|
Joined Apr 2005
|
Status: Cruising The Outer Rim...
|2,175 Posts
I contacted FXCM about their new MT4 offering. They offered for me to be a beta tester but in order to do that I must open an account. Not sure if they wanted me to be an MT4 beta tester with live money or not but that sounds kind of scary..beta testing with a live accout..
Either way, I'm thinking of changing brokers. I'm with FXDD and I'm on the verge of increasing my leverage per lot thanks to Phillip Nel's method. FXDD isn't regulated so I'm kind apprehensive about that one. Looking at ODL, but they might be too new and DBFX. But, I'd like to stay with and MT4 platform. DBFX isn't but they are a major firm on any continent. I don't want to put orders through one platform and use charts from another but that's what it might come down to...
I contacted FXCM about their new MT4 offering. They offered for me to be a beta tester but in order to do that I must open an account. Not sure if they wanted me to be an MT4 beta tester with live money or not but that sounds kind of scary..beta testing with a live accout..
Ignored
Please let us know through here when they actually start the MT4 cos I'm waiting to open an account with them. Now I'm with Alpari, their services are ok but I need a second account with FXCM.
Today I had a very unpleasant experience with FXCM. I was over 40-pips in the money after the NFP release, then the market started to fall quickly. I tried to close my position at 20-pip profit, but to no-avail. My market order was hanging in the system for almost a minute(!?!) I couldn't cancel it, I couldn't change it, or I couldn't do anything else with it. It just sat there un-executed and I wathed my profits evaporate.
Eventually, when the market started going up in my favour again my position got closed (luckily with 10-pip profit). I find it distressing, as it smacks of dodgy practices. I have allegedly a non-dealing desk account, but after today I am not so sure. Forex is allegedly $1.7 trillion per day market with plenty of willing buyers and sellers. Howcome my mickey mouse (10-mini) order wouldn't get executed?
When I called FXCM to discuss the matter, I got transferred to a slick/ fast-talking man that tried to convince me that there was no liquidity and FXCM couldn't pass my trade into the market. Can you believe this? Apparently, there was no liquidity for EUR/USD, 5-min after the NFP release.
When I asked to which bank our orders go, he said that FXCM passes our orders to 14-leading banks, but he was not allowed to tell me who the banks are. At that point I got really annoyed, as I have never seen anything like this before. I have another accout with MBT and it executes at a fraction of a spread, without any problems. So, I am not so sure what is the FXCM's definition of non-dealing desk.
Anyway, why am I sharing it with you? Well, I have two auto (EA) systems that I wanted to trade through FXCM, but if this is what we can expect from them, I am concerned that my systems may be seriously compromised.
So, I am no longer holding my breath for FXCM supporting the MT4 platform. It may not be the best choice after all.
Today I had a very unpleasant experience with FXCM. I was over 40-pips in the money after the NFP release, then the market started to fall quickly. I tried to close my position at 20-pip profit, but to no-avail. My market order was hanging in the system for almost a minute(!?!) I couldn't cancel it, I couldn't change it, or I couldn't do anything else with it. It just sat there un-executed and I wathed my profits evaporate.
Eventually, when the market started going up in my favour again my position got closed (luckily with 10-pip profit). I find it distressing, as it smacks of dodgy practices. I have allegedly a non-dealing desk account, but after today I am not so sure. Forex is allegedly $1.7 trillion per day market with plenty of willing buyers and sellers. Howcome my mickey mouse (10-mini) order wouldn't get executed?
When I called FXCM to discuss the matter, I got transferred to a slick/ fast-talking man that tried to convince me that there was no liquidity and FXCM couldn't pass my trade into the market. Can you believe this? Apparently, there was no liquidity for EUR/USD, 5-min after the NFP release.
When I asked to which bank our orders go, he said that FXCM passes our orders to 14-leading banks, but he was not allowed to tell me who the banks are. At that point I got really annoyed, as I have never seen anything like this before. I have another accout with MBT and it executes at a fraction of a spread, without any problems. So, I am not so sure what is the FXCM's definition of non-dealing desk.
Anyway, why am I sharing it with you? Well, I have two auto (EA) systems that I wanted to trade through FXCM, but if this is what we can expect from them, I am concerned that my systems may be seriously compromised.
So, I am no longer holding my breath for FXCM supporting the MT4 platform. It may not be the best choice after all.
|
Membership Revoked
|
Joined Jan 2008
|3,753 Posts
although i was not planning to use there metatrader4 there PROGRAM DOES GIVE THE INTEREST RATE IN THE ROLL OVER BETWEEN CURRENCY , which is a great feature. but for trading the delay of orders is a real concern
i already have a live account with another broker for testing auto trading programs, as yet auto trading has been at the best a disaster , great bk test but in practice ive had only losses via demo accounts
where as live trading great profits without even using metatrader4
facilities
great info thanks from Brian
I recently opened an account and called yesterday to inquire about MT4. Their response was "sometime this month". They couldn't provide a date. I will give them another month before looking to go elsewhere.
Just a little update, an FXCM staff called me up last weekend and he said they are starting MT4 soonest. He could not give me a date but he promised to call me as soon as they start. So I'm waiting for his call, but I got to say that its taking time.
Just a little update, an FXCM staff called me up last weekend and he said they are starting MT4 soonest. He could not give me a date but he promised to call me as soon as they start. So I'm waiting for his call, but I got to say that its taking time.
Ignored
If a broker says "next month", they mean, "sometime within the next year".
Just a little update, an FXCM staff called me up last weekend and he said they are starting MT4 soonest. He could not give me a date but he promised to call me as soon as they start. So I'm waiting for his call, but I got to say that its taking time.
Ignored
Sounds alot like the conversation I had in January of '07. Except they gave me a timeframe of "within 90 days". Oh, and then again in Oct while talking to the VP except he said Nov, 4th at the latest.
The basis of a democratic state is liberty. ~ Aristotle
Sounds alot like the conversation I had in January of '07. Except they gave me a timeframe of "within 90 days". Oh, and then again in Oct while talking to the VP except he said Nov, 4th at the latest.
I contacted FXCM about their new MT4 offering. They offered for me to be a beta tester but in order to do that I must open an account. Not sure if they wanted me to be an MT4 beta tester with live money or not but that sounds kind of scary..beta testing with a live accout..
Ignored
That's strange, I have an account with them and I just contacted them yesterday about a rumor I heard that if your balance exceeded a certain amount, they were letting people on MT4 and about becoming a beta tester if nothing else. I was told no, they are not yet setup on MT4 so neither are a possibility.
They are advertised on http://www.metaquotes.net as MT4 now available, so hopefully this becomes a reality soon. Right now I am charting on MT4 and executing on FXCM. The charts don't look the same, but the price is usually within 3 pips between the two. Not ideal... but still checking my options if FXCM doesn't get it in gear.
I was told by someone on the FXCM staff that MT4 would be available at the end of this month and he would call me to let me know when. Basically you can have an MT4 login or a Trading Station login but not both. I asked why FXCM was going to use MT4 and he said that there are a lot of traders that learned the MT4 platform with smaller brokers and now due to consolidation and higher NFA capital requirements these traders are without brokers, so FXCM hopes to appeal to them.
There have been several questions regarding FXCM’s launch of the Metatrader 4 software on this forum. FXCM had planned to release the MetaTrader software at the end of 2007. Since then several challenges have arisen that we had not previously anticipated. As Director of the MT4 initiative I would like to address them here.
In 2006 FXCM moved from a Dealing Desk to a No Dealing Desk execution model. We did this to eliminate a conflict of interest between the broker and the trader, to promote greater price stability during volatile markets, and to lower the potential for market manipulation by increasing the competition amongst price providers. In the last 12 months, we have rolled out the following software upgrades:
-Trading From Integrated Charts -One Click Trading -Fractional Pip Pricing -Partial Order Fill Capabilities
We have experienced delays with our launch for MT4 because several of these upgrades have clashed with the limitations of the MetaTrader software. For example, the MetaTrader software was originally designed for a Dealing Desk model. For this reason, the main challenge we have faced is integrating our no-dealing desk execution into MetaTrader. While there are existing third party programs that allow Dealing Desks to easily integrate MT4, such options are not as feasible when integrating MT4 into our highly sophisticated order routing system.
We recognize the value that the Expert Advisors and its back testing capabilities hold for many clients. With that said, we take the testing of our products seriously. Currently, we are testing how the latest software upgrades for the integration. Until these test results meet our standards, we will not be able to launch MT4. Like you, we certainly hope to offer MT4 sooner than later.
Please sign up at the following link if you would like to be notified when we launch the MT4 software. We will send an email to all traders once we have a firm date. http://www.fxcm.com/metatrader-platform.jsp.
I thank you all for your patience and look forward to a working relationship moving forward. In the mean time, we strongly encourage you to try out our primary trading platform – The FX Trading Station 2.0, which now provides the ability to analyze charts, place orders and track positions directly from charts.
Eliseo Agas [email protected]
________________________________________________________________________
Jaclyn Sales Public Relations Coordinator FXCM Financial Square 32 Old Slip, 10th Floor New York, NY 10005 Dir (646) 432-2463 Tel (212) 897-7660 [email protected]
