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  • #701
  • Mar 12, 2010 9:27am Mar 12, 2010 9:27am
Quoting MoreYummy
To be fair to fxcm, these few people are not happy with fxcm for some reasons, but not the reasons posted here.

Even you are trading multi 10 lots, you can still use "market maker" spread that has commission built in. Its those company that charges commission's marketing tactic, believe or not.

No need to explain anymore if the trust if is not there for whatever reasons.

peace out.
Most of your post is incomprehensible, but I understand one part, but what are you a psychic to know the reasons one is upset? The reason I am upset, and the only reason, is b/c they are raising the spreads I was paying by 76%. If you own a business and you are paying $600 a month rent, and your landlord comes in and says I am painting the front of the store, when the paint there if fine, and tells you that b/c of this the rent goes up to $1,056 a month. would you not be upset?
  • #702
  • Mar 12, 2010 9:27am Mar 12, 2010 9:27am
Quoting wwwin
The above statement is NOT true, if you set the trading mode to at BEST you do not get re-quotes. You only get re-quotes if you set it at MARKET RANGE.
This is why I am so upset at FXCM, they think all the traders are stupid. I feel for you Jason, you have a tough job trying to sell this corporate bullshit.

Also is it not the end job of a STP/NDD ALSO to make a profit??? LOL. Bullshit
Hi wwwin,

With a dealing desk nearly all orders are market range. If the dealer is no longer willing to accept the price you click on or within the range you specify, you receive a requote with the new price they are willing to accept. An At Best feature with a dealing desk would be highly dangerous since you would be giving the dealing desk a blank check to fill you at any price without any competing prices.

I don't think all traders are stupid by any means, and I apologize if you think this is the case. The forum is a great place to share information, and I'll supply any supporting information to back up my posts. Rusty_forexman posted an overview of market making in a post from 2006 which has a decent overview of market making http://www.forexfactory.com/showpost...03&postcount=1 .

Jason
  • #703
  • Mar 12, 2010 9:27am Mar 12, 2010 9:27am
Quoting MoreYummy
To be fair to fxcm, these few people are not happy with fxcm for some reasons, but not the reasons posted here.

Even you are trading multi 10 lots, you can still use "market maker" spread that has commission built in. Its those company that charges commission's marketing tactic, believe or not.

No need to explain anymore if the trust if is not there for whatever reasons.

peace out.
I trade with Interactive Brokers.

what I am trying to do is show people that FXCM is more marketing then substance. I have no bad blood with them have not traded live with them and never will.

this is a place to learn... FXCM are here to gain clients I want to make sure the new members understand all sides to the FXCM image.

Jason is here to earn his wage and defend the company that pays him..... that in it's self is unethical as he will never be completely honest as he has to speak with the companies best interest at heart at all times.

IMO it actually damages this forum.
  • #704
  • Mar 12, 2010 9:33am Mar 12, 2010 9:33am
Quoting wwwin
Hey Jason, posting inaccuracies works both ways...so don't post inaccuracies yourself please.

I will say it again, your statement on re-quotes is NOT true, if you set the trading mode to at BEST you do not get re-quotes. You only get re-quotes if you set it at MARKET RANGE.
The statement is correct that "With a dealing desk you can get re-quotes, order restrictions, and intervention because your broker can see exactly what you're doing."

If I post any inaccuracies I will own up to them.

Which dealing desk firm allows you to distinguish between At Best and Market Range when submitting market orders?
  • #705
  • Edited 10:04am Mar 12, 2010 9:40am | Edited 10:04am
Quoting Jason Rogers
Hi wwwin,

With a dealing desk nearly all orders are market range....
Hey Jason, I have been using at BEST for 2 years, and never had a problem, maybe I am the luckiest trader that ever lived? LOL.
An is it not at BEST the you still get competion in price, but that it is executed at the best price at that particular time? And if it is so dangerous as you say, why do you offer the option? CRAP response, Jason, I appreciate you from other threads but I am afraid that lately you have taken a turn for the worse.
  • #706
  • Mar 12, 2010 9:41am Mar 12, 2010 9:41am
How obvious you guys are using a ecn broker or whatever broke you think that isnt charging commission AND isnt manupulating.

Do you really think IB is putting up actual spread? it has a fixed 0.5 pips also...

I used fxcm, IB and other variable spread broker. There are plenty of brokers using commission-built-in, and not a market maker.
I am just pointing out that some reasons posted that gives you conclusion isnt real reasons in thiis case. Of course there are some that manipulate against your trade and profit from it.

Im also not saying you have hidden agenda. And im not with, nor against any other brokers in this post that i mentioned.

Anyway i know im jumping into fires now, this would be my last post.

Have fun.
  • #707
  • Mar 12, 2010 9:42am Mar 12, 2010 9:42am
I still want to know why does FXCM say they will negotiate lower spreads to those who are deemed to be high volume traders? Is it because they have to endure more slippage than the rest?

I thought using "at best" would guarantee slippage, but using "market range" would limit the slippage to the value you set or have the trade rejected. Or am I wrong?

What's the benefit now of the Micro account if there are no more small spreads? If ya have to make the spreads so big, why not just destroy the Micro division all together and make the Standard accounts have the ability to trade 1K lots and fund with a minimum of $25?
  • #708
  • Mar 12, 2010 9:43am Mar 12, 2010 9:43am
Quoting Jason Rogers
Hi wwwin,

With a dealing desk nearly all orders are market range....
Hey Jason, I have been using at BEST for 2 years, and never had a problem, not even once, maybe I am the luckiest trader that ever lived? LOL.
An is it not at BEST that you still get competion in price, but that it is executed at the best price at that particular time? And if it is so dangerous as you say, why do you offer the option? CRAP response, Jason, I appreciate you from other threads but I am afraid that lately you have taken a turn for the worse.
  • #709
  • Mar 12, 2010 9:47am Mar 12, 2010 9:47am
Quoting >Apocalypto<

this is a place to learn... FXCM are here to gain clients I want to make sure the new members understand all sides to the FXCM image.

Jason is here to earn his wage and defend the company that pays him..... that in it's self is unethical as he will never be completely honest as he has to speak with the companies best interest at heart at all times.
I agree that this is a place to learn which is why I will answer any questions about FXCM or that someone asks me. We don't ignore our traders but rather want to address any problems and answer questions that come up about FXCM.

You can take a look through my posts and see this whether it's letting traders know what's happening during tech issues such as the bad tick on Feb. 24th, answering questions about the CFTC proposal and how it affects FXCM, or basic questions such as in this thread on how to find a technical indicator or move your account from FXCM US to FXCM UK or why an order was executed when the price appears on the chart.

I didn't see anyone running to answer pauljr's post on March 10th about why his buy order executed when it didn't appear on the chart. But it was a simple explanation that benefits pauljr and any other trader reading the thread http://www.forexfactory.com/showpost...&postcount=672. Would you have replied explaining why the order was executed or left the doubt that there could be something sinister here?

I think anyone reading the thread should have all information available to them to make their decisions rather than a one-sided opinion. If someone creates a thread asking "who's the best broker" I'm not going to go in and be the FXCM cheerleader spamming the thread. However, if FXCM is mentioned I will do my best to make sure any question about FXCM is addressed according to available information.

-Jason
  • #710
  • Edited 10:16am Mar 12, 2010 9:48am | Edited 10:16am
Quoting Jason Rogers
The statement is correct that "With a dealing desk you can get re-quotes, order restrictions, and intervention because your broker can see exactly what you're doing."

If I post any inaccuracies I will own up to them.

Which dealing desk firm allows you to distinguish between At Best and Market Range when submitting market orders?
Jason, are you losing your mind? FXCM does allow the distinction, go to the software, click on Trading Mode, and see the choices on parameters, they are AT BEST and MARKET RANGE, and FXCM Micro is dealing desk. This is what I use all the time on market orders by clicking on the price quote. I never had one re-quote in 2 years and never had slippage. This is the whole point of my argument, I don't need the crap STP/NDD if it is raising my trading costs by 76% and provides nothing of value.
I must be the luckiest trader in the world if I never had a problem with at BEST, not one single requote, and I average 30 trades a month for 2 years. Marketing crap to raise spreads
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  • #711
  • Mar 12, 2010 9:50am Mar 12, 2010 9:50am
Quoting Jason Rogers
I agree that this is a place to learn which is why I will answer any questions about FXCM or that someone asks me....
that post JR should set you up for a fatter bonus!
  • #712
  • Mar 12, 2010 10:04am Mar 12, 2010 10:04am
Quoting Jason Rogers
I agree that this is a place to learn which is why I will answer any questions about FXCM or that someone asks me. We don't ignore our traders but rather want to address any problems and answer questions that come up about FXCM.
but you have a agenda for being here to maximize your product awareness. more market cap.
Quote
You can take a look through my posts and see this whether it's letting traders know what's happening during tech issues such as the bad tick on Feb. 24th, answering questions about the CFTC proposal and how it affects FXCM, or basic questions such as in this thread on how to find a technical indicator or move your account from FXCM US to FXCM UK or why an order was executed when the price appears on the chart.
if you want the good then you have service the clients, thats normal JR you can't market and advertise here directly with clients needing help.....

Quote
I didn't see anyone running to answer pauljr's post on March 10th about why his buy order executed when it didn't appear on the chart. But it was a simple explanation that benefits pauljr and any other trader reading the thread http://www.forexfactory.com/showpost...&postcount=672. Would you have replied explaining why the order was executed or left the doubt that there could be something sinister here?
why the hell would I? I am not his provider. that member should call you at the moment of issue like I or any normal person would if we had a issue with a trade. I never post problems on here praying my Broker will be reading or someone will help me..... I call an expert that works there that second.... idiotic example JR very poor. you trying to score brownie points??? .......... weak mate.

Quote
I think anyone reading the thread should have all information available to them to make their decisions rather than a one-sided opinion. If someone creates a thread asking "who's the best broker" I'm not going to go in and be the FXCM cheerleader spamming the thread. However, if FXCM is mentioned I will do my best to make sure any question about FXCM is addressed according to available information.
We both know that you would never cheer lead, do you take me for an idiot?? how unprofessional would that make FXCM look... come JR your slippin. you have an biased opinion in here as your paid to preach that's the truth...... you can't change that..... if you posted negative comments about FXCM or admitted fault from FXCM with out approval you would get in trouble with your mangers. that's my point. you get it JR? no one said you don't do your utmost to help, but god that's your bloody job you should do your best.... & with out making a cry baby sob story out of it like you have in this post

cheers
  • #713
  • Mar 12, 2010 10:06am Mar 12, 2010 10:06am
Quoting wwwin
Jason, are you losing your mind? FXCM does allow the distinction, go to the software, click on Trading Mode, and see the choices on parameters, they are AT BEST and MARKET RANGE, and FXCM Micro is dealing desk. This is what I use all the time on market orders by clicking on the price quote. This is the whole point of my argument, I don't need the crap STP/NDD if it raising my trading costs by 76% and provides nothing of value
Hi wwwin,

There is nothing inaccurate with the statement "you can get re-quotes, order restrictions, and intervention because your broker can see exactly what you're doing. They're taking the other side of the trade, and when push comes to shove, their profitability trumps your trading because their end goal as a business is to make a profit." This can occur when you're trading through a dealing desk.

FXCM Micro is currently executed through the FXCM dealing desk and has no re-quotes because we choose not to. Our micro execution is setup to be as highly automated as possible, and it goes to show the level we chose to keep it at. Other brokers may choose otherwise and can which is why I asked what other broker gives you the option.

I understand you're not happy with FXCM Micro execution going to No Dealing Desk. My answer remains the same as when we discussed this previously on another thread and posted in this thread on March 4th.

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.

-Jason
  • #714
  • Mar 12, 2010 10:20am Mar 12, 2010 10:20am
Quoting sonicpunk32
I still want to know why does FXCM say they will negotiate lower spreads to those who are deemed to be high volume traders? Is it because they have to endure more slippage than the rest?

I thought using "at best" would guarantee slippage, but using "market range" would limit the slippage to the value you set or have the trade rejected. Or am I wrong?

What's the benefit now of the Micro account if there are no more small spreads? If ya have to make the spreads so big, why not just destroy the Micro division all together and make the Standard...
Hi sonicpunk,

No Dealing Desk execution is a volume based model. FXCM is compensated by the pip mark-up added to the spread. So the money we're making is directly correlated to volume. As volume goes up, revenue goes up. For active traders trading over 10 million notional volume per month or that have an account balance of at least $25,000, we will lower the overall trading cost because the increased volume offsets the reduction.

It's the same reason you pay more for something when you visit your local corner shop or grocery store compared to a large retailer such as Wal-Mart or Target. Lower prices are offered because the higher volume will offset the reduction in price.

The active trader setup can be applied to either the FX Trading Station II, MT4, or the Active Trader platform.

Using At Best doesn't guarantee slippage. It does mean you will get in every time, but you give up control over price. Your order will always attempt to fill at the best price available from the 10 banks providing liquidity on the platform. On the flip side, market range ensures your order will only be filled if the price is available within the range you specify; however, the order can be rejected if liquidity is not available within the range you specify. There is a trade-off between the two.

The spreads on the micro account will now be the same which all of our standard 10k accounts currently trade on. Micro will continue to be there for traders that want to enter forex trading with as little as $25.

-Jason
  • #715
  • Mar 12, 2010 10:29am Mar 12, 2010 10:29am
Quoting Jason Rogers
Hi wwwin,

There is nothing inaccurate with the statement "you can get re-quotes, order restrictions, and intervention because your broker can see exactly what you're doing. They're taking the other side of the trade, and when push comes to shove, their profitability trumps your trading because their end goal as a business is to make a profit." This can occur when you're trading through a dealing desk....
A sale speech, although I like you personally from other threads, I am beginning to side with the other poster that says you should not be posting here. You are biased and restricted by your employer to post what they tell you to post. This makes your postings not credible and turns this thread into an advertising campaign. All you do is repeat the same talking points that you are limited to posting. I am sorry, but you have lost some of the credibility that you had with me.

I don't care about STP/NDD one way or another, but STP/NDD is automated and therefore is less costly to FXCM than the current micro set up with a dealing desk. So the change to STP/NDD lowers costs not raises them, it is a poor and not truthful excuse to say that to prepare for STP/NDD the spreads are being raised.
  • #716
  • Mar 12, 2010 10:34am Mar 12, 2010 10:34am
Quoting wwwin
A sale speech, although I like you personally from other threads, I am beginning to side with the other poster that says you should not be posting here. You are biased and restricted by your employer to post what they tell you to post. This makes your postings not credible and turns this thread into an advertising campaign. All you do is repeat the same talking points that you are limited to posting. I am sorry, but you have lost some of the credibility that you had with me.
Hi wwwin,

If the same thing is posted, it's because the same question has been asked or the same applies. So I apologize in this sense if it sounds like I'm repeating myself. I'll be honest and up front with you on any issue as demonstrated discussing our execution, Micro NDD, the CFTC proposal, FIFO, etc. You may not always like the answer, but I'll do my best to be straightforward with you.

-Jason
  • #717
  • Mar 12, 2010 10:41am Mar 12, 2010 10:41am
Quoting Jason Rogers
Hi wwwin,

If the same thing is posted, it's because the same question has been asked or the same applies. So I apologize in this sense if it sounds like I'm repeating myself. I'll be honest and up front with you on any issue as demonstrated discussing our execution, Micro NDD, the CFTC proposal, FIFO, etc. You may not always like the answer, but I'll do my best to be straightforward with you.

-Jason
OK Jason, I am going to take your word at face value...now answer this question.
Is it not more expensive for FXCM to continue with the current micro dealing desk set up than to change to STP/NDD, and if STP/NDD is cheaper why is this an excuse to raise spreads. The email says "to prepare for the change, spreads are being raised"...but obviously technically the raise in spread is not required b/c you can still offer the micro prior spread if you deposit 10K.
  • #718
  • Mar 12, 2010 11:48am Mar 12, 2010 11:48am
Quoting wwwin
OK Jason, I am going to take your word at face value...now answer this question.
Is it not more expensive for FXCM to continue with the current micro dealing desk set up than to change to STP/NDD, and if STP/NDD is cheaper why is this an excuse to raise spreads. The email says "to prepare for the change, spreads are being raised"...but obviously technically the raise in spread is not required b/c you can still offer the micro prior spread if you deposit 10K.
The changes in regulation it will increase the costs of running the micro dealing desk setup. In order for us to continue operating in regulated jurisdictions, we will have to move it to an NDD setup. Changes in capital and margin requirements are necessitating this. The regulators have taken a very dim view of market making.

Bringing micro pricing in line with NDD pricing is the first step in the transition process. The exposure on the other side of existing client trades will have to be offset in NDD fashion. Bringing spreads in line is the first step in doing this. We are making the special offer of a 1 pip spread reduction to clients with a balance of $10,000 because of the higher trading volume these accounts will generate. Same reasoning applies as my answer to sonicpunk, but we're trying to be as flexible as possible here with the minimum balance amount with the micro accounts.

-Jason
  • #719
  • Mar 12, 2010 12:55pm Mar 12, 2010 12:55pm
Quoting Jason Rogers
The changes in regulation it will increase the costs of running the micro dealing desk setup. In order for us to continue operating in regulated jurisdictions, we will have to move it to an NDD setup. Changes in capital and margin requirements are necessitating this. The regulators have taken a very dim view of market making.

Bringing micro pricing in line with NDD pricing is the first step in the transition process. The exposure on the other side of existing client trades will have to be offset in NDD fashion. Bringing spreads in line is the...
More of the same, it really did not answer the first quetion, which was about STP/NDD being cheaper to run than market maker set up that is currently the micro set up. But I get the drift, it is impossible to get a straight answer from FXCM and it is a total waste of time to argue about anything. If you are not aware, MB Trading recently cut their commissions in half. Good luck in running a non-competitive, price wise, broker.
  • #720
  • Mar 12, 2010 1:09pm Mar 12, 2010 1:09pm
Quoting wwwin
More of the same, it really did not answer the first quetion, which was about STP/NDD being cheaper to run than market maker set up that is currently the micro set up. But I get the drift, it is impossible to get a straight answer from FXCM and it is a total waste of time to argue about anything. If you are not aware, MB Trading recently cut their commissions in half. Good luck in running a non-competitive, price wise, broker.
I don't know how to answer the same question any differently and at the risk of you saying i'm repeating myself.

We are moving from dealing desk to NDD on micro due to changes in regulations and the operational costs that will be associated with it. NDD is a volume based business so spreads will be the same as standard 10k accounts. As your trading volume increases, your the total cost can be decreased through the Active Trader program.
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