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FXCM Discussion

  • #8,741
  • Mar 14, 2016 8:54pm Mar 14, 2016 8:54pm
Anyone actually making money with fxcm ? Most of the answers will be no. FXCM is a market maker. Careful with this one. They bet against you.
  • #8,742
  • Mar 14, 2016 8:55pm Mar 14, 2016 8:55pm
Quoting zznbrm
It is stunning, absolutely stunning, how many forex traders continue to use MT4 for live trading.

What would you recommend ?
  • #8,743
  • Mar 14, 2016 9:09pm Mar 14, 2016 9:09pm
Quoting ClimaxOffset
Anyone actually making money with fxcm ? Most of the answers will be no. FXCM is a market maker. Careful with this one. They bet against you.
another misinformed trader ...quick to blame the broker for his losses instead of taking responsibility..

i bet over 10000 traders at FXCM made the biggest mistake of their lives trading there..

do your research and stop blaming brokers for your problems. tisk tisk
practising coitus interruptus
  • #8,744
  • Mar 14, 2016 9:46pm Mar 14, 2016 9:46pm
Quoting ClimaxOffset
Anyone actually making money with fxcm ? Most of the answers will be no. FXCM is a market maker. Careful with this one. They bet against you.
i continualy have problems with fxcm but i still make money most of my problems are mechanical like for the life of me i cant get a statment sent dispite freqent atempts etc
  • #8,745
  • Mar 15, 2016 3:25am Mar 15, 2016 3:25am
Quoting avibe
{quote} another misinformed trader ...quick to blame the broker for his losses instead of taking responsibility.. i bet over 10000 traders at FXCM made the biggest mistake of their lives trading there.. do your research and stop blaming brokers for your problems. tisk tisk

If you seriously think the broker is out for your well being, you have some serious issues. Everything you've just said made you look even stupider.
  • #8,746
  • Mar 15, 2016 3:33am Mar 15, 2016 3:33am
have to agree .. if you are at a point where you are blaming the broker .. then i think you need to stop trading and look at what you are doing

fxcm are regulated by far scrutinised more then the smaller brokers ..

I have been using them for years and can say that i very rarely have problems with them .. i am not a super scalper though .. so perhaps depending on what you are doing comes into play here too.
  • #8,747
  • Mar 15, 2016 4:14am Mar 15, 2016 4:14am
Some of you were wondering where demo and live come from....just check with a firewall where the progs connect to then trace the ip...
  • #8,748
  • Mar 15, 2016 4:31am Mar 15, 2016 4:31am
Quoting n_aftab
have to agree .. if you are at a point where you are blaming the broker .. then i think you need to stop trading and look at what you are doing fxcm are regulated by far scrutinised more then the smaller brokers .. I have been using them for years and can say that i very rarely have problems with them .. i am not a super scalper though .. so perhaps depending on what you are doing comes into play here too.
Have to say I am with Climax on this. If you want to see just how erroneous the platforms are with FXCM go back to page 408.

http://www.forexfactory.com/showthre...33#post8521833

All the audit team continued to do was give back my losses and never explained the truth of what had happened. Trade with them cautiously !
  • #8,749
  • Mar 15, 2016 5:54am Mar 15, 2016 5:54am
Quoting iDoubleStoch
{quote} Insufficient volume and a lack of depth in trade-able instruments has traditionally been the problem for my trading style.
you mean on the retail forex side of the house right?
"Holy Grail" exists - accepting where is the first step.
  • #8,750
  • Mar 15, 2016 6:01am Mar 15, 2016 6:01am
Quoting robgsxr
Not so sure about FXCM prices being so accurate Billstein. Have a look at these charts 15 min shows lowest candle price at .73491 eur gbp 4 hour shows the lowest price at .73537 and the tally for the day shows lowest price also at .73537. Look at the low price in the little yellow data tab to the left of the candles My raw data shows exactly the same prices. Classic stop hunting ?? or just an error that would never be noticed by some poor un-expectant trader ? I moved my large accounts out of FXCM as this practice seemed to happen too often with...
can i ask how often this had been going on .. and how long?

not personally experienced any issues but will keep a closer eye on things
  • #8,751
  • Mar 15, 2016 6:50am Mar 15, 2016 6:50am
Quoting n_aftab
{quote} can i ask how often this had been going on .. and how long? not personally experienced any issues but will keep a closer eye on things
You might not be lucky enough to even witness these events as they are extremely subtle when they occur.
I experienced multiple issues before I could understand what was happening.
I identified a stop taken out at my stop loss price and the raw data prices had changed days or in some cases hours later.
I was only lucky enough to see this because I had kept a chart screenshot of an event and also pasted the raw data from the FXCM tables, onto my own spreadsheet; only to see a totally different chart the following day and different values posted in the raw data table.

Clearly shocked by this I was able to see the events happening easier each time.

I have, I think three issues that I have bothered myself to document. The times I asked FXCM to investigate have been a waste of my own time, so I don't even complain anymore.

I just dropped my account sizes down to mini accounts with FXCM and use bigger stop losses.

I still trade on these smaller accounts occasionally, to see if the dynamics change and also to compare with my other brokers platforms.
I find it useful to see price movements from a different chart package.
  • #8,752
  • Mar 15, 2016 7:09am Mar 15, 2016 7:09am
Quoting robgsxr
{quote} You might not be lucky enough to even witness these events as they are extremely subtle when they occur. I experienced multiple issues before I could understand what was happening. I identified a stop taken out at my stop loss price and the raw data prices had changed days or in some cases hours later. I was only lucky enough to see this because I had kept a chart screenshot of an event and also pasted the raw data from the FXCM tables, onto my own spreadsheet; only to see a totally different chart the following day and different values...
never noticed anything like that .. but will keep an eye out .. i do also have a 2nd broker platform fxpro that i check with ..

did you go to a different broker after this .. i over the years have looked at many .. and most have flaws of some sort, fxcm is the one i settled on
  • #8,753
  • Mar 15, 2016 7:17am Mar 15, 2016 7:17am
Quoting n_aftab
{quote} never noticed anything like that .. but will keep an eye out .. i do also have a 2nd broker platform fxpro that i check with .. did you go to a different broker after this .. i over the years have looked at many .. and most have flaws of some sort, fxcm is the one i settled on

Yes, I only started looking at alternative brokers because of these issues and I am sure you are right about "flaws" with other brokers !
  • #8,754
  • Mar 15, 2016 7:51am Mar 15, 2016 7:51am
Quoting ClimaxOffset
Anyone actually making money with fxcm ? Most of the answers will be no. FXCM is a market maker. Careful with this one. They bet against you.
How come they lost 100 of millions of $ during CHF last yr if they were betting against you? That means their clients made 100 of millions....
  • #8,755
  • Mar 15, 2016 9:04am Mar 15, 2016 9:04am
Quoting ClimaxOffset
{quote} What would you recommend ?
Trading Station
NinjaTrader
Mirror Trader
ZuluTrade
ForexConnect
Java Trading API
FIX API (1st choice for automated trading)
  • #8,756
  • Mar 15, 2016 9:10am Mar 15, 2016 9:10am
Quoting FlashCall
{quote} How come they lost 100 of millions of $ during CHF last yr if they were betting against you? That means their clients made 100 of millions....
spot on ... the brokers that lost money are the ones not trading against you ... and the ones that seem to have lost nothing are the ons most likely to be trading against you .. and have the most incentive to mess you around and play games with you and your platform.
  • #8,757
  • Mar 15, 2016 5:14pm Mar 15, 2016 5:14pm
Quoting Cobra
{quote} Jason if I take up your offer and I set the maximum deviation one of the following two things will happen: I will be slipped each time with the maximum "accepted" deviation ( NOT to my benefit at all ) and/or My EA's order will simply not be executed because of the "maximum deviation" setting which leaves my EA unprofitable ( missed orders) This feature is designed to pass on slippage to the trader as "agreed" by him or to simply not execute the order due to "unacceptable slippage" as agreed by the trader.
Hi Cobra,

Unfortunately, you have misunderstood how FXCM's enhanced* Maximum Deviation feature works:

On our No Dealing Desk (NDD) forex execution, each of your orders is immediately offset one-for-one with the best prices from competing liquidity providers. That means FXCM doesn't take the market risk on the other side of your trades, so we don't profit from your losses or lose from your profits. More specifically, we don't profit when you receive negative slippage or lose when you receive positive slippage.

Therefore, we have no reason to fill your orders at anything other than the best price available in the market regardless of the Maximum Deviation range you choose. You can confirm this by reviewing the statistics from a year's worth of trades executed through FXCM which prove our clients receive positive slippage as often as they receive negative slippage: http://bit.ly/21hOZa5

 

  1. 76.2% of all orders had NO SLIPPAGE.
  2. 13.5% of all orders received positive slippage.
  3. 10.2% of all orders received negative slippage.
  4. Over 58% of all limit and limit entry orders received positive slippage.
  5. 52% of all stop and stop entry orders received negative slippage.


That would not be the case if our Maximum Deviation feature worked the way you suggest.


* Many MT4 brokers do not support the Maximum Deviation feature at all. Some brokers that do offer Max Dev use it to limit both your positive slippage and your negative slippage equally. By contrast, FXCM enhanced the Max Dev functionality of our MT4 platform to limit only negative slippage. That means, you can still receive the full benefits of any positive slippage that's available in the market when you use the Max Dev feature to minimize your negative slippage with FXCM.

  • #8,758
  • Mar 15, 2016 5:16pm Mar 15, 2016 5:16pm
Quoting Cobra
Why is it not possible to give me a demo which will represent true market conditions so that I can make an informed decision rather thn opening a live acc and only to find out that I was right about the re-quotes and slippage. Why?
Quoting FlashCall
{quote} You are really naive to think that any broker or LP will give you the exact same execution as live. A demo NEVER EVER mirrors live executions - its impossible.
As FlashCall has correctly said, no demo account can fully replicate the liquidity (or lack thereof) of live trading during major news events or other times when prices change quickly. Therefore, it's important to understand that slippage is a risk of live trading with any broker.

For this reason, you should appreciate the fact that FXCM's demo does its best to tell you (via the "Off quotes" message) when the price available in the market is beyond your chosen Maximum Deviation range. Isn't it better for you to have such information than to be given false confidence by a demo from some other broker that fills all your practice orders with no regard for whether those prices were truly available in the real market?

Please don't shoot the (Off quotes) messenger.
  • #8,759
  • Mar 15, 2016 5:36pm Mar 15, 2016 5:36pm
Quoting n_aftab
my sole opinion ... switch to the fxcm trade station (or the web tradestation) .. i honestly thing mt4 is the cause behind a lot of slippage and most of the issues i read here . I use mt4 for charts and tradestation for my trades I would never change that now.
Quoting zznbrm
It is stunning, absolutely stunning, how many forex traders continue to use MT4 for live trading.
Quoting Erebus
{quote} Probably not aware of any options, might be helpful if you mentioned what you are referring too?
Quoting Cobra
{quote} I use mt4 because i have a profitable EA. If someone can point me in a direction where i do not need Mt4 , but can still run an automated ( semi automated) robot i will be happy.
Quoting zznbrm
{quote} Trading Station NinjaTrader Mirror Trader ZuluTrade ForexConnect Java Trading API FIX API (1st choice for automated trading)
Quoting n_aftab
{quote} or if you want a quicker execution you could try a vps that fxcm host .. that way your ea runs as close to the fxcm servers as possible .. they used to give it for free with account balances of a certain amount .. worth looking at if you want to stick with mt4
Quoting FlashCall
I read you want to migrate your EA into something else where you dont have to use MT4; this might help you: https://www.fxcm.com/services/forex-...rategy-coding/ Good luck Cobra.
Quoting milan81
Hello all, new on this forum thread, but I'm little surprised of all these negative comments about FXCM. Are you all referring to FXCM US or UK? I'm doing big brokers test for my scalping EA and I must say my FXCM UK (EUR denomination) is in my TOP3 brokers in terms of spread, commissions and very reasonable slippage. Trading on CNS's VPS in NYC with latency around 1-2ms. I measure and track slippage file & historical spread for all my live trades under various brokers. I can provide this data if needed. Regards, Mick scan of my MT4 slippage file...
Each platform has it's strengths. I don't believe MT4 is the problem, but rather poorly written EAs, indicators and scripts that bog the platform down when prices update rapidly during news events... that and traders who don't understand the meaning of the "Off quotes" message or how easily they can address it by adjusting their Maximum Deviation range: http://www.forexfactory.com/showthre...44#post7872944

That said, I want to thank you for sharing your positive experiences with our platforms and execution. And thank you for sharing your spread and execution stats and suggestions regarding alternative platforms, programming services and VPS solutions to address latency!
  • #8,760
  • Mar 15, 2016 6:04pm Mar 15, 2016 6:04pm
Quoting anudora
Wow....the EURUSD pair lagging on the Demo2 server by 15 mins again. The funny thing is I cannot enter a trade on Demo account cause it say "off quote". Otherwise, I may have made a million on my demo account. Well, the good news is the EURUSD on live account is not lagging. I agree with the above post that demo never mirror live execution but lagging 100 pips on a demo account during ECB event. That is something new.
Quoting hatzius
Cannot connect to my account on TradeStation mobile. Same goes with the desktop version (just got home, I guess there's a bigger glitch related to TS). {image}
Quoting forexhr
Today, after Draghi, it was impossible to trade, neither through TradeStation nor trough MT4 platform. I gave up after 30 minutes of "invalid prices"/"off quotes" MT4 messages and "processing..."/ "unble to..." TradeStation messages. I have been with FXCM since 2003., but I had never experienced this before.
Quoting cfta
This has got to be a new record! Practically impossible to trade for quite some time after news and a few weeks of testing an EA wasted with rates and charts lagging by three hours! The only way to fix this was to open a new account on another server, fortunately only playmoney but still a bit annoying... What is really annoying is to contact the live chat to enter my details and question three times and the first two waiting for a while and then being passed on to a survey asking if the service representative had answered my questions to my satisfaction...
Hi Everyone,

I would have responded to you sooner, but as I mentioned in my post last Monday, I was out of the office for a week and am only now getting caught up on all the messages from the time I was away: http://www.forexfactory.com/showthre...80#post8798880

Our tech support team has told me there were issues reported on two of our MT4 servers at the time you mentioned, but our 18 other MT4 servers and all our Trading Station servers seem not to have been affected. If your trades were negatively impacted, I encourage you to file a trade inquiry: http://bit.ly/1OLBiMs

The Trade Services Team will review your case and reply to you personally with a resolution. I apologize for any inconvenience you faced.
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