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  • #841
  • Mar 23, 2010 3:36pm Mar 23, 2010 3:36pm
Quoting Leche Mocha
if you are going to match the spread with the FXCM Standard Accounts.

You had an advantage of tighter spreads for your Micro's on TS II but you just gave that up.

You've got to stay competitive with the other brokers that now offer the MT4 platform for their Micro Accounts, imo.

Just throwing that out there as something to think about before the "you know what" hits the fan after raising your spreads.
Hi Leche Mocha,

Thanks for the post.

It's not advertised on our site, but MT4 accounts with a balance of at least $10,000 can request micro lots be enabled. Note, this will be setup as a standard 10k account with the ability to trade micro lots, rather than a micro account on MT4.

For the lowest transaction cost, traders can go through the Active Trader Program (http://www.fxcm.co.uk/active-trader.jsp) which can be setup on MT4, the FX Trading Station II or the Active Trader platform itself. Accounts with a balance of $25,000 or a minimum of 10 million in notional monthly trading volume qualify for the program.

-Jason
  • #842
  • Mar 23, 2010 4:18pm Mar 23, 2010 4:18pm
Quoting Jason Rogers
It's not advertised on our site, but MT4 accounts with a balance of at least $10,000 can request micro lots be enabled. Note, this will be setup as a standard 10k account with the ability to trade micro lots, rather than a micro account on MT4.
Is it possible to request micro lots be enabled for a standard TradeStation account?

Is Order2Go usable with a ActiveTrader account?
  • #843
  • Mar 23, 2010 4:23pm Mar 23, 2010 4:23pm
Quoting Cosine
The're pretty naive to assume that traders care who they trade against, I don't and I'm pretty certain others don't as well....
Hi Cosine,

We appreciate your business thus far, and I understand you will do what you think is best for your trading.

Moral reasons aside, anyone having been placed on dealer intervention, received requotes during news events, experienced entry order, stop, or limit order restrictions, etc. will care how their trades are executed and who they're trading against. This was one of the biggest gripes from traders on dealing desk execution pre-2006, and we continue to hear about it from traders moving from competitors to FXCM. I think you would find that even the Vatican wouldn't be so charitable anymore if their coffers were being depleted by scalpers.

FXCM Micro was able to offer an automated system through our dealing desk without re-quotes; however, the change in the worldwide regulatory environment necessitates our moving to an NDD setup. If that eliminates the conflict of interest, then that's a benefit which comes about because of the NDD setup. It also helps FXCM manage trading risk more effectively so you don't have to worry if your broker is running a dealing desk competently or risks blowing up in spectacular Lehman fashion. I think there's this perception that a dealing desk is out to stop all traders from becoming profitable. This isn't necessarily the case as long as they can manage their risk, and we go into a lot of detail on our site on why certain strategies such as scalping, high-frequency trading, and popular commercial EA's cause problems with risk management http://www.fxcm.com/fxcm-forex-execution.html

You are correct that scalpers and high frequency traders are ideal for an NDD setup at FXCM. We don't have to worry about a dealer managing the risk on the trade so whether your trade is open for 1 minute or 1 hour doesn't make a difference in our book. The same cannot be said for a dealing desk (unless the 1 minute trades are all losers).

We earn a pip mark-up for every position placed, and the Active Trader program is in place as a rewards program for traders generating a large amount of pip mark-ups. If your trading volume is big enough, then the increased volume offsets any reduction we pass along in transaction cost. FXCM Micro is our entry level option for traders new to the market wanting to test an account with as little as $25 and trading very small sizes.

-Jason
  • #844
  • Mar 23, 2010 4:25pm Mar 23, 2010 4:25pm
Quoting Adal
Is it possible to request micro lots be enabled for a standard TradeStation account?

Is Order2Go usable with a ActiveTrader account?
Hi Adal,

This is something I need to check on. It was mainly done on MT4 because some EA's need it to better manage risk.

I'll probably have an answer for you tomorrow.

-Jason
  • #845
  • Mar 23, 2010 5:48pm Mar 23, 2010 5:48pm
I have always had a good experience with FXCM. My main account is discretionary and I use Tradestation however, I recently opened up a MT4 account with FXCM to test some automated progams in a live environment.

I recently had a discrepancy with 4 trades being placed on the FXCM side but did not show up on my MT4 side, they were all closed at a loss and removed a good portion if the equity.

I contacted FXCM ([email protected]) with an audit request about an hour ago. I received a phone call from FXCM literally within 20 minutes of sending the email, and the representative said that it was indeed an error due to the bridge, and that my account would be credited at a wash within one or two days.

I have not had many problems with FXCM but, the way they handled this one keeps me confident that they are not working against traders. I've also seen Jason responding quickly on this forum and elsewhere on the internet and he is doing a great job in my eyes.
  • #846
  • Mar 23, 2010 7:14pm Mar 23, 2010 7:14pm
Quoting Jason Rogers
This is something I need to check on. It was mainly done on MT4 because some EA's need it to better manage risk.
It wouldn't be fair to offer this only to MT4 EAs. Order2Go based EAs would also benefit from finer risk management.
  • #847
  • Mar 24, 2010 3:12am Mar 24, 2010 3:12am
I have a question, if you make a market order in "market range" mode, do the TL, SL, and manual closing of the position get executed in the same way, with the same value you used in the "market range?"

Are all entry orders executed in "at best" mode?
  • #848
  • Mar 24, 2010 9:35am Mar 24, 2010 9:35am
Quoting sonicpunk32
I have a question, if you make a market order in "market range" mode, do the TL, SL, and manual closing of the position get executed in the same way, with the same value you used in the "market range?"

Are all entry orders executed in "at best" mode?
Hey sonicpunk,

On the FX Trading Station II, only market orders have the option for At Best and Market Range. This applies to using a market order to manually open and manually close the trade. The trading platform will remember the order type previously used for opening and closing orders. You can also specify At Best or Market Range when enabling one-click and double-click trading.

Stop orders will always be executed as At Best Market orders. This means slippage is possible; however, the stop will always execute and exit your position. Limit orders on the other hand will not experience slippage against you, but there is the possibility the order will not fill if liquidity has dried up at that price.

Entry Orders

For entry orders, how the order executes depends whether it's a stop entry order limit entry. How do you know whether the order is limit entry or stop entry? Personally, I think of it in terms of breakouts and pullbacks.

Stop Entry
If you create an entry order to buy above the current market price or sell below the current market price, it will be a stop entry. You want the market to continue moving in that direction. Like creating a straddle before a news event to catch the breakout in either direction (not the best idea IMO due to possible slippage). Stop orders are executed as At Best market orders.

Limit Entry

If you create an entry order to sell above the current market price or buy below the current market price it will be a limit entry. This is like range trading. You think the market will move up to a certain price and drop back down. Or vice versa. Limit orders will not experience slippage against you, but there is the possibility the order will not fill if liquidity has dried up at that price.

And, if you don't care to think about whether you're creating a Stop Entry (SE) or Limit Entry (LE), the FX Trading Station II will automatically determine which one it is and show you in the orders window. See example below, I circled the location in red:

http://img32.imageshack.us/img32/5340/entryorder.jpg

  • #849
  • Mar 24, 2010 9:46am Mar 24, 2010 9:46am
FXCM announced today the opening of its newest branch office in Berlin. FXCM Germany, an affiliate of FXCM LTD (UK), is co-regulated by BaFin and the FSA. We look forward to offering local service and support to our German clients!

This is the sixth new FXCM office opened since January 2009, following new offices in Paris, Sydney, Dubai, Milan and Santiago. FXCM has big plans in store for 2010, so stay tuned for more announcements...

Forex Magnates posted the full press release in the Forex Factory news feed http://www.forexfactory.com/news.php?do=news&id=227757
  • #850
  • Mar 24, 2010 10:56am Mar 24, 2010 10:56am
I hope your plans are to offer reasonable spreads......everyone else is nailing you guys on that front..... DBFX , Dukas ,Oanda, FXDD (Currenex for 5000 opening balance) soon go markets will have Currenex for Australian clients so your Australian office is going to get a run for their money !

Nice move giving us crap spreads on Micro.
  • #851
  • Mar 24, 2010 1:49pm Mar 24, 2010 1:49pm
FXCM is hosting a currency trading expo in Las Vegas May 3-4, 2010, and we're happy to have Forex Factory as a sponsor. Here's part of the entry from Sidney's post in the Forex Factory blog:

This free two-day event includes educational courses for all trading levels taught by FXCM’s course instructors as well as the DailyFX research analysts. There will be over 60 classes and workshops covering a wide range of topics important to today’s Forex trader. Many FF members will be pleased to know there’ll be a course track designed specifically for the MetaTrader community! See the full workshop schedule.

You can register for the Expo, for free, at fxcmexpo.com, or contact an FXCM representative for more information at 1.888.503.6739 or [email protected].


Full blog post: http://blog.forexfactory.com/?p=1152
  • #852
  • Mar 24, 2010 4:42pm Mar 24, 2010 4:42pm
Quoting Rise
I hope your plans are to offer reasonable spreads......everyone else is nailing you guys on that front..... DBFX , Dukas ,Oanda, FXDD (Currenex for 5000 opening balance) soon go markets will have Currenex for Australian clients so your Australian office is going to get a run for their money !

Nice move giving us crap spreads on Micro.
I have not used them since 3/21/10. If everybody would put the on hold until they come to their senses, they would listen and quickly...unfortunately most people would not do anything about it and that is what they count on to gouge you.
  • #853
  • Mar 25, 2010 8:16pm Mar 25, 2010 8:16pm
Jason,

The new spreads are unworkable. I predict there will be a mass exodus from FXCM to any number of brokers with much tighter spreads. Whoever made this decision should be called on the carpet.

I have never had a problem with execution or any other issue but when it all comes down to it the only real issue is the spread. The rest is just bells and whistles. Those trading with FXCM are now statistically disadvantaged versus those trading with other firms.

I read your posts and you always handle yourself professionally so nothing against you but I have to move my money now. Multiply me by thousands and it will matter to the firm.

Thanks Jason, Sincerely, you are a good guy
  • #854
  • Edited 1:14am Mar 26, 2010 1:01am | Edited 1:14am
They gave Micro account holders the "opportunity" to receive the same spreads with NDD execution......... just deposit minimum of 10K in your account...what an insult.
I almost took them up on it but stopped on principle....... they should be giving all the people who put through the volume and made FXCM micro NDD viable the 1pip reduction....not manipulate them and have them squeeze 10K into each account to get the carrot !

Man i have worked in advertising for 15 years and the lack of PR sense on FXCMs part is just mind boggling....
Message to cutomers.......thank you for the huge profits we have made as a deal desk and the massive volume you have provided.....to thank you we will allow you to have twice the spread or prove to us you are worth our time by depositing 10K in your account.

Fail !
  • #855
  • Mar 26, 2010 1:11am Mar 26, 2010 1:11am
Quoting Rise
They gave Micro accoun t holders the "opportunity" to receive the same spreads with NDD execution......... just deposit minimum of 10K in your account...what an insult.
I almost took them up on it but stopped on principle....... they should be giving all the people who put through the volume and made FXCM micro NDD viable the 1pip reduction....not manipulate them and have them squeeze 10K into each account to get the carrot !

Man i have worked in advertising for 15 years and the lack of PR sense on FXCMs part is just mind boggling....
Message...
what a great sly way of getting fresh 10k deposits for an increase in the spread cost for you to trade on.

well done FXCM more great marketing bullshit on your part again. 'We're your friend we want to help all of you with our great ND STP product', yer right it's all a con............

FXCM = Marketing Bullshit!
  • #856
  • Mar 26, 2010 3:23am Mar 26, 2010 3:23am
I just missed a winning trade on GBP/CHF by 1.3 pips. Set my stop when I went to bed last night 50 pips from my entry.

The spread was 5.2 when I entered.

That is officially an FXCM created loss. With normal spreads TP would have hit before the pair tanked. Check the charts if you care to. Entered at at 1.59043 at 1:43PM eastern time, crazy spread for New York session of 5.2 (total BS) stops 50 pips in either direction nice little swing trade. Pair tops out at 1.59530 around 1:30 this morning then tanks. It would have hit a week ago because the spreads were fair and normal and the entry would have been lower.

You guys directly cost me this trade. No doubt about it. I take responsibility for every trade I put on but when you hit the small guy with spreads like this you are guarantying failure.

We cannot afford these spreads. No one can. Big or small. We cannot afford it. We will all fail.

You just put a third zero on the roulette wheel and the game is no longer fair.
  • #857
  • Mar 26, 2010 3:44am Mar 26, 2010 3:44am
Can someone help me out here.

I am thinking of moving my account to Oanda. The spreads are much better and you can trade incremental amounts (odd lots).

The only issue is the charting is not as good as Marketscope.

Does anyone have any ideas on how to use Oanda with a different charting package?
  • #858
  • Mar 26, 2010 7:49am Mar 26, 2010 7:49am
Use prorealtime with Oanda

Oanda spreads have got tighter and tighter....they now rock ! 2.5 pips on G/J .... thank you...
and with them soon to be providing liquidity to a MASSIVE Korean broker expect them to be even more liquid........highest volume per month of any broker as it stands now !
They only make money on the spread so they have no conflict of interest........ poor FXCM should have spent more on intelligent risk managment instead of all those stupid introducing broker kickback schemes,
might have been able to provide good spreads !

I'm moving all my accounts over to Oanda.
Easy


"We cannot afford these spreads. No one can. Big or small. We cannot afford it. We will all fail.
You just put a third zero on the roulette wheel and the game is no longer fair."

EXACTLY ....... this is why we need tight spreads people........go and back test a strat with wide and narrow spreads.....you will be amazed at the repercussions ! (hint, you will be paying a lot more than 1 pip more with wider spreads)
  • #859
  • Mar 26, 2010 9:19am Mar 26, 2010 9:19am
Quoting sloanman
I just missed a winning trade on GBP/CHF by 1.3 pips. Set my stop when I went to bed last night 50 pips from my entry.

The spread was 5.2 when I entered.

That is...
Right you are...larger spread means more than just paying more at entry and exit...it also means that your take profit would be hit less often...and your stop loss would be hit more often...it's not just the extra cost of larger spread and entry...it also kills you at exit.
  • #860
  • Mar 26, 2010 10:26am Mar 26, 2010 10:26am
Quoting wwwin
Right you are...larger spread means more than just paying more at entry and exit...it also means that your take profit would be hit less often...and your stop loss would be hit more often...it's not just the extra cost of larger spread and entry...it also kills you at exit.
all part of FXCM stacking the odds in their favor! JR comes across as your best mate but it's all crap...

just look at there expo they're having in Vegas! ........ what's that full of? gamblers! they want clients that will risk big and trade non stop with a gamblers mentality or why go to Vegas? JR will have spin on it but his posts are biased to supports FXCMs image.

FXCM ND STP = Marketing Bullsh%t!
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