When I noticed, it was a forced liquidation of -584,971 yen. Huh? Why? And happy to have a Win-Win relationship with the readers.

I got hit by an unexpected stop-out...
The stop-out amount is-584,971 yenThis is not a negligible amount for me (T_T)



The forced liquidation was by I-NET Securities
At 6:45 during the rollover time, it hit me hard.

Why was I stopped out? → Because of my incorrect assumption

…So, it was my mistake, but I-NET Securities applies a somewhat unusual stop-out rule that was outside my expectations.

“Almost all FX companies’ stop-out rules are one of these two types”

1. Stop-out immediately when excess margin falls below 0 (when the maintenance margin falls below 100%)

2. If rollover occurs with excess margin below 0 (maintenance margin below 100%), you will receive an email saying, “you must deposit the shortfall or close positions to avoid creating excess margin; otherwise, you will be forcibly liquidated at the time specified by us (usually at the next rollover). If you do nothing, you will be stopped out.”

1. is the pattern adopted by many FX companies; brokers like Hirose Tsusho and Saxo Bank FX have long followed this type. If the spread widens due to an indicator, the maintenance margin can dip below 100% even for a moment, triggering a stop-out, so caution is needed.

2. is okay as long as outside the rollover, the maintenance margin remains below 100%. If at rollover it’s below 100%, additional margin is required, but as long as you deposit before the next rollover, you’re fine. Companies like YJFX! and GMO Click Securities follow this type.

Now, what I want you to look at is the account status screen of I-NET Securities

Trading Margin: 426,200

For a broker that stops out in real time when the margin dips below maintenance, if the unrealized loss brings the account maintenance below 100% so that the trading margin becomes less than 426,200, a stop-out occurs.

However, with I-NET Securities, real-time stop-out occurs at a stop-out value of 63,930, so as long as the trading margin is at least 426,200, the position can be maintained—more than 15% of 426,200.

…Therefore, even with a maintenance rate of 90%, there is still plenty of room before the stop-out value. If at rollover the maintenance rate was below 100%, additional margin would be required, so I thought I might make a quick deposit then

Then I-NET Securities has extremely generous real-time stop-out at 15% maintenance, but at rollover, if the maintenance rate is just slightly below 100%, they immediately stop out without room for additional margin to be deposited. Unlike the second type of companies, they even execute forced liquidation without any margin cushion.


“And once again I hit a bottom-price stop-out”


The trade date was January 17 at 6:45. I was stopped out due to margin shortfall at that time.


That night, January 17 at 20:45, there was a statement from UK Prime Minister May.
And the pound surged dramatically...

Most of my forced liquidations were GBP buys...

If I had been with a company that is not I-NET Securities, i.e., a company of type 2 that requires additional deposits, an extra deposit would have avoided the stop-out, and even if left alone, the pound would have surged the next rollover day after Prime Minister May's statement, reducing the loss by almost 200,000 yen...

Ah yesIt was my misunderstanding

But you know, companies that don’t stop out in real time generally trigger a margin call at rollover… In real time they don’t stop out, but at rollover, if even 1 yen of margin is short, they don’t allow a margin call and immediately stop out. I had never seen that before.

※ In fact, I-NET Securities also has accounts with different stop-out rules, but that will be for another time…


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Author:Nemu-Gon
I tell the truth! I run a comprehensive FX information site, “Former financial institution employee’s FX blog.” I have 9 years of FX experience and trade Nikkei 225, gold, crude oil, etc.
Blog:Telling the truth! ‘Former financial institution employee’s FX blog’

(Please modify this part for public release to buyers)