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FXCM Discussion

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  • Would you recommend FXCM?
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  • #1
  • First Post: Edited 1:55am Oct 12, 2006 1:38am | Edited 1:55am
I downloaded metatrader from spot trader(coefx.com), its pretty good, does not fail on me. I am using FXCM demo. Yesterday i started a transaction on the eur/jpy. Ihad the stop loss at 149.99. Now the chart never made it to 149.99 but the FXCM chose to stop me at 149.99. I even downloaded some free FXCM charts from their website to see if the chart they have indicated the price touched 149.99 after i started my transaction. It did not. I staeted my transaction exactly 5 pm US central time(9pm GMT). Another transaction stopped me at 149.98, also Eur/Jpy yet it never reached that from the chart. The most it reached after i started my transaction was 149.97.

The red arrow is when i got my signal(8emacrossing 51ema). The red tick is when i entered the trade and yet it stopped me at .99 although it never reached it after my entry according to both the metatrader and the fxcm free charts.

7251715 00395016 EUR/JPY 200 S 149.94 149.99 -10 -83.50 0.00 0.00 10/11/2006 19:07 10/11/2006 19:17

7251479 00395016 EUR/JPY 200 S 149.90 149.99 -18 -150.30 0.00 0.00 10/11/2006 18:45 10/11/2006 19:02


Whats going on here?
Attached Image
  • #2
  • Oct 12, 2006 1:41am Oct 12, 2006 1:41am
In fact right now the metatrader says price is 149.70 yet the FXCM trading platform has the close price at 149.76!
  • #3
  • Oct 12, 2006 1:59pm Oct 12, 2006 1:59pm
The question to ask here is is meta-trader displaying the "correct price" or is FXCM?

Looking at the way the FX market works, being over the counter, looking at one dealer won't give you an idea of where hte markets at. I would recommend trying S&P Comstock, EBS, or Bloomberg which would be a more reliable source to check your prices against since this is where the major banks are trading. Meta Trader is simply a platform that retail shops plug their prices into, so if a small retail firm plugs in a low tier bank versus another that plugs in a 1 tier bank it will make a difference.
  • #4
  • Oct 12, 2006 3:40pm Oct 12, 2006 3:40pm
Did you factor in the spread? don't forget that the chart shown by most vendors are the BID charts (not the price charts), so the ASK (which is where your stop loss would have triggered) would be ABOVE the price shown.
  • #5
  • Oct 12, 2006 4:05pm Oct 12, 2006 4:05pm
I use FXCM for my "non-news release" trades (I"m intraday with the expection that I have to hold a position overnite sometimes), and I have no problems with them for that. I use Fxsol at news time...no probs there either. I have live accts at each.

As far as charts: mine are from Fxtrainer with an FXCM feed, and I also keep up a free chart from net dania with an FXCM feed on it b/c I'm a little paranoid too. I trade from my home and also from my office using 2 computers (IE seperate IP addresses).

My conclusion: FXCM is not out to get me, b/c I have not found one instance when I check all the feeds from the 2 computers and see the price is always right on (however, most of my stops are mental and I manually take any losses).................so, if they are screwing someone....it would have to be everyone in my mind!!!!

My last thought: even though I'm paranoid, I think other people are more paranoid than myself, especially when they sight a possible conspiracy on their demo (not flaming you sir ).......coz in my mind, if they were out to "steal" my money, then the demo should be designed to make me think I'm a winner so I dump my life savings into a live acct and blow it all there with their trickery....screwing people on demos has never made sense to me.

That's my 2 pips,
Jim
  • #6
  • Oct 13, 2006 5:54am Oct 13, 2006 5:54am
Just curious is there a difference in the FXCM demo platform from the stop and the stop move. I use stop move, maybe thats why
  • #7
  • Oct 13, 2006 6:10am Oct 13, 2006 6:10am
Quoting Thebigmo
Just curious is there a difference in the FXCM demo platform from the stop and the stop move. I use stop move, maybe thats why
The stop move is FXCM's version of a trailing stop...........all functions are exactly the same whether it is a demo or a live acct.

does that help?
  • #8
  • Oct 13, 2006 7:51am Oct 13, 2006 7:51am
Quoting mrmikal
Did you factor in the spread? don't forget that the chart shown by most vendors are the BID charts (not the price charts), so the ASK (which is where your stop loss would have triggered) would be ABOVE the price shown.
I watch the MT4 charts and then trade. The problem is that there is a discrepancy. Watching bloomberg is OK but i profit or loose according to my broker and not the "real price" change. The only way i guess is to use the broker's charts. But then the question will there be a discrepancy between their charts and their platform price. Remember its the platform price that makes the transactions.

What charts you all use?
  • #9
  • Oct 13, 2006 8:04am Oct 13, 2006 8:04am
Quoting learningtheropes
As far as charts: mine are from Fxtrainer with an FXCM feed, and I also keep up a free chart from net dania with an FXCM feed on it b/c I'm a little paranoid too. I trade from my home and also from my office using 2 computers (IE seperate IP addresses).

My conclusion: FXCM is not out to get me, b/c I have not found one instance when I check all the feeds from the 2 computers and see the price is always right on (however, most of my stops are mental and I manually take any losses).................so, if they are screwing someone....it would have to be everyone in my mind!!!!

Jim
Hey Mo, yes, best to go by charts that incorporate the FXCM feed......if I'm reading correctly, you still seem concerned that the platform price will not correspond with the chart price? I honestly don't think that is the case in the 2 charts mentioned above that I have up constantly.....the platform price is always right on...........unless it is during HIGH volatility.....at which point it's almost impossible to cross reference both......but again, my opinion is not to mess with trying to enter a position or keeping a position open with a stop loss during news time with FXCM............I'm telling you if you avoid those 2 scenarios, you will not have a problem.

Do you disagree......please share, as it could affect my wallet too???
-Jim

PS, I have no experience with metatrader, but maybe that's an issue too.....you can't rely on the FXCM platform while working with Metatrader.....of course, I have no idea if that's even a feasible conclusion since I don't do MT
  • #10
  • Oct 14, 2006 2:41am Oct 14, 2006 2:41am
Yeah i agree, i have had it with news. Its only when the news breaks out that you find out your a nobody in a big man's game and prices just move 20 or 30 pips like mad. I get stopped out and the big boys don't bother cause most of the time its not their own money and plus they have huge capital with huge stop losses.


I now will use both, fxcm powerstation and mt4 chart, since the mt4 is easier to read and control, but will use the fxcm powerstation for actual price and exit and entry points.
  • #11
  • Oct 15, 2006 5:32pm Oct 15, 2006 5:32pm
THIS GUYS A BUNCH OF THIEVES,it always hunting for your stoploss,they a requote and big slippage,i lost all my money cus their platform freezing,you can,t close your posithion when you are in profite yoy have to try several times ,to get out of trade,i closed my account with them, AVOID
  • #12
  • Oct 16, 2006 12:38am Oct 16, 2006 12:38am
Quoting sps8
THIS GUYS A BUNCH OF THIEVES,it always hunting for your stoploss,they a requote and big slippage,i lost all my money cus their platform freezing,you can,t close your posithion when you are in profite yoy have to try several times ,to get out of trade,i closed my account with them, AVOID
ditto.

but fxcm is better than gft.
  • #13
  • Oct 16, 2006 1:51am Oct 16, 2006 1:51am
Quoting BurgerKing
ditto.

but fxcm is better than gft.
Comparing two th...
You mean better is one who takes less.

kenyan
  • #14
  • Oct 16, 2006 3:06am Oct 16, 2006 3:06am
Quoting sps8
THIS GUYS A BUNCH OF THIEVES,it always hunting for your stoploss,they a requote and big slippage,i lost all my money cus their platform freezing,you can,t close your posithion when you are in profite yoy have to try several times ,to get out of trade,i closed my account with them, AVOID
1- Do not use FXCM to trade news...........their policies will forbid you to do it successfully...............hardly think that makes them Thieves!?!?!?

2- Besides a situation relative to statement #1, can anyone offer any constructive arguement verifying how FXCM steals money????? Regardless of your platform, I suggest never placing stop losses at psychological barriers or right at R/S lines...........you will lose $$ with any broker then, IMHO!!

3- If you are a momentum or position trader, the problems that occur during high volatility, most likely will not affect your momentum or position trading strategy.

4- I don't work for, nor am I in love with FXCM, but I think they get a bad rap on this forum, and it seems to always have something to do with trading the news.........again, they are not a good news trading platform!!!

5- I trade news with Fxsol, and have a process that works for me using their platform.........I use FXCM for my momentum/intraday trades b/c I just like their platform more than anyone elses, plus, I believe it is more likely for them to not disappear into the night...........that is what I would define as "reliability" per the main question in this thread.

By all means, if anyone can share a specific example of what a monster this broker is (besides at a time of a major news event)....please share, as this could affect my wallet in the end?????

Thanks!
  • #15
  • Oct 16, 2006 3:30am Oct 16, 2006 3:30am
Quoting Thebigmo
I am using FXCM demo. Yesterday i started a transaction on the eur/jpy. Ihad the stop loss at 149.99. Now the chart never made it to 149.99 but the FXCM chose to stop me at 149.99. I even downloaded some free FXCM charts from their website to see if the chart they have indicated the price touched 149.99 after i started my transaction. It did not. I staeted my transaction exactly 5 pm US central time(9pm GMT).

7251715 00395016 EUR/JPY 200 S 149.94 149.99 -10 -83.50 0.00 0.00 10/11/2006 19:07 10/11/2006 19:17

7251479 00395016 EUR/JPY 200 S 149.90 149.99 -18 -150.30 0.00 0.00 10/11/2006 18:45 10/11/2006 19:02


Whats going on here?

Also, Bigmo, your trades were sells, and there is a 4 pip spread to trade EUR/JPY with FXCM.......would I be wrong in concluding that you were stopped somewhere between 6:00-6:05 pm CST??

On a 5 min chart, the price goes to 149.96......take that price +4 pips, and the demo platform on FXCM would of said your "Close Price" is 150.00.........although you would of never seen that particular "close price" in your open position window b/c you were stopped at 149.99.

IMHO, the only way you would not of been stopped is if the actual price on a FXCM chart never exceeded 149.94.........do you think what I described is the case? Did you consider that YOUR price is actually 4 pips higher than than what the chart says because of the spread to sell the pair?

Hope this turns on a light bulb for you.......lemme know?
  • #16
  • Edited Oct 18, 2006 8:00am Oct 16, 2006 4:06am | Edited Oct 18, 2006 8:00am
Quoting learningtheropes
1- Do not use FXCM to trade news...........their policies will forbid you to do it successfully...............hardly think that makes them Thieves!?!?!?

2- Besides a situation relative to statement #1, can anyone offer any constructive arguement verifying how FXCM steals money????? Regardless of your platform, I suggest never placing stop losses at psychological barriers or right at R/S lines...........you will lose $$ with any broker then, IMHO!!

3- If you are a momentum or position trader, the problems that occur during high volatility, most likely will not affect your momentum or position trading strategy.

4- I don't work for, nor am I in love with FXCM, but I think they get a bad rap on this forum, and it seems to always have something to do with trading the news.........again, they are not a good news trading platform!!!

5- I trade news with Fxsol, and have a process that works for me using their platform.........I use FXCM for my momentum/intraday trades b/c I just like their platform more than anyone elses, plus, I believe it is more likely for them to not disappear into the night...........that is what I would define as "reliability" per the main question in this thread.

By all means, if anyone can share a specific example of what a monster this broker is (besides at a time of a major news event)....please share, as this could affect my wallet in the end?????

Thanks!
if you want to learn more about fxcm.plesae check this link they are at scam section. Link removed by moderator
  • #17
  • Oct 16, 2006 5:33am Oct 16, 2006 5:33am
Thanks for the link, I did read many of the reviews on FXCM (as well as others, like ACM,Coesfx and GCI) , and I have to still conclude that FXCM isn't as horrible as made out. This is supported by several posters on there (mixed in with the complainers) that have said much of the same things as I have?

I'm willing to bet if I created a bogus review about Oanda (for example) to this site, a bunch of people would chime in and call them a scam too...........should I try it??? And why is it always that these so-called review websites always have something to sell themselves?????

I've had a live account with FXCM for almost 4yrs now, but only tried news trading since this past June.....that's when I began to figure out that their policies make them unworkable during big news releases, thus I opened an additional accout with fxsol just for that kind of trading. Oanda was also another company I have considered for news trading......

I'm not a full-time trader, and I'm not tading huge lots thru my live FXCM acct, so maybe I'm too small of a fish for them to spear........they must be waiting for me to grow into a bigger fish first (LOL)

Also, I have a buddy that does all his trading on Fxsol, and we often trade together while chatting thru Skype............NEVER, do the prices we note to each other EVER differ by more than 1 pip...............why is that? Is Fxsol just as bad as FXCM???

All I can say is that I've been live trading off and on for 4yrs, and my trading has matured to the point in the last 6 months that I feel I can discriminate between my mistakes that lead me to lose money in the past, vs. the fact that I am slowly and quietly profiting on 2 seperate live accounts, with 2 seperate retail brokers, however, using 2 different technics to trade on each. It would of been less productive, it turns out, to blame the broker for my loses, vs. owning up to the fact that I did a lot of bonehead things when I did lose money!

It is true that nothing is perfect with any platform, it's all a matter of taste and trading style that makes a broker a "liveable" for each individual trader. These all-in, broad-stroke, broker bashes (regardless of which on is being bashed) are not constructive.

Long and Short, if the FXCM demo "stole" the Bigmo's money, vs. maybe Bigmo not fully undertanding their platform, then FXCM must be dumb thieves..........wouldn't I want Bigmo to do reeeaaalllly well on the demo, then screw him when he goes live?????

Maybe I'm the criminal for thinking this way: .......OK, I'm off my soapbox now.

If anyone wants to learn more about FXCM besides a 1-2 sentence bitch-fest, feel free to email or PM me.
  • #18
  • Oct 16, 2006 12:04pm Oct 16, 2006 12:04pm
yep,you absolutly right what you said here,as became my account bigger,they did eveything to get account on manual, my freind did make 9000 euro,on position was open on gbp he is trading abig lots,guss what platform does,t recorded this position after he closed it.he called them to notify a bout it,they said no position was opened at all.
  • #19
  • Oct 16, 2006 12:51pm Oct 16, 2006 12:51pm
Quoting sps8
yep,you absolutly right what you said here,as became my account bigger,they did eveything to get account on manual, my freind did make 9000 euro,on position was open on gbp he is trading abig lots,guss what platform does,t recorded this position after he closed it.he called them to notify a bout it,they said no position was opened at all.
Well, thanks for the advice, I will track all my trades to make sure it doesn't happen to me. When they feel the need to put me on manual, I will simply close the account. Other than that, I am good for now.

Hope our exchange has helped the bigmo out in some way?!

-Jim
  • #20
  • Oct 16, 2006 1:49pm Oct 16, 2006 1:49pm
Quoting sps8
if you want to learn more about fxcm.plesae check this link they are at scam section.www.forexbastards.com if not work copy and past
I would be weary of a review site ran by someone who is marketing their own product.

My 2 cents.
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