FXCM Discussion | Page 281 | 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

  • #5,601
  • Dec 12, 2014 4:35pm Dec 12, 2014 4:35pm
Quoting Jason Rogers
{quote} {quote} {quote} 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...
Thanks, I'll review this weekend.
  • #5,602
  • Dec 12, 2014 4:42pm Dec 12, 2014 4:42pm
Quoting smash1820
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.
A simpler solution would be to trade on our No Dealing Desk (NDD) forex execution. Since we don't take the market risk on the other side of your trades, FXCM doesn't profit from your losses or lose from your profits. Instead, we make our money from your trading volume. This aligns our interests with yours, so we want you to have a long and successful trading career.
  • #5,603
  • Dec 12, 2014 6:23pm Dec 12, 2014 6:23pm
Quoting PoundTrader
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
I'm NOT complaining. I'm just asking a question trying to find a solution to a problem that affects the way I want to trade. Jason gave me a possible solution. If I thought FXCM was out to get me, I'd drop them & go with a different broker. I'm sticking with them because I feel trading with the NDD, they're not trading against me so as long as they keep the low spreads I'll pay the commissions. Similar total cost with other brokers but not wanting me to lose so they can win.
  • #5,604
  • Edited 6:52pm Dec 12, 2014 6:32pm | Edited 6:52pm
Quoting Jason Rogers
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?
Thanks for the response(s) Jason. Chris can give you the benefit of the doubt if he wants to, but I'm sorry, because I will not. With regards to re-quotes, offquotes, and other problems, I can speak first hand because I have had several re-quotes and orders that did not go through immediately (or even after several tries), my max deviation and slippage is set properly, and yet, if you are a true ECN/No-Dealing Desk broker, then there should NEVER be an issue with pricing and/or requotes. True ECN brokers will fill your orders immediately at the best market price available, and that has not been the case from my experience with FXCM.

This is ONE reason why I will no longer give you guys the benefit of the doubt. FXCM has now become the largest broker in the world for the retail side of trading, and that means something to me too -- it means your firm has a lot to benefit from the many ignorant retail traders that choose to trade with your firm and do not have adequate knowledge about the games, tricks, and cheats that many brokerage firms play, including FXCM.

Here are a few more articles that prove my point:
http://www.ft.com/cms/s/0/1b5dcd8c-9...#axzz3LjVujMMa
http://www.trade2win.com/boards/fore...e-pricing.html
http://forums.babypips.com/forex-bro...-cheating.html
http://www.forexfactory.com/showthread.php?t=703

Even when brokers like FXCM manipulate their clients, all they receive from the NFA is a small fine (relative to their overall profits), and a "slap on the wrist" attitude... since the NFA is a self-regulating agency, and they expect their members to do the same.

I am a scalper by nature and so I can attest to these issues first hand. The problems become worse if you are scalping or daytrading, as opposed to a swing/position trader or long-term investor.

To prevent some of these issues, your best bet is to find a TRUE ECN broker that does not have a dealing desk (but be careful, many brokers like FXCM will advertise that they are, but the reality is quite different). I would also suggest buying and reading the book Beat the Forex Dealer: An insider's look into trading today's foreign exchange market, which can give you some tactics and insights as to how you can respond to and even fight the crooked brokers.
http://www.amazon.com/Beat-Forex-Dea.../dp/0470722088
Please check out my blog at https://from-zero-to-hero . net
  • #5,605
  • Dec 12, 2014 8:47pm Dec 12, 2014 8:47pm
Quoting srt
{quote} I'm NOT complaining. I'm just asking a question trying to find a solution to a problem that affects the way I want to trade. Jason gave me a possible solution. If I thought FXCM was out to get me, I'd drop them & go with a different broker. I'm sticking with them because I feel trading with the NDD, they're not trading against me so as long as they keep the low spreads I'll pay the commissions. Similar total cost with other brokers but not wanting me to lose so they can win.
  • #5,606
  • Dec 12, 2014 10:41pm Dec 12, 2014 10:41pm
Quoting smash1820
{quote} Thanks for the response(s) Jason. Chris can give you the benefit of the doubt if he wants to, but I'm sorry, because I will not. With regards to re-quotes, offquotes, and other problems, I can speak first hand because I have had several re-quotes and orders that did not go through immediately (or even after several tries), my max deviation and slippage is set properly, and yet, if you are a true ECN/No-Dealing Desk broker, then there should NEVER be an issue with pricing and/or requotes. True ECN brokers will fill your orders immediately...
http://www.easyfreesmileys.com/smile...ing-baby-1.gif http://www.easyfreesmileys.com/smile...ing-baby-2.gif
  • #5,607
  • Edited 4:03am Dec 13, 2014 1:51am | Edited 4:03am
Quoting Jason Rogers
{quote} 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?
Actually Jason, I've been meaning to address that. (Sorry, dealing with my dying mother's situation still takes most of my time)

As it turns out the error was NOT on my end. The past two weeks I've literally been tearing my hair out when I have to hit the buy/sell button no LESS than 3 times on "almost" every order regardless of the "maximum deviation" setting. Even in the slowest of times like.... oh ... I don't know... YESTERDAY? I mean crap! Isn't 30 (yes 300) pips enough to insure I get a dam order in where I want it? If PO's are the only answer? I'm stuck as I don't use them. Especially for scalping in market conditions like ... oh ... I don't know ... YESTERDAY? Now the odd thing here is, it did help initially but it seems something has once again ... changed. What would that be I wonder? BTW I'm still using build 670. No, that has nothing to do with it but just FYI.

So I'd appreciate you not using me as an example to others on this issue from here on out. Fair enough? EDIT: In fact I've just submitted a cleanup report to Twee on that post of mine. I'd rather not be used to propagate the notion to other traders that the issue has been resolved when in my experience, it has not been. You know me well enough to know that IF/WHEN it ever is, I'll be the first to say so.

I NEVER had that issue with IBFX save a couple times over 6 years so please spare me the "it's the platform" or "it's the providers" fault. In fact, that stupid maximum deviation setting wasn't even enabled with IBFX. If they can do that on MT4, why not you folks? Hmmm??

I mean, what's the point of a "deviation" setting anyway? I don't want to "deviate" from the price I'm after. I want the price as close to current market as possible. You know, like I got with IBFX. By and large I'm not a scalper but I certainly do scalp when market conditions warrant it. I can forget that with this setup. The truth is, a little slippage is actually still better than the time it takes to hit the dam order button 3 times or more.

I feel I've given you folks far more than the benefit of the doubt so far Jason. However, I still wish to learn the TS platform (mom again on the time thing) to see if there really is any difference with that issue. Is that enough "benefit of the doubt"?

Just like when I asked you about getting tick bar charts BACK on MT4 (Yes I had them before as you know) you sent me after a couple indies you said would work. After trying them I came back here and told you after the supposed "successful install" they don't even show up in the indie list. You never replied.
That's actually another question I had you never answered. Why do you need to have them tied to an installation routine? I'm perfectly capable of copying them to the proper folders ... :nerd: ... lol ... Also, it's kind of silly (in my book) to have to go through an order process like I'm buying something to get them too. LOL

With regards to your not answering, I know you're busy pissing on many fires brother but one must ask, why is that? But it's not getting those answers that had me pretty much just forgetting about bringing up any more issues. So it's not a question of "benefit of the doubt" here Jason. It's a question of time. Unlike you, I don't get paid to deal with "issues".

I don't "necessarily" feel FXCM is out to get me but there are issues that need to be addressed in my book. I know you folks would rather push using your proprietary platform but for guys like me who cut their teeth trading with MT4, (and have good reasons to want to continue using it), it seems a bit disingenuous to have so many issues with it where non were present before.

That whole "you need an indie to set separate SL's and or TP's to comply with FIFO" is utter garbage. You know it, and I know it. After all, it's FIRST IN FIRST OUT. Not First in ALL out. LOL

Yes Jason, I am big enough to admit my mistakes. Is FXCM? Or .. are they not mistakes? One simply has to wonder. So I take exception with your "assumptions" of my ignorance. How about giving me the benefit of the doubt ... eh?
Ghost Rider - WWTBMD?
  • #5,608
  • Edited 3:28am Dec 13, 2014 3:06am | Edited 3:28am
Concerning albchr's remarks. I would like to ask a question from a network perspective.

FXCM had removed themselves as the middle man for profiting from traders. However, they are still in the middle for volume, or making money on spreads. So, it seems to me my order rolls through the Internet to FXCM and then through the Internet to the banking exchange quoting prices and doing all the trades. Correct?

Now, many brokers bulk purchase based on the number of buys and sells in their inventory. Correct? So I am not actually on an exchange if I trade with them. I am trading against their supply with an advance order they will place whenever, or in other words, the broker is actually a market maker. In this case my order rolls through the Internet to that broker, and voila, it is executed. Could this be how it is done at IBFX?

I wonder if it is the trail that is causing the delay? I recently read how one HFT company has a team of engineers straightening their lines between New York and Chicago to gain a few extra milliseconds.

So, could the deviation slippage be related to the speed of the data transfer because FXCM forwards the order? Just a theory. Don't know the solution, but if that is the problem, then we can at least begin the process of correcting it. Perhaps a network upgrade is in order? Or the software needs tweaked to read data faster. A new satellite to get the orders over the ocean faster? Who knows? Just offering a suggestion.
You cannot be extraordinary by being normal
  • #5,609
  • Dec 13, 2014 4:13am Dec 13, 2014 4:13am
Quoting albchr
{quote} Actually Jason, I've been meaning to address that. (Sorry, dealing with my dying mother's situation still takes most of my time) As it turns out the error was NOT on my end. The past two weeks I've literally been tearing my hair out when I have to hit the buy/sell button no LESS than 3 times on "almost" every order regardless of the "maximum deviation" setting. Even in the slowest of times like.... oh ... I don't know... YESTERDAY? I mean crap! Isn't 30 (yes 300) pips enough to insure I get a dam order in where I want it? If PO's are the...
Wonderful post Chris!!! I am soooo glad to hear another trader, especially you, voicing your concerns, particularly about how awful FXCM is. I applaud you 10x over and would give you a damn Nobel Prize if I could.

Hands down, an ingenious post.

There are so many points I agree with, it sure will be interesting to see if you get that response you deserve and also what Twee does about this.

I'm going to guess, Jason will either not respond at all, or, more likely, he will respond, but with a bunch of lies, garbage crap information, and twisted and distorted information that hoaxes the many readers viewing this thread into believing what FXCM wants them to believe.

This thread sure has become interesting now, and it makes me wonder, could this have anything to do with why the NFA just passed this (another) bogus rule banning credit card deposits?

At the very least, these are things that every trader should think about and question. Do they really have your back???
Please check out my blog at https://from-zero-to-hero . net
  • #5,610
  • Dec 13, 2014 4:24am Dec 13, 2014 4:24am
Quoting smash1820
{quote} Wonderful post Chris!!! I am soooo glad to hear another trader, especially you, voicing your concerns, particularly about how awful FXCM is. I applaud you 10x over and would give you a damn Nobel Prize if I could. Hands down, an ingenious post. There are so many points I agree with, it sure will be interesting to see if you get that response you deserve and also what Twee does about this. I'm going to guess, Jason will either not respond at all, or, more likely, he will respond, but...
All forex brokers have to walk a very narrow path between getting the most revenue from all retail accounts (FXCM 50 million $ / month) and not pissing customers off with their shenanigans and at the same time stay competitive. Apparently, brokers who can do this better than the competition will stay in business.
  • #5,611
  • Edited 5:01am Dec 13, 2014 4:35am | Edited 5:01am
Quoting smash1820
{quote} Wonderful post Chris!!! I am soooo glad to hear another trader, especially you, voicing your concerns, particularly about how awful FXCM is. I applaud you 10x over and would give you a damn Nobel Prize if I could. Hands down, an ingenious post. There are so many points I agree with, it sure will be interesting to see if you get that response you deserve and also what Twee does about this. I'm going to guess, Jason will either not respond at all, or, more likely, he will respond, but...
Hi Smash,

Try not to read "too much" into what I've posted. I'm not making the claim that FXCM is an "awful" broker. Just that there are real issues concerning the execution of trades. In every other respect I really have no complaints about them that wouldn't exist with most any other broker "at my level".

I do wish I could go back to a "spread only" situation like I had with IBFX and I think they should offer that option. But that's not a "problem" per say. Just that I must learn how to adjust so I can again make the same profits I once did. For the "bulk" of my trading, a 2 or 3 pip spread is no worse than a .2 or .3 pip spread. But I'm finding in many cases at the end of the day with commissions, they make more than I do. But again, I must learn to adjust. In time I will.

You are very passionate Smash and I can see that. But I'm not taking any sides here. I'm simply calling it as I see it from my own experience thus far. The simple truth is, whether by choice or not they are now my broker and being a natural problem solver, I'd rather work WITH them than against them. Especially since my options are few. Which, is also a problem for us USA clients "at my level".

However, all that said, I do EXPECT honest answers and solutions to the issues at hand.

Also, I wouldn't be "too" hard on Jason. I once posted I would not want his job. I still wouldn't. ... lol
Ghost Rider - WWTBMD?
  • #5,612
  • Dec 13, 2014 4:52am Dec 13, 2014 4:52am
Quoting Mingary
{quote} All forex brokers have to walk a very narrow path between getting the most revenue from all retail accounts (FXCM 50 million $ / month) and not pissing customers off with their shenanigans and at the same time stay competitive. Apparently, brokers who can do this better than the competition will stay in business.
Good post Mingary and very true. Brokers provide a service and of course they should make a profit doing so. As in any business, the more the better.

The playing field is ... they charge for their service and that service is to provide order executions as close to market as possible for their clients with no issues. IBFX did this for me with little to no problems. It's only when the switch to FXCM happened that I find this issue to be unacceptable for me.

In short, the "playing field" seems .... no longer level. Whether intentional or not, it simply isn't right.

Since IBFX could provide that level of service for me, and since obviously FXCM is bigger and thus "presumably" better? I feel they should have no problem providing the same (or better) level of service.
Ghost Rider - WWTBMD?
  • #5,613
  • Dec 13, 2014 8:55am Dec 13, 2014 8:55am
Dear Jason

This is my trade on ECB Press Conference on 4th this month. My trade was closed by itself while the price at that second was 19 pips away from my stop loss and didn't hit my stop(I was watching price). I am not accusing or want an audition.

I just wonder that in NDD model, particularly FXCM "Is it possible that, when there are a lot of sell orders during major news, liquidity providers match up sell orders with the nearest stop losses of the opening sell positions (when stop losses weren't hit)?"
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM SL Problem.png Size: 29 KB
  • #5,614
  • Dec 13, 2014 2:25pm Dec 13, 2014 2:25pm
Quoting Mr.Kane
Dear Jason This is my trade on ECB Press Conference on 4th this month. My trade was closed by itself while the price at that second was 19 pips away from my stop loss and didn't hit my stop(I was watching price). I am not accusing or want an audition. I just wonder that in NDD model, particularly FXCM "Is it possible that, when there are a lot of sell orders during major news, liquidity providers match up sell orders with the nearest stop losses of the opening sell positions (when stop losses weren't hit)?" {image}
Looking @ your exit & SL, I'd say you actually got pretty lucky to get out @ the price you did. They gave you credit for an exit 19 pips better than your SL. The high price got to within 3 pips of your SL but since your SL was hit based upon "ask" price (you were short) & the chart is printed based upon "bid" price, spreads could have easily been much wider than 3 pips during news times. By the time your SL got executed, you gained 19 pips of slippage in your favor. I'd say most brokers would have hit you with slippage against you & NOT in your favor. One time where I think you can "thank" your broker for the 19 pips :-)
  • #5,615
  • Dec 13, 2014 11:51pm Dec 13, 2014 11:51pm
Quoting albchr
Hi Smash, Try not to read "too much" into what I've posted. I'm not making the claim that FXCM is an "awful" broker. Just that there are real issues concerning the execution of trades. In every other respect I really have no complaints about them that wouldn't exist with most any other broker "at my level". I do wish I could go back to a "spread only" situation like I had with IBFX and I think they should offer that option. But that's not a "problem" per say. Just that I must learn how to adjust so I can again make the same profits I once did. For...
Just give me some time... and I will respond to you... with all due respect...
Please check out my blog at https://from-zero-to-hero . net
  • #5,616
  • Dec 14, 2014 12:59am Dec 14, 2014 12:59am
Quoting smash1820
{quote} Just give me some time... and I will respond to you... with all due respect...
Hi Smash, if you wish but I'm rather sure I understand your stance. Listing more reasons for it isn't really necessary. That said, if you wish to take the time to do so that's perfectly fine of course.
Ghost Rider - WWTBMD?
  • #5,617
  • Dec 14, 2014 6:41am Dec 14, 2014 6:41am
folks.. with fxcm you need to have a big account and be with their active trader account (requires minimum of 25k) in order to have no problem.
you the best of everything, low spread fast execution etc,.
If your a small account holder go with some other broker... Jason most likely will not agree with my post but it's the fold hard fact.

so, Chris stop bitching all time bro, lol, it is what it is.
Passion, Persist, Patience, Protect
  • #5,618
  • Dec 14, 2014 7:30am Dec 14, 2014 7:30am
Quoting FXEmpire
folks.. with fxcm you need to have a big account and be with their active trader account (requires minimum of 25k) in order to have no problem. you the best of everything, low spread fast execution etc,. If your a small account holder go with some other broker... Jason most likely will not agree with my post but it's the fold hard fact. so, Chris stop bitching all time bro, lol, it is what it is.
Ummm ... in case you missed it there FX, I was replying to a post by Jason and just stating facts, not coming in here "bitching" about anything out of the blue. Other than that I agree with what you say except I figure (don't know) it's probably higher than 25k to get decent service. LOL

In the future though, if you plan to name me personally, at least have the guts to do so by quoting me so I don't have to find it by mere chance while just passing through ... eh?

Ghost Rider - WWTBMD?
  • #5,619
  • Dec 14, 2014 12:31pm Dec 14, 2014 12:31pm
Quoting albchr
{quote} Ummm ... in case you missed it there FX, I was replying to a post by Jason and just stating facts, not coming in here "bitching" about anything out of the blue. Other than that I agree with what you say except I figure (don't know) it's probably higher than 25k to get decent service. LOL In the future though, if you plan to name me personally, at least have the guts to do so by quoting me so I don't have to find it by mere chance while just passing through ... eh?
"guts"... i tell it in your face bro, lol.. every time i check this thread all I see is you "bitching" and oh ya whining about something.
it's just a fact, though you may not like that i put it to you like this but it's about time for you to grow up for just about everything Chris.

I won't reply back to anything you say from here on bcz i simply don't wast my time with bs.
Passion, Persist, Patience, Protect
  • #5,620
  • Dec 14, 2014 1:08pm Dec 14, 2014 1:08pm
Quoting FXEmpire
{quote} "guts"... i tell it in your face bro, lol.. every time i check this thread all I see is you "bitching" and oh ya whining about something. it's just a fact, though you may not like that i put it to you like this but it's about time for you to grow up for just about everything Chris. I won't reply back to anything you say from here on bcz i simply don't wast my time with bs.
Tough talk behind the internet chump. I'll be out your way in couple months. Perhaps we can meet for a beer and you'll get your chance.
Ghost Rider - WWTBMD?
9 traders viewing now