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FXCM Discussion

  • #21
  • Oct 16, 2006 2:14pm Oct 16, 2006 2:14pm
Quoting hidethereal
I would be weary of a review site ran by someone who is marketing their own product.

My 2 cents.
That's what I said, thanks!
  • #22
  • Oct 17, 2006 3:28am Oct 17, 2006 3:28am
Quoting learningtheropes
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?
Hmm? I never heard that before. So what you are saying is that the price in the 5 min chart could actually quickly rise and fall without affecting the platform price but you will get stopped anyway?
  • #23
  • Oct 17, 2006 3:59pm Oct 17, 2006 3:59pm
Quoting Thebigmo
Hmm? I never heard that before. So what you are saying is that the price in the 5 min chart could actually quickly rise and fall without affecting the platform price but you will get stopped anyway?
No, what I'm saying is that if you refer back to the 5 min chart, the high during the 6:05 pm CST candle was 149.96, and at whatever instant (or possible various instants) price touched that level during that 5 min candle, your actual price (due to the 4 pip spread added to your sell price) is really 150.00. Since you had a stop set at 149.99, all the price on the chart had to do is hit 149.95 in order for you to be stopped out.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

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If this is starting to make sense than the advice is to add your spread on top of the actual chart/screen sell price to determine a proper stop loss. Your stop should of been set at 150.03 per your strategy.<o></o>

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Conversely, if you went Long on their platform, your Buy price would already have 4 pips added in above what you see on the chart with their price feed, so the chart price actually has to go 4 pips below your platform Buy price b/4 you would be stopped.......if you compare a Sell vs. a Buy, it's wash.
  • #24
  • Oct 18, 2006 3:15am Oct 18, 2006 3:15am
I got what you are saying.

I tried Fxsol but the platform is not user friendly as FXCM, maybe i should get myself to get used to it.

Is the only difference the news trading, with fxsol being more reliable in that. Or is there something else. The problem is i am in love with mT4 chart and i don't quite enjoy FXCM powerstation but i fear using a chart not operated or data fed by the broker i trade with.
  • #25
  • Oct 18, 2006 2:58pm Oct 18, 2006 2:58pm
Quoting Thebigmo
I got what you are saying.

I tried Fxsol but the platform is not user friendly as FXCM, maybe i should get myself to get used to it.

Is the only difference the news trading, with fxsol being more reliable in that. Or is there something else. The problem is i am in love with mT4 chart and i don't quite enjoy FXCM powerstation but i fear using a chart not operated or data fed by the broker i trade with.

I agree that fxcm is more user friendly and visually appealing vs. fxsol, but I think you can adapt to any platform with practice. The only thing(s) that keep me trading at fxcm are:
1- very well known
2- financially solvent
3- my charts from fxtrainer allow me to use fxcm or fxsol data feed as a log-in feature (I agree it is wise to have the platform and charts match!!)
4- familiarity (been with them for 4 years)
5- haven't stolen any of MY money (I mean the real $$, not just demo)
6- it's been said that you should have more than one active account just in case any of the above should go awry. (i.e. If I felt there were daunting issues with fxcm and I wanted to pull the plug, at least I can still make some trades over at fxsol while tying up the loose ends closing with fxcm)
  • #26
  • Oct 19, 2006 2:45am Oct 19, 2006 2:45am
Does fxtrainer charge money? How do you instal the FXCM data feed? Do they have a website?
  • #27
  • Oct 19, 2006 5:30pm Oct 19, 2006 5:30pm
Quoting Thebigmo
Does fxtrainer charge money? How do you instal the FXCM data feed? Do they have a website?
To be honest....I have a "special" arrangement going on as far as my charts, so I do not know the answer to your questions??

However, if you still want the FXCM feed and go to the FXCM website. Look under Trading Tools, then Charts...they offer several options. Some are free and some have monthly fees, but those with a monthly fee seem to all come with at least a 7 day trial.

Most are a java script, which is a pretty easy download, as long as your pc isn't running windows 98 or something!!!

The one I believe that is closest in look, feel, and functionality to what I am using is the Fxtrek Intellicharts......they run $40/mo with 7 days free.

Did I cover everything.....let me know if you need anything else?
  • #28
  • Oct 27, 2006 7:13pm Oct 27, 2006 7:13pm
First I just want to say hi to everyone since I'm a newbie on here. The amount of knowledge and info I've gotten off of hear has been great. I just had a question about fxcm. I'm currently using their demo acct and it seems like every Friday around this time(8pm est) I can't get into my account. I'd like to get in and close my positions but when I try to log on I keep getting a "The connection with the server has been reset" error. I just wanted to see if anyone else has this issue(live or demo). I don't want to run into this problem when I decide to do this live. (I'm sure I probably will though).

Thanks
  • #29
  • Oct 27, 2006 7:43pm Oct 27, 2006 7:43pm
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Quoting newlife
First I just want to say hi to everyone since I'm a newbie on here. The amount of knowledge and info I've gotten off of hear has been great. I just had a question about fxcm. I'm currently using their demo acct and it seems like every Friday around this time(8pm est) I can't get into my account. I'd like to get in and close my positions but when I try to log on I keep getting a "The connection with the server has been reset" error. I just wanted to see if anyone else has this issue(live or demo). I don't want to run into this problem when I decide to do this live. (I'm sure I probably will though).

Thanks
All trading ceases around 5 pm est. on friday and resumes at 5pm est on sunday. So in this time even if you would be able to log in you still can not close, open or change anything about any position you my have. It is like that with all brokers. Some brokers will allow you to do that with a demo account but no one does it with a live one. Also they might do maintanace work on their servers in this time period which might explain your log in issues. Hope this helps!
Sergiu
Stubbornly persistent
  • #30
  • Oct 27, 2006 8:00pm Oct 27, 2006 8:00pm
Try to not loss as money as I did with FXCM. I suggest opening an account with Oanda and take advantage of smaller lot size like $0.25/pip or which ever increment you want. You can buy/sell and do whatever you want on the weekend. But the spread widen over the weekend ...
  • #31
  • Oct 28, 2006 1:14am Oct 28, 2006 1:14am
Quoting nitman
Try to not loss as money as I did with FXCM. I suggest opening an account with Oanda and take advantage of smaller lot size like $0.25/pip or which ever increment you want. You can buy/sell and do whatever you want on the weekend. But the spread widen over the weekend ...
So all this makes FXCM a bad broker and all traders lose money, or does the setup on Oanda just suit your needs better? Please explain in factual detail how FXCM "robbed" you if you believe that is what happened........I've been waiting a long time to tell a story with some actual facts....please, be the 1st?

BTW- not saying FXCM is the best or incredibly wonderful, but I think they get unfair press on this forum from those whoe like to cry foul.....IMHO
  • #32
  • Oct 28, 2006 2:22pm Oct 28, 2006 2:22pm
I would do just like nitman says !!!! Get OUT of FXCM !!! You will lose all your money there !!! Especially since you are new.... study up first before you ever use them... the info is out there... it is even right here in the forums !!! Just take everyone's word for it...

FXCM does not let you in on Friday evening because that is when they are down for their updates and maintanence etc...

But believe me !!! FXCM is not the place to be... go to Oanda !!! the difference is like night and day... just have to learn the new platform which in the end you will like far more than FXCM... and biggest plus with Oanda is that you can trade a penny at a time if you wish... not so with FXCM. So when you really start trading and find out you will lose... at leats with Oanda you can cut down your trade size to whatever you want.
  • #33
  • Oct 28, 2006 3:15pm Oct 28, 2006 3:15pm
i know in fxsol you can get in your demo account and live account whenever you want to. and they have a .10 cent pip account. which is tha path im heading toward
  • #34
  • Oct 28, 2006 3:26pm Oct 28, 2006 3:26pm
Having managed accounts for clients, who were in the business of raising and trading capital, I have run by many of the well known retail FX providers. One of them was FXCM, which worked well for my client , since they had a good volume rebate and spread widening program. This worked well, since the client had no special interest in actually winning trades, but rather blow thru volumes to make their money. When I got a hold of this account they had realized more than a 50% drawdown and were obviously feeling the losses thru their reduced weekly volumes. Since these retail FX providers usually make their money by making a market against you, they are not too happy when a client wins a significant amount of money. So the reality was that it would be a matter of time until FXCM realized there had been a change in the performance of this account and implement the tools they have at their disposal to prevent a negative outcome for themselves. It is funny to note that as the account started to grow, things started to happen like rejected trades, or no fills on orders. There is nothing worse than having a good trade executed so improperly that you end up with the completely opposite result. By the time it got to the point that FXCM would have netted out a negative outcome, meaning that all the commissions plus the balance would be higher than the initial deposit, they actually shut down my access to the platform, based on my IP address. Not to mention that they started to call the clients of my client to inform them of the spread widening feature which had been in place. The bottomline is that the biggest concern, when it comes to trading, should be the market , not your liquidity provider. Credit risk is a big factor when choosing a broker, so never trade more than your counterparty has available to pay out. For most , that is not an issue, but when you manage money on a performance basis, like I do, you have to accept higher spreads, use banks as counter parties and stay away from the retail brokers. However, for accounts under 1M , on a private level, I would have to give Oanda the thumbs up.They have excellent spreads on their FX pairs and trouble-free execution. The only negative with them is that this year they started to implement extremely wide spreads at data release times. Aside from that, they are the fairest I have seen that is available to the independent trader.
  • #35
  • Oct 28, 2006 3:45pm Oct 28, 2006 3:45pm
Not to mention that Oanda is on the up and up... you can look right there on the screen and see the spread... unlike FXCM when the spread wideens.


But FXCM has a whole bag of tricks and the will get the moeny form you ESPECILLY if you are new

I did not believe what I heard or read about FXCM... I blindly thought it just could not all be true... I found out the hard way and it hurt !!!

I do not claim to be a great trader... but I seem to have no problems on Oanda...

Trading is hard enough... why deal with a broker thatis against you? You won't win
  • #36
  • Oct 28, 2006 3:56pm Oct 28, 2006 3:56pm
FXCM is being discussed here.

http://www.forexfactory.com/forexfor...highlight=FXCM

Thanks
  • #37
  • Nov 2, 2006 8:34pm Nov 2, 2006 8:34pm
hi, I'm already 5 months in the world of forex. I've been demo and also live ..(now in the progress to change brokers ) but I'm really intreasted in FXCM services such as the mini accounts voume and they do providing a signals and they have a auto trading services..
please do consultme about thier services are they really reliable especilly the signals because I'm a part time trader and hate to lose the opputunity to trade especially I'm in GMT time zone ... and with a really unfortuned event last two weeks my server provider broke down so I would lilke to find out about any auto trading services.. and it trrigerd me with this forum
please do help me ( I'm strated getting headache and my pocket in tear off)
  • #38
  • Nov 7, 2006 4:13pm Nov 7, 2006 4:13pm
If i say abt myself, I realy have lost confidence on FXCM.
After hearing somuch abt it.


Quoting Thebigmo
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?
  • #39
  • Nov 7, 2006 6:22pm Nov 7, 2006 6:22pm
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
Re freezing. Yes it does freeze if firewall settings are not correct. I use Norton latest version and fixed the problem by resetting personal firewall from 'custom' to 'allow' for their .exe file. Odd, fiddly and not customer oriented as a problem goes, but nothing sinister..

I have been using FXCM for 18 months. I trade a mini as a part time trader. My account has been up 100% but currently down 50%, probably placed a couple of hundred trades. Yes they grab your stops if they are too close (but swap the word stop for the word limit and you have the same 'problem'). So, you can play that to your advantage if it would indulge you.

Yes the news times are hazardous, but generally within tight time periods. FXCM used to issue warnings (ie trades cant be gauranteed during news) by message, but they have recently stopped doing that for some reason.

The only other problems are that when you shut down the system, if you have a trade confirmation request open, it puts you in the trade without confirming. So be careful you dont place trades that you dont want to double click through (ie only go the first click as its too easy to click "Yes" as you want to shut down). This problem actually gained me $300 the first time, but lost me $200 and $150 the two times after that.

Have heard stories of accounts being 'switched to manual' am watching for it but hasnt happened to me. If i see any hard evidence of trickery Im outta there.
Say NO to global warming
  • #40
  • Nov 7, 2006 6:51pm Nov 7, 2006 6:51pm
Quoting kenyantrader
Comparing two th...
You mean better is one who takes less.

kenyan
From my experience:

FXCM either slips you or delay execution of your order (@ your price) but not both.

GFT will slip and delay execution (2-5 minutes) to make sure you get the worse price and when the market has already reversed! Talk with other traders who traded news using GFT and you'll understand what I mean..

GFT dont want news traders.. given the not-so-tight spreads, why would I bother trading Technicals with GFT when I can get 1 pip spread with OANDA?
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