FXCM Discussion | Page 282 | 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

  • #5,621
  • Dec 14, 2014 2:42pm Dec 14, 2014 2:42pm
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...

Hi Jason,

I looked into the EA you suggested. Definitely NOT an option for me. Need to use VPS for any overnight positions, must leave computer on if not using VPS, need to type in every number for each TP & SL, can't see the orders on the chart, etc., etc....
Sorry, I guess just too spoiled these days with technology. That EA goes backwards a few years :-)

Someone else on FF from the USA posted a few comments (see comments below) & wonder what your thoughts are. Seems Oanda has modified the MT4 platform to make it work much better & still meet the CFTC rules. Maybe have your tech crew have a look ?

"Just makes using MULTIPLE limit orders (which profitable traders use) more difficult.
But with Oanda you could have a long 0.5 lot and then a sell limit for 1.00 lot and it would TP and get your short all at once.

And if you had multiple long entries, the TP would close them in order automatically. Great brokers like OANDA are finding ways to say F U to the rules.

Works with stop orders as well, not just TP. Allows you to have multiple stop losses too.
More brokers need to offer this. Oanda's MT4 is great "
  • #5,622
  • Dec 14, 2014 11:35pm Dec 14, 2014 11:35pm
Does anyone have this problem?

My daily close have goes different from the rest of the week i have. making all the volume and candlestick pattern goes haywire.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 84 KB
Read the entire market, money is made on the main trend not the fluctuation
  • #5,623
  • Dec 15, 2014 6:09am Dec 15, 2014 6:09am
Quoting Jason Rogers
{quote} 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.
Jason,
Thank you for the response. At the time I only had one position open with a limit and SL order. Are you saying that if I want to close the position by market price that I have to use the summary tab rather than the open tab?
  • #5,624
  • Dec 15, 2014 10:25am Dec 15, 2014 10:25am
Quoting Dcb
{quote} Jason, Thank you for the response. At the time I only had one position open with a limit and SL order. Are you saying that if I want to close the position by market price that I have to use the summary tab rather than the open tab?
Hi Dcb,

Yes, that's correct. Since you live in the US, your trading account is subject to US regulations regarding FIFO execution. That means, if you have multiple positions in the same currency pair, then older positions must be closed out before newer ones. Closing trades from the Open Positions tab is not possible on US accounts, because that would potentially allow you to close a newer position before an older one in violation of FIFO regs. Closing trades from the Summary tab ensures that older positions get closed first.
  • #5,625
  • Dec 15, 2014 11:41am Dec 15, 2014 11:41am
Quoting Jason Rogers
{quote} Hi Dcb, Yes, that's correct. Since you live in the US, your trading account is subject to US regulations regarding FIFO execution. That means, if you have multiple positions in the same currency pair, then older positions must be closed out before newer ones. Closing trades from the Open Positions tab is not possible on US accounts, because that would potentially allow you to close a newer position before an older one in violation of FIFO regs. Closing trades from the Summary tab ensures that older positions get closed first.
Jason,
I suspected it was because of the NFA FIFO rule, but your explanation of using the summary rather than the open tabs help me understand the rational. I appreciate FXCM supporting the Mobile Trade Station. I am moving to the mobile trade station that will allow me more flexibility, to be available to my family rather than being in front of a computer and be in the market when I need to be. The mobile trade station has improved dramatically since it was launched.
  • #5,626
  • Dec 15, 2014 12:15pm Dec 15, 2014 12:15pm
Quoting Kofmaster
Does anyone have this problem? My daily close have goes different from the rest of the week i have. making all the volume and candlestick pattern goes haywire. {image}
Hi Kofmaster,

Due to popular demand from traders, all our remaining USD-denominated MT4 servers that were previously set to GMT have now been switched to the time zone GMT+2. That way the daily bars on your MT4 charts (which begin and end at midnight server time) are now in sync with the New York Close (since 5pm New York Time corresponds with midnight GMT+2) http://www.forexfactory.com/showthre...33#post7215433

We sent you an email about this, but it may have gone to your spam folder. Your volume indicator will display correctly, if you update the GMT offset to +2. There's also a free Custom Time Zones app available at FXCMapps.com that will allow you to view your preferred time zone on your MT4 charts: http://bit.ly/1yI4fDA
  • #5,627
  • Dec 15, 2014 1:19pm Dec 15, 2014 1:19pm
Quoting srt
Maybe have your tech crew have a look ?
Hi Srt,

We're aware of the most-commonly used approaches taken by US firms in response to the restrictions placed on MT4 by FIFO regulations. However, it's worth noting that the particular approach you mentioned is not for setting multiple take profit orders which was your goal, but rather for closing and reversing a position. Incidentally, if you wanted to quickly close and reverse positions on your US MT4 account, we have apps for that: http://bit.ly/1GIFre2

Quoting srt
Definitely NOT an option for me. Need to use VPS for any overnight positions, must leave computer on if not using VPS, need to type in every number for each TP & SL, can't see the orders on the chart, etc., etc.... Sorry, I guess just too spoiled these days with technology.
I can definitely relate with you on this. FIFO has meant adjustments in the US for traders and brokers alike. Some platform functions that work on non-US, non-FIFO accounts don't work in the same way with US accounts that have to comply with FIFO, but there are many solutions. If the Multiple Stops and Take Profits EA was not suitable for your needs, I'm confident we can find another solution for you. To best do this, it would be useful know more about how exactly you would like to place your orders. Please send me a private message with your contact details, and I can have one of our tech specialists follow up with you to discuss your options in more detail.
  • #5,628
  • Dec 15, 2014 1:56pm Dec 15, 2014 1:56pm
Quoting FXEmpire
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.
Quoting albchr
{quote} Tough talk behind the internet chump.
Gentlemen, I'm happy to respond to criticisms you have of me or FXCM in this thread, and only ask that you please keep it friendly with each other.
  • #5,629
  • Dec 15, 2014 2:54pm Dec 15, 2014 2:54pm
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.
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
With the introduction of FXCM's new pricing, we offer the same raw FX spreads with NDD execution to traders regardless of their account balance.

http://i.imgur.com/IA1WNJM.png


While it's true that Active Trader accounts benefit from some additional services highlighted above, all FXCM clients have access to our 24/7 live customer support, not to mention weekday support here on the forums by yours truly.
  • #5,630
  • Dec 15, 2014 3:34pm Dec 15, 2014 3:34pm
Quoting Jason Rogers
{quote} {quote} With the introduction of FXCM's new pricing, we offer the same raw FX spreads with NDD execution to traders regardless of their account balance. {image} While it's true that Active Trader accounts benefit from some additional services highlighted above, all FXCM clients have access to our 24/7 live customer support, not to mention weekday support here on the forums by yours truly.
That has nothing to do with the "service" I'm referring to. I never questioned the spreads or commissions as being better or worse based on account size. The "perks" are a given and I have no issue with that.

THE PROBLEM: This week again, constant, non stop, MULTIPLE REJECTED ORDERS on virtually EVERY ATTEMPT to place or close an order. Regardless of deviation settings or even disabling it all together.

From people I know personally with larger accounts with you (on different servers), both here in the US and abroad, they suffer no such problems. Why am I?

It has become damn near impossible to trade and simply unacceptable Jason. It's not the platform and I highly doubt it's the providers. We're all using the same platform and I have to "assume" the same providers? So what gives?

POSSIBLE SOLUTION: Perhaps you could have tech assign me a different server than the real09. Because other than account size, that's the ONLY difference between myself and my friends. Just a thought.
Ghost Rider - WWTBMD?
  • #5,631
  • Edited 4:16pm Dec 15, 2014 4:06pm | Edited 4:16pm
Quoting albchr
{quote} That has nothing to do with the "service" I'm referring to. I never questioned the spreads or commissions as being better or worse based on account size. The "perks" are a given and I have no issue with that. THE PROBLEM: This week again, constant, non stop, MULTIPLE REJECTED ORDERS on virtually EVERY ATTEMPT to place or close an order. Regardless of deviation settings or even disabling it all together. From people I know personally with larger accounts with you (on different servers), both here in the US and abroad, they suffer no such...
Hi Chris,

Your forex account is on the same NDD execution with access to the same liquidity providers as Active Trader account holders. Furthermore, while FXCM operates dozens of servers, there happen to be Active Trader accounts on the same server you use. That said, I'm happy to arrange for one of our tech specialists to speak with you to troubleshoot possible causes of the problems you're facing including the server. I think that might be the best way to proceed, since my solutions that have worked for other traders on the forum do not seem to have resolved your issues.

While I appreciate that you are under time constraints (sorry to hear about the problems with your mother's health) if you can send me a private message with your contact details and the best time to reach you, one of our tech specialists can follow up with you to discuss this.
  • #5,632
  • Dec 15, 2014 4:15pm Dec 15, 2014 4:15pm
Quoting Jason Rogers
{quote} Hi Chris, Your forex account is on the same NDD execution with access to the same liquidity providers as Active Trader account holders. Furthermore, while FXCM operates dozens of servers, there are Active Trader accounts on the same server you use. That said, I'm happy to arrange for one of our tech specialists speak with you to troubleshoot possible causes of the problems you're facing including the server. I think that might be the best way to proceed, since my solutions that have worked for other traders on the forum do not seem to have...
Hi Jason, PM forthcoming. Thank you. And thank you for the thoughts on my mom. Been a rough couple years.
Ghost Rider - WWTBMD?
  • #5,633
  • Dec 15, 2014 4:24pm Dec 15, 2014 4:24pm
Quoting Jason Rogers
{quote} Hi Srt, We're aware of the most-commonly used approaches taken by US firms in response to the restrictions placed on MT4 by FIFO regulations. However, it's worth noting that the particular approach you mentioned is not for setting multiple take profit orders which was your goal, but rather for closing and reversing a position. Incidentally, if you wanted to quickly close and reverse positions on your US MT4 account, we have apps for that: http://bit.ly/1GIFre2 {quote} I can definitely relate with you...

Hi Jason,

My original question was never about having multiple take profit orders(TP). I've only been questioning the possibility of having multiple stop loss orders(SL). I've copied my original question below.

"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."

On the quote from another USA customer using Oanda's MT4, he stated that Oanda changed the MT4 platform to allow multiple SL orders.
Quote below.

"And if you had multiple long entries, the TP would close them in order automatically. Great brokers like OANDA are finding ways to say F U to the rules.

Works with stop orders as well, not just TP. Allows you to have multiple stop losses too.
More brokers need to offer this. Oanda's MT4 is great "

So what I'd like to know is "Can FXCM change the MT4 platform like Oanda did to allow more than 1 SL as long as the SL orders are placed in the proper order to remove them FIFO?"
Right now, if I make 5 entries then try to place a SL on the first entry, the platform automatically places the same SL on ALL 5 of my entries. This shouldn't have anything to do with FIFO as long as my 1st entry hits SL before my 2nd entry.
I know if it's too much trouble for your techs to do this my choices are to live with it or go with Oanda.
  • #5,634
  • Dec 15, 2014 4:37pm Dec 15, 2014 4:37pm
Quoting srt
{quote} Hi Jason, My original question was never about having multiple take profit orders(TP). I've only been questioning the possibility of having multiple stop loss orders(SL). I've copied my original question below. "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...
Hi Srt,

I apologize for my error, but whether it's multiple stop losses or multiple take profit orders that you wish to place for your entry orders, the solutions would be the same. And it's not too much trouble for our techs to go over these solutions with you, which is why I had offered to arrange a follow up call for you with one of our specialists.
  • #5,635
  • Dec 15, 2014 4:53pm Dec 15, 2014 4:53pm
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...
but this happened!
  • #5,636
  • Edited 6:11pm Dec 15, 2014 5:06pm | Edited 6:11pm
Quoting etrade
{quote} but this happened!
Hi Etrade,

Since you're following what's been going on with the Russian ruble, you may be interested in this article by David Rodriguez where he discusses alternatives to trading the currency directly: http://www.forexfactory.com/showthre...64#post7945964
  • #5,637
  • Dec 15, 2014 6:32pm Dec 15, 2014 6:32pm
Quoting Jason Rogers
{quote} Hi Srt, I apologize for my error, but whether it's multiple stop losses or multiple take profit orders that you wish to place for your entry orders, the solutions would be the same. And it's not too much trouble for our techs to go over these solutions with you, which is why I had offered to arrange a follow up call for you with one of our specialists.
Hi Jason,

Thanks for the response.
I'm going to drop the issue. If FXCM has a solution they can change the MT4 platform(like Oanda did) or post the solution on this thread. No reason for me to discuss the issue with them privately when it's not specific to me as I'm sure there are others that don't like it either. You'll see several times on Chris' site that he's not real pleased either with how it works.
I'll live with it or trade with Oanda.
  • #5,638
  • Dec 15, 2014 11:43pm Dec 15, 2014 11:43pm
Quoting Jason Rogers
{quote} {quote} Gentlemen, I'm happy to respond to criticisms you have of me or FXCM in this thread, and only ask that you please keep it friendly with each other.
Jason your a great help here and a good sport, thanks for all your work.
Passion, Persist, Patience, Protect
  • #5,639
  • Dec 16, 2014 12:01am Dec 16, 2014 12:01am
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...
In other words......

We retail traders don't actually take part in the Forex market. We trade through a proxy just like people did in the 1900s buckshops. Fancy names like NDD are just for show and tell. It is just a virtual market for us and the only connection we have to the real interbank forex market is the last quote.
So, you think you have rights? LOL
  • #5,640
  • Dec 16, 2014 1:11am Dec 16, 2014 1:11am
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...
My position is that traders trading USD/RUB long are, in essence, playing with fire at this point in time, and should exit their positions at the earliest possible juncture. It is clear to me that U.S. brokers will continue to permit the speculation in this currency until Russia totally implodes, so your broker, regardless of who they are, will not protect you and, quite frankly, it is not their job to protect you if you want to continue to risk your capital in light of the well-publicized situation with the Russian economy and the fact that capital restrictions remain a tool up the Russian Central Bank's sleeve to isolate its currency from further instability.

The RCB is quickly running out of options to stabilize its currency; if you've been following Russian news with any degree of attention, it is apparent that virtually every recent effort made by the RCB to prop up the currency has failed and is likely to continue to fail going forward in light of the multitude of economic pressures on the Ruble. Continuing to trade in this currency in light of Russia's economic situation is purely "at your own risk," not the broker's.

That being said, I think the moral thing for brokers to do would be to discontinue offering the trading of this currency on their platforms, but since a large negative swap is involved to the long side and that is the way brokers make their money, I don't, unfortunately, see that happening.
Fireworks are fun ... as long as you don't blow your fingers off.
10 traders viewing now