I need your advice guys! After what happened to me on Friday's NFP I am ready to sue FXCM.
The numbers came out and I got in long at 1.8830 with a market order, at least this is what I thought.
It took my trade to register about a minute on the station and I almost got a heart attack when I saw that the price I was given was 8875. Now this is 45 pips slippage for a market order????
Normally, when the market moves fast, with FXCM a window pops up, "price has moved" and you do not get into the trade at all. Or at times, especially at NFP you will get a dealer window with a slippage price you have 5 seconds to accept or not.
But I have never ever received any slippage with a market order. Either you get the price and you are in at the price you clicked or one of the two above mentioned scenarios will happen.
Of course I called FXCM and they added insult to injury by telling me that my eyes must have played me a trick. Basically they said that the price was moving so fast that I did not see it on the station. When I replied that if that were so, shouldn't the "price has moved window" open and I should not have been in the trade? This they could not answer!
Needless to say that I lost a ton of money!
Now is there any recourse for me to take? This time I am ready to sue these guys.
If they can give you any price they want at any time, it is a waste of time and moneay to trade any fast moving market with them, since how can you prove in front of a court that the price was 8830 when you clicked and not 8875?
And if FXCM can pull tricks like that, who will guarantee that other brokers do not pull the same stunts?
The numbers came out and I got in long at 1.8830 with a market order, at least this is what I thought.
It took my trade to register about a minute on the station and I almost got a heart attack when I saw that the price I was given was 8875. Now this is 45 pips slippage for a market order????
Normally, when the market moves fast, with FXCM a window pops up, "price has moved" and you do not get into the trade at all. Or at times, especially at NFP you will get a dealer window with a slippage price you have 5 seconds to accept or not.
But I have never ever received any slippage with a market order. Either you get the price and you are in at the price you clicked or one of the two above mentioned scenarios will happen.
Of course I called FXCM and they added insult to injury by telling me that my eyes must have played me a trick. Basically they said that the price was moving so fast that I did not see it on the station. When I replied that if that were so, shouldn't the "price has moved window" open and I should not have been in the trade? This they could not answer!
Needless to say that I lost a ton of money!
Now is there any recourse for me to take? This time I am ready to sue these guys.
If they can give you any price they want at any time, it is a waste of time and moneay to trade any fast moving market with them, since how can you prove in front of a court that the price was 8830 when you clicked and not 8875?
And if FXCM can pull tricks like that, who will guarantee that other brokers do not pull the same stunts?