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FXCM Discussion

  • #3,001
  • Sep 3, 2012 11:34am Sep 3, 2012 11:34am
Quoting Jason Rogers
Hi Everyone,

FXCM is now offering lower spreads to clients with FXCM Australia and FXCM UK (coming soon to FXCM US). Below are the new spreads for twelve of the most popularly traded currency pairs. You can now pick the execution type that best fits your trading. Choose No Dealing Desk forex execution which we recommend for the best overall trading experience, or the new [url="http://www.fxcm.co.uk//execution-types.jsp#FXCMDealingDesk"]Dealing...
The DD spread seems better than NDD.

Under DD account, does the lower and better spread will be applied to CFD, precious metal and oil too?

cheers
  • #3,002
  • Sep 3, 2012 12:27pm Sep 3, 2012 12:27pm
Jason,

http://www.fxcm.co.uk/execution-types.jsp#Compare

Maximum Trade Size

NDD : 50 million
DD : 2 million

Do they refer to total maximum of all trades or a single trade?

What do I mean is if a single trade, under DD account, then could I have 10 positions with 2 million trade size each, with total trade size now is 20 million in a single account.

Please advise and cheers
  • #3,003
  • Sep 3, 2012 6:24pm Sep 3, 2012 6:24pm
Hi Jason,

I have a question again.

As I said, I´m trading in a FXCM demo account.

Now I noticed some differences in the Trading Station 2 charts and some free available realtime charts in the internet, from fxstreet.com.

There were some price differences in the USD/JPY pair.
The low price in my Trading Station 2 is 78,13, the prices in the other charts are different.

So before opening a live account, can you please explain me the differences in the charts?

Here are some screenshots:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FXCM USDJPY.jpg Size: 58 KB
Click to Enlarge Name: FXCM Pro Realtime USDJPY.jpg Size: 131 KB
Click to Enlarge Name: LMAX USDJPY.jpg Size: 121 KB
Click to Enlarge Name: Alpari US USDJPY.jpg Size: 123 KB
Click to Enlarge Name: Gain Capital USDJPY.jpg Size: 125 KB
Click to Enlarge Name: RT Forex USDJPY.jpg Size: 122 KB
It ain`t no big thing, but it`s growing.
  • #3,004
  • Sep 3, 2012 6:36pm Sep 3, 2012 6:36pm
Here a clearer screenshot from the Trading Station 2:
Attached Image
It ain`t no big thing, but it`s growing.
  • #3,005
  • Sep 3, 2012 7:36pm Sep 3, 2012 7:36pm
Quoting Jason Rogers
Hi Doblece,

Please email me your account details ( ... )
Jason
Thank you so much! The issue was resolved and now the rollover appears on the account activity. A little bit different than other MT4 which hold the swap until the position is closed

I just sent you an email with a relatively urgent question.

Now I wonder:
Is there any way to trade micro-lots (1K) on the Online Trading Station?
I don't remember if there is a feature for this.

Thanks!
  • #3,006
  • Sep 3, 2012 8:03pm Sep 3, 2012 8:03pm
Quoting mctrade
Hi Jason,

I have a question again.

As I said, I´m trading in a FXCM demo account.

Now I noticed some differences in the Trading Station 2 charts and some free available realtime charts in the internet, from fxstreet.com.

There were some price differences in the USD/JPY pair.
The low price in my Trading Station 2 is 78,13, the prices in the other charts are different.

So before opening a live account, can you please explain me the differences in the charts?

Here are some screenshots:
Different clearning houses, basically FXCM access a bunch of ECN's to get quotes from but not all of them, those demo accounts use slightly different 1's so you get a slight variation in the charts, nothing to worry about it's generally small.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,007
  • Sep 4, 2012 1:49am Sep 4, 2012 1:49am
Quoting jvh2811
fxcm is pulling our leg
That's how market maker profit from clients loses.
I'm just moving clouds today - tomorrow I'll try mountains.
  • #3,008
  • Edited 3:16pm Sep 4, 2012 9:52am | Edited 3:16pm
Quoting Turveyd
Different clearning houses, basically FXCM access a bunch of ECN's to get quotes from but not all of them, those demo accounts use slightly different 1's so you get a slight variation in the charts, nothing to worry about it's generally small.
Hi Turveyd,

thanks for your answer first.

I did some researches now and had a chat with FXCM.

Here are the results:

1. The price feeds on a live account are the same as the price feeds on an equivalent demo account.All prices coming directly from FXCM`s liquidity providers.

Here`s the chat record:

"Hello, at the time I´m trading in a FXCM Trading Station 2 standard demo account.

Now I have some questions to you:

Are the price feeds in the demo account identically the same price feeds as that on a standard live account?

Is it possible that there are differences between a demo and a live account in the prices because of different quotes from your liquidity providers?"

2.The USD/JPY bid price at the shown time period was 78,13 on a 4 hour chart.The ask price at the shown time period was 78,27.
So the question is: Why does the spread increase to 14 pips during non volatile markets and non news releases?Maybe it was a turning point in the market?I don`t know.When I´m wrong in this case please try to correct me.As I said I´m a beginner and have not much experience in the forex business.
Here again some screenshots:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FXCM Chat.jpg Size: 212 KB
Click to Enlarge Name: Ask Price 4 hour candle.jpg Size: 44 KB
Click to Enlarge Name: Spread 14 Pips.jpg Size: 56 KB
Attached Image
It ain`t no big thing, but it`s growing.
  • #3,009
  • Sep 4, 2012 11:34am Sep 4, 2012 11:34am
Quoting mctrade
Hi Turveyd,

thanks for your answer first.

I did some researches now and had a chat with FXCM.

Here are the results:

1. The price feeds on a live account are the same as the price feeds on an equivalent demo account.All prices comimg directly from FXCM`s liquidity providers.

Here`s the chat record:

"Hello, at the time I´m trading in a FXCM Trading Station 2 standard demo account.

Now I have some questions to you:

Are the price feeds in the demo account identically the same price feeds as that on a standard...
Hi McTrade,

On your charts the timezone is set for UK time. When it shows the spreads widening on USD/JPY to 14 pips at 22:00 British Summer Time, that corresponds to 5pm New York time.

That time marks the end of one trading day and the start of the next. It's not uncommon for banks to widen there spreads for a few minutes around this time as they roll positions to the new day. If you change from an hourly chart to a minute chart, you case see this only lasts for a few minutes. That's enough time for banks to refresh their systems, apply the appropriate amount of rollover interest to open trades and prepare for the new trading day. The reason they choose this time to do it is because the New York session has ended and it's still a couple of hours before trading picks up in Tokyo. It's a relatively quiet time in the market.

Jason
  • #3,010
  • Sep 4, 2012 11:49am Sep 4, 2012 11:49am
Quoting doblece
Thank you so much! The issue was resolved and now the rollover appears on the account activity. A little bit different than other MT4 which hold the swap until the position is closed

I just sent you an email with a relatively urgent question.

Now I wonder:
Is there any way to trade micro-lots (1K) on the Online Trading Station?
I don't remember if there is a feature for this.

Thanks!
Hi Doblece,

I replied to your email.

All new FXCM accounts have the ability to trade 1k microlots by default. If you have an order account, you might need to have this functionality enabled by emailing a request to our Operations department at [email protected]

If you still have difficulty placing 1k trades on your account, please contact our live support team anytime 24 hours a day via online chat or call us toll-free.

Jason
  • #3,011
  • Sep 4, 2012 12:42pm Sep 4, 2012 12:42pm
Quoting zam4ever
Jason,

http://www.fxcm.co.uk/execution-types.jsp#Compare

Maximum Trade Size

NDD : 50 million
DD : 2 million

Do they refer to total maximum of all trades or a single trade?

What do I mean is if a single trade, under DD account, then could I have 10 positions with 2 million trade size each, with total trade size now is 20 million in a single account.

Please advise and cheers
Hi Zam,

The max sizes refer to a single order. So yes, your example would work. On our new dealing desk execution, you could buy 20 million EUR/USD; it would just have to split into multiple orders. You would still be able to see your overall position along with your average buy price in the Summary window. On No Dealing Desk execution, you can buy as much as 50 million in a single order.

Jason
  • #3,012
  • Sep 4, 2012 12:44pm Sep 4, 2012 12:44pm
Quoting zam4ever
The DD spread seems better than NDD.

Under DD account, does the lower and better spread will be applied to CFD, precious metal and oil too?

cheers
Hi Zam,

Since CFD products were already on Dealing Desk execution, their pricing remains the same. The new lower spreads apply to forex, since before we only offered forex trading via No Dealing Desk execution.

Jason
  • #3,013
  • Edited 3:42pm Sep 4, 2012 3:19pm | Edited 3:42pm
Quoting Jason Rogers
Hi McTrade,

On your charts the timezone is set for UK time. When it shows the spreads widening on USD/JPY to 14 pips at 22:00 British Summer Time, that corresponds to 5pm New York time.

That time marks the end of one trading day and the start of the next. It's not uncommon for banks to widen there spreads for a few minutes around this time as they roll positions to the new day. If you change from an hourly chart to a minute chart, you case see this only lasts for a few minutes. That's enough time for banks to refresh their systems, apply the appropriate...
Hi Jason,

thanks for your response.

You might be right with your explanation, I don`t know at the moment now.
All I can say is that trading with FXCM`s Marcetscope platform is really confusing me.First it means that the spreads can increase a few pips during volatile market conditions or during news releases, now it means that FXCM`s liquid providers (the banks) can increase the spreads during non volatile market conditions and non news releases when the New York session is closing.And then for more than 10 pips depending on what forex pair you trade.

So my question here at this point is:
What surprise is the next?20 pips spread increase when the London session is closing?30 pips spread increase when the Tokio session is closing?40 pips during the Non Farm Payroll release?

In other words it seems to me that I´m trading against "sharks" which can increase their spreads more than only a few pips whenever they want to.And it doesn`t matter if this is only for a few seconds or a few minutes.I can loose my overnight positions when it happens and that`s the point.

Hmm, I will go on with testing the demo account now.

Best Regards, mctrade.
It ain`t no big thing, but it`s growing.
  • #3,014
  • Sep 4, 2012 3:34pm Sep 4, 2012 3:34pm
I was just contacted by the FXCM representative privately asking why I lost money on my account. I will give you the main reasons here:
1. Slippage
2. Wide spreads

Thank you for being such a caring broker. I really appreciate it.
  • #3,015
  • Sep 4, 2012 4:37pm Sep 4, 2012 4:37pm
Quoting Jason Rogers
Hi Doblece,

I replied to your email.

All new FXCM accounts have the ability to trade 1k microlots by default. If you have an order account, you might need to have this functionality enabled by emailing a request to our Operations department at [email protected]

If you still have difficulty placing 1k trades on your account, please contact our live support team anytime 24 hours a day via online chat or call us toll-free.

Jason
Not anymore, thank you! It appears the micro-lot feature hadn't been enabled yet.

I have another question (also sent you an email but perhaps it's easier here and the info useful to all):

Can all FXCM standard-micro accounts use ANY of the trading platforms? I still can't log-in to the MT4. What should I do to be able to use MT4 instead of the Trade Station or Web-Station? The latter is quite fast but those are too many windows to handle and I'd love to switch between the real and demo on a same interface.

Thank you so much!
  • #3,016
  • Sep 4, 2012 8:46pm Sep 4, 2012 8:46pm
Quoting Jason Rogers
Hi Zam,

Since CFD products were already on Dealing Desk execution, their pricing remains the same. The new lower spreads apply to forex, since before we only offered forex trading via No Dealing Desk execution.

Jason
Thank you for above confirmation.

One more thing, for DD account, is the spread remain same if registered under IB? Or if directly register with FXCM, then will enjoy the better and lower spread?

As far as we know, some IB offering cashback or rebates if register account under them.

Please advise and cheers
  • #3,017
  • Sep 5, 2012 4:12am Sep 5, 2012 4:12am
Quoting zam4ever
The DD spread seems better than NDD.
That's rather odd. FXCM do not recommend Dealing desk brokers themselves.

Inserted Video
  • #3,018
  • Sep 5, 2012 3:35pm Sep 5, 2012 3:35pm
Quoting High.Five
That's rather odd. FXCM do not recommend Dealing desk brokers themselves.

http://www.youtube.com/watch?v=wjjkc9FoVx8
Hi High.Five,

FXCM still recommends No Dealing Desk execution as we believe it provides the best overall trading experience. For traders whose number one concern is spreads but whose starting account balance and trading volume are too low to qualify for Active Trader, we now offer a dealing desk option. Many dealing desk brokers have re-quotes as explained in the video. Our offering seeks to provide the best execution possible which is why our dealing desk has no re-quotes and does not manipulate market prices. In fact, our dealing desk accounts use the exact same price feed as the NDD accounts except the pip markup is reduced. Click here for a full comparison of both execution types.

Jason
  • #3,019
  • Sep 5, 2012 3:51pm Sep 5, 2012 3:51pm
Quoting doblece
Can all FXCM standard-micro accounts use ANY of the trading platforms? I still can't log-in to the MT4. What should I do to be able to use MT4 instead of the Trade Station or Web-Station?
Hi Doblece,

Your account must be set up as an MT4 account in order for the login details to work on the MT4 platform. Mostly likely the account details you have were only set up for the FXCM Trading Station. You can send an email to our Operations department at [email protected], from the email address we have on file for the account holder. In the email, you can request that the account be converted to an MT4 account. Allow a business day for your request to be processed, and then the login details will work on both the MT4 platform and the FXCM Trading Station.

Jason
  • #3,020
  • Sep 5, 2012 4:00pm Sep 5, 2012 4:00pm
Quoting BennyB
I was just contacted by the FXCM representative privately asking why I lost money on my account. I will give you the main reasons here:
1. Slippage
2. Wide spreads

Thank you for being such a caring broker. I really appreciate it.
Hi Benny,

I appreciate your feedback and I am always happy to help since that's what I'm here for.

FXCM now offers 2 options for lower spreads. You most likely have already heard of the Active Trader Program available to traders with a minimum account balance of $50k or 10 million in monthly notional trading volume. FXCM UK now has a second account option for lower spreads which you can read about by clicking here.

If you need additional help, I would recommend using the DailyFX analysts and website as a resource, especially the DailyFX PLUS portal which you can access with your FXCM account login details. You can even reach out to the analysts through twitter during the day if you want to bounce ideas off of other traders.

Jason
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