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FXCM Discussion

  • #4,581
  • Apr 13, 2014 11:06am Apr 13, 2014 11:06am
Witch broker you guys could suggest if you whant to start with a small balance ?
  • #4,582
  • Apr 13, 2014 11:14am Apr 13, 2014 11:14am
Does no one realise that they once claimed to have Level 5 pricing on FXCM's Active Trader?

it's been taken off now for mysterious reasons.

But look at this picture:

http://www.middleeastbusiness.net/ne...r/image022.png

The liquidity they are getting in USD / CHF should be much worse than EUR/USD, USD/JPY and other major pairs. But the slippage I've got already shows that it is unjust, unless FXCM's liquidity fell a lot by its standards.

The staffs at FXCM seriously have no idea how markets work. They will revert to the normal excuse in situations that in fast-moving markets, there is slippage. I did ask them before depositing whether I should use TS 2 or the institutional platform. Well guess what of course they said the retail TS 2 platform.

In a professional FX market, prices are much tighter in response to a risk event. Individuals and traders trade on the break of events and participate in the market actively. Liquidity is marked and created through market participation and the volumes traded. Risk events do not in fact create slippage, they eliminate it. This is a common misconception of the markets and a lot of people on the site. A market order post non farm payrolls should not be slipped. Any slippage would be caused by the fast price movement and the slow execution latency, and not prices and the FX market.

I will slide out some information to you guys, last time when I was trading the RBNZ. I was seeing spreads of 6 pips on the second of announcement on a Citi Professional platform and on the LGC Currenx platform, fair enough. However, FXCM had 40 pips . And post the RBNZ rate hike, spreads on Citi and Currenx on LGC went back to normal levels to 0.3 pips for 5 million, 0.8 for 10, etc. Then FXCM's spreads still stayed at 30-40 pips.

No dealing desk? lol is my answer to that.
  • #4,583
  • Apr 13, 2014 11:15am Apr 13, 2014 11:15am
Quoting BogiFX
Witch broker you guys could suggest if you whant to start with a small balance ?
For a small balance you can use whatever regulated reputable brokers, and even FXCM. But not big balances.
  • #4,584
  • Apr 13, 2014 11:25am Apr 13, 2014 11:25am
Quoting plotinus82
{quote} For a small balance you can use whatever regulated reputable brokers, and even FXCM. But not big balances.
This is a really huge dilemma. So what do individual traders do to wip crooked brokers in line since the huge regulators cant do much from experience????
  • #4,585
  • Apr 13, 2014 11:42am Apr 13, 2014 11:42am
Quoting Makavell
{quote} This is a really huge dilemma. So what do individual traders do to wip crooked brokers in line since the huge regulators cant do much from experience????
You sue them.
  • #4,586
  • Apr 13, 2014 11:46am Apr 13, 2014 11:46am
Quoting plotinus82
{quote} You sue them.
Whats the entry minimum open balance for ICAP, and what kind of leverage do they offer?
  • #4,587
  • Apr 13, 2014 11:49am Apr 13, 2014 11:49am
Quoting plotinus82
{quote} You sue them.
these crooks retain the services of a large retinue of expensive lawyers, suing them individually would be an uphill task indeed
  • #4,588
  • Apr 13, 2014 12:02pm Apr 13, 2014 12:02pm
Quoting Makavell
{quote} Whats the entry minimum open balance for ICAP, and what kind of leverage do they offer?
Inquire with London Capital Group.
  • #4,589
  • Apr 13, 2014 12:04pm Apr 13, 2014 12:04pm
Quoting BogiFX
Witch broker you guys could suggest if you whant to start with a small balance ?
See below

Quoting Forexia
{quote} Different trading styles require different types of brokers. I find MM brokers are more suited for casual swing traders who trade park their investment there and just ride the long-term waves so they don't really care about slippages, stop hunting or spread-widening. After all, no matter how much they widen the spread, it's better than what the banks offer. They are just one step above banks. If you trade really small and don't even require margin, then it's the banks for you. If you trade frequently and in large size, you need ECN, STP...
Make your losses in demo. Earn your profits live.
  • #4,590
  • Apr 13, 2014 12:04pm Apr 13, 2014 12:04pm
Quoting Makavell
{quote} these crooks retain the services of a large retinue of expensive lawyers, suing them individually would be an uphill task indeed
They have in house lawyers so those lawyers deal with it themselves. I have dealt with their in house lawyer in the UK, it is nothing but a standard referral to what is already said on the site and a reliance of exclusion clauses without them realising that since I am a consumer and a retail client, such exclusion clauses of slippage far away from the industry standards would be covered by the Unfair Contracts Act of my country and FCA regulations.

They just do not learn.
  • #4,591
  • Apr 13, 2014 12:22pm Apr 13, 2014 12:22pm
Quoting Makavell
{quote} these crooks retain the services of a large retinue of expensive lawyers, suing them individually would be an uphill task indeed
If you REALLY want to sue those brokers and I can assure you FXCM is FAR from the worst, you have to do it in a class action and there had been class action lawsuits against FXCM in the past as I remember but they were all dismissed.

Like I said different brokers serve different trading styles and sizes. MM brokers like FXCM is more suitable for small micro accounts in long-term swing trading. One of my brother-in-law trades with FXCM. He parks like a 2K position there and just holds it over weeks and months and he makes pretty good income from it. He's fully aware of the slippages, the stop-huntings and etc. but because he trades so infrequently and in small sizes, it doesn't affect him that much. Now if he is to trade in standard lots on a daily basis or like a scalper, then FXCM would not work as well for him.
Make your losses in demo. Earn your profits live.
  • #4,592
  • Apr 13, 2014 12:27pm Apr 13, 2014 12:27pm
Quoting Forexia
{quote} If you REALLY want to sue those brokers and I can assure you FXCM is FAR from the worst, you have to do it in a class action and there had been class action lawsuits against FXCM in the past as I remember but they were all dismissed. Like I said different brokers serve different trading styles and sizes. MM brokers like FXCM is more suitable for small micro accounts in long-term swing trading. One of my brother-in-law trades with FXCM. He parks like a 2K position there and just holds it over weeks and months and he makes pretty good income...
FXCM claims it is NDD.

Which I highly doubt observing the spreads.
  • #4,593
  • Apr 13, 2014 12:34pm Apr 13, 2014 12:34pm
Quoting plotinus82
{quote} FXCM claims it is NDD. Which I highly doubt observing the spreads.
If you ask me Ill say they are still the old crooked market maker they were 2002
  • #4,594
  • Apr 13, 2014 1:30pm Apr 13, 2014 1:30pm
it just gets worse, it has nt been a good few days for FXCM
sure there'll be a company representative along shortly to ease everyone's grievances
you have to wonder why they bother with these types of threads sometimes
  • #4,595
  • Apr 13, 2014 1:51pm Apr 13, 2014 1:51pm
Quoting Makavell
{quote} If you ask me Ill say they are still the old crooked market maker they were 2002
Oh there are skewing evidences in accordance to their B Book definitely on the charts.
  • #4,596
  • Apr 13, 2014 1:53pm Apr 13, 2014 1:53pm
Quoting Carlsberg
it just gets worse, it has nt been a good few days for FXCM sure there'll be a company representative along shortly to ease everyone's grievances you have to wonder why they bother with these types of threads sometimes
lol what would they be able to say instead of giving table of their statistics which did not apply to my trading at all, they cannot deal with complaints properly, asks me to talk to someone who lied in their response and all they say is.

That is simply untrue

That does not apply to 190,000 of the other accounts

Chat representatives are only chapter 1 in the forex markets

A huge paragraph on positive slippage, which I never received.

What else?!
  • #4,597
  • Edited 2:46pm Apr 13, 2014 2:34pm | Edited 2:46pm
Quoting plotinus82
{quote} FXCM claims it is NDD. Which I highly doubt observing the spreads.
Usually when it's advertised as fixed spread and no commission, it's usually MM and NOT NDD no matter what they put in the name because the business model is totally different. There are only so many ways brokers can make money. If their spread is small and is kept small, then they have to charge you commission. If they don't charge you commissions, then their spread cannot be small. If they insist on fixing their spread to be small AND not charge you commissions, then they can only fix it for certain currency pairs, usually the most frequently traded pairs like EU and UJ and only for "normal" trading environment, i.e. good amount of volume and normal volatility e.g. no news. Many brokers make up their losses/increase their profitability in the rollover interest they charge/pay. So FXCM's roll-over interest is not too bad, then you are definitely paying for them in spreads. That is. Nothing comes out nothing; everything's got a price.

Like I said before, MM brokers like FXCM have their own usefulness and serve a different kind of clientele with different kind of trading styles and sizes. If you find FXCM's brokerage services no longer works for your trading style/size, change the broker. It's like there are all kinds of different restaurants out there, some are fast food restaurants, and some are high-class dining venues. If you want cheap food fast on the go, you go to fast food restaurants. If you want to woo your date and want to spend the time to get to know her, you go dine in high-class dining venues. You don't go to fast food restaurants and order foie gras or cavier and then complain that they don't have them on the menu. Likewise, you don't go to high-class dining venues and order hamburgers and expect them to be ready in 5 min and then complain and want to talk to the manager because the chef is taking his/her time preparing the pan-seared hamburger in olive oil with walnut nuggets in strawberry reduction. But just because fast food restaurants serve cheap food prepared fast on the go, they should be shut down? No not at all, they are very useful when you are on the go in a hurry and need to stuff your stomach fast and dona't have time to wait. But when fast food restaurants is not serving the food that you want or offering the type of service you want, you just leave and go to a different type of restaurant.
Make your losses in demo. Earn your profits live.
  • #4,598
  • Apr 13, 2014 2:46pm Apr 13, 2014 2:46pm
Quoting Forexia
{quote} Usually when it's advertised as fixed spread and no commission, it's usually MM and NOT NDD no matter what they put in the name because the business model is totally different. There are only so many ways brokers can make money. If their spread is small and is kept small, then they have to charge you commission. If they don't charge you commissions, then their spread cannot be small. If they insist on fixing their spread to be small AND not charge you commissions, then they can only fix it for certain currency pairs, usually the most frequently...
They don't have fixed spreads, they have 3 different execution models.

Mis-selling is the issue. If you can't handle something, don't say you can and make the consumer pay the expenses of it.
  • #4,599
  • Apr 13, 2014 3:00pm Apr 13, 2014 3:00pm
Quoting plotinus82
{quote} They don't have fixed spreads, they have 3 different execution models. Mis-selling is the issue. If you can't handle something, don't say you can and make the consumer pay the expenses of it.
Like I said, you don't like the broker no more, change the broker.
Make your losses in demo. Earn your profits live.
  • #4,600
  • Apr 13, 2014 3:06pm Apr 13, 2014 3:06pm
Quoting Forexia
{quote} Like I said, you don't like the broker no more, change the broker.
That's the common mentality that brokers assume people have and that's why they get away with their misconduct until it gets too big and the regulators couldn't decide to ignore it, the US regulators such as the SEC and CFTC have in fact done a much better job than other countries.

I have stated clearly that I have went to the change already and will take action against these crooks.
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