or stress induced panic but I am not able to work out the absolute minimum I need to maintain my positions I,e the amount needed in blocked funds to stay above the 25% cut off level for forced closure.
I have worked out the amount needed to stay at the same 72% but as said not the bare minimum I need.
If anyone can help I would be greatly indebted, I cannot afford more losses !
One thing to add, for good or bad this reduction in leverage is basically a margin call.
I don’t wish to be heartless to you and others in this position but as all the pros say you should never meet a margin call and should close your positions! Meeting margin calls is how you get in to bigger and bigger loses and blow up your account.
If you currently have loses, there’s absolutely no reason they’ll go up or into profit and you’ll just have more money on the line.
I can’t understand why everyone’s saying it will loose them money if they’re in the red amd margin goes up. You’ve already lost money, your trade is at a loss. You’re just “hoping” it goes back up again. Hope is not a trading strategy.
