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  • #7,321
  • Mar 11, 2015 9:12am Mar 11, 2015 9:12am
Interesting article about FXCM on Bloomberg Business page. Self explanetory words from CEO Drew Niv. http://www.bloomberg.com/news/articl...in-swiss-shock
  • #7,322
  • Mar 11, 2015 9:56am Mar 11, 2015 9:56am
Quoting 4xtom
Interesting article about FXCM on Bloomberg Business page. Self explanetory words from CEO Drew Niv. http://www.bloomberg.com/news/articl...in-swiss-shock

Quote
FXCM tended to win even when its customers lost—partly thanks to commissions, and partly because it often takes the opposite side of client trades. In disclosure statements mandated by the U.S. Commodity Futures Trading Commission, customers are told in capital letters, that “WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER.” The statement continues, “As a result, when you lose money trading, your dealer is making money on such trades.”


So Bloomberg says that FXCM does not offer "No Dealing Desk Forex Execution"
  • #7,323
  • Mar 11, 2015 11:27am Mar 11, 2015 11:27am
Quoting jsr
{quote} {quote} So Bloomberg says that FXCM does not offer "No Dealing Desk Forex Execution"
bloomberg also said that 50:1 leverage means that a 2% move will wipe out an account.
do you really think they have any clue of everything they cover in their stories?

the point is that fxcm is a publicly traded company and bloomberg will try to cover as many stories about as many companies as they can.
did you also notice that tomorrow, after the market close, fxcm will release its earnings report?

you might have read from a zillion sources that fxcm is ecn, they advertise that they are ecn (and they commit a fraud if they aren't - esp. in respect to the their shareholders), why will you doubt it? just because you can? then simply open an account with a broker you don't doubt! it's that easy!
  • #7,324
  • Mar 11, 2015 11:43am Mar 11, 2015 11:43am
Quoting heph
{quote} bloomberg also said that 50:1 leverage means that a 2% move will wipe out an account. do you really think they have any clue of everything they cover in their stories? …..
What Bloomberg are saying is basic arithmetic. 1 x times leverage and 100% move against you will clear your out. You seem to think otherwise why?
  • #7,325
  • Mar 11, 2015 11:56am Mar 11, 2015 11:56am
Quoting justlearning
{quote} What Bloomberg are saying is basic arithmetic. 1 x times leverage and 100% move against you will clear your out. You seem to think otherwise why?
holly molly!
what about margin requirements?
i'd rather go for the basic accounting stuff!
  • #7,326
  • Mar 11, 2015 12:22pm Mar 11, 2015 12:22pm
Quoting heph
{quote} holly molly! what about margin requirements? i'd rather go for the basic accounting stuff!
I think you are missing point about the magnification of loss that Bloomberg are saying.
  • #7,327
  • Edited 12:53pm Mar 11, 2015 12:31pm | Edited 12:53pm
Quoting justlearning
{quote} I think you are missing point about the magnification of loss that Bloomberg are saying.
and i thought it was just basic arithmetic

i know what you say, and i can agree with you.

the point is that fxcm is ecn.
what i trade with is ecn.

these are my results from this month (scalping m1 charts):

Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_67 Mar. 11 12.44.jpg Size: 45 KB


and proof that i trade with fxcm (and scalp):

Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_68 Mar. 11 12.46.jpg Size: 64 KB


p.s. jason, you should throw me a bonus or smth for the positive feedback i've been given you in this thread :-))
  • #7,328
  • Mar 11, 2015 1:24pm Mar 11, 2015 1:24pm
^^^ good stuff but no doubt Dumb and Dumber will be along soon to lecture you about conspiracies or some other nonsense.
  • #7,329
  • Mar 11, 2015 1:43pm Mar 11, 2015 1:43pm
Quoting mitch77
^^^ good stuff but no doubt Dumb and Dumber will be along soon to lecture you about conspiracies or some other nonsense.
:-)

and lecture that it's better to (trade with a market maker and) have higher transaction costs. that's genius, if you think about it!
good luck, mitch!

if fxcm doesn't get smashed into the pavement on friday (we know they have fewer accounts and less revenues generated by trading, but personally i have no idea if that's already discounted in the current quote), it will survive and i'll be willing to get lost from this thread altogether and focus on my trading exclusively.

wanna listen to their earnings report? dial 877-445-4603 or 443-295-9270 (for international callers) tomorrow at 4:45 EST
  • #7,330
  • Mar 11, 2015 1:48pm Mar 11, 2015 1:48pm
Quoting 4xtom
Interesting article about FXCM on Bloomberg Business page.
Quoting jsr
{quote} {quote} So Bloomberg says that FXCM does not offer "No Dealing Desk Forex Execution"

The risk disclosure text quoted by Bloomberg is language that the CFTC requires all US-regulated firms to provide to traders regardless of the actual execution method used by the broker to offset client orders.

Even though all FXCM accounts are set up on No Dealing Desk (NDD) forex execution, we are still required to provide that risk disclosure language to everyone that's applying for an account in the US. That's why in addition to that language we provide information in our trading agreement to make it clear to our clients that they are trading on NDD.

If there were any doubts before, it should be pretty clear now that FXCM does not benefit when clients lose on our NDD model. That's because we offset each of your orders one-for-one with the best prices from competing liquidity providers. That means we don't profit from your losses, or lose from your profits. Instead, we make money from your volume. Therefore, we want you to be profitable, so you will continue trading.
  • #7,331
  • Mar 11, 2015 1:55pm Mar 11, 2015 1:55pm
Quoting mitch77
^^^ good stuff but no doubt Dumb and Dumber will be along soon to lecture you about conspiracies or some other nonsense.
Hi Mitch,


Damn, I wasn't going to post anymore, but you provoked me. I'm guessing that was directed at me. Am I dumb or dumber? I'm still waiting for answers on the price spike FXCM had on GBPAUD that was 125 pips greater than any of my brokers. I have better spreads, lower commission, better execution. Here's the best part, I now have documentation my money is now segregated with one of their lp's. Can anyone get any of this in the US?
  • #7,332
  • Mar 11, 2015 2:02pm Mar 11, 2015 2:02pm
Quoting yazzie
Jason, is there an issue with FXCM's MT4? My connection just dropped. Trade Station is okay but MT4 is down
Hi Yazzie,

I checked with our tech support team, and no other issues were report by clients on MT4. You mentioned that you were still able to connect via Trading Station. When you tried reconnecting to MT4 did you get any error message? Are you able to connect via MT4 now?

Thanks,
Jason
  • #7,333
  • Mar 11, 2015 2:03pm Mar 11, 2015 2:03pm
Oh, one more thing. I currently have an AUDUSD sell that is 160x the amount of my equity, of course, stops are placed in the green. 150 more pips and it will be 640% growth. Initial risk was a bit high at 6%. What would that take in the US, 2 years.
  • #7,334
  • Mar 11, 2015 2:05pm Mar 11, 2015 2:05pm
Quoting Jason Rogers
{quote} {quote} The risk disclosure text quoted by Bloomberg is language that the CFTC requires all US-regulated firms to provide to traders regardless of the actual execution method used by the broker to offset client orders. Even though all FXCM accounts are set up on No Dealing Desk (NDD) forex execution, we are still required to provide that risk disclosure language to everyone that's applying for an account in the US. That's why in addition to that language we provide information in our trading agreement to make it clear to our clients that...
you miss the point, jason.
4xatom was searching (not so deep tough) for any proof that fxcm isn't ndd.
and he discovered bloomberg :-))))
cmon, a bloomberg article from jan (and we're in march)!?
  • #7,335
  • Mar 11, 2015 2:12pm Mar 11, 2015 2:12pm
Quoting Profit Daily
Oh, one more thing. I currently have an AUDUSD sell that is 160x the amount of my equity, of course, stops are placed in the green. 150 more pips and it will be 640% growth. Initial risk was a bit high at 6%. What would that take in the US, 2 years.
jesus man, you're waiting for another 150 pip?
you're such an amazing human being!
that's it!
p.s. you're still on my ignore list (i will reconsider it after you get the 150 pips or the 2 years in US, in whatever order you wish)
  • #7,336
  • Mar 11, 2015 2:20pm Mar 11, 2015 2:20pm
Quoting mima
jason (Jessica) rogers brutally ignored traders concerns about 36 pips spike on friday on USDCAD. Absolutely shame on her. FXCM has to provide better and responsible representative at FF.
Quoting newzTrader
{quote} It is easy to answer the questions related to technical issues whereas questions like why there is 36 pips slippage, why a 150pips bar shows up ONLY in FXCM chart are the questions which will get NO ANSWERS.
Quoting mima
{quote} I understand that. That is why we ask Jessica about it as FXCM representative but she is avoiding rudely to answer those questions. Jessica has to be replaced by someone else from FXCM who is responsible and respect retail traders.
Hi Mima,

I mentioned this in an earlier post, but since I did not quote your post directly, you may have missed my response to you: "for anyone trading a live account, if you believe you experienced bad execution, I encourage you to file a trade inquiry. The Trade Services Team will then be able to investigate in detail and reply back to you with a resolution. If their was an error on our part that negatively impacted your trade, we would make the appropriate correction to your account."

Jason
  • #7,337
  • Mar 11, 2015 2:41pm Mar 11, 2015 2:41pm
Quoting Jason Rogers
{quote} {quote} {quote} Hi Mima, I mentioned this in an earlier post, but since I did not quote your post directly, you may have missed my response to you: "for anyone trading a live account, if you believe you experienced bad execution, I encourage you to file a trade inquiry. The Trade Services Team will then be able to investigate in detail and reply back to you with a resolution. If their was an error on our part that negatively impacted your trade, we would make the appropriate correction to your account."...
Jason, if is not too much, can you please post the tick chart for the NZDCHF as you posted for GBPUSD (post#7263 page 364) in regards to my question (post #7276 page 364). I still don't understand how my order got filled, and it would be very nice if the customer service for the trading desk would have a dedicated email instead just a phone number.

Thank you.
Once A Trader Always A Trader.
  • #7,338
  • Mar 11, 2015 2:43pm Mar 11, 2015 2:43pm
Quoting heph
{quote} bloomberg also said that 50:1 leverage means that a 2% move will wipe out an account. do you really think they have any clue of everything they cover in their stories? the point is that fxcm is a publicly traded company and bloomberg will try to cover as many stories about as many companies as they can. did you also notice that tomorrow, after the market close, fxcm will release its earnings report? you might have read from a zillion sources that fxcm is ecn, they advertise that they are ecn (and they commit a fraud if they aren't - esp....
"A word is enough to the wise."

If FXCM takes the other side of their clients positions, then they wouldn't lost $225 million.
  • #7,339
  • Mar 11, 2015 2:49pm Mar 11, 2015 2:49pm
a) just because you're saying it?
b) because of karma?
c) because this is what a market maker would have done?

if you're c, that's a chronic hyperventilation of twisted facts that cannot escape your system (you know, check the stem cells) of reference
  • #7,340
  • Mar 11, 2015 3:08pm Mar 11, 2015 3:08pm
Quoting Liviu
{quote} Jason, if is not too much, can you please post the tick chart for the NZDCHF as you posted for GBPUSD (post#7263 page 364) in regards to my question (post #7276 page 364). I still don't understand how my order got filled, and it would be very nice if the customer service for the trading desk would have a dedicated email instead just a phone number. Thank you.
Hi Liviu,

The trading desk processes live orders, which is why they don't correspond via email with clients. While I can't investigate individual trades or price ticks, the Trade Services Team exists for precisely this purpose. If you have questions about the execution of any trade on your live account, you can file a trade inquiry. The Trade Services Team can then investigate the trade for you in detail, and if their was an error in our execution that negatively impacted your trade, FXCM will make the appropriate correction to your account.

Before filing your inquiry, try checking the Ask chart on your Trading Station for the time in question. You mentioned this was a buy order. Note that by default, the charts show the Bid price (AKA the Sell price). However, it is the Ask price (AKA the Buy price) that would trigger a buy order, and the Ask price is higher than the Bid price due to the Bid-Ask spread. You can view the Ask price by clicking on the Ask button in the toolbar for your Trading Station chart. If the Ask price reached your buy order price, that would explain why it was triggered. If not, please file a trade inquiry and the Trade Services Team can investigate further to determine what happened.

Thanks,
Jason
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