FXCM Managed Accounts - Over 1,000 New Accounts ?? | Forex Factory

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FXCM Managed Accounts - Over 1,000 New Accounts ??

  • #1
  • First Post: Nov 18, 2007 9:36pm Nov 18, 2007 9:36pm
did anyone get this email recently?

----------------------------------------------------------------

Dear Trader:
In the last three months, clients have opened over a 1,000 managed accounts with FXCM. FXCM now offers two managed forex funds developed by our own analysts and traders: The FXCM Sentiment Fund and the FXCM Aggressive Sentiment Fund. The recent performance of these two funds has been exceptional in difficult market conditions.
View Report
Sentiment Fund: 31.30% Year to Date (January - October 2007)*
Sentiment Aggressive Fund: 52.21% Since Inception (July - October 2007)*



etc.....

any opinions on this?
  • #2
  • Nov 18, 2007 9:56pm Nov 18, 2007 9:56pm
Why on earth would anyone ever let fxcm manage their money...

FXCM, the biggest scam around !!!!!!!!!!!
  • #3
  • Nov 18, 2007 10:33pm Nov 18, 2007 10:33pm
was an interesting email from them, i was just curious if anyone used their managed service to actually verify the validity of their claims
  • #4
  • Nov 18, 2007 10:40pm Nov 18, 2007 10:40pm
  •  007
  • | Joined Jun 2007 | Status: "Undisciplined Trader" | 49 Posts
Quoting Tiki Trader
Why on earth would anyone ever let fxcm manage their money...

FXCM, the biggest scam around !!!!!!!!!!!
I'm just curious to know whether you have anything to support your statement?
  • #5
  • Nov 19, 2007 7:16am Nov 19, 2007 7:16am
As you can see above, I received infractions for my opinions... so i will be carefull...

I am not trying to sway anyone any which way or not... but by experience, I must say that I feel FXCM uses elaborate ways of getting your money into their pockets... this is especially true for those new to forex who start with $ 300 accounts... when minimum trade with FXCM is $ 1 per pip... those unsuspecting newbies lose their money in a flash... I have been there and done that... But I think that is something they should be ashamed of... just rubs me the wrong way... FXCM is well documented even here in these forums... I for one, was almost knocked out of forex because of them... I hung on to learn at least how to not be in the 95% club yet... many just lost their money and moved on...

As for managed accounts, by a broker ? Just seems to me a contradiction of terms... a broker wants money in their own pockets, not yours... and with what I call a shady record in everything else they do, I would be suspicious...

OK, I hope this does not earn me more infractions... I am concerned for those who have not been around long enough, and will get kicked in the pants... I was one of those people... and I did not find anyone looking out for me...

It is a subject close to heart !!!!!!!!!!!!!!
  • #6
  • Nov 19, 2007 7:23am Nov 19, 2007 7:23am
speak your mind tiki trader. sometime i think ff is paid slaves to the industry.
If I Go Broke Trying Then I Will die happy.
  • #7
  • Nov 19, 2007 9:48am Nov 19, 2007 9:48am
Tiki, I have to agree with what you say. That being said, This may be the only way for new traders to make money with FXCM. However, the obliquity they've shown in the past would probably rule against this. Have a great day, Bob
Hej.
  • #8
  • Nov 19, 2007 9:49am Nov 19, 2007 9:49am
Think what you want about trading your own account with FXCM but putting money in a managed account is a different story. I have been able to withdraw funds whenever I have needed to and this fund has been far more profitable than most of my other investments. On top of this they are now listed und Barclay\'s - who have a strong reputation and require strict reporting. I doubt that they would have made it this far if this were some sort of scam. Check it out for yourself. You have to register but it is free: https://www.barclayhedge.com/cgi-bin...d_r=no_cookieI suggest making an informed opinion up for yourself and not just listening to people who get posting infractions.
  • #9
  • Nov 19, 2007 5:51pm Nov 19, 2007 5:51pm
jamesa, I have no way of knowing why Tiki Trader received the posting infractions. I do believe he has a reason for his opinion about FXCM. I've never traded with them but I've known quite a few who have and the reports are not good. I do believe that in the beginning they will do everything in their power to keep this new product "squeaky" clean; it's in their best interest. I will keep my opinion open, as you suggest, and hope for the best. Just remember, if you smell manure, be careful where you step. I hope you continue doing well, Bob
Hej.
  • #10
  • Nov 19, 2007 7:32pm Nov 19, 2007 7:32pm
yeah, They love newbies with their $300 mini accounts.. I mean they should at least give the option of micro accounts if they take $300 deposits. Mini accounts need at least a few thousand, preferably more usually!
  • #11
  • Nov 19, 2007 8:29pm Nov 19, 2007 8:29pm
Their success in the managed fund may come from just that... for those that have lost money with them see an opportunity to invest rather then get out completely. Although I doubt that this would be any different from any other broker that offered the same...
To be one with the market, you must first be one with yourself.
  • #12
  • Nov 19, 2007 8:30pm Nov 19, 2007 8:30pm
It's OK about the infraction... probably what I get for just spouting off...

It has been a while since I have been around FXCM... I stay as far away as I can...

I am concerned about new guys starting with FXCM thinking they are getting into forex... their hard earned $ 300 is a lot of money to some... the originator of this thread has less than 6 months or so here in forex factory... which makes me think he might be a newbie... there are other places to trade where you can trade a hundreth of a cent against a $ 100 account if you like... that way you can use proper money management trading...

But still, I cannot ever think it to be logical to let a retail forex broker manage my money... FXCM is a business... their first priority is getting your money into their pocket... YES... do your own research and come up with your own opinion... but check carefully about FXCM........

Good trading to all........

Quoting Stitch961
jamesa, I have no way of knowing why Tiki Trader received the posting infractions. I do believe he has a reason for his opinion about FXCM. I've never traded with them but I've known quite a few who have and the reports are not good. I do believe that in the beginning they will do everything in their power to keep this new product "squeaky" clean; it's in their best interest. I will keep my opinion open, as you suggest, and hope for the best. Just remember, if you smell manure, be careful where you step. I hope you continue doing well, Bob
  • #13
  • Nov 19, 2007 8:50pm Nov 19, 2007 8:50pm
I agree with you Tiki, I have had numerous negative experiences with FXCM in the past and have friends with worse horror stories than I. In my old trading group, we actually started and experiment and traded the calls they would put out oppositely. We would trade down to their stop, then reverse direction. The account was very profitable. It simply isn't in FXCM's best interest to call profitable trades to their clients, when they gain so much from calling negative ones to X number of thousands.

It is in their best interest to grow a managed account, however I will not support them with my business.
The basis of a democratic state is liberty. ~ Aristotle
  • #14
  • Nov 19, 2007 8:55pm Nov 19, 2007 8:55pm
Don't even get me started on that one !!!!!!!!!!!!!!!!!!! I'll get another infraction !!!

Quoting Vensik
I agree with you Tiki, I have had numerous negative experiences with FXCM in the past and have friends with worse horror stories than I. In my old trading group, we actually started and experiment and traded the calls they would put out oppositely. We would trade down to their stop, then reverse direction. The account was very profitable. It simply isn't in FXCM's best interest to call profitable trades to their clients, when they gain so much from calling negative ones to X number of thousands.

It is in their best interest to grow a managed account, however I will not support them with my business.
  • #15
  • Nov 19, 2007 8:59pm Nov 19, 2007 8:59pm
HAHA, it's so True though.

It was an amazing experiment for a while. The account almost doubled. Sure there were some losses, FXCM needed to call some winners to keep the confidence.

I don't think I can be bashed too badly for telling a true story, who knows though. Maybe I can.
The basis of a democratic state is liberty. ~ Aristotle
  • #16
  • Nov 19, 2007 11:38pm Nov 19, 2007 11:38pm
Yes i am a newbie, just posted that to see what people are saying. I have been reading this board and others for quite some time and know a lot about fxcm's questionable reputation. I was thinking maybe they came up
with something half descent this time.

Quoting Tiki Trader
It's OK about the infraction... probably what I get for just spouting off...

It has been a while since I have been around FXCM... I stay as far away as I can...

I am concerned about new guys starting with FXCM thinking they are getting into forex... their hard earned $ 300 is a lot of money to some... the originator of this thread has less than 6 months or so here in forex factory... which makes me think he might be a newbie... there are other places to trade where you can trade a hundreth of a cent against a $ 100 account if you like... that way you can use proper money management trading...

But still, I cannot ever think it to be logical to let a retail forex broker manage my money... FXCM is a business... their first priority is getting your money into their pocket... YES... do your own research and come up with your own opinion... but check carefully about FXCM........

Good trading to all........
  • #17
  • Nov 20, 2007 2:12pm Nov 20, 2007 2:12pm
Tiki

The only thing i dont understand and I guess i dont understand this in general is:

Why do people trade with $300.. It's naive even on micro accounts to trade that money because seriously you still dont get a great feel for the market and personally I dont think your emotions are a big factor for only $300 when you lose it $.10 at a time.. So maybe people should just demo trade a bit longer and learn their lessons beforehand as much as possible. Had you demo traded with only $300 I'm sure you would have seen that you didn't have a chance, but blaming a company for your mistake is a bit foolish I think..

Now as far as FXCM is concerned.. Sure $300 in a mini is a more than foolish but they have their minimums.. Whatever.. Business is business and other brokers offer $300 minis as well so again why not complain against the other brokers as well.

Now personally I trade with FXCM and Oanda.. Who do I like better I'm not sure to be honest.. Oanda has some better pairs, but there whole 24 hour interest thing is annoying personally as I scalp but hey that's their thing...

From what it sounds like you maybe got burned when they were a dealing desk but I moved over after that and can't complain because now they have the no dealing model.

Also from what I know from my friend those managed funds returns are real though read over the fees as I hear they charge like a hedge fund and some people don't agree with this. So basically they take an equity cut of 2% and then 20% of net new profits.. So based on that it seems FXCM would have to make you money to really earn anything (or am I missing something there) Also I'd like to see how much they risk / leverage level to see if its something I'd be interested in.

But anyway I thought I would share my two cents. Like I said before though.. I think its much more up to traders and whenever I come on this forum it seems more people just find another reason to bash a broker instead of coming to the real issue.. You didn't understand the market, didn't know what you were doing and YOU lost.... Why not learn how to trade first on a demo account and then put in real funds (not $300) and give it a shot.
  • #18
  • Nov 20, 2007 4:05pm Nov 20, 2007 4:05pm
People trade with $ 300 because they don't know yet that at $ 1 per pip, they cannot trade like that... and a lot of the fault for that goes to FXCM... and also just because a new person has not found it out yet... BECAUSE THEY ARE NEW !!! I saved hard to get my first $ 300... I thought it was enough to learn with... I was wrong, but I had to lose that money to find that out...

If you do not have problems with FXCM, with their service, with their platform always freezing up, or their messages not letting you place your trade exactly when you want, or a myriad of other problems... you are one of the very few...

Look around... there are very very few people who have something good to say about FXCM... there is a reason for that... !!! On the other hand, oanda my not have the greatest platform or charts etc.... but you what... they let you trade and don't try to get your money from you... if you lose it, it;s going to be your own fault... do you ever hear other complaints about oanda ??? NO... !!!

Again... I would say be very careful with FXCM... just look at the reviews... they speak for themselves...

Quoting FriendofTrends
Tiki

The only thing i dont understand and I guess i dont understand this in general is:

Why do people trade with $300.. It's naive even on micro accounts to trade that money because seriously you still dont get a great feel for the market and personally I dont think your emotions are a big factor for only $300 when you lose it $.10 at a time.. So maybe people should just demo trade a bit longer and learn their lessons beforehand as much as possible. Had you demo traded with only $300 I'm sure you would have seen that you didn't have a chance, but blaming a company for your mistake is a bit foolish I think..

Now as far as FXCM is concerned.. Sure $300 in a mini is a more than foolish but they have their minimums.. Whatever.. Business is business and other brokers offer $300 minis as well so again why not complain against the other brokers as well.

Now personally I trade with FXCM and Oanda.. Who do I like better I'm not sure to be honest.. Oanda has some better pairs, but there whole 24 hour interest thing is annoying personally as I scalp but hey that's their thing...

From what it sounds like you maybe got burned when they were a dealing desk but I moved over after that and can't complain because now they have the no dealing model.

Also from what I know from my friend those managed funds returns are real though read over the fees as I hear they charge like a hedge fund and some people don't agree with this. So basically they take an equity cut of 2% and then 20% of net new profits.. So based on that it seems FXCM would have to make you money to really earn anything (or am I missing something there) Also I'd like to see how much they risk / leverage level to see if its something I'd be interested in.

But anyway I thought I would share my two cents. Like I said before though.. I think its much more up to traders and whenever I come on this forum it seems more people just find another reason to bash a broker instead of coming to the real issue.. You didn't understand the market, didn't know what you were doing and YOU lost.... Why not learn how to trade first on a demo account and then put in real funds (not $300) and give it a shot.
  • #19
  • Nov 21, 2007 7:44am Nov 21, 2007 7:44am
Ok seriously what you said is the funniest thing I have ever heard.. Since you didn't take any courses or learn enough about the market you are blaming FXCM?

" People trade with $ 300 because they don't know yet that at $ 1 per pip, they cannot trade like that... and a lot of the fault for that goes to FXCM..."

Who doesn't try out a demo and realize that its only 250 points you need before you lose basically everything. If you demo traded for 5 minutes you would realize that so I dont see any issues there.


From what it sounds Tiki, you didn't do you homework and just like blaming the firm for your initial noobie mistakes. You also say that you saved for a while to get the $300 to trade, what confuses me most is why weren't you learning about the market at the same time as you were saving..


Now I'm not trying to say i'm some great trader, I just have a realistic idea of the markets and my expectations but seriously I dont think anywhere, even with micro lots it makes any sense to trade with $300..

As for FXCM I have read the reviews time and time again, but I dont feel that anyone says much about the changes they have made. All sounds like it was back when they used a Dealing desk model and had fixed spreads but I haven't heard much since from most people and personally don't have any complaints..

Overall all I am saying is that micro lot or mini lots, coming into a financial market with $300 is downright foollish. Buy a course with that $300 and demo trade and learn how to trade..
  • #20
  • Nov 21, 2007 11:09am Nov 21, 2007 11:09am
FriendofTrends - you are 100% correct. As with any other investment vehicle it is your responsibility to look into the details. Unless of course you are a moron, as many people are, and then you don\\\'t do your own due diligence and then blame someone else. Plus, if I read the FXCM site correctly they have well over 90,000 accounts - you really think that a few hundred losers on some forums constitute a valid opinion? Generally good traders, will not have the time to be posting on forums because they are too busy trading. I myself am not the best trader but I certainly don\\\'t blame any of the 2 brokers I trade with. On top of this Tiki - you said you traded with FXCM some time ago; they have made many changes over the past year so I really don\\\'t think you opinion has any merit. I have a lot of friends who trade with them currently and they all keep praising the firm. If FXCM truly were as bad as you claim it is, they would not have any accounts and would have gone bankrupt by now.
haha and as for Oanda - you definitely do read many many complaints about them also. I think you might be biased, perhaps you posting infractions have to do with your IP address coming from a very similar building as Oandas
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