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FXCM Discussion

  • #5,941
  • Jan 16, 2015 9:25am Jan 16, 2015 9:25am
Might be time to re think my career after this.... this gonna bring regulators sniffing around HARD
Twitter: @TrendersGame
  • #5,942
  • Jan 16, 2015 9:26am Jan 16, 2015 9:26am
Quoting NashvilleFX
login is fine, but much slower than usual. no surprises of the traffic there. trades are still opened...not so sure until when...another drama after being sold by IBFX to FXCM...and...this one is very uncomfortable.
No kidding huh...I went from Alpari.

Does anybody know how many traders FXCM has in USA and Asia? I know they have the highest trading volumes....or had...
  • #5,943
  • Jan 16, 2015 9:27am Jan 16, 2015 9:27am
Quoting Citiboy
Might be time to re think my career after this.... this gonna bring regulators sniffing around HARD
ya.... the death of retail fx....
Trade what you see, not what you think!
  • #5,944
  • Jan 16, 2015 9:28am Jan 16, 2015 9:28am
For those of you that play the stock market, FXCM may be a really good buy in the single digits
  • #5,945
  • Jan 16, 2015 9:29am Jan 16, 2015 9:29am
Quoting Citiboy
Might be time to re think my career after this.... this gonna bring regulators sniffing around HARD
Yeah they are sniffing around. Article in the WSJ says regulators around the world are taking a hard looking at the forex brokers.

They will probably either make it so you have to be an eligible contract participant to trade it (ie: worth 10 million dollars or more), reduce leverage to like 4 to 1, or just ban it altogether in certain countries.
  • #5,946
  • Jan 16, 2015 9:29am Jan 16, 2015 9:29am
Quoting Pharm0r
For those of you that play the stock market, FXCM may be a really good buy in the single digits
You can't even trade it, NYSE halted it from trading anymore.
  • #5,947
  • Jan 16, 2015 9:29am Jan 16, 2015 9:29am
Quoting Pharm0r
For those of you that play the stock market, FXCM may be a really good buy in the single digits
Tried to get in at $1 for a few hundred shares this morning. Like placing 2 hundred dollar bills on the roulette wheel. Trade didn't fill
  • #5,948
  • Jan 16, 2015 9:29am Jan 16, 2015 9:29am
Quoting Naddmer
{quote} But that would be the problem of the clients, isn't it? It should not have any impact on the equity of FXCM if the clients accounts were segregated properly from FXCMs equity. The clients owe FXCM the negative account balance and they can siphon it in if it were so. And that's where I hooked Jason on the new business rules last year, because the ditching of the segregation rules smelled somehow fishy to me. {quote} I won't take the bet. Hope you do not bear any grudges against me because of that. :-)
FXCM has a no debit policy. They explicitly say on their site they will credit all debit balances. So the clients don't owe money to FXCM because of this policy. In the risk disclosure they also say FXCM won't make traders liable for negative balances.
  • #5,949
  • Jan 16, 2015 9:31am Jan 16, 2015 9:31am
What do you think the position will be if you experienced extreme slippage that did not take you negative but wiped out your account. My stop was in place to limit risk at £50 on Eur/Chf but am down £4,500 do you think I can kiss that money goodbye?
  • #5,950
  • Jan 16, 2015 9:34am Jan 16, 2015 9:34am
Quoting str8
{quote} FXCM has a no debit policy. They explicitly say on their site they will credit all debit balances. So the clients don't owe money to FXCM because of this policy. In the risk disclosure they also say FXCM won't make traders liable for negative balances.
When I asked the FXCM rep this question this morning...his response was a lip quivering I don't know....
  • #5,951
  • Jan 16, 2015 9:35am Jan 16, 2015 9:35am
the reps have it worst than us. Those poor souls.
Trade what you see, not what you think!
  • #5,952
  • Jan 16, 2015 9:36am Jan 16, 2015 9:36am
It'll probably come down to whether or not they will get a bail out loan.

I tried to grab the $1 price too. No dice. I'd take that risk any day, especially with the market about to be flooded with more retail.
  • #5,953
  • Jan 16, 2015 9:36am Jan 16, 2015 9:36am
Quoting Market Maker
What do you think the position will be if you experienced extreme slippage that did not take you negative but wiped out your account. My stop was in place to limit risk at £50 on Eur/Chf but am down £4,500 do you think I can kiss that money goodbye?
YES pretty much. You most likely got stopped out way past your SL point.
  • #5,954
  • Jan 16, 2015 9:37am Jan 16, 2015 9:37am
Quoting str8
{quote} FXCM has a no debit policy. They explicitly say on their site they will credit all debit balances. So the clients don't owe money to FXCM because of this policy. In the risk disclosure they also say FXCM won't make traders liable for negative balances.
That's a great policy on paper when you don't expect things like yesterday to happen.

Once it happens though....
  • #5,955
  • Jan 16, 2015 9:38am Jan 16, 2015 9:38am
Quoting Market Maker
What do you think the position will be if you experienced extreme slippage that did not take you negative but wiped out your account. My stop was in place to limit risk at £50 on Eur/Chf but am down £4,500 do you think I can kiss that money goodbye?
Yes, read the terms and conditions, every broker has a clause stating that stops are not guaranteed and will be filled at the first available price, if your trade was long at 1.20 with a stop at 1.19 and the first tradeable price was at 0.96 then you get filled at 0.96.

There was no market at all, we went as low as 0.74 before we saw any bids.
A contrarian; I always disagree.
  • #5,956
  • Jan 16, 2015 9:39am Jan 16, 2015 9:39am
i think the best option is a fire sale of the firm to a larger broker.
Trade what you see, not what you think!
  • #5,957
  • Jan 16, 2015 9:41am Jan 16, 2015 9:41am
Quoting OMGtrader
i think the best option is a fire sale of the firm to a larger broker.

Does a larger broker want it? They will still have to top up the capital, the company is worth nothing who in the heck would pay 225Mn for a company that is worth roughly a tenner. The trading capital that FXCM had yesterday is gone, the PB's took it. Even the positive account balances are worth nothing as there is no trading capital left to run the business.

The only ones who can bail them out are the PB's or their LP's. Don't know who they are but if they aren't in the retail brokerage business now why should they want to start with a dead horse like FXCM?
A contrarian; I always disagree.
  • #5,958
  • Jan 16, 2015 9:41am Jan 16, 2015 9:41am
Latest News Feed Says: US FTC currently reviewing situation of FXCM

Screw it ...anybody want a beer?
  • #5,959
  • Jan 16, 2015 9:42am Jan 16, 2015 9:42am
Quoting peter977
Interactive brokers, account negative balance 120 M usd
Hi, where did you get this information ? i cant find it anywhere.

Thanks
I see it all in between ...
  • #5,960
  • Jan 16, 2015 9:42am Jan 16, 2015 9:42am
Quoting pipster1
Latest News Feed Says: US FTC currently reviewing situation of FXCM Screw it ...anybody want a beer?
jack daniels please...
Trade what you see, not what you think!
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