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FXCM Discussion

  • #7,261
  • Mar 4, 2015 2:53pm Mar 4, 2015 2:53pm
Quoting justlearning
Can FXCM please explain why a stop loss isn't stop loss.
I think the better question to ask here is what exactly is a stop loss? This is something every trader should know whether they trade forex, stocks, futures, etc. To quote the definition from Investopedia:

What Is a Stop-loss Order?

It is an order placed with a broker to buy or sell once the stock reaches a certain price.


...Another thing to keep in mind is that once your stop price is reached, your stop order becomes a market order and the price at which you sell may be much different from the stop price. This is especially true in a fast-moving market where stock prices can change rapidly.


Source Investopedia: The Stop-Loss Order - Make Sure You Use It


Whenever your stop loss order price is reached, it is executed as a market order. If you want to buy at a certain price, there has to be a seller on the other side to complete that transaction. If there is no buyer or seller at that specific price for the other side of the transaction, then the market order is filled at the next available price. If your order is gapped over during an illiquid market period such as weekend open or NFP, then you will likely experience slippage. If you're trading in the forex, stock, or futures market, then you have to be willing to accept the risk that goes along with having orders executed during illiquid market conditions. There's no sugar coating this.

Slippage is one of the risks you assume when trading. The risk of slippage is greatest during volatile markets such as around a news announcement like NFP, or when holding trades over the weekend. Speaking of NFP, take a look at the below chart which shows the GBP/USD tick chart right at 8:30am ET during the March 8, 2013 NFP release.

http://img812.imageshack.us/img812/2...01332723pm.png


GBP/USD dropped from 1.50361 to 1.49972 in one tick. Yes one tick! That means there were no quotes quoted by the liquidity providers in between those prices. If you had an order to sell GBP/USD at 1.5020, your order would not have been filled at 1.5020 because there was no quote at that price from a liquidity provider offering to buy when you wanted to sell. You likely would have been filled at the next available price around 1.49972. FXCM isn't deciding to fill or not fill at certain prices, your orders are filled based on liquidity and where there is liquidity on the other side of the transaction to fill your order.

Great questions! For someone who is "justlearning", I must say you are quick study. My compliments
  • #7,262
  • Mar 5, 2015 2:24pm Mar 5, 2015 2:24pm
Quoting Profit Daily
{quote} The lowest any of my unregulated brokers has is 1.9604, not bad, only a difference of 125 pips. Good thing the NFA is watching.
you got yourself in real fights here, profit!
how's everything, my friend?

here's something for the nfa/cftc to watch!
just been to germany and had an account open (through my brother in law) with volksbank (on his name).
than i opened an account with varengold (market maker, but a good broker).
:-)))

the world is mine! i'm not afraid of baby-sitters (have anyone ever browsed through the photo album the nfa has on its site? i guess most of them could have worked at the city of chicago, accountants at the parking ticketing department).

see jason is back and healthy! :-) we love you, man! we really do! but fxcm is going nowhere (from paying leucadia through the nose) and our on-demand legislation (for willing viewers) doesn't allow me to recover not even one cent/ dollar if you go bust.

i'm gone, baby!
p.s. i was gone on the 17th of Jan
  • #7,263
  • Mar 5, 2015 2:35pm Mar 5, 2015 2:35pm
Quoting stoplossmatt
{quote} which broker are you using now, please?
chris is so popular on this forum that he should become a broker!
but he's a good guy, always nice, and i'm afraid he wouldn't make a killing (like my cousin NIV - what kind of name is that anyway?)
good luck, chris! good luck to everyone here! you really make a difference fighting these wannabe mtfkrs (like NIV)!
:-))
  • #7,264
  • Mar 5, 2015 8:43pm Mar 5, 2015 8:43pm
Hey Jason. Can you tell us how FXCM is now calculating it's commissions it charges? Thanks.
  • #7,265
  • Mar 6, 2015 12:47pm Mar 6, 2015 12:47pm
Detail of commissions in here.
Attached File(s)
File Type: pdf fxcm-charges_and_fees_ltd.pdf   553 KB | 595 downloads
  • #7,266
  • Mar 6, 2015 12:50pm Mar 6, 2015 12:50pm
Quoting BirminghamUK
Detail of commissions in here. {image}
Is for the US traders too?
  • #7,267
  • Mar 6, 2015 12:53pm Mar 6, 2015 12:53pm
Not sure mate that's from FXCM UK
  • #7,268
  • Mar 6, 2015 1:03pm Mar 6, 2015 1:03pm
Quoting nondisclosure00
{quote} Is for the US traders too?
Hi Nondisclosure,

The commission for US dollar-denominated accounts is 4 cents per micro lot per side on the most popular currency pairs or 8 cents round trip. For remaining pairs, it's 6 cents per side. You can see our live spreads here: http://www.forexfactory.com/brokers.php#spreads

There is no markup to those spreads, since we simply pass on the best bid price and the best ask price we receive from competing liquidity providers at any given time. This link has more details with examples: http://www.forexfactory.com/showthre...43#post7788843
  • #7,269
  • Mar 6, 2015 1:29pm Mar 6, 2015 1:29pm
Trading Hours for Start of Daylight Savings Time in the US


Hi Everyone,

Daylight Savings Time will start in the US on Sunday, March 8th. That means the trading hours for CFDs that follow US market times will shift by one hour starting next week. I've highlighted the changes below in red.


http://i.imgur.com/mBg93Mx.png



Forex Trading Hours

In terms of New York Time, the trading desk will still open at 5pm on Sunday and close at 5pm on Friday as always. However, since New York Time will shift this weekend from GMT-5 to GMT-4, the trading desk hours will also shift by one hour in GMT terms. Starting next week, the trading desk will open at 21:00 GMT on Sunday and close at 21:00 GMT on Friday.



A special note for all MT4 clients on our New York Close servers

The time zone on our New York Close MT4 servers will change this weekend from GMT+2 to GMT+3. In this way, midnight on your MT4 charts will stay in line with the 5pm New York Close. If you have any EAs or indicators that use a GMT offset, please update them to GMT+3 this weekend.

  • #7,270
  • Mar 7, 2015 3:15am Mar 7, 2015 3:15am
On chart below is shown robbery during NFP (March 6,2015) by FXCM taking stop loss with spike of 36 pips while on other charts by ESIGNAL, AVA and WINDSOR DIRECT such spike doesn't exist.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD-NFP-FXCM-M15.png Size: 70 KB
Click to Enlarge Name: USDCAD-NFP-ESIGNAL-M15.png Size: 204 KB
Click to Enlarge Name: USDCAD-NFP-AVA-M15.png Size: 69 KB
Click to Enlarge Name: USDCAD-NFP-WINDSOR DIRECT-M15.png Size: 72 KB
The Market pays you to be disciplined
  • #7,271
  • Mar 7, 2015 5:11am Mar 7, 2015 5:11am
Obviously not so good but how do FXCM gain they are NDD? Is it the bank dealing desk that they deal with if so FXCM should not buy and sell from that desk. May be FXCM can clarify.
  • #7,272
  • Mar 7, 2015 12:38pm Mar 7, 2015 12:38pm
Interesting. Here is an FXDD screenshot vs FXCM:
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-h1-fxdirectdealer.png Size: 49 KB
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-h1-forex-capital-marketsabc.png Size: 42 KB


On a side note I Have No Connction on my FXCM live account, curious if anybody else has no connection either?



Quoting mima
On chart below is shown robbery during NFP (March 6,2015) by FXCM taking stop loss with spike of 36 pips while on other charts by ESIGNAL, AVA and WINDSOR DIRECT such spike doesn't exist. {image} {image} {image} {image}
“Every single day, ordinary people do extraordinary things"
  • #7,273
  • Edited 5:51pm Mar 7, 2015 5:40pm | Edited 5:51pm
Noticed this candle on AUD/CAD 1 Hour chart is off too: 1st chart FXDD, 2nd chart FXCM and the link is to myfxbook.com just click on 1hour timeframe that will show the candle on FXDD chart being very similar and FXCM candle looking way off!
Attached Image (click to enlarge)
Click to Enlarge Name: audcad-h1-fxdirectdealer.png Size: 48 KB
Attachment http://www.myfxbook.com/forex-market/currencies/AUDCAD
Attached Image (click to enlarge)
Click to Enlarge Name: audcad-h1-forex-capital-markets.png Size: 26 KB
“Every single day, ordinary people do extraordinary things"
  • #7,274
  • Mar 7, 2015 6:28pm Mar 7, 2015 6:28pm
my buy stop order was filled at 0.73942 at 15:29 time mark on March 6.. far, far away from the market price.

I would like to know what was the spread at that time. I see volatility, but no upwards spikes, and I would like to understand how my order was filled.

Furthermore, let's say I place a buy stop order at 8.0 instead of 0.8 (let's say I have a fat finger or my cat happens to jump on keyboard) and one of FXCM liquidity providers decide to fill it, because they can, then I will be in the hole for 7200 pips?

I would appreciate a fair answer and it will help me decide if FXCM deserves my business or not.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCHFM1.png Size: 19 KB
Once A Trader Always A Trader.
  • #7,275
  • Mar 7, 2015 6:29pm Mar 7, 2015 6:29pm
Quoting jclude25
Noticed this candle on AUD/CAD 1 Hour chart is off too: 1st chart FXDD, 2nd chart FXCM and the link is to myfxbook.com just click on 1hour timeframe that will show the candle on FXDD chart being very similar and FXCM candle looking way off!{image}1626452 http://www.myfxbook.com/forex-market/currencies/AUDCAD {image}
Yeah, sure is good to have the NFA regulating them, isn't it?
  • #7,276
  • Edited 7:54pm Mar 7, 2015 7:39pm | Edited 7:54pm
Quoting Profit Daily
{quote} Yeah, sure is good to have the NFA regulating them, isn't it?
This is what happens when their is no centralized exchange for price transparency, this is what traders of spot forex have to lookout for. Hard enough to make a living trading and nearly impossible when the market youre trading is the market your broker is making for you. I don't even care or want Jason to comment on the charts either, kinda like asking the bank robber if they robbed the bank. Proofs in the pudding or in this case the picture.

ps. I found that candle relatively quick. I wanted to compare large candles with long wicks on fxcm with other brokers and aud/cad was the first chart I decided to start with. I can almost guarantee I will find more if I wanted too . Hell if u look at the aud/cad 1hour chart I posted, look left to the 1st big upswing the 1st big red candle has a somewhat smallish wick on fxdd, and has no wick at all on fxcm. It's only an 8 pip difference but whatever maybe I am being to picky now.
“Every single day, ordinary people do extraordinary things"
  • #7,277
  • Mar 7, 2015 7:58pm Mar 7, 2015 7:58pm
Quoting jclude25
{quote} This is what happens when their is no centralized exchange for price transparency, this is what traders of spot forex have to lookout for. Hard enough to make a living trading and nearly impossible when the market youre trading is the market your broker is making for you. I don't even care or want Jason to comment on the charts either, kinda like asking the bank robber if they robbed the bank. Proofs in the pudding or in this case the picture.
That's the irony of it all. I trade with 6 "unregulated" offshore brokers. Not only do I enjoy 500:1 leverage, no FIFO and hedging if I want to, but I don't experience any of the price spikes, frozen platforms, etc. that I hear traders speak of using these regulated brokers. FXCM had a spike lower on GBPAUD the other day which was 125 pips lower than any of my brokers. They claim it's the lp's, but for a firm claiming to be the biggest and best, shouldn't they have better liquidity than other brokers? I really don't get it, the NFA puts in all these rules to choke the trader and prevent you from making more money, they won't allow segregation or protection of funds, but the big thing is, brokers under their regulation have a free for all. What exactly is the NFA doing?
  • #7,278
  • Mar 7, 2015 7:59pm Mar 7, 2015 7:59pm
Thank you guys for bringing this to light...stop hunting is a common cry regarding FXCM, but this is the first time I have seen actual physical evidence of it occurring. I would love to see how they could explain this away, in the face of the evidence!

Can anyone please confirm if ATC had a similar occurrence?!
  • #7,279
  • Mar 7, 2015 9:07pm Mar 7, 2015 9:07pm
Quoting Profit Daily
{quote} That's the irony of it all. I trade with 6 "unregulated" offshore brokers. Not only do I enjoy 500:1 leverage, no FIFO and hedging if I want to, but I don't experience any of the price spikes, frozen platforms, etc. that I hear traders speak of using these regulated brokers. FXCM had a spike lower on GBPAUD the other day which was 125 pips lower than any of my brokers. They claim it's the lp's, but for a firm claiming to be the biggest and best, shouldn't they have better liquidity than other brokers? I really don't get it, the NFA puts...
NFA puts in those rules to protect stupid traders from opening an account with 2000 dollars and trading a full lot (100,000).With proper risk management current leverage is more than enough. In your case I understand why and what you are doing. Trying to reduce your exposure " hence" 6 trading accounts with the maximum amount of leverage available, and by making weekly withdrawals. Thus allowing you to keep the least amount of money possible in your trading accounts incase of possible shenanigans with a broker or worse go out of business.
“Every single day, ordinary people do extraordinary things"
  • #7,280
  • Mar 7, 2015 9:37pm Mar 7, 2015 9:37pm
Quoting jclude25
{quote} NFA puts in those rules to protect stupid traders from opening an account with 2000 dollars and trading a full lot (100,000).With proper risk management current leverage is more than enough. In your case I understand why and what you are doing. Trying to reduce your exposure " hence" 6 trading accounts with the maximum amount of leverage available, and by making weekly withdrawals. Thus allowing you to keep the least amount of money possible in your trading accounts incase of possible shenanigans with a broker or worse go out of business....
True, but let's say I do want to trade a full lot with a 40 pip s/l. That is $400 in risk. Why does the NFA insist I need $3,000 in margin to risk $400? Where I keep the rest of my trading capital (if any) should be irrelevant. People can go to Vegas and put their entire life savings on black or red and nobody is protecting these "stupid" people. Oh wait, the government makes money on that.
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