FXCM Discussion | Page 166 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/JPY

Similar Threads

FXCM with Sierra Charts - Discussion and alternatives 8 replies

Elliott Waves discussion 4 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Euro/Dollar discussion 9 replies

Forward Testing Discussion Thread 241 replies

Attachments: FXCM Discussion
Exit Attachments

FXCM Discussion

  • #3,301
  • Jan 16, 2013 1:11pm Jan 16, 2013 1:11pm
Quoting hayseed
hey jason..... i searched this thread for 'etrade' and found only 2 references..... here is your reply..... so if for some reason you can not answer my question reguading etradefx, i'll clearly understand....... also searched the net...... from babypips forum.....

i have an account with etradefx which is being held by fxcm or at least that is my understanding.........
Hi Hayseed,

Unfortunately, I wouldn't be able to tell you whether or not DailyFX PLUS works with your account type. E*TRADE does all customer support for their accounts themselves, so you should be able to check with one of their reps to see if it's possible.

Jason
  • #3,302
  • Jan 16, 2013 1:37pm Jan 16, 2013 1:37pm
ok..... thanks jason......h
to trade and code, keep both simple... no call to impress....h
  • #3,303
  • Jan 16, 2013 9:37pm Jan 16, 2013 9:37pm

My broker is FXCM. In my opinion they become pretty good.

I used to have some problem on the beginning but now they are much better.

Presently my main problem with them is large slippage duringnews. I wrote a EA where I pick up time of execution and using current price Iset up my orders in both way to be executed buy and sell depending on set up curr price plus / minus X pips. Unfortunatly they used a large slippage inbuy/ sell l and even in S/L . So I can not trade during the new . I only waitfor retracement and depending of circumstances I trade.
  • #3,304
  • Jan 16, 2013 9:50pm Jan 16, 2013 9:50pm
Holiday Trading Hours for January

There are two holidays in January that will affect CFD trading hours. Details are below. All times are in EST.

http://img5.imageshack.us/img5/6089/...lidayhours.png

Forex will trade 24 hours a day as normal.
  • #3,305
  • Jan 18, 2013 10:46am Jan 18, 2013 10:46am
Quoting jeremat

My broker is FXCM. In my opinion they become pretty good.

I used to have some problem on the beginning but now they are much better.

Presently my main problem with them is large slippage duringnews. I wrote a EA where I pick up time of execution and using current price Iset up my orders in both way to be executed buy and sell depending on set up curr price plus / minus X pips. Unfortunatly they used a large slippage inbuy/ sell l and even in S/L . So I can not trade during the new . I only waitfor retracement and depending of circumstances I trade.
Hi Jeremat,

Welcome to the forum

On FXCM's No Dealing Desk forex execution, we simply pass on the prices we receive from our liquidity providers and add a fixed markup. When you experience slippage, it means that the price at which your order was placed is no longer available, and your order was instead filled at the best available price in the market. Slippage can either be positive (where you get filled at a better price) or negative (where you get filled at a worse price). These stats show that overall, positive slippage is just as likely to occur on our platform as negative slippage: http://docs.fxcorporate.com/faq/slippage-statistics.pdf

There are specific trading strategies and market approaches that may increase your chances of receiving positive slippage.

How To Maximize Positive Slippage - USE LIMIT AND LIMIT ENTRY ORDERS

FXCM recommends opening and closing trades using limit and limit entry orders in most cases. The benefit to these order types is that you are guaranteed to receive your requested price or better without receiving negative slippage. Remember, that although limit orders guarantee price they do not guarantee execution making order types an important consideration in any trading decision.

How to Minimize Negative Slippage - USE MARKET RANGE ORDER TYPES

When trading with market orders, FXCM recommends setting the order type to "market range," to avoid potentially receiving negative slippage. A market range order type allows you to control the amount of slippage your order can receive when it executes allowing for price certainty (see image below).

http://www.fxcm.com/assets/img/pages...rket-order.jpg


A market range of "X" pips assures that all or part of your order will be filled within a "X" pip range of the current market price ("X" pips above or "X" pips below) if liquidity is available.

Jason
  • #3,306
  • Jan 18, 2013 1:19pm Jan 18, 2013 1:19pm
Hi Jason, I have a UK account with Hedging enabled. My question relates to closing a part of a position. For example if I have an order with 2 lots short the GBPAUD and I want to close just one lot for a partial profit, what can I do? I think that I understand that I have to close the entire position of 2 lots not just 1 lot. Could I for example place an Entry Buy order for 1 lot say 75 pips below my Sell entry point and in effect hedge 1 lot? What do you think? What is my best strategy? I am entering via an FXCM automated strategy and do not want to confuse the robot by trying to place 2 separate strategy orders. Thanks, Bob
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #3,307
  • Jan 18, 2013 1:37pm Jan 18, 2013 1:37pm
Just a reminder that there are still 40 days left in the FXCM Freestyle App Challenge. Software developers interested in creating a forex trading app can compete for $59,000 in prizes.

http://img685.imageshack.us/img685/9...appideasch.png


Even if you're not a software developer, you can still participate. If you have a suggestion for features would you like to see in your ideal forex trading app, you can share your ideas with the software developers. The ten best ideas will be in the running for $1,000 in cash prizes.
  • #3,308
  • Jan 18, 2013 1:55pm Jan 18, 2013 1:55pm
@Jason

The deadline says Jan 24

This section seems contradictory...

Quote
Sec 7.B Contestant grants to the Sponsor and the Administrator, and any third parties acting on behalf of the Sponsor and/or the Administrator, a non-exclusive, irrevocable, royalty free and worldwide license to use the Submission

Quote
6.c(v) The Contestant may offer the Application to the public for free or charge a fee for download or access. However, each Application must be available free of charge for testing, evaluation and use by the Competition Sponsor...

So if you wish to sell an app, Sec.7.B gives FXCM carte blanche to do as they wish. My question - would you get royalties from any derivative works or cross-selling, if your app is accepted?

I wish i knew of this competition a while back as i created a C++ DLL API for MT4 and your API seems ideal.
Politics is the womb in which war develops.
  • #3,309
  • Edited Jan 20, 2013 5:32am Jan 19, 2013 7:08am | Edited Jan 20, 2013 5:32am
Quoting Jason Rogers
Notice how your pivot levels correspond to my pivot levels for November. Something might have been changed in the settings of your charts. Try going to File > Options, then hit the Reset to Defaults button. Also, go to File > Default Layout on your chart window. If that does not correct the error, try uninstalling and then reinstalling the Trading Station.

Jason
Hi Jason,

I don`t know what kind of Pivot Points you have in your Trading Station 2.

The Pivot Points in my platform are definetly wrong and it has nothing to do with changed chart settings.

Resetted to default settings and reinstalled the platform.

They are wrong and I think they are coded wrong.

Do your homework and talk with your programmers on fxcodebase.com.

There`s a thread about it and other clients talked about the same problems.

Here`s another screenshot:

It shows the weekly Pivot Points of the EUR/USD pair based on the weekly bar of January 11th, 21:59 GMT time.

I say it again, it is outrageous to provide clients a trading platform with wrong coded indicators.

Pivot Points are widely used by many, many traders and also by banks, firms and institutional traders.

They have to show the right price levels, where are probabilities that prices react at these levels.

Nothing else.


Here a little help for beginners in the trading business:


Learn and search for informations how to use and trade correctly with Pivot Points.

They show you a roadmap and a navigator with buy and sell zones, possible consolidation zones, where prices are, where prices are likely going step by step, where to take profits and where prices likely reverse. Where to trade and where not.

Learn how to trade with the midpoints M0, M1, M2, M3, M4, M5 in forex markets and use them.They are also important.

Buy below the Pivot Point.

Sell above the Pivot Point.

Don`t trade between Pivot Points.

Be careful with pivot indicators in brokers platforms and free available pivot indicators for Metatrader 4.

Before using them, always check if they show you the right pivot datas.

There are websites and internet services which provide you the correct pivot points.
It`s not the holy grail, but it`s possible to enter trades with low risk and catch big trends right from the beginning, especially in higher timeframes where the "BIG DOGS" enter their trades week after week.


Best Regards, mctrade.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR USD Weekly Pivot Points Trading Station 2.jpg Size: 119 KB
It ain`t no big thing, but it`s growing.
  • #3,310
  • Jan 19, 2013 9:44pm Jan 19, 2013 9:44pm
Quoting mctrade
Buy below the Pivot Point.

Sell above the Pivot Point.
.
for some reason i thought it was the other way around.....

//-----

(high+low+close)/3

(1.33647+1.30157+1.33416)/3 == 1.32406666666667

just checked the weekly pivots on my platform and quite a few pivot providing sites on the net..... given that some round up, they all say 1.3241 .....

perhaps your weekly high, low, close or your math being used to calculate the pivots is different...... as you know, any of those 4 differences could cause the error.....h
to trade and code, keep both simple... no call to impress....h
  • #3,311
  • Edited 8:02am Jan 20, 2013 7:48am | Edited 8:02am
Quoting hayseed
for some reason i thought it was the other way around.....

//-----

(high+low+close)/3

(1.33647+1.30157+1.33416)/3 == 1.32406666666667

just checked the weekly pivots on my platform and quite a few pivot providing sites on the net..... given that some round up, they all say 1.3241 .....

perhaps your weekly high, low, close or your math being used to calculate the pivots is different...... as you know, any of those 4 differences could cause the error.....h
Hi hayseed,

thanks for your response.

Sure you can enter a long trade above the Pivot Point and trade short below the Pivot Point, no question.

In the past I traded a trend following method and also entered trades that way.It depends on where a trend started.

In my opinion, most uptrends start at a support level below the Pivot Point, downtrends on a resistance level above the Pivot Point.

See the last screenshot I posted.The last 4 hour uptrend of the EUR/USD started below the Pivot Point in the buy zone.

When you entered a long trade at a support level, you could trade the trend right from the beginning.

Now the price is above the Pivot Point and is in consolidation, the trend could be over.This happens over and over again.



I`m a little bit confused about FXCM`s pivot indicator now.Sometimes it seems to show the correct levels, sometimes not.

You`re right, last weeks Pivot Point of the EUR/USD was at price 1,3241, Support 1 at 1,3118 and Resistance 1 at 1,3467.

So in this case the indicator showed the correct levels.

Yesterday I also checked a website and compared the weekly pivots of the EUR/USD pair with the pivots of the indicator.

After that I posted the screenshot with the pivots shown on the website.What a crap.

I`ll be watching this in the next days exactly.
It ain`t no big thing, but it`s growing.
  • #3,312
  • Jan 20, 2013 12:47pm Jan 20, 2013 12:47pm
Hello Jason,

I have a question again:

In the options of the Trading Station 2 Pivot Point indicator I set it on "Standard Classic Pivot Points",
so that it shows the standard Pivot Points in the charts.

Now I have a problem with the Support 3 and Resistance 3 levels.
In all charts they seem to be wrong, I don`t know.
Can you explain me, how these levels are calculated?

From my knowledge, the formula for the calculation of standard Pivot Points is as follows:

R3 = H + 2( Pivot - L )

R2 = Pivot + ( H - L )

R1 = ( 2 x Pivot ) - L

Pivot = ( H + L + C ) / 3

S1 = ( 2 x Pivot ) - H

S2 = Pivot - ( H - L )

S3 = L - 2( H - Pivot )

For example, again last weeks EUR/USD weekly Pivot Points, but it`s the same with the daily and monthly standard Pivot Points.

If this is the correct formula, the weekly EUR/USD support 3 was at the price 1,2768(69).

The weekly EUR/USD resistance 3 was at the price 1,3815(16).

Here again some screenshots:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Pivot Point Calculator.jpg Size: 32 KB
Click to Enlarge Name: Weekly Pivot Points.jpg Size: 17 KB
Click to Enlarge Name: EUR USD Resistance 3.jpg Size: 95 KB
Click to Enlarge Name: EUR USD Support 3.jpg Size: 96 KB
It ain`t no big thing, but it`s growing.
  • #3,313
  • Jan 21, 2013 7:40pm Jan 21, 2013 7:40pm
Hi Jason, I'm from Chile, and whenever I go to www.fxcm.com, the page redirect me to www.fxcmchile.cl

so I wanna know if fxcm Chile is reliable and trusty??, and is owned by fxcm? or they are different brokers

thanks
  • #3,314
  • Jan 22, 2013 12:15am Jan 22, 2013 12:15am
Under the user agreement it mentions that users can be taken off the no dealing desk option. Why is that? Supposedly, the no dealing desk option does not create a conflict, so why would one get kicked off? I am just wondering since I am thinking about starting an account at fxcm. I am a little hesitant, however, since fxcm was found guilty for improper practices.
  • #3,315
  • Jan 22, 2013 3:30pm Jan 22, 2013 3:30pm
Quoting FiatFap
@Jason

The deadline says Jan 24

This section seems contradictory...





So if you wish to sell an app, Sec.7.B gives FXCM carte blanche to do as they wish. My question - would you get royalties from any derivative works or cross-selling, if your app is accepted?

I wish i knew of this competition a while back as i created a C++ DLL API for MT4 and your API seems ideal.
Hi FiatFap,

The deadline for the Freestyle App Challenge was extended to February 28th, so there's still over a month left in the competition. As for the section of the contest rules you asked about, I spoke with the contest organizers for clarification. Contestants can sell their challenge apps to customers but must provide FXCM with free access for testing. If you are interested in selling your app on FXCMapps.com, email me at [email protected] and I will put you in touch with one of my colleagues.

Jason
  • #3,316
  • Jan 22, 2013 5:11pm Jan 22, 2013 5:11pm
Hi Jason,

Is Trader king of the mini trading contest ever coming back?
If so do you know when or any info?
  • #3,317
  • Jan 22, 2013 9:05pm Jan 22, 2013 9:05pm
Quoting mctrade
Hello Jason,

I have a question again:

In the options of the Trading Station 2 Pivot Point indicator I set it on "Standard Classic Pivot Points",
so that it shows the standard Pivot Points in the charts.

Now I have a problem with the Support 3 and Resistance 3 levels.
In all charts they seem to be wrong, I don`t know.
Can you explain me, how these levels are calculated?

From my knowledge, the formula for the calculation of standard Pivot Points is as follows:

R3 = H + 2( Pivot - L )

R2 = Pivot + ( H - L )...
Hi McTrade,

I've asked one of my colleagues who's more familiar with these formulae to take a look at your question. I'll post a response for you as soon as he's finished reviewing your examples.

Jason
  • #3,318
  • Jan 22, 2013 9:21pm Jan 22, 2013 9:21pm
Quoting shark10
Hi Jason, I'm from Chile, and whenever I go to www.fxcm.com, the page redirect me to www.fxcmchile.cl

so I wanna know if fxcm Chile is reliable and trusty??, and is owned by fxcm? or they are different brokers

thanks
Hi Shark10,

Welcome to the forum

FXCM Chile operates out of Santiago and is wholly owned and operated by FXCM Chile SA doing business under the FXCM proprietary brand. FXCM Inc. does not own or control any part of FXCM Chile. They provide service to traders in Chile in Spanish and English. Their clients have access to the same platforms and trade execution as FXCM clients worldwide, but with local support and local funding options.

Jason
  • #3,319
  • Jan 22, 2013 10:21pm Jan 22, 2013 10:21pm
Quoting howellsj
Under the user agreement it mentions that users can be taken off the no dealing desk option. Why is that? Supposedly, the no dealing desk option does not create a conflict, so why would one get kicked off? I am just wondering since I am thinking about starting an account at fxcm.
Hi Howellsj,

Welcome to the forum

There seems to be some confusion. FXCM does not switch clients from our No Dealing Desk option to the Dealing Desk option unless they request it to get lower spreads. On FXCM's No Dealing Desk forex execution, your orders automatically fill from the NDD price feed, which is the best bid and best ask prices from all of our liquidity providers plus FXCM's small, fixed mark-up. Additionally, your orders are anonymous to the liquidity providers. They cannot see your stops, limits, or entry orders; they only see market orders coming from FXCM. Our NDD execution eliminates a potential conflict of interest with our clients, since we don't take a market position. For this reason we recommend our NDD execution for the best overall trading experience.

Dealing desk execution is used by most brokers in the forex industry. However, FXCM's dealing desk is different because we use the FXCM NDD price feed as a base to derive prices and execute orders. This means that our dealing desk execution shares important features with our NDD execution such as no re-quotes and no restrictions on stops and limits. But no matter what similarities the two execution models share, there are fundamental differences between them, and you may experience certain trading limitations when you trade with our dealing desk. This is why we recommend NDD execution for most clients.

Operating a dealing desk can be riskier than providing NDD execution because we (the market maker) are on the other side of your trades. When you are long a currency pair, we are short. When you are short, we are long. Likewise, when you trade profitably, we may experience trading losses. Most dealing desks manage their trading losses by interfering with their client's trading such as re-quoting their orders, delaying their execution, skewing prices, or widening spreads. We do none of that at FXCM. If your trading style exposes us to more risk than we care to manage, we will simply change your execution type to NDD, where there are no restrictions on the trading style or strategy used. This is how FXCM can comfortably offer both options without having to resort to the "dealer intervention" that is common at many forex brokers.

Quoting howellsj
I am a little hesitant, however, since fxcm was found guilty for improper practices.
I think you are referring to the NFA action that concerned positive slippage not being passed on in full when transactions were offset with liquidity providers. I posted a detailed explanation here.

Jason
  • #3,320
  • Jan 22, 2013 10:40pm Jan 22, 2013 10:40pm
Quoting m12345
Hi Jason,

Is Trader king of the mini trading contest ever coming back?
If so do you know when or any info?
Hi m12345,

Welcome! Nice to see so many new people joining the discussion

The King of the Micro trading contest is not coming back, but I believe something different is in the works

Unfortunately, I can't say more at this time, but keep an eye on this thread for updates.

Jason
11 traders viewing now