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broker question...

  • #1
  • First Post: Apr 16, 2006 6:42pm Apr 16, 2006 6:42pm
Has anyone here any experience with them ? Are they trustable broker . Do they allow to hedge ? and are they paying thanx from a newbie
  • #2
  • Apr 16, 2006 6:58pm Apr 16, 2006 6:58pm
no hedge, price seems to peak higher/lower during volatile. Trustworthy, fast transaction when depositing/withdrawing fund. I recomment O AND A for newbie as you can play with any size unit/lot so you won't lose all your money so fast.
  • #3
  • Apr 16, 2006 7:02pm Apr 16, 2006 7:02pm
Thanx for your suggestions

I am also in oanda but wish to hear some professionaler Broker , any ideas
  • #4
  • Apr 17, 2006 1:39am Apr 17, 2006 1:39am
Quoting derpate
Has anyone here any experience with them ? Are they trustable broker . Do they allow to hedge ? and are they paying thanx from a newbie
I may not be the right person to listen to right now since I have gotten burned by FXCM so badly lately. Several of us had been having a great deal of difficulty with FXCM at times of high volatility and were making very little or actually losing with FXCM trades, but not with trades at another broker.

Last Thursday we set up 2 computers side by side, one with an FXCM platform, the other with an MB Trading platform. We put the same orders on both platforms at the same time. MB Trading executed the trade immediately, FXCM turned down the trade 4 times on the basis that the market had moved, although we were allowing 3 pips of 'wiggle room'. When we then wanted to close the trades the same thing happened. We repeated the same procedure on the retracement. The result of this was that we made 91 pips on the MB Trading account and 13 pips on the FXCM account.

This was a 'controlled' experiment. Once in the past 3 weeks of having problems dealing with FXCM, we actually lost money on trades which should have made quite a bit.

My only advice to you is to exercise extreme caution and do not count on being able to trade FXCM at times of high volatility (not only just news releases).
  • #5
  • Apr 17, 2006 1:40am Apr 17, 2006 1:40am
Quoting derpate
Has anyone here any experience with them ? Are they trustable broker . Do they allow to hedge ? and are they paying thanx from a newbie
I may not be the right person to listen to right now since I have gotten burned by FXCM so badly lately. Several of us had been having a great deal of difficulty with FXCM at times of high volatility and were making very little or actually losing with FXCM trades, but not with trades at another broker.

Last Thursday we set up 2 computers side by side, one with an FXCM platform, the other with an MB Trading platform. We put the same orders on both platforms at the same time. MB Trading executed the trade immediately, FXCM turned down the trade 4 times on the basis that the market had moved, although we were allowing 3 pips of 'wiggle room'. When we then wanted to close the trades the same thing happened. We repeated the same procedure on the retracement. The result of this was that we made 91 pips on the MB Trading account and 13 pips on the FXCM account.

This was a 'controlled' experiment. Once in the past 3 weeks of having problems dealing with FXCM, we actually lost money on trades which should have made quite a bit.

My only advice to you is to exercise extreme caution and do not count on being able to trade FXCM at times of high volatility (not only just news releases).
  • #6
  • Apr 17, 2006 7:08am Apr 17, 2006 7:08am
I've not heard anything good about FXCM from traders I know that tried them. They seem to be famous for stop hunting and manipulating prices in their favor. Most of my trader friends who started with them have quickly moved to other brokers.
  • #7
  • Apr 17, 2006 11:31am Apr 17, 2006 11:31am
Quoting moonchild
I may not be the right person to listen to right now since I have gotten burned by FXCM so badly lately. Several of us had been having a great deal of difficulty with FXCM at times of high volatility and were making very little or actually losing with FXCM trades, but not with trades at another broker.

Last Thursday we set up 2 computers side by side, one with an FXCM platform, the other with an MB Trading platform. We put the same orders on both platforms at the same time. MB Trading executed the trade immediately, FXCM turned down the trade 4 times on the basis that the market had moved, although we were allowing 3 pips of 'wiggle room'. When we then wanted to close the trades the same thing happened. We repeated the same procedure on the retracement. The result of this was that we made 91 pips on the MB Trading account and 13 pips on the FXCM account.

This was a 'controlled' experiment. Once in the past 3 weeks of having problems dealing with FXCM, we actually lost money on trades which should have made quite a bit.

My only advice to you is to exercise extreme caution and do not count on being able to trade FXCM at times of high volatility (not only just news releases).
I had a similar experience that moonchild experienced. Thier platform is definately uncapable of meeting the demand of the volatility of the market. The last time i experienced was the non-farm payroll... Instead of earning lots of cash. in such of short time ( less than 2 minutes ), the whole program hanged, price no longer updating and because of my limited margin, i've set my stop 15 pips from the price i bought... just as i reopens the program i lost USD150.00,that's the only negativity, i've encountered. However, FXCM do offers smooth transaction and basically with no-waiting time transaction. If you happen to wait for a news release, just make sure you're getting ready of the volume you're prepare to buy or sell and you should be able to decide at ur finger tips upon the news release as if the price starts to move vigorously, then the trading platform will not be ideally as good as it would be. I learnt from my experience and learnt on how to improve myself on FXCM platform. No intention to change to other brokers for the time being.
  • #8
  • Apr 17, 2006 11:55am Apr 17, 2006 11:55am
I would highly recommend that you NOT go with FXCM. When I had my account with them they started stop hunting me so blatantly it was rediculous. When I went long the price would drop down to the exact pip as my stop and then go up and vice versa. Needless to say I dropped them after going through that.
1337 Trader The market knocked me down, but not out!
  • #9
  • Apr 17, 2006 12:08pm Apr 17, 2006 12:08pm
Quoting jojocal19
I would highly recommend that you NOT go with FXCM. When I had my account with them they started stop hunting me so blatantly it was rediculous. When I went long the price would drop down to the exact pip as my stop and then go up and vice versa. Needless to say I dropped them after going through that.

that is because you did not do enough research of the currency you're dealing in. I'm not judging or making comments intentionally to your skills or tactics. But every platform do have their spreads ( the difference of pips). If you can't even beat 3 pips ( EUR/USD in FXCM ), how are you gonna win some money? Try considering this.
  • #10
  • Apr 17, 2006 5:44pm Apr 17, 2006 5:44pm
I have been with FXCMfor many months and am very happy with the platform and sevice. If you insist on tradeing during high volatile times like NFP .. you may gey burned by the market but thats no fault of FXCM. As for stop hunting ... if you beleive a 15 pip stop is adequate you will not have your money for long either so dont worry about FXCm as you wont be around long enough for it to matter.... good luck.
  • #11
  • Apr 18, 2006 12:18am Apr 18, 2006 12:18am
Quoting Rocket
I have been with FXCMfor many months and am very happy with the platform and sevice. If you insist on tradeing during high volatile times like NFP .. you may gey burned by the market but thats no fault of FXCM. As for stop hunting ... if you beleive a 15 pip stop is adequate you will not have your money for long either so dont worry about FXCm as you wont be around long enough for it to matter.... good luck.
i aint blaming FXCM for my lost, I'm still using them. I've already learnt through my errors and i feel the price i paid is not too high. But however it's true that their trading platform is uncapable of updating the price fast enough in volatile market.
  • #12
  • Apr 18, 2006 1:28am Apr 18, 2006 1:28am
Quoting Rocket
I have been with FXCMfor many months and am very happy with the platform and sevice. If you insist on tradeing during high volatile times like NFP .. you may gey burned by the market but thats no fault of FXCM. As for stop hunting ... if you beleive a 15 pip stop is adequate you will not have your money for long either so dont worry about FXCm as you wont be around long enough for it to matter.... good luck.
Hi Rocket

I would agree with what you say except for 2 things. FXCM's problem is becoming so frequent that it is curtailing trading even when there is moderate volatility. It is becoming a problem more than once a week and this did not used to be the case with them. It used to be fairly rare that their platform could not cope.

Secondly, I do not see why our ability to trade at times of high volatility should be restricted either by their behaviour or voluntarily by ourselves due to their inability to perform at these times. I have had no difficulty trading at times of high volatility with other brokers, therefore it is my choice to deal with them since that way I retain the ability to trade at times of high volatility if and when I so choose. And yes, I make quite a few pips if I can get my trades executed at something close to the time I place my orders.
  • #13
  • Last Post: Apr 18, 2006 1:31am Apr 18, 2006 1:31am
Quoting moonchild
Hi Rocket

I would agree with what you say except for 2 things. FXCM's problem is becoming so frequent that it is curtailing trading even when there is moderate volatility. It is becoming a problem more than once a week and this did not used to be the case with them. It used to be fairly rare that their platform could not cope.

Secondly, I do not see why our ability to trade at times of high volatility should be restricted either by their behaviour or voluntarily by ourselves due to their inability to perform at these times. I have had no difficulty trading at times of high volatility with other brokers, therefore it is my choice to deal with them since that way I retain the ability to trade at times of high volatility if and when I so choose. And yes, I make quite a few pips if I can get my trades executed at something close to the time I place my orders.
You agree with what I say except for 2 things ... and those are the 2 things I say ...lol ... thats funny ..

Well best off luck!
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