FXCM Discussion | Page 177 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/JPY

Similar Threads

FXCM with Sierra Charts - Discussion and alternatives 8 replies

Elliott Waves discussion 4 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Euro/Dollar discussion 9 replies

Forward Testing Discussion Thread 241 replies

Attachments: FXCM Discussion
Exit Attachments

FXCM Discussion

  • #3,521
  • Apr 5, 2013 5:01pm Apr 5, 2013 5:01pm
Quoting Jason Rogers
Agreed, there is very little information for members to objectively know what they are looking at. Scandisk, You may have already closed your account, but I would still like to investigate the response you received from our support team. You cared enough to post about this on the forum even though your account is closed, and I care enough to make sure our support team is providing the best support possible. An important detail lacking with all of the information you posted is that the times in questions are either at 1) rollover or 2) market open....


Thanks Jason for open and honest reply and getting back to me very good PR. I understand that feeds change from broker to broker and spreads widen differently from brokers feeds. Also the time feeds are exactly the same just one chart has PST and the other is EST no difference just different times on the charts. These spikes happen at different time of the day not just end of Newyork and not just in thin liquidity. But if the broker is honest with there clients this is OK. If the other broker candy coats and has tighter feeds this is OK too. It's up to the trader but I think they should know this information and do there own research because these things are important things to consider right! So I wonder how is it that dukascopy and Oanda can sugar coat there feeds to take out anywhere from 4 to the highest 20 pips price spikes out of the equation? Or why would they? Maybe if your trading higher time frames who cares right! You wont be able to answer this probably because your not Dukascopy or Oanda obviously. Maybe you know? Go with what you perfer right! Jason I am not concerned about investigating my account with you because this won't change anything nor will I want to because this past and over but I can say that FXCM is not right for me! I like who my new broker is and I like there feeds. Thanks for the concern. It's just too bad I tried to confront this issue with them before without response. I am a scalper and I use smaller time frames for entries and I need tighter fills and tighter entries and I also use tighter stops so this is very important for me to know what is best for me and I just wanted let fellow traders out there that I have noticed this for some time and I guess I was alittle bit upset by this and wanted FXCM to respond to my concern. Plus it sounds like you have quite the support group and fellow traders who love FXCM which is great if they getting what they need with no complaints!

Thanks Jonny
  • #3,522
  • Apr 5, 2013 5:52pm Apr 5, 2013 5:52pm
Quoting pip_la
Hi, I have a spread betting account with FXCM. The minimum lot size on gold seems to be one lot. Can anyone tell me what that costs per pip? Thanks
Hi Pip_la,

The lot size on gold (XAU/USD) is 1 troy ounce. The price is also quoted per ounce. That means when you see the price of gold tick up or down by 1 cent, your P/L will also change by 1 cent for each lot you hold. Since all spread betting accounts are denominated in GBP, the pip cost on your platform is also shown in GBP. Take a look at the example below showing the Create Market Order window on the Trading Station.

http://img203.imageshack.us/img203/4...stmarketor.png


It says my pip cost will be 0.65 GBP or 65 pence. That's because 1 cent is 0.65 pence at the current GBP/USD exchange rate of 1.53417, and I'm buying 100 ounces of gold. Please let me know if you have any further questions about this.

Jason
  • #3,523
  • Apr 5, 2013 8:03pm Apr 5, 2013 8:03pm
Jason, im from the mena region, the problem is that your guys at fxcmmena.com are running a bucketshop in lebanon.
arabic forums is filled with screenshots of stop hunting, spread games, the whole bag of tricks that we know.
do you guys confiscate whatever left in the account if theres less than $300 or its just a fxcmmena thing?
  • #3,524
  • Apr 5, 2013 9:42pm Apr 5, 2013 9:42pm
Hi FXCM

I see copper to trade in MT4, but I don't see copper to trade in my micro account (FXCM trading station) ( In the past Mt4 is for standard account , but There has been change at FXCM recently that there is no difference between standard account and micro account . But I don't see copper to trade in micro account)
Could you check
Thanks
  • #3,525
  • Apr 5, 2013 9:48pm Apr 5, 2013 9:48pm
Quoting Kanzler
What he's showing is valid, the 'spikes' do exist - although the differences in the charts do amount to around 4 pips at most. One thing to keep in mind though is that the spot markets work a little differently than globex and other exchanges, in that FXCM is getting their prices from the best offer from their liquidity providers. Given that FXCM is supposed to have some pretty good providers I'm a little surprised such spikes exist but that's the best explanation I can come up with for the discrepancy (keep in mind the way Dukascopy and FXCM handle...
In any event, if you are being spiked, you are trading where you shouldn't. In other words, at levels the successful 5% are not trading and thus not observing. I have a number of platforms running for confirmation (one on a Currenex bridge as well) and were I to get spiked at the levels I trade at, you can bet yer bottom dollar I would have ample evidence of funny bizness as those levels must have particular candles to take off. Any variation from the regular signal and you would have a case to make.
The road to pipland is arduous and fraught with challenge.
  • #3,526
  • Apr 8, 2013 1:23am Apr 8, 2013 1:23am
I have been following this thread closely. I have to say "well done" to scandisk for spotting these spikes out. I am a bit concerned with Jason's reply. All along, I thought fxcm has a very competitive feeds (compared with other ndd). But reading the reply, it seems that (at least) at rollover, start/end of week trading times, price feeds from fxcm may not as good as others (duskacopy and oanda as suggested by scandisk).

Am I misunderstood something?

Quoting Jason Rogers
Agreed, there is very little information for members to objectively know what they are looking at. Scandisk, You may have already closed your account, but I would still like to investigate the response you received from our support team. You cared enough to post about this on the forum even though your account is closed, and I care enough to make sure our support team is providing the best support possible. An important detail lacking with all of the information you posted is that the times in questions are either at 1) rollover or 2) market open....
  • #3,527
  • Apr 8, 2013 2:15am Apr 8, 2013 2:15am
Hello! I am confused about the indicative prices and dealable prices. Does this mean the historical price we see in the FXCM trading station is only indicative prices? Where can we find the dealable prices?

CHART PRICING VS. PRICES DISPLAYED ON THE PLATFORM

It is important to make a distinction between indicative prices (displayed on charts) and dealable prices (displayed on the FXCM Trading Station). Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing. These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM's liquidity providers are making prices. Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is. Executable quotes ensure finer execution and thus a reduced transaction cost. Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.

http://www.fxcm.com/legal/trading-execution-risks/
  • #3,528
  • Apr 8, 2013 11:14am Apr 8, 2013 11:14am
Quoting espen
Is is possible to remove the 20-symbol restriction in tradestation/webtrader? It is just plain useless and irritatingly timeconsuming to keep switching between subscribed symbols all the time.
Hi Espen,

Yes, it's possible to remove the 20-symbol restriction on Trading Station. To do so, please send an email to [email protected] referencing your account number and request that the 20-symbol restriction be removed from the account.

Jason
  • #3,529
  • Apr 8, 2013 11:34am Apr 8, 2013 11:34am
Quoting Sunlight31
Hi FXCM I see copper to trade in MT4, but I don't see copper to trade in my micro account (FXCM trading station) ( In the past Mt4 is for standard account , but There has been change at FXCM recently that there is no difference between standard account and micro account . But I don't see copper to trade in micro account) Could you check Thanks
Hi Sunlight,

As long as your trading account is with FXCM UK or FXCM Australia (US residents can only trade forex, not Copper or other CFDs), then you can trade copper on any of FXCM's platforms including Trading Station. Click on the Symbols button at the top of your platform and make sure Copper is checked in the Symbol Subscription List as shown below.

http://img688.imageshack.us/img688/7...bolsubscri.png


If you cannot find Copper in the Symbol Subscription list, then send me a private message with your account details, and I can check the account settings for you.

Jason
  • #3,530
  • Edited 1:24pm Apr 8, 2013 11:59am | Edited 1:24pm
Quoting tasco
Hello! I am confused about the indicative prices and dealable prices. Does this mean the historical price we see in the FXCM trading station is only indicative prices? Where can we find the dealable prices? CHART PRICING VS. PRICES DISPLAYED ON THE PLATFORM It is important to make a distinction between indicative prices (displayed on charts) and dealable prices (displayed on the FXCM Trading Station). Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing. These prices are derived...
Hi Tasco,

There seems to be some confusion here. For your clarification, the prices displayed on Trading Station and all FXCM platforms and charts are dealable prices. The paragraph you quoted is meant to contrast the dealable prices displayed on our platforms and charts from indicative prices displayed by third party charting providers.

Jason
  • #3,531
  • Apr 8, 2013 3:42pm Apr 8, 2013 3:42pm
Quoting scandisk
Thanks Jason for open and honest reply and getting back to me very good PR. I understand that feeds change from broker to broker and spreads widen differently from brokers feeds. Also the time feeds are exactly the same just one chart has PST and the other is EST no difference just different times on the charts. These spikes happen at different time of the day not just end of Newyork and not just in thin liquidity. But if the broker is honest with there clients this is OK. If the other broker candy coats and has tighter feeds this is OK too. It's...
Hi Scandisk,

It's my pleasure to answer any questions posted here on the forums. Also, the screenshots you posted were all from 5pm rollover time or 5pm Sunday when the trading desk opens for the new week. Some brokers shut down trading completely at 5pm during the rollover. As to why other brokers don't reflect the fact that banks often widen their spreads for a few minutes at these times, you would have to ask them. Dealing desks can make up their own prices since they take the market risk on the other side of their clients trades. FXCM uses a No Dealing Desk forex execution model, where we immediately offset client orders with our 10+ liquidity providers that include several of the largest banks in the world.

It's now the second time you've mentioned that you were upset not to get a response to emails you sent us previously. I know you said not to bother, but I do hope you'll take me up on my previous offer to track these emails down for you and find out why you didn't receive a response. Who knows? We might have already emailed you a response that was redirected to your spam folder. The only way to know for sure is if you send me the info regarding the email addresses you used, so I can follow up.

Jason
  • #3,532
  • Apr 8, 2013 3:48pm Apr 8, 2013 3:48pm
Quoting Salsoolo
Jason, im from the mena region, the problem is that your guys at fxcmmena.com are running a bucketshop in lebanon. arabic forums is filled with screenshots of stop hunting, spread games, the whole bag of tricks that we know. do you guys confiscate whatever left in the account if theres less than $300 or its just a fxcmmena thing?
Hi Salsoolo,

FXCM takes any such allegations very seriously, and I'm happy to discuss any questions. Unfortunately, as you can see from this thread, traders sometimes post charts with little detail which can be misleading in regards to the actual situation. Please give me a link to these posts you mentioned on the Arabic forums. I would like to investigate the exact screenshots so that we can provide a detailed response in Arabic to any concerns from traders. However, if it's anything like the discussion above with Scandisk, it's possible these traders don't realize that banks typically widen their spreads around rollover and when trading opens for the new week on Sunday. These are not examples of stop hunting. FXCM Inc. provides liquidity to the clients of FXCM MENA using the same NDD price feed that is available to clients of FXCM UK, FXCM US and FXCM Australia.

Welcome to the forum

Jason
  • #3,533
  • Apr 8, 2013 4:01pm Apr 8, 2013 4:01pm
Quoting ngson99
I have been following this thread closely. I have to say "well done" to scandisk for spotting these spikes out. I am a bit concerned with Jason's reply. All along, I thought fxcm has a very competitive feeds (compared with other ndd). But reading the reply, it seems that (at least) at rollover, start/end of week trading times, price feeds from fxcm may not as good as others (duskacopy and oanda as suggested by scandisk). Am I misunderstood something?
Hi Ngson,

There seems to be a misunderstanding here about why spreads can be wider for a few minutes at rollover time or right when the trading desk opens for the new week on Sunday at 5pm. These are normal factors of trading in the forex market. We even mention the possibility of wider spreads during rollover and at market open on our website:

"There may be instances when spreads widen beyond the typical spread. Spreads are a function of liquidity and in periods of limited liquidity, at market open, or during rollover at 5:00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of available liquidity."

Please let me know if you have any more questions or concerns about this.

Jason
  • #3,534
  • Apr 9, 2013 1:22pm Apr 9, 2013 1:22pm
Jason

Have opened a demo ECN MT 4 with FXCM recently. I was told that this would be a true reflection of a live acc.
I can honestly say that my experience so far is nothing but one big dissapointment.

Although FXCM says it is an ECN acc with no dealer interventions and no conflict of interest, i still experience the normal BS of re quotes and i find it tremendously difficult taking profits on scalping trades. The "off quote" message is nothing but dealer intervention.....

Nothing different from your normal MT4 account i would say.
Never Ever Give Up!
  • #3,535
  • Apr 9, 2013 3:53pm Apr 9, 2013 3:53pm
Quoting Cobra
Jason Have opened a demo ECN MT 4 with FXCM recently. I was told that this would be a true reflection of a live acc. I can honestly say that my experience so far is nothing but one big dissapointment. Although FXCM says it is an ECN acc with no dealer interventions and no conflict of interest, i still experience the normal BS of re quotes and i find it tremendously difficult taking profits on scalping trades. The "off quote" message is nothing but dealer intervention..... Nothing different from your normal MT4 account i would say.

Odd, I scalp on the normal NDD account, haven't had that message since they where DD many years back thankfully.

You didn't go cheap spreads, dealer desk normal MT4 by mistake or they put you on it by mistake ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,536
  • Edited 6:20pm Apr 9, 2013 4:32pm | Edited 6:20pm
Quoting Cobra
Jason Have opened a demo ECN MT 4 with FXCM recently. I was told that this would be a true reflection of a live acc. I can honestly say that my experience so far is nothing but one big dissapointment. Although FXCM says it is an ECN acc with no dealer interventions and no conflict of interest, i still experience the normal BS of re quotes and i find it tremendously difficult taking profits on scalping trades. The "off quote" message is nothing but dealer intervention..... Nothing different from your normal MT4 account i would say.
Hi Cobra,

To begin with, there are a couple of things I would like to point out to you:

 

  1. FXCM does not requote.
  2. You're on a demo account: not even a broker that requotes its clients would requote you on a demo account, because there is no real money at risk.


On FXCM's No Dealing Desk (NDD) forex execution model, we immediately offset client orders with one of our 10+ liquidity providers. We fill client orders at the best bid and ask prices being quoted at any given moment and just as a fixed pip markup which acts as a commission. That means we make our money from client trading volume, not client losses, and we make the same amount regardless of how much you win or lose on a trade.

The "off quotes" messages you encountered are an indication that the price where you placed your order is no longer available. For example, you may have placed an order to buy EUR/USD at 1.3080, but the price is now 1.3082. If your Maximum Deviation setting on the MT4 platform is set to less than 2 pips, then your order will not be filled, and you will get the "off quotes" message. The Maximum Deviation setting allows you to specify how much negative slippage you are willing to tolerate on your orders. If the price currently available in the market is within your specified tolerance, then your order will be filled. I have mentioned this feature as part of my tips to help traders minimize negative slippage and maximize price improvements.

http://img811.imageshack.us/img811/9...mdeviation.png


If you find you are getting the "off quotes" message frequently, you might want to consider increasing your Maximum Deviation as shown above. Since FXCM uses 5-digit pricing (fractional pips), every 10 points for the Maximum Deviation is equivalent to one pip. If you adjust your max dev to 30, that would equate to price range of 3 pips.

Also, you mentioned you a scalper. If you are trading manually, you might find the Trading Station platform better suited to your needs than MT4, since the Trading Station comes with built-in one-click trading functionality.

Alternatively, if you want to stick with MT4, you might want to try our free Quick Buy and Quick Sell scripts at FXCMapps.com

Jason
  • #3,537
  • Apr 9, 2013 4:41pm Apr 9, 2013 4:41pm
Quoting Turveyd
Odd, I scalp on the normal NDD account, haven't had that message since they where DD many years back thankfully. You didn't go cheap spreads, dealer desk normal MT4 by mistake or they put you on it by mistake ??
Hi Turveyd,

FXCM does not requote, not even on our new dealing desk forex execution that offers spreads that are 1 pip lower than our No Dealing Desk spreads for the most popular currency pairs. That's because unlike other dealing desk brokers, we use the FXCM No Dealing Desk (NDD) price feed as a base to derive prices and execute orders. This means that our dealing desk execution shares important features with our NDD execution such as no restrictions on stops and limits and no requotes.

http://imageshack.us/a/img834/6995/f...ddd2013mar.png

Jason
  • #3,538
  • Apr 10, 2013 4:43am Apr 10, 2013 4:43am
Jason

To set the deviation to three pips or whatever gives the broker the oppertunity/right/ability to "slip" you with the chosen deviation and with the traders approval. What is the point then of the so called "low" spreads and minimum comissions? The broker simply makes up on the slippage/deviation to pocket what he would have made on a normal acc. Just my opinion.....
So many ECN brokers base their marketing on " no intervention", no re quotes etc, but they find other ways to screw the client. FXCM is no exception.
Never Ever Give Up!
  • #3,539
  • Apr 10, 2013 9:40am Apr 10, 2013 9:40am
Quoting Cobra
Jason To set the deviation to three pips or whatever gives the broker the oppertunity/right/ability to "slip" you with the chosen deviation and with the traders approval. What is the point then of the so called "low" spreads and minimum comissions? The broker simply makes up on the slippage/deviation to pocket what he would have made on a normal acc. Just my opinion..... So many ECN brokers base their marketing on " no intervention", no re quotes etc, but they find other ways to screw the client. FXCM is no exception.
+1

Oddly enough Jason's definition of an off quote sounds like a re-quote.

Quoting Jason Rogers
The "off quotes" messages you encountered are an indication that the price where you placed your order is no longer available. For example, you may have placed an order to buy EUR/USD at 1.3080, but the price is now 1.3082. If your Maximum Deviation setting on the MT4 platform is set to less than 2 pips, then your order will not be filled, and you will get the "off quotes" message.
If this isn't the case, could you please differentiate between an off-quote and a requote?
  • #3,540
  • Apr 10, 2013 12:21pm Apr 10, 2013 12:21pm
Quoting Cobra
Jason To set the deviation to three pips or whatever gives the broker the oppertunity/right/ability to "slip" you with the chosen deviation and with the traders approval. What is the point then of the so called "low" spreads and minimum comissions? The broker simply makes up on the slippage/deviation to pocket what he would have made on a normal acc. Just my opinion..... So many ECN brokers base their marketing on " no intervention", no re quotes etc, but they find other ways to screw the client. FXCM is no exception.
Hi Cobra,

There is an important distinction between requotes that can occur with other brokers, and the "off quotes" message you can encounter on the MT4 platform using our No Dealing Desk (NDD) price feed. While it's highly unlikely that you would ever receive a requote from another broker that offers you a better price than you requested, here are some stats regarding our execution which show that FXCM clients receive price improvements just as often as they receive negative slippage. In fact, on market orders to open and close trades, our client receive price improvements slightly more often than negative slippage. That's because the Maximum Deviation feature on the MT4 platform (known as the Market Range feature on our Trading Station) helps our clients minimize negative slippage while maximizing positive slippage.

http://img823.imageshack.us/img823/1...ovementspo.png


Quoting High.Five
+1 Oddly enough Jason's definition of an off quote sounds like a re-quote. If this isn't the case, could you please differentiate between an off-quote and a requote?
Great question! Requotes occur when a trader makes an order for a specified price, but the order is manually rejected by their broker's dealing desk. This is done because filling the order at the original price would mean a loss for the dealing desk. The dealer sends a new price back to the trader, often a worse price, which they can either accept or reject. Requotes can slow down your trading.

FXCM does not requote. On our No Dealing Desk (NDD) forex execution model, your order is executed at the best available price based on competing quotes from 10+ liquidity providers. We simply add a pip markup which acts as our commission. One big advantage of this model is that while slippage is possible, slippage can be either negative or positive. Positive slippage is when your order gets filled at a better price than you specified. That means it's actually possible for you to get a price improvement. We also offer a dealing desk setup for traders that want lower spreads while starting with a lower balance, but there are no requotes on this setup either since it uses our No Dealing Desk feed as a base to derive prices and execute orders.

To recap, the key advantage of our Market Range feature (known as the Maximum Deviation feature on MT4) over the requotes that can occur with other brokers is that FXCM's platforms let you control how much negative slippage you are willing to tolerate, while still giving you the opportunity to maximize the positive slippage or price improvements you receive. Also, our platforms helps you avoid the delays that can occur with requotes, which is especially important if you trade at times when prices are changing quickly, such as during a news event when other brokers are most likely to requote you.

Jason
6 traders viewing now