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FXCM Discussion

  • #9,801
  • Jan 13, 2017 1:38pm Jan 13, 2017 1:38pm
Quoting Singha83
Does FXCM allow its MT4 to work with external trade copier services? If it does, what do I have to provide to the service? Just my account number? Or do I also have to provide the "server" details as well? Do I need to check any boxes in my MT4 platform to allow my account to take trades from a external copier service? Thanks Jason.
Hi Singha,

I notice your forum profile mentions you live in the US. NFA regulations require a trader to be registered with them before managing trades for US clients. For this reason, you cannot link your account to an external trade copier service via MT4.
  • #9,802
  • Jan 13, 2017 4:39pm Jan 13, 2017 4:39pm
Hi Jason,

i find Singha83's question interesting also for other contries than US.
Can you please elaborate how it is done assuming that i live in Europe.

Thank you.
  • #9,803
  • Jan 15, 2017 2:06am Jan 15, 2017 2:06am
Indee intersting question.

I didn't know that NFA regulations wes extented to trade copier.
  • #9,804
  • Jan 15, 2017 2:25pm Jan 15, 2017 2:25pm
Hi Jason,

I am entering pending stop orders for different EURUSD positions (all of them are only buy or only sell according to FIFO), each one with different price, SL and TP in FXCM MT4 platform. For some reason when any last order is activated the SL and TP of all previous activated orders are changed to the new SL and TP of the last order, instead of keeping each order his own original SL and TP. This is not happening when I test another broker MT4 platform.

Could you please let me know if you have any info what might be wrong? Thank you.
  • #9,805
  • Jan 15, 2017 8:41pm Jan 15, 2017 8:41pm
If I open an FXCM account through Ninjatrader website, so I can use the nijatrader platform, can I only trade fx currency pairs? or can I also trade the CFDs FXCM offer (eg. BUND)?
thanks
  • #9,806
  • Jan 16, 2017 1:11pm Jan 16, 2017 1:11pm
Quoting KoiFish
If I open an FXCM account through Ninjatrader website, so I can use the nijatrader platform, can I only trade fx currency pairs? or can I also trade the CFDs FXCM offer (eg. BUND)? thanks
Hi KoiFish,

US residents are prohibited from trading CFDs by CFTC regulations. Provided you open an FXCM account as non-US resident, you can trade CFDs on any of the platforms we support including NinjaTrader. That said, I notice your forum profile mentions you live in Singapore. Please note that Singaporean regulations prohibit brokers from providing trading services to Singaporean residents unless the broker is locally registered. Since FXCM is not registered in Singapore, we cannot offer trading services to you unless your permanent residence is outside of Singapore.
  • #9,807
  • Jan 16, 2017 1:38pm Jan 16, 2017 1:38pm
Quoting alfa99
Hi Jason, I am entering pending stop orders for different EURUSD positions (all of them are only buy or only sell according to FIFO), each one with different price, SL and TP in FXCM MT4 platform. For some reason when any last order is activated the SL and TP of all previous activated orders are changed to the new SL and TP of the last order, instead of keeping each order his own original SL and TP. This is not happening when I test another broker MT4 platform. Could you please let me know if you have any info what might be wrong? Thank you.
Hi Alfa99,

Since MT4 is a third party trading platform, there are limits to the changes we can make to its setup in order to ensure FIFO execution which is a regulatory requirement for all US trading accounts. A side effect of these changes is the SL and TP behavior you described on your US MT4 account. There is a solution. There's a free expert advisor available at FXCMapps.com called Multiple Stops and Take Profits. You can use it to set multiple SL and TP orders for the same currency pair on your US MT4 account.
  • #9,808
  • Jan 16, 2017 4:40pm Jan 16, 2017 4:40pm
Quoting jogi100
Hi Jason, i find Singha83's question interesting also for other contries than US. Can you please elaborate how it is done assuming that i live in Europe. Thank you.
Quoting Albinvest
Indee intersting question. I didn't know that NFA regulations wes extented to trade copier.
Hi Jogi and Albinvest, I'm checking on this for you and will let you know when I receive clarification from my colleagues.
  • #9,809
  • Jan 16, 2017 7:06pm Jan 16, 2017 7:06pm
Hi Jason,

I have a question on synthetic pairs. I am trying to trade the aud/sgd pair (not offered). I know if you multiply the aud/usd X usd/sgd you get the cross rate. However,

I don't know what to set the quantity for each; For example, what would I do if I wanted to sell aud/sgd for let's say 5 dollars per pip as well as take profit and stop loss when aud/sgd hits 1.0250?

sell aud/usd at what quantity?
sell usd/sgd at what quantity?
  • #9,810
  • Jan 17, 2017 11:55am Jan 17, 2017 11:55am
Quoting Markula
Hi Jason, I have a question on synthetic pairs. I am trying to trade the aud/sgd pair (not offered). I know if you multiply the aud/usd X usd/sgd you get the cross rate. However, I don't know what to set the quantity for each; For example, what would I do if I wanted to sell aud/sgd for let's say 5 dollars per pip as well as take profit and stop loss when aud/sgd hits 1.0250? sell aud/usd at what quantity? sell usd/sgd at what quantity?
Hi Markula,

The Monetary Authority of Singapore monitors the range in which the Singapore dollar can trade. Therefore, we don't offer the USD/SGD pair, and you would not be able to trade AUD/SGD even synthetically. Are you interested in any synthetic crosses of currencies we offer?
  • #9,811
  • Jan 17, 2017 1:57pm Jan 17, 2017 1:57pm
How about if I wanted to buy the aud/try for $5 per pip. Can you explain the quantity's for that.?I know the aud/try is currently 2.8434

thanks
  • #9,812
  • Edited Jan 18, 2017 12:29pm Jan 17, 2017 7:43pm | Edited Jan 18, 2017 12:29pm
Quoting Markula
How about if I wanted to buy the aud/try for $5 per pip. Can you explain the quantity's for that.?I know the aud/try is currently 2.8434 thanks
For the purpose of this example, I will use the current AUD/USD and USD/TRY exchange rates which are 3.7566[3] and 0.7546[1] respectively. That results in a synthetic AUD/TRY exchange rate of 2.8347[9] at this time.
The value of pip is determined by the counter currency which is TRY.

So for every 1 AUD the value of 1 pip is 0.0001 TRY. To determine what trade size (in USD) will result in a pip value of 5 USD, we must take 5 USD per pip, multiply that by the USD/TRY exchange rate of 3.7566[3] and divide that product by the pip value of 0.0001 TRY. The result is a trade size of 187,831.5 USD. (5 * 3.75663 / 0.0001)

Our No Dealing Desk (NDD) forex execution model allows you to trade USD/TRY in micro lots of 1000 currency units or 1K, so your USD/TRY trade size will be 188K.

To determine your AUD/USD trade size, you must divide 187,831.5 USD by the AUD/USD exchange rate of 0.7546[1] resulting in 248,912.02 AUD or approximately 249K.

Therefore, if you want to synthetically buy AUD/TRY and risk 5 USD per pip, you will buy 249K of AUD/USD and buy 188K of USD/TRY. If you want to sell AUD/TRY, then you will sell AUD/USD and sell USD/TRY.

Stop losses and take profits will be trickier. There is no default function built into the platform to set stops and limits on synthetic pairs. One approach to coding such custom functionality would be to set an equity stop or limit. For example, if you are risking 5 USD per pip, and wanted to risk 1000 pips overal on your synthetic AUD/TRY trade, then you could write a program to close out both your AUD/USD and USD/TRY trades if your account equity fell by 5000 USD.
  • #9,813
  • Jan 17, 2017 10:01pm Jan 17, 2017 10:01pm
Hi Jason,

I have a general query regarding the accounts in fxcm. I am having an account in fxcm. but i have a micro account with deposits under $2000.

my question is, When the account grows to say 10k or 50k or 100k in certain point in time in future, how the transition from micro account to standard account takes place and is there a change in the pip value as well as the spread from micro account to standard account.

lastly, I opened my account with fxcm while I was in UK, but now I am living in Canada. can I change the deposit and withdrawal to my Canadian bank account (earlier it was in UK's bank account).
  • #9,814
  • Jan 18, 2017 8:50am Jan 18, 2017 8:50am
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Jason,

I trade ger_30 cfd through FXCM and get plenty of off quotes messages. Max deviation = 10000, only 1 symbol in market watch, Trade on a VPS through FXCM.

FXCM tech support are now saying it is the liquidity provider who is not allowing the trade.

Q1. I though CFDs were dealing desk only. Is this not the case?

Q2. Why is the LP not allowing the trade?

Q3. Is this something to do with Last Look by the LP?
  • #9,815
  • Jan 18, 2017 10:11am Jan 18, 2017 10:11am
Quoting leemo
Jason, I trade ger_30 cfd through FXCM and get plenty of off quotes messages. Max deviation = 10000, only 1 symbol in market watch, Trade on a VPS through FXCM. FXCM tech support are now saying it is the liquidity provider who is not allowing the trade. Q1. I though CFDs were dealing desk only. Is this not the case? Q2. Why is the LP not allowing the trade? Q3. Is this something to do with Last Look by the LP?
I had exactly the same problem - see post 9570 on page 479. I found that it only occurred when using MetaTrader4 and not when using Trading Station so I would think that the answer they gave isn't accurate and that it's more likely to be internal than a provider issue.
  • #9,816
  • Jan 18, 2017 10:21am Jan 18, 2017 10:21am
Hi Jason,

Earlier in this thread you stated: " I notice your forum profile mentions you live in South Africa.We recently opened an office there".

On the South African FXCM website it states the following: FXCM South Africa (PTY) LTD is doing business under the FXCM brand. The FXCM group of companies (collectively, the FXCM Group) does not own or control any part of FXCM South Africa (PTY) LTD.

So my question is: Where exactly does FXCM South Africa fit in, and who owns it if FXCM doesn't, and if FXCM does own it why would they say they don't? Seems a bit confusing?
  • #9,817
  • Jan 18, 2017 12:25pm Jan 18, 2017 12:25pm
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Quoting angus
{quote} I had exactly the same problem - see post 9570 on page 479. I found that it only occurred when using MetaTrader4 and not when using Trading Station so I would think that the answer they gave isn't accurate and that it's more likely to be internal than a provider issue.
I tend to agree. I have a ninjatrader account with FXCM and I have no problem in opening and closing trades. Problems occur only through MT4
  • #9,818
  • Jan 18, 2017 2:54pm Jan 18, 2017 2:54pm
Quoting leemo
{quote} I tend to agree. I have a ninjatrader account with FXCM and I have no problem in opening and closing trades. Problems occur only through MT4
No, not only MT4. TradeStation II is is awful as well. That's why I closed my account with FXCM. They know it's a piece of crap and yet they encourage traders to use it. I guess it's a good source of income for them.
  • #9,819
  • Jan 18, 2017 4:18pm Jan 18, 2017 4:18pm
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Quoting keen246
{quote} No, not only MT4. TradeStation II is is awful as well. That's why I closed my account with FXCM. They know it's a piece of crap and yet they encourage traders to use it. I guess it's a good source of income for them.
What message are you getting on tradingstation? Is you problem down to the liquidity provider?

What is the point of straight through processing if the Liquidity Provider wont give you the price you agreed with the broker platform :-(
  • #9,820
  • Jan 18, 2017 4:28pm Jan 18, 2017 4:28pm
Quoting leemo
{quote} What message are you getting on tradingstation? Is you problem down to the liquidity provider? What is the point of straight through processing if the Liquidity Provider wont give you the price you agreed with the broker platform :-(
No error messages actually. The platform just freezes randomly when opening or closing a trade. Sometimes it would shut down on its own, or you had to do it yourself in order to be able to close the position, which was already too late when you're scalping.
Very often the positions were closed in a price that didn't exist in that moment in time and when spread was normal. More than six months of "troubleshooting" (i'm sure they didn't do anything to solve the issues) with the support "gurus" to no avail.
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