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FXCM Discussion

  • #621
  • Mar 3, 2010 7:22pm Mar 3, 2010 7:22pm
I got this from FXCM this morning, the total volume of micro accounts sounds like fairy to me ...

Dear Client:

Over the years, FXCM has become known for the transparent No Dealing Desk execution we provide to our Standard account holders. When we first launched FXCM Micro, we planned to offer No Dealing Desk execution. However, the banks would not stream prices in micro lots. This was simply unheard of in the foreign exchange industry.

Our FXCM Micro traders have since placed over 30 million trades totaling 200 billion in notional volume, and the banks have changed their minds. As a result, we are preparing to offer No Dealing Desk execution to our Micro clients so you too can enjoy the same execution benefits that Standard account holders currently receive!
  • #622
  • Mar 3, 2010 7:33pm Mar 3, 2010 7:33pm
I had a e-mail fast easy switching for US FXCM LLC users to FXCM UK just fill in a form online from the sound of it and hey presto UK account, 200:1 margin, Hedging and normal easy to use SL's.


If anyone missed there e-mail then :-

It is easy to transfer your account form FXCM LLC to FXCM LTD. In March and April, FXCM is making it even easier, with a simple online request. To transfer your account, please read and agree to the terms at this link, and enter your basic information. We will take care of the rest

http://www.fxcm.co.uk/std10k-transfer-form.jsp
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #623
  • Mar 3, 2010 9:43pm Mar 3, 2010 9:43pm
Quoting pa18
I got this from FXCM this morning, the total volume of micro accounts sounds like fairy to me ...

Dear Client:

Over the years, FXCM has become known for the transparent No Dealing Desk execution we provide to our Standard account holders. When we first launched FXCM Micro, we planned to offer No Dealing Desk execution. However, the banks would not stream prices in micro lots. This was simply unheard of in the foreign exchange industry.

Our FXCM Micro traders have since placed over 30 million trades totaling 200 billion in notional volume,...
Is this change automatic? I like things just the way they are. I like my 1 to 1.5 pip spread on the Eur/usd. Oh well-I will roll with it I guess.
FF = Forex Faggots
  • #624
  • Edited 3:02am Mar 4, 2010 2:52am | Edited 3:02am
Quoting 8fingers
Is this change automatic? I like things just the way they are. I like my 1 to 1.5 pip spread on the Eur/usd. Oh well-I will roll with it I guess.

The change is automatic and non-optional. I'll go kicking and screaming. Long gone are the 2008 3 pip G/J spreads that made frequently opening and closing positions possible. The new 'typical' 5.4 pip spread plus slippage (which we used to be free from) will make day trading very frustrating. It's now also pointless to even attempt the Asian session (I was told on the phone by FXCM that the spread is even higher than their quoted 'typical' during this time).

Can anyone recommend a broker with more day trader friendly spreads?

Business must be booming. They're offering anyone who upgrades to a standard account with a $10K balance a one pip discount across all pairs. This means they're artificially widening the spread by (at least) almost twice as much on pairs like EURUSD (quoted 'typical' spread 2.3 pips). They can give close to a 50% discount on the 'typical' spread and still make a healthy amount of money from the transaction on however much is left over on the artificially widened spread. Sucks to be everyone who can't get 10 grand together to take advantage of the offer by the March 18 cutoff.

For years FXCM have been claiming that they don't manipulate trades by stop hunting and price spiking etc. Now the very first "benefit" of the change to no dealing desk they listed in their email is "no conflict of interest between broker and trader." The third "benefit" listed is "price providers (banks) do not see your stops, limits, and entry orders." So is this going to be quite beneficial as opposed to what we are currently having to put up with? Something to think about... Were they lying then or are they lying now? The fourth and final "benefit" is about tight spreads, but seeing as though the spreads being offered to us are actually widening, I fail to see the beneficial side this will have to my trading. Seems they are clutching at straws trying to come up with a list of benefits to try to sell this to us as a good thing and help the medicine go down.
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  • #625
  • Mar 4, 2010 3:19am Mar 4, 2010 3:19am
So there's going to be more slippage than before?
  • #626
  • Mar 4, 2010 9:11am Mar 4, 2010 9:11am
When is FXCM going to give Active Traders access to there mobile apps?
  • #627
  • Mar 4, 2010 9:41am Mar 4, 2010 9:41am
Quoting Azp
The change is automatic and non-optional. I'll go kicking and screaming. Long gone are the 2008 3 pip G/J spreads that made frequently opening and closing positions possible. The new 'typical' 5.4 pip spread plus slippage (which we used to be free from) will make day trading very frustrating. It's now also pointless to even attempt the Asian session (I was told on the phone by FXCM that the spread is even higher than their quoted 'typical' during this time).

Can anyone recommend a broker with more day trader friendly spreads?

Business must...
Hi Azp,

Thanks for your post and I would like to address your concerns. I replied to a similar post by wwwin in the Trading Discussion section and my reply is appropriate here as well:

All of our forex execution needs to be No Dealing Desk. We understand this does not suit everyone and we apologize for this due to the change in spreads. However, the new regulatory environment necessitates it because the new operating environment will raise business costs. Capital requirements are going up in most Asian and European jurisdictions, and margin requirements are going up in Asia and possibly in the United States if the proposal passes. If we are to keep doing business from well regulated jurisdictions and not offshore islands, we have no choice.

Spreads on micro accounts are going to be matching standard 10k accounts because of this, but the execution method will eliminate a conflict of interest for micro traders. Traders with an account balance of $10,000 or greater at the close of trading on March 18 will automatically have a 1 pip reduction from FXCM's standard spreads, and traders also have the option to deposit additional funds to take advantage of the offer.

Our intention from the start of launching FXCM Micro was to have No Dealing Desk execution, but the banks were not willing to accept it at the time. FXCM Micro will continue as an entry option for traders to start with as little as $25 and move on to a standard account with additional services and the possibility for reduced spreads as trading volume increases.

Quote
Business must be booming. They're offering anyone who upgrades to a standard account with a $10K balance a one pip discount across all pairs. This means they're artificially widening the spread by (at least) almost twice as much on pairs like EURUSD (quoted 'typical' spread 2.3 pips).

A No Dealing Desk model is volume driven. As volume goes up, revenue goes up. FXCM is earning a fixed mark-up on the spread rather than profiting from client losses in a dealing desk model. Dealing desk firms offer a below cost spread because they believe they will make up for it with trader losses in the long run or the dealer tries to work the order to hedge the traders position at a better price.

FXCM Micro will continue to offer traders the ability to scalp without restrictions on trading such as dealing intervention. If you want the tightest spreads possible, the Active Trader program is the reward program for trading large volume amounts. As your volume increases, we can setup the cost structure so that the overall cost is lower. Active Trader can be setup on the FX Trading Station II, MT4 or the Active Trader platform.

Please let me know if you have any additional questions.

-Jason
  • #628
  • Mar 4, 2010 9:50am Mar 4, 2010 9:50am
Quoting kalparker
When is FXCM going to give Active Traders access to there mobile apps?
Hi kalparker,

If you have an Active Trader account setup on the FX Trading Station II, you can use the mobile platform to access the account. It is not compatible with MT4 and Active Trader Platform accounts.

Important Note: The mobile platform is still in beta stage so it is not yet complete. There are still some additional features we need to add to the platform such as stops/limits on individual positions for FXCM UK accounts, and additional chart features. There is also no Commission column displayed in the mobile platform so you will need to use the FX Trading Station II to see the commission charges. If you have any feedback for the mobile platform, please send it over to me. I help run our beta testing program.

As general information for everyone, our mobile platform for Blackberry, iPhone, and Windows Mobile devices is now available through our website, but it is in beta testing.

Edit: One more thing, it's not compatible with LAMM and PAMM accounts at the moment either.

-Jason
  • #629
  • Mar 4, 2010 10:00am Mar 4, 2010 10:00am
Quoting sonicpunk32
So there's going to be more slippage than before?
It should be comparable to what you experienced on FXCM Micro's current setup.

On the topic of slippage, I know this ranks as a top concern for NDD/STP execution models since your order is being filled according to available liquidity. What you can do is continue to use the order management tools you use for market orders such as At Best or Market Range to control the amount of slippage you are willing to accept on market orders. And this is an ongoing concern for us as well as we are always looking for new ways to improve order execution and add additional liquidity to the platform beyond the 10 banks currently providing liquidity.

-Jason
  • #630
  • Edited 9:06pm Mar 4, 2010 8:48pm | Edited 9:06pm
Quoting Azp
The change is automatic and non-optional. I'll go kicking and screaming. Long gone are the 2008 3 pip G/J spreads that made frequently opening and closing positions possible. The new 'typical' 5.4 pip spread plus slippage (which we used to be free from) will make day trading very frustrating. It's now also pointless to even attempt the Asian session (I was told on the phone by FXCM that the spread is even higher than their quoted 'typical' during this time).

Can anyone recommend a broker with more day trader friendly spreads?

Business must...
After this change almost all brokers will have better spreads...try check out

http://www.dbfx.com/ Very good spreads 1.5 on EU and comparable to FXCM Micro...and better execution
DB uses the same software as FXCM, so you if you want to try them out, don't install the software b/c it conflicts with FXCM TSII. but you can open an demo and use the Java version, open a demo and then do this to use the Java version

"1. Go to this website to setup the Java Platform: http://www.fxcorporate.com/JTS/FXTS.jnlp

2. Once you have the platform open, click "Settings,"

3. Select "demo" and then select "Edit."

4. Change the URL to:http://dbfx.fxcorporate.com/Hosts.jsp

5. Finally, Click "OK" and then "Close."
6. Select connection Real for live account, Demo for demo account
7. Enter your login and password, and click "Login."


also try Dukascopy.com

FXCM is just a marketing machine, their propaganda gets tiring, they get you in and then try to squeeze you as much as they think they can..don't let them gouge you and vote with your wallet
  • #631
  • Mar 4, 2010 8:55pm Mar 4, 2010 8:55pm
Quoting Jason Rogers
On an unrelated topic, if anyone has any suggestions for indicators we should add to the Marketscope chart, please let me know.
yes
how about keltner channel
  • #632
  • Mar 5, 2010 4:48am Mar 5, 2010 4:48am
The Activetrader platform looks nice tho, really tight spreads (much more so than mb).
  • #633
  • Mar 5, 2010 12:06pm Mar 5, 2010 12:06pm
Quoting Jason Rogers
Hi Azp,

...
FXCM Micro will continue to offer traders the ability to scalp without restrictions on trading such as dealing intervention. If you want the tightest spreads possible, the Active Trader program is the reward program for trading large volume amounts. As your volume increases, we can setup the cost structure so that the overall cost is lower. Active Trader can be setup on the FX Trading Station II, MT4 or the Active Trader platform.

Please let me know if you have any additional questions.

-Jason
Jason what is the point of being allowed to scalp if your system is disconnecting constantly? You need to fix your MT4 platform before you invite new traders to your platform.

This advisory says it all:

http://helpdesk.commercialnetworkser...news&newsid=18
BarrySDCA Commercial Network Services
  • #634
  • Mar 5, 2010 12:28pm Mar 5, 2010 12:28pm
Quoting BarrySDCA
Jason what is the point of being allowed to scalp if your system is disconnecting constantly? You need to fix your MT4 platform before you invite new traders to your platform.

This advisory says it all:

http://helpdesk.commercialnetworkser...news&newsid=18
Hi Barry,

Thanks for your post. Previously, demos were lasting longer than 30 days and there were too many demos running, which may have caused the disconnect. To alleviate this, all demos now last for only 30 days which also brings it in line with FXCM's FX Trading Station II demo accounts.

If you need further help with troubleshooting or have a live account, please email me ([email protected]) and I can get you in touch with our tech support to help.

-Jason
  • #635
  • Mar 5, 2010 12:45pm Mar 5, 2010 12:45pm
Quoting Jason Rogers
Hi Barry,

Thanks for your post. Previously, demos were lasting longer than 30 days and there were too many demos running, which may have caused the disconnect. To alleviate this, all demos now last for only 30 days which also brings it in line with FXCM's FX Trading Station II demo accounts.

If you need further help with troubleshooting or have a live account, please email me ([email protected]) and I can get you in touch with our tech support to help.

-Jason
We already contacted your firm and were told the following by a Michael Dudzik:

[snip]
Again, it does not appear to me that you have any type of direct connection to us. It seems as if you connect through Boston Technologies. If you connect to Boston Technologies in some way, which it appears you do based on your emails, you need to speak with them directly. FXCM cannot assist you with something we do not control. Please direct all future correspondence to Boston.
[end]

We host thousands of forex traders from over 120 countries out of three datacenters, and have a very unique perspective at our helpdesk (with information constantly coming in from this diverse group of traders using a variety of brokers). We continue to see disconnects on your servers – live and demo. Our ticket with Boston Technology is still open and now dormant. If you ever resolve this issue then we will rescind the advisory. After all the messages we have sent your way, your management certainly knows how to contact us.

I am not sure what else we can do. The issue is clearly on your side. I suppose you can continue crediting back your traders, but how many are not even aware of a loss due to a disconnection and don't submit a claim? I'm thinking most.

regards,
BarrySDCA Commercial Network Services
  • #636
  • Mar 5, 2010 12:50pm Mar 5, 2010 12:50pm
Quoting BarrySDCA
We already contacted your firm and were told the following by a Michael Dudzik:

[snip]
Again, it does not appear to me that you have any type of direct connection to us. It seems as if you connect through Boston Technologies. If you connect to Boston Technologies in some way, which it appears you do based on your emails, you need to speak with them directly. FXCM cannot assist you with something we do not control. Please direct all future correspondence to Boston.
[end]

We host thousands of forex traders from over 120 countries out of...
Hi Barry,

You can email me with the account number and I will help in coordinating any troubleshooting with our tech support.

Additional note: Please keep in mind if this is a traders live account, the trader will need to contact us directly as we will not be able to speak with you directly about an account if you are not the account holder.

Jason
  • #637
  • Mar 5, 2010 12:58pm Mar 5, 2010 12:58pm
I tried the FXCM demo and was not sure if I saw pivot points indicator on there, I was wondering if you have that or plan to put it in. Daily pivots. Alot of platforms have that ability, thanks


Ranger
  • #638
  • Mar 5, 2010 1:27pm Mar 5, 2010 1:27pm
Quoting ranger
I tried the FXCM demo and was not sure if I saw pivot points indicator on there, I was wondering if you have that or plan to put it in. Daily pivots. Alot of platforms have that ability, thanks


Ranger

Hi Ranger,

The charting in the FX Trading Station II has pivot points. See the screenshot below for location:

http://img163.imageshack.us/img163/3864/chartn.jpg


The pivot point indicator is towards the right hand side of the toolbar. If you don't see it, you'll need to click on the "more" button I circled in yellow in the screenshot.

Something about our pivot indicator. The Pivot levels will be calculated based on whatever time period chart you are currently viewing. So if you view a 5 minute chart, it's going to show pivot levels based on the 5 minute candlestick. Or if you view a daily chart, it's going to show a pivot level based on the daily candlestick.

DailyFX also has a pivot point calculator you can use to quickly identify the daily pivot, and then draw it onto the chart with the horizontal line tool if you prefer. Here's where to find it: http://www.dailyfx.com/technical_analysis/pivot_points/

-Jason
  • #639
  • Mar 5, 2010 2:05pm Mar 5, 2010 2:05pm
Thanks Jason, so the pivots on teh 5 min chart as opposed to the 30 min chart different? Are they not calculated on the time of opening to close of a session?
  • #640
  • Mar 5, 2010 2:28pm Mar 5, 2010 2:28pm
Jason,

I am on the demo and I see the pivots as little dots on teh 5 min chart I want to see if you have something like most platforms that plots the pivots from say midnight one day till midnight the next and plots actual lines like the picture below
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 3_5_2010 (5 Min).jpg Size: 102 KB
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