FXCM's "AT BEST" For News | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Broker Challenge "NDD/STP" vs. True "ECN" and "Mkt Mkr" broker talk 46 replies

Dealing with "Invalid Price", "Requote", "Server Busy" in MT4 3 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Is it another "good news is bad news" day? 8 replies

FXCM and "no-slippage" 55 replies

Attachments: FXCM's "AT BEST" For News
Exit Attachments

FXCM's "AT BEST" For News

  • #1
  • First Post: Sep 10, 2007 12:26am Sep 10, 2007 12:26am
I would like to get poeple's feedback from those that have tried the "AT BEST" option on News Trades.
If you have used it, what news event did you use it on, and was your fill as expected or beyond belief. I havent used it yet, but ever since they "upgraded" their software beginning August, it has been hard to get fills...

Please do share your experience..

thanks in advance,
Cheezehead
  • #2
  • Sep 10, 2007 7:31am Sep 10, 2007 7:31am
The upgrade was meant primarily to "disable" news traders.
From that, you know its useless to trade news with FXCM. Hell, even my order entered and "supposedly" filled 90 seconds before news, was filled only 3 minutes after the news. Go figure. FXCM simply dont like news trading because they cannot trade against you.
  • #3
  • Sep 10, 2007 7:35am Sep 10, 2007 7:35am
If you put lip stck on a pig, it is still a pig.

At Best is still just a market order, which by definition is at best available market.
  • #4
  • Sep 10, 2007 7:36am Sep 10, 2007 7:36am
Quoting BurgerKing
The upgrade was meant primarily to "disable" news traders.
From that, you know its useless to trade news with FXCM. Hell, even my order entered and "supposedly" filled 90 seconds before news, was filled only 3 minutes after the news. Go figure. FXCM simply dont like news trading because they cannot trade against you.
90 sec is pretty long... What is their argumentation on this ?

I understand they might not be able to fill you at the price THEY want 2-3 seconds before a news release. But 90 sec before ?

For the question of the topic, At best option is a pure scam. They now that your order is not sent to the market but they will glady fill you at +200 pips and take your money even if your money never really left your account...
  • #5
  • Sep 11, 2007 8:43pm Sep 11, 2007 8:43pm
AT BEST == slip me with no mercy

So, simple.

I am testing FXCM on the news spike the last 3 months (I have spare autoclicks and all my orders are rejected with one of the following error messages:

Market Moved
Out of liquidity
Cannnot Find quote
Quote Not Found

To be precise I go filed only once the last 3 months... July 13th, instead of BUY my software clicked SELL (this is the definition of the news spike trading).

The funny thing is that FXCM advertises themselves as the superior news trading broker, they even enhanced their platform to support one click orders (auto clicker software friendly) but they fail to executed the orders.

Don't waste your time with FXCM if you only trade the news spike.
  • #6
  • Sep 11, 2007 9:00pm Sep 11, 2007 9:00pm
Fxcm either fill me at a different price during news or don't fill me at all. I remember the good old days when fxcm platform was slow to react during news. I see a news spike on MT4 like 6 seconds later on FXCM.
  • #7
  • Sep 11, 2007 9:21pm Sep 11, 2007 9:21pm
we had a debate about this a while ago: http://www.forexfactory.com/showthre...t=23501&page=3

"at best" is just another word for a market order. if you dont understand this, the most valuable thing you can for your trading education is to figure it out.
Relax and be happy.
  • #8
  • Sep 11, 2007 9:22pm Sep 11, 2007 9:22pm
I know Damien who posted this message about FXCM and news trading. We both have FXCM live platforms and I totally concur with his words. I was speaking with Deutsch Bank who tell me that FXCM do not actually provide as much liquidity as themselves. A big part of news trading is being able to get in quicker than the rest. The longer it takes you to execute your order at news times, the more likely chances are that you will 1. get slipped or, 2. not get an entry at all.

As individual traders we are up against huge organizations utilizing platforms like Currenex that DO let you deal direct with the banks and am sure they get data the split second it is out or sooner. Trouble is you need a minimum of $50K to open an account with them. I am really mashed here in BC, Canada with limited brokers available to me. I just opened an account with IFC Markets. Only put in a few hundred bucks to test the live platform.

FXCM tell me over and over that 'price does not exist.' Well in some ways it must have to cause spikes. However, we are in a boat race to get our orders in quicker than the rest. If we fail, we cannot tap into the liquidity we so need at news releases which generally dries up.

Anyone have other comments please? Be great to hear of a broker that is working out well for news trading please.

Thanks

Andy
  • #9
  • Sep 11, 2007 10:11pm Sep 11, 2007 10:11pm
In my humble opinion, trading (with any broker) during news releases is one sure way to wipe out your trading capital. I've learnt my lesson with several brokers and now I enter a trade a minimum 15 minutes after major news releases.
Often I also trade daily retracements and break-outs on currencies such as USDCAD & GBPJPY and the results have been very good too.
  • #10
  • Sep 11, 2007 10:18pm Sep 11, 2007 10:18pm
Quoting cheezehead
I would like to get poeple's feedback from those that have tried the "AT BEST" option on News Trades.
If you have used it, what news event did you use it on, and was your fill as expected or beyond belief. I havent used it yet, but ever since they "upgraded" their software beginning August, it has been hard to get fills...

Please do share your experience..

thanks in advance,
Cheezehead
To use "At best" is to execute immediately. Without "at best", you will struggle with the execution.
  • #11
  • Sep 12, 2007 2:41am Sep 12, 2007 2:41am
Yep, I know that they mean true market order.. I just wanted to see if anyone has actually suckered up to it.. I just cant do it.. I already know or feel that they would take advantage of me.. especially all that Ive taken from them over the last few months..

Quoting merlin
we had a debate about this a while ago: http://www.forexfactory.com/showthre...t=23501&page=3

"at best" is just another word for a market order. if you dont understand this, the most valuable thing you can for your trading education is to figure it out.
  • #12
  • Sep 12, 2007 2:46am Sep 12, 2007 2:46am
Did this happen a lot more AFTER the upgrade around 8/10 - 8/11? Thats mainly what im curious about..

Seems they are forcing people to the At Best option..

Quoting damien17
AT BEST == slip me with no mercy

So, simple.

I am testing FXCM on the news spike the last 3 months (I have spare autoclicks and all my orders are rejected with one of the following error messages:

Market Moved
Out of liquidity
Cannnot Find quote
Quote Not Found

To be precise I go filed only once the last 3 months... July 13th, instead of BUY my software clicked SELL (this is the definition of the news spike trading).

The funny thing is that FXCM advertises themselves as the superior news trading broker, they even enhanced their platform to support one click orders (auto clicker software friendly) but they fail to executed the orders.

Don't waste your time with FXCM if you only trade the news spike.
  • #13
  • Sep 13, 2007 9:16am Sep 13, 2007 9:16am
Yes, it started happening after the "upgrade".

Quoting cheezehead
Did this happen a lot more AFTER the upgrade around 8/10 - 8/11? Thats mainly what im curious about..

Seems they are forcing people to the At Best option..
  • #14
  • Sep 13, 2007 10:15am Sep 13, 2007 10:15am
I have no experience with FXCM, but its not a brokers(FXCM or any other firm) job to fill people on news-spikes and pay them "free" money. Those news-candles look yummy, but trying to exploit news-spikes with autoclicking is futile. Bellow i attached a screenshot of a bid/ask tick-print of a multibank-platform from this months NFP. As you can see the prices spiked up 35 pips without a single tick. FXCM just reflects whats going on at their banking partners quotes. Its not their fault, they cant fill you if there is nothing they could fill you with.
Attached Image (click to enlarge)
Click to Enlarge Name: sep-nfp-tickprint.jpg Size: 275 KB
  • #15
  • Sep 13, 2007 10:20am Sep 13, 2007 10:20am
Quoting cheezehead
I would like to get poeple's feedback from those that have tried the "AT BEST" option on News Trades.
If you have used it, what news event did you use it on, and was your fill as expected or beyond belief. I havent used it yet, but ever since they "upgraded" their software beginning August, it has been hard to get fills...

Please do share your experience..

thanks in advance,
Cheezehead
I did try it live once, few days after they started this feature.
I did trade NZD Retail Sales with autoclick, price was at 0.7515 when clicked sell.
got executed at 0.7441!!!!
the lower price on platform was 0.7469.
I did a chat with them, they did refund me back all what I lost.
they said this was the best available offer at that time!!! and there was no liquidity.... they did apologies, and refund me after 2 days.
since then I never did try it again.
  • #16
  • Sep 13, 2007 3:42pm Sep 13, 2007 3:42pm
Quoting shrike
I have no experience with FXCM, but its not a brokers(FXCM or any other firm) job to fill people on news-spikes and pay them "free" money. Those news-candles look yummy, but trying to exploit news-spikes with autoclicking is futile. Bellow i attached a screenshot of a bid/ask tick-print of a multibank-platform from this months NFP. As you can see the prices spiked up 35 pips without a single tick. FXCM just reflects whats going on at their banking partners quotes. Its not their fault, they cant fill you if there is nothing they could fill you with.
The pb is not not getting filled during news, it is getting filled with price that never existed on the real market.

In your example, noone could have entered in a position inside this 35 pips gaps that is obvious, but with At best order you can get fill irrealisticaly @ +100 pips because the order book was empty for example.

I say irrealisticaly because the counter part probably does not exist anyway inside the broker own order book.
  • #17
  • Sep 14, 2007 6:32am Sep 14, 2007 6:32am
It should be interpreted as:

FXCM's 'AT BEST' for news = Traders 'AT WORSE' for news.

  • #18
  • Sep 17, 2007 1:53am Sep 17, 2007 1:53am
[quote=shrike;1591447]trying to exploit news-spikes with autoclicking is futile.

I don't understand the above comment. Futile? Really? Well, if making $1700 on the last NFP is futile, I'll sure take it. I get filled on spikes many more times than not, and make way more money doing that than trading after the spike. So I'm not sure you have your information correct.

Anyway, no big deal and I appreciate shrike's comments, but I wanted to give my own to encourage those that are attempting to make money on the spikes. It can be done, and there's absolutely nothing wrong with it. Capitalism at it's best...

For what it's worth.
  • #19
  • Sep 17, 2007 3:15am Sep 17, 2007 3:15am
TC, I agree with what you said.. In fact, the other comment about blowing your account out with news.. It wont happen if you manage it well.. i manage mine.. just wont let it happen..

[quote=TC East;1596042]
Quoting shrike
trying to exploit news-spikes with autoclicking is futile.

I don't understand the above comment. Futile? Really? Well, if making $1700 on the last NFP is futile, I'll sure take it. I get filled on spikes many more times than not, and make way more money doing that than trading after the spike. So I'm not sure you have your information correct.

Anyway, no big deal and I appreciate shrike's comments, but I wanted to give my own to encourage those that are attempting to make money on the spikes. It can be done, and there's absolutely nothing wrong with it. Capitalism at it's best...

For what it's worth.
  • #20
  • Sep 17, 2007 11:40am Sep 17, 2007 11:40am
Hi TC

Indeed, nice to hear of such positive comments for news trading. Are you using FXCM to make these gains for spike news trading? If so, what are you doing differently please?

Thanks



[quote=TC East;1596042]
Quoting shrike
trying to exploit news-spikes with autoclicking is futile.

I don't understand the above comment. Futile? Really? Well, if making $1700 on the last NFP is futile, I'll sure take it. I get filled on spikes many more times than not, and make way more money doing that than trading after the spike. So I'm not sure you have your information correct.

Anyway, no big deal and I appreciate shrike's comments, but I wanted to give my own to encourage those that are attempting to make money on the spikes. It can be done, and there's absolutely nothing wrong with it. Capitalism at it's best...

For what it's worth.
0 traders viewing now