CMS Screwed me | Forex Factory

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CMS Screwed me

  • #1
  • First Post: Edited 7:04pm Oct 29, 2008 11:36am | Edited 7:04pm
Anyone else getting screwed by Capital market Services?
The price spikes are steeling money from traders.
I had a short order 100+ pips below current price.
then a spike in price for one second came down and triggered
my short and bounced right back. When I tried to close it out
the platform would not let me. I call support when it happened
and they told me they would take care of it. I also e-mailed
snap shots of everything. So this morning I was able to close the
trade. When I called them this morning to get my account right,
they tell me that the spike was a true price and that they would
not refund my lost $. which totaled 395 pips

Anyone else get screwed?
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #2
  • Oct 29, 2008 12:12pm Oct 29, 2008 12:12pm
Time, pair and price of the order and the fill? You know a little information would go a long way when you start threads like this..
  • #3
  • Oct 29, 2008 1:08pm Oct 29, 2008 1:08pm
Pics or it didn't happen.
  • #4
  • Oct 29, 2008 1:40pm Oct 29, 2008 1:40pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting AZ-Heat
Anyone else getting screwed by Capital market Services?
The price spikes are steeling money from traders.
I add a short order 100+ pips below current price.
then a spike in price for one second came down and triggered
my short and bounced right back. When I tried to close it out
the platform would not let me. I call support when it happened
and they told me they would take care of it. I also e-mailed
snap shots of everything. So this morning I was able to close the
trade. When I called them this morning to get my account right,
they tell me that the spike was a true price and that they would
not refund my lost $. which totaled 395 pips

Anyone else get screwed?


run as fast as you can . They are the worst broker ever...
  • #5
  • Oct 29, 2008 5:40pm Oct 29, 2008 5:40pm
if they dont widen spread, then you can use it against them.

Place a LIMIT BUY. SELL instead! if it spikes, you will be riding it back!

it worked for me with Royal; made about $1000 and they cleaned their acts afterwards.

Royal nonetheless found another ploy to kill me. After they merged with Ikon, they now spike their spread as well. Limit Orders wont be triggered - just the Stop.

I left them for good.
  • #6
  • Oct 29, 2008 7:01pm Oct 29, 2008 7:01pm
They still say that the price spike was true price and not an error.
They said since I had been with them for so long that they would
credit me 1 time of 200 pips of the 395 pips I lost. OH BOY, someone
stop me!!

Here's the GBP/USD 1 min chart for Tuesdays trading that raped me.
You tell me what you think, am I wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: CMS 6.gif Size: 41 KB
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #7
  • Oct 29, 2008 7:52pm Oct 29, 2008 7:52pm
I got fed up with CMS several years ago due to their server's crashing during major news announcements. Since then, I have been using MetaTrader. Here is a link with some other negative comments about them - there are many others:

http://www.forexfactory.com/showthre...7187#post37187
  • #8
  • Oct 30, 2008 2:06am Oct 30, 2008 2:06am
Sorry to hear your pain.

CMS did that to me one to many times in 2007. I withdrew all my funds and closed my account.
  • #9
  • Oct 30, 2008 2:29am Oct 30, 2008 2:29am
Warning, they do trade against you, stoploss hunting is irrational, you have to be really carefull with this guys!
The market can stay irrational, longer than you can stay solvent.
  • #10
  • Oct 30, 2008 9:13am Oct 30, 2008 9:13am
Thanks to all who responded.
I just have to play my cards a little different now.
I do like the charting package of VT.
Does anyone know of another broker that uses VT,
and that is reliable and honest. I like the low fixed spreads also.

Thanks again

AZ-Heat
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #11
  • Oct 30, 2008 9:49am Oct 30, 2008 9:49am
Mhh to bad I can't go back this far with my Liveaccount.
I honestly have to say that I've never experienced anything like that.
Like the VTTrader very much too.
  • #12
  • Oct 31, 2008 6:08pm Oct 31, 2008 6:08pm
Quoting AZ-Heat
They still say that the price spike was true price and not an error.

On ProRealTime Forex feed, only the spike at 4:35 exists, but went to a low of 1.5827 and not lower.
  • #13
  • Oct 31, 2008 6:10pm Oct 31, 2008 6:10pm
Quoting AZ-Heat
Does anyone know of another broker that uses VT,
and that is reliable and honest. I like the low fixed spreads also.
If you're serious you should not rely on the broker for charting. Switch to a third party charting package, so you can use every broker who has an order entry.
  • #14
  • Nov 2, 2008 2:19pm Nov 2, 2008 2:19pm
Quoting jagui
If you're serious you should not rely on the broker for charting. Switch to a third party charting package, so you can use every broker who has an order entry.
By third party, are you referring to plateforms like Tradestation and Esignal?
Who gives these plateforms their price quotes?

Thanks for some info,

AZ-Heat
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #15
  • Nov 2, 2008 7:34pm Nov 2, 2008 7:34pm
I mean it is better to have one application for charting only, not for trading.
I use prorealtime, because I find it better than esignal, and it's cheaper.
eSignal is famous for its high prices, but it's a good choice.
  • #16
  • Nov 3, 2008 1:21am Nov 3, 2008 1:21am
Like I said:

If they dont widen spread, you can beat them at their own game/rules!
If not, get out.
And if you still dont want to get out, then suffer the consequences.

If you so like programming, then move over to MT4.
  • #17
  • Nov 3, 2008 7:01am Nov 3, 2008 7:01am
Are you using the new VT 2.0? The technology on the server end is new and the pricing from the banks is much faster- less latency, which equals better execution...

Otherwise, if you have a large enough account- you can trade direct with the banks on Tradeport...
  • #18
  • Nov 3, 2008 7:20am Nov 3, 2008 7:20am
They don't widen the spread they just don't let you take a small SL an hour before NFP for example which is fair if you ask me.
  • #19
  • Nov 3, 2008 2:43pm Nov 3, 2008 2:43pm
Quoting ForexSean
Are you using the new VT 2.0? The technology on the server end is new and the pricing from the banks is much faster- less latency, which equals better execution...

Otherwise, if you have a large enough account- you can trade direct with the banks on Tradeport...
No I haven't loaded VT 2.0 yet. I usually wait a couple months before I download the new upgrades. It lets them work the bugs out and then
I'll download it. How has it been working for you? I have been getting alot
of reqoutes lately, costing me money. Also alot of reconnects, that can be hell.

AZ-Heat
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #20
  • Nov 5, 2008 11:19am Nov 5, 2008 11:19am
Quoting AZ-Heat
No I haven't loaded VT 2.0 yet. I usually wait a couple months before I download the new upgrades. It lets them work the bugs out and then
I'll download it. How has it been working for you? I have been getting alot
of reqoutes lately, costing me money. Also alot of reconnects, that can be hell.

AZ-Heat

Full disclosure:

I recently left one FDM and began working at CMS because of the new products and services they will be offering soon. I will be honest when I say I didn't like the old VT platform but really enjoy the new 2.0. In addition, upgrades are being continually made on the server side to speed up pricing from the banks, which should reduce requotes and increase autoexecution levels.

VT 2.0 has been out for about a week "live" and so far the results have been quite positive. I'm not trying to sell anything, my response was a genuine question to your comments. Let me know your thoughts on 2.0 when you try it.
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