FXCM Discussion | Page 336 | 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

  • #6,701
  • Jan 26, 2015 8:44pm Jan 26, 2015 8:44pm
Well said Magix and for the record this isn't just about fxcm this is about the retail trade as a whole. Does anyone really believe that if the US retail market dries up you will have the same spreads or broker options to trade!!! Its about profit and the trades generate profit if a 3rd of the trades dry up then a 3rd of the profit goes away. How will they replace it..... they will adjust the spreads or do as the other FCM's did and switch the focus back to institutional investors who trade higher volumes and make them more profit. As for FXCM they may have had their problems in the past just like FXDD and a host of others. They have rectified it and have had great service and the most competitive spread I have seen in a long time. My money stays with them. The focus here should not be on FXCM but more on how the retail trading community as a whole is going to fight for our survival. Wake up people the world is about to change.
  • #6,702
  • Jan 26, 2015 8:46pm Jan 26, 2015 8:46pm
Quoting traderathome
{quote} Want to Jump From the Frying Pan into the Fire? Not true! The stock market is not a better place to be! To have an account with margin you have to have $50,000 or more. Then, there are the considerations of the "Free Ride Rule", and that the "Big Boys" can Naked Short to depress prices and you cannot! In fact, you cannot even short unless your broker can "find" real shares of others to loan to you to do so. And that is hardly ever the case when it really is a good time to short! The stock market is a den of inequity ruled by the "Thieves...
I never jump from forex to stocks. It is actually the opposite: I have traded stocks long before I try forex. It is also not true that you need 50k to open a margin account. Some brokers only require 2500 for a margin account. the reason that I join forex trading years ago was 400:1 margin for bigger profit than stocks. But got burned repeatedly. Then I lowered the leverage and try again. This time I did not get burned but did not make much profit. The golden age for forex was 2008-2010 when currency rates changed rapidly. Unfortunately I got burned in that period. In recently years, Forex market is not as profitable as before so I start to look at stocks again. I am now trading stock index, which I found move faster than forex pairs. For stocks, you do not always short. Buying cheap stocks is more profitable than shorting stocks. There are also stock options which could bring even more profit.
  • #6,703
  • Jan 26, 2015 8:48pm Jan 26, 2015 8:48pm
Quoting Magix
Are you unappreciative potlickers throwing in the towel now? After all that Jason and FXCM have done to for you? Did you not read throughout the day that Jason answered some pretty serious questions and concerns... Like, {quote} {quote} {quote} {quote} {quote} {quote} {quote} {quote} Seriously, where else are you Pathetic Suckers valued customers, going to get service like this?
Magix I have respect for you but this seems to me to be just a bunch of whining. Nothing they can say would satisfy some of the critics on here. Well, except for maybe "We're going to restore your account balance to what you had before Jordan shot his mouth off."
  • #6,704
  • Jan 26, 2015 9:14pm Jan 26, 2015 9:14pm
Quoting Kanzler
{quote} Magix I have respect for you but this seems to me to be just a bunch of whining. Nothing they can say would satisfy some of the critics on here. Well, except for maybe "We're going to restore your account balance to what you had before Jordan shot his mouth off."
Whinning?

Pshhhhh

That was me being subtle...

1. They cannot restore my balance, because
2. I haven't taken a live trade since Mid December, and
3. I do not now, nor have I ever been a customer of FXCM, not even by way of demoing their charts.

This is me being the consumer advocate.

What I have really refrained from saying up to now, is that you silly sons of bitches that still have money with this broker must have fucking rocks in your heads!

SERIOUSLY.

These motherfuckers celebrate whether you win or lose by way of profit, and that is the name of the game...however, they've changed the rules. Rather than full out admitting they shit the sheets in a fucked up business model, they resorted to stealing money from the backs of those who have kept them in business...and guess what? They ain't finished yet!

Rather than doing the honorable thing and just releasing the press stating they fucked up and can give a little money back to those who still had funds with them, they leveraged themselves a loan under horrendous terms and continue to try and rape the funds out of each and every last trader that still has money parked in an account.

Why?

So they can keep their thousand dollar suits and sports cars, summer in the Hamptons, while some of your own country men and fellow traders are afraid of losing their fucking houses and everything they've worked for.

Get your head out of your ass.

Not trading is better than the terms you will see coming.

The only clause they've missed in their contract was one stating that:

"We won't kiss you first"
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,705
  • Jan 26, 2015 9:14pm Jan 26, 2015 9:14pm
A quick message to trader at home where are you getting these numbers 200 to one leverage for Futures 50 k for a margin account? Also you said in an earlier post that this was the fault of republicans. Dodd Frank started this mess and they are both Democrats as is the president!!!!! You also prove a point about leverage in your above statement you traded 400-1 and it didn't work well you lowered and it did work. Now you say it doesn't move fast enough. Like I said a kid at the candy buffet.

So here do the math if you would like as to why 50-1 works especially with compounding.

The attached file shows what you can do with $1000.00 in starting capital when you compound it and have the patience to wait 1 year.

The risk is for $1.00 per pip (conservative) which will give you a lower amount but allow you to lose 1000 pips (if you have that many bad trades in a row then stop trading and find someone to do it for you)

$2.00 per pip for aggressive investment which allows you to lose 500 pips.

The margin column represents total pips gained in a one week period when you assign the value of $1.00 per pip. So in the attached sheet at 50-1 risking a dollar per pip if I gain 200 pips each week I can have 13 million n 52 weeks if I compound and nothing goes wrong. On the other hand if I risk $2.00 per pip I only need to snag 100 pips a week or 20 pips a day to hit that same goal. ..

Now for the compounding aspect you should be able to see it.
Week 1 $1.00 per pip
Week 2 $1.20 per pip and so on.

That would only take you 1 year to do that so why a fast moving market etc
Attached File(s)
File Type: pdf Copy of $1000 investment2 (1).pdf   21 KB | 465 downloads
  • #6,706
  • Jan 26, 2015 9:18pm Jan 26, 2015 9:18pm
Quoting calstar
{quote} 400-1 yeah that's smart. Traders like you are the reason that all of this crap is happening.
Read my post again, 100:1 is my preference. For maximum flexibility and the ability to chase trends I rather not have all my capital tied up on individual trades.

A professional trader with tight S/L's can smartly trade with high margin and not get into trouble.

Also your Blaming the customers for the problem is a totally evasive excuse for the inaction of FXCM to adequately manage market risk. If you had been bothered to look around you'll notice that none of the other big name brokers are having the same severe problems as FXCM.

Again It might be helpful to point out to you as others have already mentioned that the actual reason this crap is happening lies squarely at the feet of FXCM as they were stupid enough to either not to see volatility in the CHF or ignore it and fail to act accordingly. Other brokers like Dukascopy managed to hedge appropriately a few months back. It looks like the greed of FXCM at the senior management level got the better of them.

This is how Dukascopy acted:
The scenario of such shock in the CHF had been anticipated four months in advance as shown by Dukascopy news published on 3rd of October 2014: "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014"


Also if you knew anything about what you are talking about then you would know that FXCM has fought and won against regulators before. Back in 2010 FXCM successfully lobbied and stopped legislation being enacted to lower margin rates .Drew Niv, FXCM’s chief executive officer, wrote in a March 2010 letter to the CFTC that was signed by eight other executives at currency dealers. The industry relies on “electronic systems” to liquidate customer trades and protect against “currency fluctuations in the market,” they said in the letter, which is posted on the CFTC’s website.

Since then FXCM has been fined over $14 million in 2011 and with the current situation it finds itself in, i doubt FXCM will have any positive influence/clout with the CFTC and regulators.
  • #6,707
  • Jan 26, 2015 9:27pm Jan 26, 2015 9:27pm
Quoting calstar
A quick message to trader at home where are you getting these numbers 200 to one leverage for Futures 50 k for a margin account? Also you said in an earlier post that this was the fault of republicans. Dodd Frank started this mess and they are both Democrats as is the president!!!!! You also prove a point about leverage in your above statement you traded 400-1 and it didn't work well you lowered and it did work. Now you say it doesn't move fast enough. Like I said a kid at the candy buffet. So here do the math if you would like as to why 50-1 works...
. Let me provide an actual example. Today, I want to long usdjpy I have 10k allocated for forex trading in my bank account. I want to risk 2% ($200). I am going to use a 40 pip sl. This equates to 5 mini lots. My margin requirement is $100, however since I'm risking $200, this is what I transfer. Now if you are with Oanda or any other NFA regulated broker, you need to provide, wait for it.........$1500 in margin. So while I will keep $1300 in my own bank, traders with FXCM, Oanda or any other NFA regulated broker will give broker 1500. How is this a better option for ANY TRADER?
  • #6,708
  • Jan 26, 2015 9:42pm Jan 26, 2015 9:42pm
Quoting Magix
{quote} Whinning? Pshhhhh That was me being subtle... 1. They cannot restore my balance, because 2. I haven't taken a live trade since Mid December, and 3. I do not now, nor have I ever been a customer of FXCM, not even by way of demoing their charts. This is me being the consumer advocate. What I have really refrained from saying up to now, is that you silly sons of bitches that still have money with this broker must have fucking rocks in your heads! SERIOUSLY. These motherfuckers celebrate whether you win or lose by way of profit, and that is the name of the game...however, they've changed the rules. Rather than full out admitting they shit the sheets in a fucked up business model, they resorted to stealing money from the backs of those who have kept them in business...and guess what? They ain't finished yet! Rather than doing the honorable thing and just releasing the press stating they fucked up and can give a little money back to those who still had funds with them, they leveraged themselves a loan under horrendous terms and continue to try and rape the funds out of each and every last trader that still has money parked in an account. Why? So they can keep their thousand dollar suits and sports cars, summer in the Hamptons, while some of your own country men and fellow traders are afraid of losing their fucking houses and everything they've worked for. Get your head out of your ass. Not trading is better than the terms you will see coming. The only clause they've missed in their contract was one stating that: "We won't kiss you first"
This is where I've lost you, maybe as the consumer advocate for those of us who apparently have rocks in our heads you can explain. Where do you get the evidence that they have stolen money from their customers? Where have you gotten the idea that they can't repay customers in full for any account balances they have? Yeah the loan sucks but I'd rather have the loan than them be insolvent. Not having been a customer for FXCM even with a demo account I think you're putting a lot of stock into some of the scaremongering posts others have left here including all of this "They're going to come after me for my negative balance" nonsense, which has not happened and I seriously doubt it ever will.
  • #6,709
  • Jan 26, 2015 9:49pm Jan 26, 2015 9:49pm
What about all the blatant cheating through the years. Fine after fine after fine. they should have been shut down years ago. Oh wait, The NFA only makes trading more difficult for the traders, but doesn't really "regulate" the brokers.
  • #6,710
  • Jan 26, 2015 9:51pm Jan 26, 2015 9:51pm
Quoting Dafonz
{quote} Read my post again, 100:1 is my preference. For maximum flexibility and the ability to chase trends I rather not have all my capital tied up on individual trades. A professional trader with tight S/L's can smartly trade with high margin and not get into trouble. Also your Blaming the customers for the problem is a totally evasive excuse for the inaction of FXCM to adequately manage market risk. If you had been bothered to look around you'll notice that none of the other big name brokers are having the same severe problems as FXCM. Again...

I am glad you find success with multi pairs and multi trades... Kudos, and if there is another run lets hope you don't get a margin call. Patience equals profits. As for Niv yes he and others lobbied as they should have because the NFA wanted 10-1. Your quote was right off forex magnates all you forgot was the headline. As for professional traders and stop losses do you think no one had any stops out there? No its not the brokers fault that people lost money messing with the SNB. I guarantee you any one who was playing the bounces off the floor made money over the last 3 years. It was free money right? A cant miss trade right? Well guess what, nothing is for sure in this or any other market just like when the Dow crashed during the Greek crisis and dropped 900 points. What was the result then, more fucking regulations against high frequency traders.

Because a bunch of morons who want to trade 400-1 to get rich quick complain when they lose their money everyone suffers and I for one am sick of it. Then come the conspirators claiming stop hunting against retail trades. Here's one for you!!!!! What separates a stop hunt from a fucking market move!!!!! Can you tell me the difference because then I can watch out for it. Wait let me answer that for you.... A stop hunt is a fucking excuse that some moron tells his wife and himself when he blows out another account trading 400-1 or a sure thing like the SNB putting in a floor.

Take some responsibility on yourselves people. I blew out more accounts then I care to remember, I remember my first trade ever. I purchased a cant miss system with Keltner channels an AO and a 20 ema. I knew nothing about leverage and was trading 200-1 off a 5k account. I made 10k on my very first trade. I was going to be rich!!!! 3 nights later my wife found me throwing up because I lost everything I had in my account. You know what it wasn't because my broker ran my stops or because the Japanese intervened. It was because I was a moron!!!!! I got smart looked in the mirror and realized what everyone knows, there are no grails, this is fricking work and you will not get rich quick and survive. So if you are one of the foil hat wearing 400-1 idiots please do us all a favor close your account NOW, go to Vegas and put it all on 35 black. Because all you are doing is gambling anyway, and at least you wont fuck the industry up anymore with your whining to the CFTC about bad brokers and how you got taken
  • #6,711
  • Jan 26, 2015 9:51pm Jan 26, 2015 9:51pm
I am still a bit puzzelled on how FXCM handled its negative A/C customers. Most brokers took a decision within hours/couple of days. I understand & respect the fact that FXCM was/is in a slightly different situation. But:
- Last Friday, USA customers received a letter to repay the negative balances
- This Monday, French customers received called from local branch informing them that negative A/C will be reset to zero

Any comments from FXCM on this matter would be appreciated.
What about the rest of the world?
  • #6,712
  • Jan 26, 2015 9:54pm Jan 26, 2015 9:54pm
Quoting Kanzler
Where have you gotten the idea that they can't repay customers in full for any account balances they have? Yeah the loan sucks but I'd rather have the loan than them be insolvent.
How does insolvent and being able to give traders their money back and close their doors, like a responsible company, even fit into the same sentence?

Scaremongering?

Have they not requested money back?
Have they not kipsed funds from secondary accounts?
Have they not justified their antics with the bullshit Forced Majeure, clause?

Whether they chase you down the street or just send out this email, they are one the same.

Their business was built by the people who trusted them and their contract. Their business failed because they didn't have the foresight to think, what if? And now, those who have paid their dues are still expected to pay more.

You are in a country goverened by morons, under an illusion of democracy.

Where you have the actual ability to advocate for yourself, you now refuse?

Mind boggling.

Take one for the team Kanz. I'm sure they'll remember your name whilst they wipe the sweat from their brows, knowing that fucking anybody they could, made it so they can klink crystal in a toast, having dodged the bullet...whilst you sip your beer from a can.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,713
  • Jan 26, 2015 10:09pm Jan 26, 2015 10:09pm
Quoting Profit Daily
{quote} . Let me provide an actual example. Today, I want to long usdjpy I have 10k allocated for forex trading in my bank account. I want to risk 2% ($200). I am going to use a 40 pip sl. This equates to 5 mini lots. My margin requirement is $100, however since I'm risking $200, this is what I transfer. Now if you are with Oanda or any other NFA regulated broker, you need to provide, wait for it.........$1500 in margin. So while I will keep $1300 in my own bank, traders with FXCM,...
What are you talking about the screen shot is from FXCM It is $1000.00 to hold that trade which is not anymore then it would be normally? YOU still are risking $200.00 on 40 pips because if the trade goes bad(hope it doesn't) you get $800 of your margin back you would need to lose 200 pips to use all your margin. USD/JPY is not $1.00 per pip its like .87 a pip. Stop just throwing number out at random. I also use Forex.com and there it is 250 in margin for every .10 you want to trade. Until the NFA stepped in it was 200
Attached Image (click to enlarge)
Click to Enlarge Name: ex2.jpg Size: 161 KB
  • #6,714
  • Jan 26, 2015 10:16pm Jan 26, 2015 10:16pm
Quoting calstar
{quote} What are you talking about the screen shot is from FXCM It is $1000.00 to hold that trade which is not anymore then it would be normally? YOU still are risking $200.00 on 40 pips because if the trade goes bad(hope it doesn't) you get $800 of your margin back you would need to lose 200 pips to use all your margin. USD/JPY is not $1.00 per pip its like .87 a pip. Stop just throwing number out at random. I also use Forex.com and there it is 250 in margin for every .10 you want to trade. Until the NFA stepped in it was 200 {image}
It's $1500 to hold that trade after 5 pm today leverage is 33;1 on jpy. My point is I'll put my $200 risk with my broker and keep the other $1300 in my account. Yes, we are risking the same, but my money is safer in my bank than with broker. There is a difference between over leveraging and protecting your capital. I maybe using 300;1 with the broker while still only risking 2% of my trading funds.
  • #6,715
  • Jan 26, 2015 10:18pm Jan 26, 2015 10:18pm
Guys, stop fighting. There is a news that toilet paper and avocado are in great demand in the US because of blizzard. Any trading ideas? ;-) :-p
  • #6,716
  • Jan 26, 2015 10:23pm Jan 26, 2015 10:23pm
Quoting xy76
Guys, stop fighting. There is a news that toilet paper and avocado are in great demand in the US because of blizzard. Any trading ideas? ;-) :-p
Yeah, you dicks...

Quit fighting...me n kanz are trying to have a convo.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,717
  • Jan 26, 2015 10:26pm Jan 26, 2015 10:26pm
Is it just me or does it take $20,000.00 MMR to hold 100K EURCHF at FXCM now?
Lol?
  • #6,718
  • Jan 26, 2015 10:27pm Jan 26, 2015 10:27pm
Quoting xy76
Guys, stop fighting. There is a news that toilet paper and avocado are in great demand in the US because of blizzard. Any trading ideas? ;-) :-p
LOL you are right I think we are all saying the same thing if you lose money be you a broker or trader its on you. But now how to get the regulators to stop pinching the little guy. I did call my senator today and was told by his aid that they didn't think the NFA could just change legislation and up margine requirements with out a comment period. Unfortunately he does not sit on the banking committee but they are looking into it and being that he was once a small business owner as well and has followed up with me in the past I trust they are not just giving me lip service.

I am also thikning of starying a campaign called fight the NFA and starting a go find me to retain lawyers for maybe a class action I am really sick of getting bent over by regulators who are clueless. If I haven't mentioned it before the NFA is not a government agency They also have a CEO I wonder what he makes
  • #6,719
  • Jan 26, 2015 10:28pm Jan 26, 2015 10:28pm
Quoting Magix
{quote} Yeah, you dicks... Quit fighting...me n kanz are trying to have a convo.
So you two eat your avocado and don't forget your paper... ;-) :-p
  • #6,720
  • Jan 26, 2015 10:37pm Jan 26, 2015 10:37pm
Quoting calstar
the NFA is not a government agency They also have a CEO I wonder what he makes
Uniformed decisions!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
9 traders viewing now