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  • #1,481
  • Oct 1, 2010 10:17am Oct 1, 2010 10:17am
That's because the CFTC is run by a bunch of bureaucratic morons and/or bought off by CME lobby crooks, imo. This Dodd Frank BS is a perfect example of that.



Quoting Slack
Take it easy on the guy. He already mentioned there could be a delay in answering questions this week.

FYI, he's not going to be able to answer anything about dbfx.


*One glimmer of hope: CFTC has acknowledged a flaw in the regulation. One of our friends brought up a good point about retail traders with UK (protected) accts will now be forced back to the US... and give up any protection provided under FSA rules. CFTC said this needs to be corrected... and soon.

Stay tuned. Same bat channel. Same bat time.
  • #1,482
  • Oct 1, 2010 10:31am Oct 1, 2010 10:31am
Quoting Leche Mocha
That's because the CFTC is run by a bunch of bureaucratic morons and/or bought off by CME lobby crooks, imo. This Dodd Frank BS is a perfect example of that.
I'm not sure about the CFTC, but the real morons and crooks are sitting in the House and Senate. I would sure like to find out who actual wrote that piece of crap bill.
  • #1,483
  • Oct 4, 2010 12:08am Oct 4, 2010 12:08am
I have a solution, move to the UK! Find a cheap flat and trade there. Problem solved.
  • #1,484
  • Oct 4, 2010 4:21pm Oct 4, 2010 4:21pm
Quoting Leche Mocha
That's because the CFTC is run by a bunch of bureaucratic morons and/or bought off by CME lobby crooks, imo. This Dodd Frank BS is a perfect example of that.
CFTC / CME / NFA are in my honest opinion "legally" organized institutions established to screw Joe six pack and foreign investors on US markets.

One example is the CFTC rule regarding "intraday margins".

Letīs take a look at the most professional legal fraud government sponsored entities can engage in.

Here is the explanation from CFTC on their website regarding margin :

Margin: The amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with a clearing organization. The margin is not partial payment on a purchase. Also called Performance Bond. (1) Initial margin is the amount of margin required by the broker when a futures position is opened; (2) Maintenance margin is an amount that must be maintained on deposit at all times. If the equity in a customer's account drops to or below the level of maintenance margin because of adverse price movement, the broker must issue a margin call to restore the customer's equity to the initial level. See Variation Margin. Exchanges specify levels of initial margin and maintenance margin for each futures contract, but futures commission merchants may require their customers to post margin at higher levels than those specified by the exchange. Futures margin is determined by the SPAN margining system, which takes into account all positions in a customer’s portfolio.
__________________________________________________________________________________________________________________________________________

And now letīs take a look at a concrete legal situation when actually a problem arises. Excerpt from an actual legal case brought into CFTC jurisdiction :

http://www.cftc.gov/ucm/groups/publi...ertz072709.pdf

Quote :

"Initial and maintenance margin provide a means for futures commission merchants to assure their financial integrity and contribute to the financial integrity of the entire marketplace. For this reason, the Commission has consistently upheld the right of a broker to liquidate a customer account when the account is under-margined or the broker otherwise deems liquidation necessary to protect itself or the customer, based upon its own good-faith business judgment."

Basically this sentence - ruled in a conclusion of a legal case against Peregrine Financial Group - tells you that your "friendly" broker has the FULL POWER AND AUTHORITY of the so called CFTC to throw you out of a position when you are using intraday margins at any given time, whenever they deem "necessary".

AS LONG AS THERE EXIST WISHY WASHY RULES LIKE THESE, you should REFUSE to invest ANY USD, GBP, CHF, EUR, JPY with a Futures Commission Merchant in the US !!!!

"Own good-faith business judgment" means a lisence to SCREW YOU !
________________________________ Errare humanum est
  • #1,485
  • Oct 4, 2010 4:32pm Oct 4, 2010 4:32pm
Oh and here we go with our favored Forex broker "de luxe" : FXCM LTD., UK.

From FXCMīs "Terms of Business" :

2.3 ...

( d ) we do NOT EXECUTE ORDERS ON YOUR BEHALF, we simply PROVIDE A QUOTE for a particular product and then deal as PRINCIPAL, and therefore DO NOT OFFER BEST EXECUTION in accordance with FSA rules as detailed in Section 17.8 and 17.9 of these terms of business.

And of course you should read Section 17.8 and 17.9 of FXCM Ltd, UK Terms of Business in all its "beauty" :

http://www.fxcm.co.uk/docs_pdfs/FXCM...f_Business.pdf

Well, gentlemen, this sounds like a company which does not care much about making you happy. Moreover FXCM does exist to make its CEO, CIO and managing directors happy !
________________________________ Errare humanum est
  • #1,486
  • Oct 5, 2010 12:49am Oct 5, 2010 12:49am
Quoting jrsub
I have a solution, move to the UK! Find a cheap flat and trade there. Problem solved.
I am amazed. You managed to use "UK" and "cheap" in the same sentence and make it sound almost believable
  • #1,487
  • Oct 5, 2010 10:17am Oct 5, 2010 10:17am
Back in February we issued this service advisory to all FXCM/FXCM UK traders regarding a serious problem with the brokers live MT4 servers and our attempts at a resolution of these technical issues. The issue persisted for quite some time and has been reviewed periodically to determine if there has been any success at a resolution.

Today we are happy to report that a review of live FXCM trading logs shows no further signs of trouble (they are quite good actually). The demo servers still have the usual old ticks, but this is common with demo servers as they tend to run overloaded.

Our service advisory is now canceled. We will, of course, continue to monitor (as we do for all our subscribers) and issue a new advisory should the problem come back. As of right now, we consider the issue to be RESOLVED.
BarrySDCA Commercial Network Services
  • #1,488
  • Oct 5, 2010 12:54pm Oct 5, 2010 12:54pm
Quoting MarcIlgen
Well, I guess it helps to speak to the person in charge. :-) I just contacted Millennium's VP for the group that handles FOREX. She says the following:

"If this is a standard or regulation set forth by the CFTC, we would not require the clients to liquidate their accounts and return the proceeds to Millennium Trust Company. We would definitely make provisions for these clients as we are aware this is a huge inconvenience for everyone. I will contact FXCM to discuss the details and how these accounts should be handled."

This is terrific news,...

Hi Marc,

I received confirmation today that we have contacted the IRA custodial firms alerting them to the accounts being moved back to the US, and the IRA accounts are being repatriated back to FXCM US the same as any other client (standard 10k, micro, etc.). So the process is streamlined for IRA accounts as well.

-Jason
  • #1,489
  • Oct 6, 2010 4:50am Oct 6, 2010 4:50am
While I'm generally impressed with the FXCM platform (and have yet, over some time, to see it crash), one maddening deficiency appears to be the lack of ability to pre-set OCO stop / limit orders, attached to each entry. I consider the stop order in particular to be a "safety" thing, in case (for example) the BoJ were to bump the markets at the instant after my trade opened.

Not to mention the savings in keystrokes per order entry. FWIW, the best platform I've used lets me enter an order on the chart with just two mouse clicks, then drag the stop and target orders to suit. All visual, no fat finger errors, very nice.

Imagine my surprise to learn this morning that the UK platform has preset OCO stop / limit as part of the Trading Settings screen. But the US platform does not (?!).

Are there any plans to bring this capability to the US platform, especially now that US traders will be dragged back home?

Thanks in advance. FXCM does a great job answering questions on this forum.

dwt
  • #1,490
  • Oct 6, 2010 9:03am Oct 6, 2010 9:03am
Quoting dwt
While I'm generally impressed with the FXCM platform (and have yet, over some time, to see it crash), one maddening deficiency appears to be the lack of ability to pre-set OCO stop / limit orders, attached to each entry. I consider the stop order in particular to be a "safety" thing, in case (for example) the BoJ were to bump the markets at the instant after my trade opened.

Not to mention the savings in keystrokes per order entry. FWIW, the best platform I've used lets me enter an order on the chart with just two mouse clicks, then drag...
Hi dwt,

Thanks for the feedback!

I completely understand what you mean about not being able to attach a stop/limit order to the waiting entry order. For accounts currently with FXCM US (LLC) the stop limit has to be added through the summary window once the trade has executed.

Adding this functionality is something we are working on at the moment.


Concerning US residents trading with FXCMUK
US residents who have their accounts transferred from FXCM UK to FXCM US next weekend will retain the platform functionality of being able to add stops/limits to entry orders when the entry order is created. The same functionality will be added to accounts currently trading through FXCM US as soon as possible.

-Jason
  • #1,491
  • Oct 7, 2010 11:49am Oct 7, 2010 11:49am
Quoting Jason Rogers
...The same functionality will be added to accounts currently trading through FXCM US as soon as possible.

-Jason
Jason,

Thanks for the prompt response. This critical feature can't be introduced too soon for me. It must also be costing FXCM, as no one in his right mind would put in an order unless he were sitting in front of his PC, knowing that his position would be unprotected once filled.

Until we get this fixed, I don't suppose there's a way I could use the UK platform? And what about your Strategy Trader platform? Does it have this capability already, and if not, are you adding pre-set OCO stop / limit orders to order entry there as well?

Thanks again.

dwt
  • #1,492
  • Oct 8, 2010 12:56pm Oct 8, 2010 12:56pm
Quoting dwt
Until we get this fixed, I don't suppose there's a way I could use the UK platform? And what about your Strategy Trader platform? Does it have this capability already, and if not, are you adding pre-set OCO stop / limit orders to order entry there as well?

Thanks again.

dwt
I checked with the programming team about having an EA created for Strategy Trader which will add the stop/limit after the entry order is executed. Will keep you posted on the development.

-Jason
  • #1,493
  • Oct 8, 2010 1:37pm Oct 8, 2010 1:37pm
***Important Reminders for this Weekend***


1. FXCM US (LLC) accounts, please be aware the leverage is being reduced this weekend from 100:1 to 50:1 for major pairs and from 25:1 to 20:1 for exotic pairs in accordance with the new CFTC rules. If you have not done so already, check your Usable Margin to make sure you are not in danger of being overleveraged on Sunday when leverage is reduced.

2. IMF & World Bank meetings: If you are holding positions open this weekend, please be aware that there are IMF and World Bank meetings taking place this weekend. DailyFX has the importance listed as High on the calendar. In case you've missed this week's rhetoric, Bloomberg has an overview of it http://www.bloomberg.com/news/2010-1...ar-at-imf.html.
  • #1,494
  • Oct 10, 2010 12:47pm Oct 10, 2010 12:47pm
Quoting oakmonster
I am amazed. You managed to use "UK" and "cheap" in the same sentence and make it sound almost believable

lol
  • #1,495
  • Oct 12, 2010 6:53am Oct 12, 2010 6:53am
Hi Jason, what happens if I close my trade during an NFE release? Will it be executed automatically?
  • #1,496
  • Oct 12, 2010 9:09am Oct 12, 2010 9:09am
Quoting red01
Hi Jason, what happens if I close my trade during an NFE release? Will it be executed automatically?
Hi red,

Your trade will be executed automatically. An advantage of NDD execution is that there is no dealer intervention in the execution of your trades.

A couple of things to keep in mind whenever trading around news events such as NFP. Whenever you submit a market order, you can choose either At Best or Market Range for the order type. See the image below, I highlighted where to find it.

http://img830.imageshack.us/img830/8...rketorderw.png


Here's how each order type works:

At Best: The order will first attempt to fill with one of the banks at the price you click on. If liquidity is no longer available at that price, the order will be filled at the next best available price. An at best order gives you certainty over execution. The order will always be filled. What you gain in execution certainty, you are giving up in price certainty since slippage is possible.

Market Range: This order type gives you price certainty. If you set the market range to 2 pips (as I have done in the screenshot), as much of your order as possible will be filled no more than 2 pips away from the current price. Entering a range doesn't mean your order will be filled 2 pips away, it means you are allowing up to 2 pips of slippage if the price you click on is no longer available. If the next best available price is greater than 2 pips from the price you clicked on, the order will be rejected. In summary, market range gives you price certainty, but less execution certainty.

In both cases, it is possible to get price improvement if prior to the fill the market moves in your favor. The same can happen on Limit Entry orders you use to enter the market.

Let me know if you have any additional questons.

-Jason
  • #1,497
  • Oct 12, 2010 9:56am Oct 12, 2010 9:56am
Hi Jason,

Thank you for your explanation. Upon closing the trade last Friday, I got rejected using the Market Range but the weird thing was my trade moved to the "Orders" panel. I tried to remove the order but the "remove order" command is disabled. I am unable to do any action. The trade was closed automatically when it returned to the price I tried to close the trade the first time.

Sorry, do I make sense?
  • #1,498
  • Oct 12, 2010 10:22am Oct 12, 2010 10:22am
Quoting red01
Hi Jason,

Thank you for your explanation. Upon closing the trade last Friday, I got rejected using the Market Range but the weird thing was my trade moved to the "Orders" panel. I tried to remove the order but the "remove order" command is disabled. I am unable to do any action. The trade was closed automatically when it returned to the price I tried to close the trade the first time.

Sorry, do I make sense?
When the order goes into the orders window it is in the process of being executed. You won't be able to cancel or remove the order while it is attempting to execute.

What I can do is take a look at the process the order went through to execute if you would like a more detailed explanation of your specific trade. This would give us both a little more insight into this particular case. If so, please send me an email at [email protected] with the ticket number for the trade and your account number.

-Jason
  • #1,499
  • Oct 12, 2010 10:36am Oct 12, 2010 10:36am
Quoting Jason Rogers
I checked with the programming team about having an EA created for Strategy Trader which will add the stop/limit after the entry order is executed. Will keep you posted on the development.

-Jason
Hi dwt,

I attached a Strategy Trader EA to this post which you can use to create an entry order and automatically have the stop/limit order attached once the entry order executes. (EA is compliments of keviyu on the strategy trader forum).

Strategy Trader will need to be running on your computer in order for the EA to work.

Brief Tutorial:

1. The EA should be added to the chart displaying the currency pair your entry order corresponds to. You can simply drag and drop the EA from the Navigation menu onto the chart.
2. In the "Format Strategy Advisor" window, you will set the entry type (i.e. buy limit, sell stop, etc.), the entry order price, and your stop loss and take profit distance from the entry price in pips. Below is a screenshot of what it will look like.

http://img407.imageshack.us/img407/1...orentryord.png


Let me know if you have any additional questions.

-Jason
Attached File(s)
File Type: zip OrderWithTPSL.zip   6 KB | 390 downloads
  • #1,500
  • Oct 12, 2010 11:28am Oct 12, 2010 11:28am
fxcm needs to put dollar index, s&p, dow, nasdaq, oil, gold, silver on the tradestation for charting purposes. Yes, I know fxcm does not offer these products to trade, however they are crucial instruments to follow when trading currencies. If fxcm is truly looking out for their clients best interests, they should add these to the platform. I'm certain that a lot of fxcm clients are tired of having to go through a 3rd party to find these instruments in order to chart them. Don't you think it would make a client's trading much easier to have access to these instruments with marketscope's useful tools?

To all fxcm clients out there, PLEASE CONTACT YOUR FXCM REP AND PROPOSE THIS VALUABLE OPTION.
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