FXCM Discussion | Page 224 | 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

  • #4,461
  • Mar 20, 2014 10:24am Mar 20, 2014 10:24am
Quoting Wolf_Wicked
{quote} I was going to take a screen shot of both screens at the same time but now it seems to be back in line.. I will post a screen shot if I see it happen again.. Very strange
So once this is seen it is fixed?
  • #4,462
  • Mar 20, 2014 10:28am Mar 20, 2014 10:28am
Quoting Wolf_Wicked
{quote} I was going to take a screen shot of both screens at the same time but now it seems to be back in line.. I will post a screen shot if I see it happen again.. Very strange
Yes, if it happens again, please take a screenshot as that can help us to investigate. Thanks for the update!
  • #4,463
  • Mar 20, 2014 10:30am Mar 20, 2014 10:30am
Quoting plotinus82
{quote} So once this is seen it is fixed?
I wish I could take credit, but I was still thinking it might have had something to do with whether the Profit on MT4 was displayed "as Points", "as Term Currency" or "as Deposit Currency".
  • #4,464
  • Mar 20, 2014 10:32am Mar 20, 2014 10:32am
Quoting Wolf_Wicked
{quote} No but you would see what I'm talking about maybe.. It seemed to fix itself after I opened a new position on a different pair
Hmmm... What pairs do you have open positions in currently? Also, your forum profile mentions that you live in Australia. Am I right to assume your MT4 account is denominated in AUD?
  • #4,465
  • Mar 20, 2014 10:32am Mar 20, 2014 10:32am
Quoting Jason Rogers
{quote} I wish I could take credit, but I was still thinking it might have had something to do with whether the Profit on MT4 was displayed "as Points", "as Term Currency" or "as Deposit Currency".
No definitely not that
Howlin' at the Moon on the Roof
  • #4,466
  • Mar 20, 2014 10:35am Mar 20, 2014 10:35am
Quoting Jason Rogers
{quote} Hmmm... What pairs do you have open positions in currently? Also, your forum profile mentions that you live in Australia. Am I right to assume your MT4 account is denominated in AUD?
My forum profile also says my real name is Walter

I stay with FXCM cause the spreads are OK, the execution seemingly instant and they cater well to my countrymen. But I will be watching out for this THING in the future because its the first time I've ever noticed it. I mean... anyway

No Qualms
Howlin' at the Moon on the Roof
  • #4,467
  • Mar 21, 2014 9:44am Mar 21, 2014 9:44am
Good day Jason

I have question to you. What can happen for those who hold LONG USDRUB positions if US-Russia sanctions go further

For example today VISA and MASTERCARD stopped serving some Russian bank clients plastic cards. Russia stated that it will not repay Credits in USD

Is FXCM prepared for the worsening situation. The worst scenario can be that Russian central bank stops quoting and trading USDRUB on interbank market. This means that USDRUB will be exchanged in black markets and multiple rates will exist.

How can it affect those who hold LONG USDRUB?

As I understand behind long USDRUB position we are borrowing money in RUB from Russia and buying USD and putting on deposit (where??) so that's why we pay huge rollover because RUB interest rate is very huge in comparison with USD. So if US and Russian companies will refuse to pay what they have borrowed what does it mean for LONG USDRUB positioners?

thanks
kiss the trend
  • #4,468
  • Mar 21, 2014 10:40am Mar 21, 2014 10:40am
Quoting fx-trader777
Good day Jason I have question to you. What can happen for those who hold LONG USDRUB positions if US-Russia sanctions go further For example today VISA and MASTERCARD stopped serving some Russian bank clients plastic cards. Russia stated that it will not repay Credits in USD Is FXCM prepared for the worsening situation. The worst scenario can be that Russian central bank stops quoting and trading USDRUB on interbank market. This means that USDRUB will be exchanged in black markets and multiple rates will exist. How can it affect those who hold...
Happy Friday, FX-Trader

Here are a few things to keep in mind if you're trading USD/RUB:

  1. FXCM uses our No Dealing Desk (NDD) forex execution model to offset all client orders placed on USD/RUB. That means as a firm, we're not exposed to the market risk should the Ruble change in price dramatically.
  2. While central banks like the Bank of Russia can influence prices by setting target interest rates, it's major banks like Deutsche, Citi, Barclays and UBS that quote prices for the Ruble and other currencies in the interbank market.
  3. If you're long USD/RUB, it's not that you're borrowing rubles from Russia (and certainly not from their central bank) to buy US dollars. No physical exchange of currency is taking place. The money in your US dollar-denominated trading account always remains in US dollars. It's simply the case that if the USD/RUB exchange rate rises then the amount of US dollars in your trading account will increase. On the other hand, if the USD/RUB rate decreases, then so will the amount of US dollars in your account. The exact amount of increase or decrease is determined by the size of your long position and the pip cost for USD/RUB which is currently about 28 cents per pip on a 1k trade size.

  • #4,469
  • Mar 21, 2014 10:59am Mar 21, 2014 10:59am
Quoting Jason Rogers
{quote} Happy Friday, FX-Trader Here are a few things to keep in mind if you're trading USD/RUB: FXCM uses our No Dealing Desk (NDD) forex execution model to offset all client orders placed on USD/RUB. That means as a firm, we're not exposed to the market risk should the Ruble change in price dramatically. While central banks like the Bank of Russia can influence prices by setting target interest rates, it's major banks like Deutsche, Citi, Barclays and UBS that quote prices for the Ruble and other currencies in the interbank market. If you're...
Thank you

I see,

I wish USDRUB flies to 50 before Russian reserve bank suspends trading. Or if they do sooner than that, at least Deutsche Bank and other market makers must continue quoting Rubles on the basis of their actual supply/demand and not considering Russian central bank's ruling at all.

I should contact those banks to ask that question I suppose, or someone powerful must ask on behalf of traders. what happens to traders in this case.

So if physical exchange of currencies doesn't happen, why I am paying so huge rollover everyday? over $150 for 100K position. As I understand rollover comes from interest rate difference between currencies traded.
kiss the trend
  • #4,470
  • Mar 21, 2014 11:49am Mar 21, 2014 11:49am
This is for Jason.

For the table you have posted constantly about price improvement/ negative slippage, do you have one for 2013?

Additionally, does that account for ALL retail clients please?
  • #4,471
  • Edited 12:33pm Mar 21, 2014 12:12pm | Edited 12:33pm
Quoting fx-trader777
So if physical exchange of currencies doesn't happen, why I am paying so huge rollover everyday? over $150 for 100K position. As I understand rollover comes from interest rate difference between currencies traded.
Imagine for a moment if banks didn't charge rollover interest for holding a long USD/RUB position

I know what'd I'd do if that was the case I'd convert US dollars to Russian rubles to collect the high interest rate. Then I would enter a long USD/RUB position for the equivalent amount to hedge against the risk of the Russian ruble falling. That would allow me to collect the interest without taking the exchange rate risk. It would be a like a free money machine! (for me, not the banks, since they would be on the losing end)

Unfortunately, banks won't let me do that They charge rollover interest on long USD/RUB positions to prevent exactly such a scenario. Even though there is no physical exchange of currency on your forex trades, the banks have to accurately reflect both the price AND the interest rate, otherwise they won't work properly.

When you hold a long position in USD/RUB, the banks charge us rollover interest which we in turn pass onto you. Conversely, when you hold a short USD/RUB position, the banks pay us rollover interest which we pass onto you.
  • #4,472
  • Mar 21, 2014 4:45pm Mar 21, 2014 4:45pm
Quoting Jason Rogers
{quote} Imagine for a moment if banks didn't charge rollover interest for holding a long USD/RUB position I know what'd I'd do if that was the case I'd convert US dollars to Russian rubles to collect the high interest rate. Then I would enter a long USD/RUB position for the equivalent amount to hedge against the risk of the Russian ruble falling. That would allow me to collect the interest without taking the exchange rate risk. It would be a like a free money machine! (for me, not the banks, since they would be on the losing...
OK, Now I see

thought it would be good if physical exchange was the case, because If I borrowed 100 000 worth of Rubles and converted into dollars and took out from Russia and I am holding this money, probably after sanctions I wouldn't pay back that amount and $100 000 would be credited to my account
kiss the trend
  • #4,473
  • Mar 22, 2014 2:46pm Mar 22, 2014 2:46pm
Hi Jason,

I have a question about funds. My account so far has been funded via a Debit Card that is due to expire soon. I see that it is company policy to only withdraw funds to the same card used for deposit or arrange a bank wire. If I do not withdraw funds before my new Debit Card gets issued is my only option to withdraw via bank wire even if I register the new card?
  • #4,474
  • Mar 22, 2014 10:42pm Mar 22, 2014 10:42pm
Quoting Lib3rty
Hi Jason, I have a question about funds. My account so far has been funded via a Debit Card that is due to expire soon. I see that it is company policy to only withdraw funds to the same card used for deposit or arrange a bank wire. If I do not withdraw funds before my new Debit Card gets issued is my only option to withdraw via bank wire even if I register the new card?

If you withdraw to even the old card it should still go to you bank account just fine. It did that for me.
  • #4,475
  • Mar 23, 2014 12:01pm Mar 23, 2014 12:01pm
Quoting calderone
{quote} Blood pressure normal again. All is well, birds singing. lol
LOL! I feel you are some long lost brother! (my mother did admit on her deathbed that one (son) was floating around somewhere-LOL!) Seems all Brokers have "issues" of some sort or another. I can confirm that FXCM has never failed to release a Withdrawal request for my account at least (always mailed and always within 3-5 days of receipt). I have experienced issues similar to yours though.
FF = Forex Faggots
  • #4,476
  • Mar 24, 2014 5:37am Mar 24, 2014 5:37am
Has the compensation related to the FCA fine been paid out? If not, when can we expect it? Thanks!
  • #4,477
  • Mar 24, 2014 7:36am Mar 24, 2014 7:36am
Hi Jason.
Are FXCM (UK) willing/able to release a list of their approved Introducing Brokers?
Thought it worth asking...
Thanks.
Full-time trader and loving it!
  • #4,478
  • Mar 24, 2014 2:39pm Mar 24, 2014 2:39pm
Quoting plotinus82
This is for Jason. For the table you have posted constantly about price improvement/ negative slippage, do you have one for 2013? Additionally, does that account for ALL retail clients please?
Hi Plotinus,

I believe you're referring to this table from when FXCM first introduced price improvements in 2010:

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

While I don't have a newer version of that particular table, here are the latest data compiled from all our retail accounts:

Analyzing a total of 43,128,901 forex and metal trades executed by FXCM during the six month period of August 2013-January 2014, 6,391,641 or 15% of the trades benefited from price improvements totaling $15,726,247. Of the total number of trades executed, 4,648,672 trades were limit and limit entry orders. Sixty percent of those limit and limit entry orders were positively slipped providing clients $7,296,520 in price improvements. Of the total trades executed in the six month period of August 2013 - January 2014 clients were executed at their requested price 73% of the time with no slippage. Only 12% of orders were slipped negatively.
  • #4,479
  • Mar 24, 2014 2:52pm Mar 24, 2014 2:52pm
Quoting Lib3rty
Hi Jason, I have a question about funds. My account so far has been funded via a Debit Card that is due to expire soon. I see that it is company policy to only withdraw funds to the same card used for deposit or arrange a bank wire. If I do not withdraw funds before my new Debit Card gets issued is my only option to withdraw via bank wire even if I register the new card?
Quoting JTattheRanch
{quote} If you withdraw to even the old card it should still go to you bank account just fine. It did that for me.
Hi Lib3rty,

JTattheRanch is correct (thanks btw ). Also, I notice your forum profile mentions that you live in the UK. If you have a GBP-denominated trading account with FXCM, and your bank account is located in the UK, you should be able to to make a free withdrawal via BACS.
  • #4,480
  • Mar 24, 2014 3:04pm Mar 24, 2014 3:04pm
Quoting titanmelvin
Has the compensation related to the FCA fine been paid out? If not, when can we expect it? Thanks!
We've reached out to everyone regarding their price improvement credits. If you think you should have gotten an email, but didn't receive one, please contact our live customer support team anytime 24 hours a day, and they can check the details for your account.
4 traders viewing now