FXCM Discussion | Page 480 | 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

  • #9,581
  • Oct 13, 2016 5:00pm Oct 13, 2016 5:00pm
Quoting Anonymous32
How to get a Range Bar chart in Tradestation?
I searched for custom indicators on FxCodeBase.com and found the following: http://fxcodebase.com/code/viewtopic.php?f=17&t=3614
  • #9,582
  • Oct 13, 2016 8:04pm Oct 13, 2016 8:04pm
Quoting Jason Rogers
{quote} I searched for custom indicators on FxCodeBase.com and found the following: http://fxcodebase.com/code/viewtopic.php?f=17&t=3614
Hi Jason, since I received no answer the other day I'm posting this question again:

Any particular reason the USD/MXN opened 3 hours and 40 minutes later this week? Both on demo and real accounts.
Attached Image (click to enlarge)
Click to Enlarge Name: usdmxn.jpg Size: 129 KB
  • #9,583
  • Oct 14, 2016 6:41am Oct 14, 2016 6:41am
Hi, I have a question for Jason and anyone who else who cares to comment. I have been using FXCM for the last few months, specifically for scalping the GBP/USD. Now I don't want to bash FXCM as there are a lot of excellent points about them - namely the trading station, speed of execution and 100% connection time. But I've got to say I am v disappointed with the slippage. Lots of negative slippage which I expect as cable is volatile. The problem is out of the 400+ transactions, I've never received any positive slippage. Maybe a pipette once or twice. So my stoploss will have on average 0.5-2 pips slippage. While my take profit will basically never have any positive slippage. For eg, if I set my tp to 20 pips you can often see it jump form 19.8 pips profit to 20.8 say, but then you see that you've only received 20 pips profit. This is no good for a scalper. I have been trading for a few years and I have only used ECN's (supposed at least) and I've always received lots of positive slippage. My last broker ICMarkets gave me a tonne of positive (and negative) slippage which balanced each other out. Unfortunately their platform was always freezing so I had to quit. Anyway I called FXCM and they go on about their 16 liquidity providers but don't explain why it is all one way slippage, especially as their website claims that there is as much positive as negative slippage. It's a shame as I wanted to open an active trader account but I can't because of this. My advice is to any scalpers out there stick to Aussie brokers like Pepperstones, Axi, ICMarkets. FXCM are good only for longer trades where slippage is not much of a factor.
  • #9,584
  • Oct 14, 2016 6:56am Oct 14, 2016 6:56am
Quoting Naddmer
Hello Jason, while the FXCM tech team is on fixing the MT4 issues: MarketInfo(Symbol(), MODE_SWAPLONG)) and MarketInfo(Symbol(), MODE_SWAPSHORT) properly reflects the currently active swap conditions on the demo account but results in "0,00" on live accounts. This is not the expected behavior of those functions. Expected result: MarketInfo(Symbol(), MODE_SWAPLONG)) and MarketInfo(Symbol(), MODE_SWAPSHORT) should retrieve the currently active swap conditions for the pair denominated with Symbol() for each direction. MarketInfo(pSymbol, MODE_TICKVALUE)...
Did they ever resolve this issue?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,585
  • Oct 14, 2016 3:15pm Oct 14, 2016 3:15pm
Quoting josfx
Any particular reason the USD/MXN opened 3 hours and 40 minutes later this week? Both on demo and real accounts. {image}
Hi Josfx,

At 5pm New York Time this past Sunday, there was insufficent liquidity to open trading in the Mexican peso. Therefore trading was delayed until sufficient liquidity returned to the market. The US presidential debate on Sunday night, the US bank holiday on Monday (Columbus Day) and the fact that USD/MXN is an exotic pair may have all contributed to the lack of liquidity in the initial hours of the trading week.
  • #9,586
  • Edited Oct 15, 2016 7:52am Oct 14, 2016 3:41pm | Edited Oct 15, 2016 7:52am
Quoting PharLap
Hi, I have a question for Jason and anyone who else who cares to comment. I have been using FXCM for the last few months, specifically for scalping the GBP/USD. Now I don't want to bash FXCM as there are a lot of excellent points about them - namely the trading station, speed of execution and 100% connection time. But I've got to say I am v disappointed with the slippage. Lots of negative slippage which I expect as cable is volatile. The problem is out of the 400+ transactions, I've never received any positive slippage. Maybe a pipette once or twice....
Hi PharLap,

First, I want to thank you for choosing FXCM as your broker. I'm glad you've had a positive experience with our trading platform, speed of execution and connection quality, especially in comparison to your previous broker.

In regards to positive slippage, as you've noted, the execution stats show FXCM clients received positive slippage as often as negative slippage overall. That said, it's worth noting that individual traders may receive more positive slippage or more negative slippage depending on their unique trading styles. For example, a trader who only used limit orders to enter and exit trades could only receive positive slippage, not negative slippage.

You mentioned you're a scalper, trading GBP/USD specifically. I'm guessing that at least one of the reasons you chose to trade cable of all pairs is because of the volatility we have seen related to Brexit. I used to be a scalper and when I was, my strategy was to buy when I thought the price momentum was about to take the price higher, not in the hour, but in the next minutes or even seconds.

By its very nature, such a trading style would lend itself to more negative slippage, because I would buy as the price was rising and sell as the price was falling. You mentioned things worked differently with your former broker, but then again, you also mentioned you were hampered by their issues with execution speed and connectivity.

The key point here is that if you're trading on FXCM's No Dealing Desk (NDD) forex execution for Standard and Active Trader accounts, it makes no difference to us what price you get filled at, or whether you receive slippage or not, positive or negative. That's because we don't profit from your losses or lose from your profits. We make the same commission regardless, so it's in our best interest for you to receive quality execution at the best available price, so you will trade more with us.

Furthermore, it's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD forex execution (before adding the commission). That's a key reason you can have confidence trading with FXCM regardless of the account type you choose or the particular FXCM entity through which you trade.

So what are your options if you're a scalper who values the quality of FXCM's trading platform, execution speed and connection uptime, but wants to minimize negative slippage? Fortunately, FXCM has solutions for you. In particular, if you place market orders, you can use the Market Range feature on Trading Station to limit your negative slippage, but not your positive slippage.

Inserted Video


If you place Entry Orders, you can use the Range Entry feature on Trading Station which works similarly to limit your negative slippage by not your positive slippage on pending stop entry orders. Again, these order features will not increase your positive slippage if you a trading at moments when the momentum in the price action makes negative slippage more likely. But they can help you reduce your negative slippage overall, which give you that extra edge.
  • #9,587
  • Oct 14, 2016 3:54pm Oct 14, 2016 3:54pm
Quoting TooSlow
{quote} Did they ever resolve this issue?
Hi TooSlow,

As I mentioned to Naddmer previously, the reason those swap functions are disabled on MT4 has to do with how the MT4 platform is linked to our back office to enable single sign-on functionality. This functionality allows FXCM clients to log into multiple platforms -- MT4, Mirror Trader and Trading Station (Desktop, Mobile and Web) -- with one username and password to use different platforms depending on whether they are at home, work or traveling or for different trading strategies. While there are no plans to enable those swap functions on MT4 at this time, I can post an update here if that changes.
  • #9,588
  • Oct 14, 2016 4:28pm Oct 14, 2016 4:28pm
Quoting Singha83
I noticed on the MT4 servers, it had a regular FXCM "USDReal" and one that I have not seen "MT4-2.0-USDReal" What is the difference?
Hi Singha,

Over the years, as FXCM has added more MT4 servers, the naming style we have used for them has changed. When you receive your MT4 account login details, these will include information regarding the specific FXCM server to which you should connect.
  • #9,589
  • Oct 14, 2016 6:34pm Oct 14, 2016 6:34pm
Hello jason
in fxcm uk why you don't hold our money in uk banks, i mean usd deposits
  • #9,590
  • Oct 16, 2016 4:52pm Oct 16, 2016 4:52pm
You guys got server overload this Monday morning, keep getting disconnected, connected sounds, driving me crazy
It takes a lot for me to IGNORE you, but you can try.
  • #9,591
  • Oct 17, 2016 12:38am Oct 17, 2016 12:38am
Quote
You mentioned you're a scalper, trading GBP/USD specifically. I'm guessing that at least one of the reasons you chose to trade cable of all pairs is because of the volatility we have seen related to Brexit. I used to be a scalper and when I was, my strategy was to buy when I thought the price momentum was about to take the price higher, not in the hour, but in the next minutes or even seconds.


[quote]By its very nature, such a trading style would lend itself to more negative slippage, because I would buy as the price was rising and sell as the price was falling. You mentioned things worked differently with your former broker, but then again, you also mentioned you were hampered by their issues with execution speed and connectivity.


Hi Jason,
Thanks for the response. Unfortunately it doesn't really answer my question. Yes cable is volatile and that is why I trade it and I expect there to be negative slippage when it hits my stoploss. But that volatility should work for me when it hits my take profit in regards to positive slippage and that never happens for me. Just so you know how I trade, I open a market order and automatically a sl and tp is set for 20 pips usually. On your platform I often get 1 or 2 pips slippage on stoploss but why do I never get any positive slippage on take profit. I can actually see it on the terminal sometimes go from 19.8 pips to 21pips for example and then when I look back at profit it is only 20 pips. This is not happened to other ECN brokers that I have traded with or I soon left them.
  • #9,592
  • Edited 1:22pm Oct 17, 2016 1:06pm | Edited 1:22pm
Quoting PharLap
Hi Jason, Thanks for the response. Unfortunately it doesn't really answer my question.
Hi PharLap,

Fortunately, I think the additional information you were kind enough to provide about your trading style could explain why it seems like you are receiving more negative slippage than you really are.

Quoting PharLap
Just so you know how I trade, I open a market order and automatically a sl and tp is set for 20 pips usually. On your platform I often get 1 or 2 pips slippage on stoploss but why do I never get any positive slippage on take profit.
Below is a screenshot of 3 EUR/USD trades I recently opened on a demo account to test this theory I have about what you could be seeing in your account. My Trading Settings are set to One-Click mode with my automatic stop distance set at -20.0 and my automatic limit distance set at +20.0, which are the same Trading Settings you described.

Attached Image (click to enlarge)
Click to Enlarge Name: one click stop limit 2016 October 17.png Size: 22 KB


Notice how the Stop for Ticket 608 is 20.4 pips away from the Open price, while the Stop for Ticket 654 is 20.3 pips away, and the Stop for Ticket 666 is 20.2 pips away. By contrast the Limit orders for all three tickers are exactly 20.0 pips away from their Open prices. Why is this?

It's because when you open a trade using One-Click mode, the automatic Limit distance is set from the Open price, while the automatic Stop distance is set from the Close price available in the market at the moment your trade is opened. That Close price is determined by the spread. In my example above, Ticket 608 was opened when the EUR/USD spread was 0.4 pips, while Ticket 654 was opened when the spread was 0.3 pips, and Ticket 666 was opened when the spread was 0.2 pips.

Even if these 3 trades closed out at either their Stop prices or their Limit prices with no slippage, you would see losses of 20.4 pips, 20.3 pips or 20.2 pips if you were stopped out, while you would see profits of exactly 20.0 pips if those same trades were limited out at your take profit levels. That could be why you thought you were seeing more negative slippage than you really were.

Stats from over a year showed that FXCM clients received positive slippage as much as they receive negative slippage. As I mentioned previously though, individual traders may receive more positive slippage or more negative slippage depending on their unique trading styles. Speaking of which, have you tried using the Market Range and Range Entry features on Trading Station to limit your negative slippage?

Quoting PharLap
This is not happened to other ECN brokers that I have traded with or I soon left them.
While I can't speak for the platforms of other brokers, it's possible they don't set automatic Stop prices taking into account the current spread like we do. (It's worth noting that not taking into account the current spread could result in the automatic Stop price being set too close to the Open price.) However, you said you switched from your former broker to FXCM and found our platform, execution speed and connection quality to be superior. Your orders with us are filled subject to available liquidity, and we are happy to review specific trades for you, if you file a trade inquiry.

It is FXCM's goal to be an industry leader in providing you with transparency regarding our execution. Please let me know if you have any additional questions.
  • #9,593
  • Edited 4:44pm Oct 17, 2016 1:21pm | Edited 4:44pm
Quoting Erebus
You guys got server overload this Monday morning, keep getting disconnected, connected sounds, driving me crazy
Hi Erebus,

I checked with our tech support team, and we received no other reports of connection issues around the time you posted. Are you still experiencing these issues now? We could run a trace route to test the strength of the connection between your platform (which platform are you using?) and our servers (to which server are you connecting?). Please send me a private message with your contact details, if you would like to receive a follow up call from our tech support team.
  • #9,594
  • Oct 17, 2016 1:41pm Oct 17, 2016 1:41pm
Quoting MrZurba
Hello jason in fxcm uk why you don't hold our money in uk banks, i mean usd deposits
Hi MrZurba,

We use banks in the UK, the US, Switzerland and Canada depending on the currency used for your funds transfer. Is there a particular reason you wanted to send your USD deposit to a UK bank?

As FXCM UK is regulated by the FCA, we are obliged to follow the client money rules in the FCA's Client Assets Sourcebook ("CASS"). The CASS rules require FXCM to ensure a clear segregation between money belonging to retail clients and money that belongs to the firm. Retail client money is transferred to a segregated client money bank account held with a third party. FXCM only deposits client money with third parties that have a credit rating equivalent to the FCA's Credit Quality Step 5 rating. FXCM exercises all due diligence in the selection, appointment and periodic review of third parties.
  • #9,595
  • Oct 17, 2016 11:39pm Oct 17, 2016 11:39pm
Quote
Fortunately, I think the additional information you were kind enough to provide about your trading style could explain why it seems like you are receiving more negative slippage than you really are.



Hi Jason, I can't believe I missed that. Very embarrassing! Yes, the other platforms would set a straight 20 pip pl or sl. So I have been receiving a lot less negative slippage than I thought. Thanks for clearing that up as it was really bugging me.
  • #9,596
  • Edited 1:26pm Oct 18, 2016 11:23am | Edited 1:26pm
Quoting PharLap
{quote} Hi Jason, I can't believe I missed that. Very embarrassing! Yes, the other platforms would set a straight 20 pip pl or sl. So I have been receiving a lot less negative slippage than I thought. Thanks for clearing that up as it was really bugging me.
It's my pleasure, PharLap! The important thing for me is your confidence has been restored in FXCM's trade execution.
  • #9,597
  • Oct 18, 2016 12:00pm Oct 18, 2016 12:00pm
Quoting Jason Rogers
{quote} Thanks for sharing, HotPips, and please do keep us all updated. First I want to thank you for trading with FXCM for over 7 years. It's unfortunate you feel your SPX500 trade was executed incorrectly today. That's why I'm glad you reached out to the Trade Support Team and I hope you find their resolution for you favorable.
Hey guys, I want to be fair, and let you know that FXCM decided to reimburse me for the 30+ pips slippage experienced about a week ago. Very glad they are taking responsibility on this one.

Regards,
  • #9,598
  • Oct 18, 2016 1:35pm Oct 18, 2016 1:35pm
Quoting HotPips
{quote} Hey guys, I want to be fair, and let you know that FXCM decided to reimburse me for the 30+ pips slippage experienced about a week ago. Very glad they are taking responsibility on this one. Regards,
Thanks for sharing this update, HP! I'm glad the Trade Support Team was able to resolve that issue to your satisfaction.
  • #9,599
  • Oct 20, 2016 4:05pm Oct 20, 2016 4:05pm
Well after doing a ton of research and spending plenty of time worrying bout brokers being shady, I joined FXCM a few weeks ago. I guess it's too soon for any definitive statements, but so far everything seems to be above board. Every losing trade has been because of my own judgement, no excessive slippage or weirdness. I'm reading The Disciplined Trader by Mark Douglas, and a major theme is our tendency to project our failures onto some outside force instead of taking responsibility for our decisions. I wonder how much of a factor that is in many of these broker complaints.
  • #9,600
  • Oct 20, 2016 6:22pm Oct 20, 2016 6:22pm
Quoting TmhwkTrades
Well after doing a ton of research and spending plenty of time worrying bout brokers being shady, I joined FXCM a few weeks ago. I guess it's too soon for any definitive statements, but so far everything seems to be above board. Every losing trade has been because of my own judgement, no excessive slippage or weirdness.
Welcome to FXCM! I'm glad you're pleased with our service so far. Please let me know if you have any questions in the future.

Quoting TmhwkTrades
I'm reading The Disciplined Trader by Mark Douglas, and a major theme is our tendency to project our failures onto some outside force instead of taking responsibility for our decisions. I wonder how much of a factor that is in many of these broker complaints.
You raise an interesting point. To be fair, there are a lot of positive comments here about FXCM as well. After all, we have the most popular broker discussion thread on this forum.

It's worth keeping in mind that the vast majority of FXCM clients are pleased with our service and execution. Otherwise, we wouldn't continue to grow as we have executing 10% more trading volume in 2015 than we did in 2014.

Also worth considering is the fact that we've been in business since 1999 making us one of the oldest firms in what is still a relatively young industry. If less than 1% of our clients past or present express a grievance about something, it may seem like a large number of traders compared to other brokers, because we are bigger. However, it's not as large relatively speaking when you consider the percentages.

That's not to say that we don't take such client feedback seriously. One of my goals on forums such as this one is to answer questions about FXCM and address any potential concerns. However, if you see my other posts, you will find that I don't simply promote our firm. I actively contribute to discussions to provide service and education to traders.

This also highlights how FXCM dedicates a greater amount of resources to educating new traders than many other brokers. That means more novice traders choose to begin their forex journey with us. The flip side of this is that when they misunderstand something about how the market works or how to use the software, they sometimes blame us.

For example, recently there have a been a few cases of people accusing us of price manipulation on their demo accounts! With a demo account, there is no real money at risk, therefore FXCM does not make or lose money from anyone's demo trading. How would it benefit us for anyone to have a poor demo experience? Would it make them more likely to open a real account where we could profit from their real trading volume?
11 traders viewing now