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FXCM Discussion

  • #4,041
  • Oct 26, 2013 5:03pm Oct 26, 2013 5:03pm
Question for Valeria P: When using the trade copier found here http://www.fxcodebase.com/wiki/index.php/Trade_Copier , is it possible for my friend to have his account as one of the associated accounts so that my trades are executed on his account?

And for Jason: For me to do the above, do I need to have a power of attorney (I'm a U.S. citizen) or anything so that it is legal, or is it legal anyway? I ask because I have friends and family who want me to trade for them, and I would like to trade for them, but I want to do it by the book so everything is legit.

Thank you both.
Get money, don't let money get you. @kauaiforex
  • #4,042
  • Oct 27, 2013 10:20pm Oct 27, 2013 10:20pm
Hi Rob,

Yes, it is possible if your account is not a controlled account of PAMM/LAMM system. The thing is, Trade Copier does not allow copying trades from controlled accounts.
  • #4,043
  • Oct 28, 2013 1:15am Oct 28, 2013 1:15am
Quoting Valeria P
Hi Rob, Yes, it is possible if your account is not a controlled account of PAMM/LAMM system. The thing is, Trade Copier does not allow copying trades from controlled accounts.
Gotcha (had to look that up). My account is just an ordinary, run of the mill, non commercial, retail account.
Get money, don't let money get you. @kauaiforex
  • #4,044
  • Oct 28, 2013 12:05pm Oct 28, 2013 12:05pm
Quoting NoJobRob
And for Jason: For me to do the above, do I need to have a power of attorney (I'm a U.S. citizen) or anything so that it is legal, or is it legal anyway? I ask because I have friends and family who want me to trade for them, and I would like to trade for them, but I want to do it by the book so everything is legit. Thank you both.
If you will be trading other people's accounts, then it's better to use a Limited Power of Attorney rather than to use Trade Copier. That is because Trade Copier requires you to enter the login and password of all the accounts that will be traded. That would require your friends and family to give you their login details.

The advantage of a Limited Power of Attorney form is that instead of using their login details, you would be given your own special trader login that would allow you to place trades on their accounts but not to make deposits or withdrawals. Your friends' login details would allow them to make deposits and withdrawals but not to place trades. If your friends or family ever decide they want to trade their accounts themselves, they simply have to submit a form revoking the Limited Power of Attorney. This setup is preferable, because it gives everyone the level of access they need.
  • #4,045
  • Oct 30, 2013 11:14am Oct 30, 2013 11:14am
Hi Jason, Last night I wanted to place a trade for XAU/USD but could not The message said that there were no trades at the price I had chosen with any type: Market, Entry or Close current positions. Does XAU trade only during certain hours? What about other CFDs? I have a UK account. Thanks, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #4,046
  • Oct 30, 2013 1:27pm Oct 30, 2013 1:27pm
Quoting AlbinaGrande
Hi Jason, Last night I wanted to place a trade for XAU/USD but could not The message said that there were no trades at the price I had chosen with any type: Market, Entry or Close current positions. Does XAU trade only during certain hours? What about other CFDs? I have a UK account. Thanks, AG
Hi AG,

There's a daily break in trading for both gold (XAU/USD) and silver (XAG/USD) between 5 and 6 PM New York time. During the break, you will not be able to place or modify orders.

I notice your forum profile mentions that you live in Panama. It's important to note that this coming Sunday, November 3rd, the clocks in the US will go back one hour, because of the end of Daylight Savings Time. That means the trading hours for forex and some CFDs will change in terms of Greenwich Mean Time (GMT). Below are the forex and CFD trading hours that will be in effect starting next week. Changes are highlighted in red.

http://img266.imageshack.us/img266/8168/dnqu.png



Please let me know if you have any further questions.

Jason
  • #4,047
  • Oct 30, 2013 2:41pm Oct 30, 2013 2:41pm
Thanks Jason, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #4,048
  • Oct 30, 2013 6:26pm Oct 30, 2013 6:26pm
Hey Jason,

I have a quick question that I'm not sure you can answer or not. I've noticed that the rollover rates are dramatically different between FXCM and Oanda. For example, on the USD/CHF pair today I expected to make a profit on interest due to the roll buy rate (I am holding a long) being 0.05 according to FXCM Trade Station. However, on Oanda I paid a significant interest rate fee instead, as can be illustrated by their calculator here.

http://fxtrade.oanda.com/analysis/interest-calculator

What could be some of the reasons that this discrepancy exists? Thanks for looking into it!

Kanzler
  • #4,049
  • Oct 30, 2013 6:48pm Oct 30, 2013 6:48pm
Quoting Kanzler
Hey Jason, I have a quick question that I'm not sure you can answer or not. I've noticed that the rollover rates are dramatically different between FXCM and Oanda. For example, on the USD/CHF pair today I expected to make a profit on interest due to the roll buy rate (I am holding a long) being 0.05 according to FXCM Trade Station. However, on Oanda I paid a significant interest rate fee instead
Hi Kanzler,

The rollover rates at FXCM are determined by the rates we receive from our 10+ liquidity providers. Since the USD interest rate is currently higher than the CHF interest rate, our clients earn rollover interest on USD/CHF long positions and pay rollover interest on USD/CHF short positions for trades held from one trading day to the next. In my experience, FXCM's rollover interest rates are competitive. That's said, I don't know why you would have been charged rollover interest on a USD/CHF long position with another broker. It would be best to check with them directly.

Jason
  • #4,050
  • Oct 30, 2013 7:01pm Oct 30, 2013 7:01pm
Quoting Jason Rogers
{quote} Hi Kanzler, The rollover rates at FXCM are determined by the rates we receive from our 10+ liquidity providers. Since the USD interest rate is currently higher than the CHF interest rate, our clients earn rollover interest on USD/CHF long positions and pay rollover interest on USD/CHF short positions for trades held from one trading day to the next. In my experience, FXCM's rollover interest rates are competitive. That's said, I don't know why you would have been charged rollover interest on a USD/CHF long position with another broker. It...
Jason,

Thanks for your reply. I checked with them and they told me basically the same thing. I'm a little hazy as to why these interest rate differences would be totally out of sync with what central banks are running but I guess it is what it is. Thanks!

Kanzler
  • #4,051
  • Oct 30, 2013 8:58pm Oct 30, 2013 8:58pm
Hi Jason,

What I would like to achieve with my FXCM MT4 account is to get the close of the day synchronized with NY close/Sydney open is this possible?
Also Sunday trading wreaks my indicates for Monday open can this be merged into Monday open?

Another subject Trade station: can the spreads and speed be used in an MT4 platform, I just cannot get used to a Trade station platform and basically demo traded it to action orders using an MT4 screen and charts, I have an FXCM MT4 and have the distinction of being a margin call veteran and there is not much money in it, although I have painfully put my act together and am ready to deposit NZD25,000.00 into an account to get trade station spreads and speed.

Many thanks for your anticipated answer.

Allan.
  • #4,052
  • Oct 31, 2013 9:27am Oct 31, 2013 9:27am
Jason,
Does FXCM still provide mobile price alerts?
  • #4,053
  • Edited 10:28am Oct 31, 2013 10:05am | Edited 10:28am
Quoting Kanzler
{quote} Jason, Thanks for your reply. I checked with them and they told me basically the same thing. I'm a little hazy as to why these interest rate differences would be totally out of sync with what central banks are running but I guess it is what it is. Thanks! Kanzler
Hi Kanzler,

A popular misconception is that rollover rates are determined by the target interest rates set by central banks. Those are definitely a factor, but what really matters is the actual rate at which banks are willing to lend to each other. After all, it is the banks that stand to lose money if their borrowers can't repay them. That bank rate is called the London Interbank Offered Rate (LIBOR). I can't speak for other brokers, but FXCM's rollover rates are based on LIBOR: http://www.global-rates.com/interest...bor/libor.aspx

You can also see the bank rates on DailyFX.com in the bottom right corner.

http://img36.imageshack.us/img36/8136/cvr1.png


Believe it or not, the overnight rate for CHF is actually negative! And you thought the BoJ was aggressive

Jason
  • #4,054
  • Oct 31, 2013 2:08pm Oct 31, 2013 2:08pm
Quoting qp2
Hi Jason, What I would like to achieve with my FXCM MT4 account is to get the close of the day synchronized with NY close/Sydney open is this possible? Also Sunday trading wreaks my indicates for Monday open can this be merged into Monday open? Another subject Trade station: can the spreads and speed be used in an MT4 platform, I just cannot get used to a Trade station platform and basically demo traded it to action orders using an MT4 screen and charts, I have an FXCM MT4 and have the distinction of being a margin call veteran and there is not...
Hi Allan,

There's a free custom indicator on FXCMapps.com called New York Close. That will allow you to view daily candles on MT4 with a 5 PM New York time cutoff.

Quoting qp2
Another subject Trade station: can the spreads and speed be used in an MT4 platform, I just cannot get used to a Trade station platform and basically demo traded it to action orders using an MT4 screen and charts

Active Trader pricing is available on the MT4 platform. Your FXCM MT4 account login will actually work on Trading Station as well, which can come in handy should you decide to use that platform for any reason. If you send me a private message with your contact details, I can have one of the Active Trader specialists in our Sydney office follow up with you. FXCM Australia is regulated by ASIC and offers MT4 accounts denominated in NZD.


Quoting qp2
I have an FXCM MT4 and have the distinction of being a margin call veteran and there is not much money in it, although I have painfully put my act together and am ready to deposit NZD25,000.00 into an account to get trade station spreads and speed. Many thanks for your anticipated answer. Allan.
Congratulations for having turned a corner with your trading. I've found that the market's primary method of instruction for me has been through painful experiences. The only difference has been whether that experience was first or second hand. I definitely prefer the latter!

Jason
  • #4,055
  • Oct 31, 2013 2:39pm Oct 31, 2013 2:39pm
Quoting Dcb
Jason, Does FXCM still provide mobile price alerts?
Hi Dcb,

It's possible to set up Trading Station Desktop to email you price alerts: http://www.forexfactory.com/showthre...90#post6483290

We're working on adding price alerts directly to Trading Station Mobile, but that feature won't be available until a future update to the mobile platform. I'll keep you posted about that in this thread as I get more details.

Jason
  • #4,056
  • Oct 31, 2013 2:57pm Oct 31, 2013 2:57pm
Jason,
Thank you. That was very helpful.
  • #4,057
  • Edited 4:07pm Oct 31, 2013 3:55pm | Edited 4:07pm
Quoting mitch77
Cool, thanks for the reply.
Hi Mitch,

I just wanted to give a heads up to you and anyone else who downloaded the New York Close custom indicator for MT4 from FXCMapps.com prior to today. We just released a new version of the custom indicator that will automatically adjust for the end of Daylight Savings Time in the US which occurs this weekend. Please use this link to download the latest version of New York Close.

http://www.fxcmapps.com/wp-content/u...les-in-EST.jpg


For those of you who use MT4 but haven't tried the New York Close, this indicator converts a regular offline MT4 chart, so that the daily candles begin and end at 5pm New York time. That results in charts with five daily candles per week, each 24 hours in length. The charts created with this indicator update prices in real time and support additional indicators. Indicators added to these charts use New York Close as their source data.

Jason
  • #4,058
  • Oct 31, 2013 8:22pm Oct 31, 2013 8:22pm
Hi Jason

Can you tell me all FXCM official website for every country?
For Asia I see these

http://www.fxcmmarkets.com/
http://www.fxcmid.com/
  • #4,059
  • Oct 31, 2013 9:00pm Oct 31, 2013 9:00pm
Quoting Jason Rogers
{quote} Hi Kanzler, A popular misconception is that rollover rates are determined by the target interest rates set by central banks. Those are definitely a factor, but what really matters is the actual rate at which banks are willing to lend to each other. After all, it is the banks that stand to lose money if their borrowers can't repay them. That bank rate is called the London Interbank Offered Rate (LIBOR). I can't speak for other brokers, but FXCM's rollover rates are based on LIBOR: http://www.global-rates.com/interest...bor/libor.aspx...
After the massive intervention they launched I can see them doing something like this...although I wasn't aware of the actual interest rate being negative. Wow! Thanks for the explanation on LIBOR, I really appreciate it!!
  • #4,060
  • Oct 31, 2013 9:23pm Oct 31, 2013 9:23pm
Hi Jason,

My question relates to the order execution time we can expect when running an EA.

I am only running a demo account presently, and have noticed that the time between sending an order and it being executed can run to several minutes. Is this typical of the demo accounts?

What could i expect on a live account?

thx Fred
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