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FXCM Discussion

  • #5,581
  • Edited 7:56pm Dec 11, 2014 6:39pm | Edited 7:56pm
Quoting jarhead
Think I read awhile back that the top tier FXCM traders are privy to where bids are placed. Don't know for sure though.
Hi Jim,

That's not the case. All pending orders (stops, limits and entry orders) placed by FXCM clients are invisible not only to the 10+ liquidity providers on our NDD forex execution, but to other traders. Only when the market price triggers a pending order is it offset with the liquidity provider quoting the best available price at the time, and even then, the order is sent anonymously, so the liquidity provider does not know which FXCM client placed the order.
  • #5,582
  • Dec 11, 2014 6:50pm Dec 11, 2014 6:50pm
Quoting Stu Effex
Jim not sure what the private client group get but "Private Client Group is only available to select institutions and individuals that trade 50 million notional per month or deposit $150,000. Private Client Group clients have access to additional services and custom commission ".
Hi Stu,

To clarify, PCG traders often receive custom setups which include complimentary programming services, co-location, 24-hour API support, custom platforms or features, and even prime of prime setups. However, they aren't privy to any non-public information about the orders of other traders.

That said, it's not too hard for savvy traders to guess where bids and offers are generally placed based on open interest in the options market, and technical analysis of support and resistance levels, all of which is information that is publicly available to everyone.
  • #5,583
  • Dec 11, 2014 6:56pm Dec 11, 2014 6:56pm
LOL ... seems someone is monitoring the Corner Jason? I'm honored. Or scared.
Ghost Rider - WWTBMD?
  • #5,584
  • Dec 11, 2014 7:42pm Dec 11, 2014 7:42pm
Hi Jason,

Regarding the FIFO rule, why does that affect our SL?
Why can't I place a SL for the 1st entry without having the order remove all entries?
Right now, the only way to remove one order @ a time is to manually close out each order without placing a SL.
Is this required by the brokers to meet the rule or is this something that each broker does to make sure they're enforcing the rule without keeping track of which was the first entry?

The FIFO rule makes no sense but the "all-or-none" SL is the most frustrating part of the rule.
Would be great if FXCM can do something about this & still please the regulators.

Thanks
  • #5,585
  • Dec 12, 2014 2:07am Dec 12, 2014 2:07am
Quoting albchr
LOL ... seems someone is monitoring the Corner Jason? I'm honored. Or scared.

Inserted Video
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #5,586
  • Dec 12, 2014 5:28am Dec 12, 2014 5:28am
Quoting srt
Hi Jason, Regarding the FIFO rule, why does that affect our SL? Why can't I place a SL for the 1st entry without having the order remove all entries? Right now, the only way to remove one order @ a time is to manually close out each order without placing a SL. Is this required by the brokers to meet the rule or is this something that each broker does to make sure they're enforcing the rule without keeping track of which was the first entry? The FIFO rule makes no sense but the "all-or-none" SL is the most frustrating part of the rule....
... ... That fact alone makes me want out srt. It's not part of the "rule". But it seems it is part of FXCM's "rule".
Ghost Rider - WWTBMD?
  • #5,587
  • Dec 12, 2014 5:40am Dec 12, 2014 5:40am
FXCM is NOT a good broker. They have been caught cheating before, and they will be caught cheating again. Allow me to be clear that I no longer use them.

With that said, here is a book that everyone should BUY and READ about how you can protect yourself from the games these unscrupulous brokers play... I thought this thread is the perfect place to write this.

The book is called Beat the Forex Dealer: An insider's look into trading today's foreign exchange market, and it is by a very respectable author, trader, and publisher.
http://www.amazon.com/Beat-Forex-Dea.../dp/0470722088
Please check out my blog at https://from-zero-to-hero . net
  • #5,588
  • Dec 12, 2014 5:41am Dec 12, 2014 5:41am
Quoting albchr
... ... That fact alone makes me want out srt. It's not part of the "rule". But it seems it is part of FXCM's "rule".
I'm glad I'm not the only one who "gets it"
Please check out my blog at https://from-zero-to-hero . net
  • #5,589
  • Dec 12, 2014 5:51am Dec 12, 2014 5:51am
Quoting albchr
LOL ... seems someone is monitoring the Corner Jason? I'm honored. Or scared.
Probably looking at ways to screw you over
  • #5,590
  • Dec 12, 2014 6:43am Dec 12, 2014 6:43am
I use about 10 brokers. FXCM is one of them, my FXCM results after 3 months are no different to my other brokers.

Just to balance the equation here
  • #5,591
  • Dec 12, 2014 6:55am Dec 12, 2014 6:55am
Quoting Kong
I use about 10 brokers. FXCM is one of them, my FXCM results after 3 months are no different to my other brokers. Just to balance the equation here
I'm glad you answered that Kong as I was about to. There are NO good "fair" brokers at the bucket shop level. You got a mill to work with? You might get some decent treatment.
Ghost Rider - WWTBMD?
  • #5,592
  • Dec 12, 2014 6:57am Dec 12, 2014 6:57am
Quoting GDR3k
{quote} Probably looking at ways to screw you over
LOL ... why do you think I have no "set" method. ...
Ghost Rider - WWTBMD?
  • #5,593
  • Dec 12, 2014 6:59am Dec 12, 2014 6:59am
Quoting albchr
{quote} I'm glad you answered that Kong as I was about to. There are NO good "fair" brokers at the bucket shop level. You got a mill to work with? You might get some decent treatment.
Well I can't disagree there, one thing though is that if you DO have a good blade, no broker tricks can stop you chopping heads... They can only shave the price to a certain degree. Or else they would be out of the business... They know this
  • #5,594
  • Dec 12, 2014 7:17am Dec 12, 2014 7:17am
Quoting Kong
{quote} Well I can't disagree there, one thing though is that if you DO have a good blade, no broker tricks can stop you chopping heads... They can only shave the price to a certain degree. Or else they would be out of the business... They know this
Exactly!
Ghost Rider - WWTBMD?
  • #5,595
  • Dec 12, 2014 9:44am Dec 12, 2014 9:44am
Jason,
I am trying to get familiar with the functions of the mobile trade station. I do not ,know how to close a trade at market price rather than letting a stop loss or limit order close the trade. When I tap on the "close" tab on the open order tab or when I try to do the the same operation in the summary tab it will not let me. I get an error message that states, "Functionality is disabled according to NFA regulations". How frustrating. I am using a demo account to get acquainted with all of the functions on the mobile trade station.

This is disappointing.

DCB
  • #5,596
  • Dec 12, 2014 10:00am Dec 12, 2014 10:00am
these traders do more complaining then trading, you guys think FXCM is out to get you then you need to stop trading save your money up because this is not the business for you
  • #5,597
  • Dec 12, 2014 3:53pm Dec 12, 2014 3:53pm
Quoting Dcb
Jason, I am trying to get familiar with the functions of the mobile trade station. I do not ,know how to close a trade at market price rather than letting a stop loss or limit order close the trade. When I tap on the "close" tab on the open order tab or when I try to do the the same operation in the summary tab it will not let me. I get an error message that states, "Functionality is disabled according to NFA regulations". How frustrating. I am using a demo account to get acquainted with all of the functions on the mobile trade station. This is...
Hi Dcb,

Since you live in the US, NFA regulations require that you close your trades in FIFO (first-in, first-out) order. The error message you message you received indicates that you tried closing trades from the Open Positions tab, not the Summary tab. On Trading Station Mobile, in the Summary tab, you will see a button either to Close Sell or Close Buy. If you choose one of those options, you will be able to close the trades on your US demo account.
  • #5,598
  • Dec 12, 2014 4:00pm Dec 12, 2014 4:00pm
Quoting Stu Effex
{quote} http://youtu.be/ReacTOXGgHE
Hi Stu,

Like CFD trading, that video you posted isn't available to me here in the US. Just wanted to make sure you had the correct info regarding our Private Client Group.
  • #5,599
  • Dec 12, 2014 4:25pm Dec 12, 2014 4:25pm
Quoting srt
Hi Jason, Regarding the FIFO rule, why does that affect our SL? Why can't I place a SL for the 1st entry without having the order remove all entries? Right now, the only way to remove one order @ a time is to manually close out each order without placing a SL. Is this required by the brokers to meet the rule or is this something that each broker does to make sure they're enforcing the rule without keeping track of which was the first entry? The FIFO rule makes no sense but the "all-or-none" SL is the most frustrating part of the rule. Would be great...
Quoting albchr
{quote} ... ... That fact alone makes me want out srt. It's not part of the "rule". But it seems it is part of FXCM's "rule".
Quoting smash1820
{quote} I'm glad I'm not the only one who "gets it"
MT4 is a third-party platform, so there are limits to the changes we can make to it to have it comply with that FIFO regulations that apply to traders in the US. That said, there's a free Expert Advisor on FXCMapps.com that will allow you to create multiple stop losses and take profits on your US MT4 account: http://bit.ly/1wXKHsE

Unlike MT4, the Trading Station was developed by FXCM in-house, and it does allow you to set multiple stops and limits for the same currency pair. It sounds like you may have been trying to change the Net Stop and Net Limit. As the names suggest, there is only one Net Stop and one Net Limit for each currency pair. Instead, you can use Simple OCO (One Cancels Other) Orders to create multiple Stop/Limit pairings for each currency pair. Before trying this live, I suggest practicing on a demo account using the information in the Simple OCO video on this page: http://bit.ly/1u3lze9
  • #5,600
  • Edited 5:19pm Dec 12, 2014 4:32pm | Edited 5:19pm
Quoting albchr
There are NO good "fair" brokers at the bucket shop level.
Hi Chris,

I take exception to your criticism of us. FXCM provides you with No Dealing Desk (NDD) forex execution, and when have we ever been unfair to you? Please let me know, because if this has happened unbeknownst to me, then I want to address your concerns.

You were big enough to admit you were wrong to accuse us of execution issues, when the error turned out to be on your end: http://www.forexfactory.com/showthre...38#post7818138

Why not give us the benefit of the doubt?
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