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FXCM Problem?

Quoting enewbold
Out of curiosity, what do you say that? Did you have a bad experience with them? I've heard from others who really like FXCM, but I'd really like to hear your opinion, as I'm very close to opening a live account there.

Thanks,
Ed in Columbus, OH
Hi Ed - I would rather give away my money to a homeless person (and have)than open an account with FXCM. The reason that I am so hard on this BS is because I have had many other Brokers to compare them with. And the fact that they freeze their price feed(only when u need it most too-they will tell u its because all their clients are trying to access server at same time). BuLLSh__! My current Brokers dont suffer this and they are much smaller companies. None of my complaints can be proved(thats y their still around) but the problems ARE REAL! Even the people that stand by them will admit this crap happens. Burn me once shame on u(and u know the rest). How else can they pay for that Manhatten office? Their micro account option seems good until u have one. I doubt if these orders ever leave their building(no real counterparty to such a small trade). Again, some die hards love this company and (if u gonna take the plunge) I suggest u start small(though not Micro Account) and IF U WIN MONEY-withdrawal it as soon as its realized . If the above problems(and they are tip of the iceburg) persist, bail. Good luck ed! I dont wear mittens either! Cause I live in sunny S.California ! LOL.
FF = Forex Faggots
ok i have seen a few cases where the station does freeze for a couple minutes during very volatile times like maybe a crazy NFP number or something but i dont trade at times like that anyway since trading the news is gambling. but a key point that the guy with 8 fingers pointed out is that fxcm is BIGGER than other smaller firms so maybe that is why i like fxcm so much. Because i feel my money is safer with a bigger firm with money money. (less chance of them going belly up with my money) as for withdrawals and profits? if you want free withdrawal by check you would wait 10 working days to receive it in the mail, which can seem forever! but if you get the money wired to your account ($25 fee plus your bank probably charges, mine charges me $15 to receive wires) then you can get it either the same day if you request early morning or the very next day the money would be in your bank account. i can say this from experience since i have done both and now stick to only going the wire route


Quoting 8fingers
Hi Ed - I would rather give away my money to a homeless person (and have)than open an account with FXCM. The reason that I am so hard on this BS is because I have had many other Brokers to compare them with. And the fact that they freeze their price feed(only when u need it most too-they will tell u its because all their clients are trying to access server at same time). BuLLSh__! My current Brokers dont suffer this and they are much smaller companies. None of my complaints can be proved(thats y their still around) but the problems ARE REAL! Even...
Quoting mofuniverse
ok i have seen a few cases where the station does freeze for a couple minutes during very volatile times like maybe a crazy NFP number or something but i dont trade at times like that anyway since trading the news is gambling. but a key point that the guy with 8 fingers pointed out is that fxcm is BIGGER than other smaller firms so maybe that is why i like fxcm so much. Because i feel my money is safer with a bigger firm with money money. (less chance of them going belly up with my money) as for withdrawals and profits? if you want free withdrawal...
Size means nothing in terms of safety and more so these days then ever before. Do you remember how big REFCO was when they went under, if you dont they were the biggest in the market.
Okay anyone who hasn't used them over the last year or 18months or something, they've changed they way they place trades, instant, no requotes EVER, perfect system, there easy to use, there trading tips website / news feed is pretty good to get newbie's started.

4 1/2 years of using them and :-

1 Trade I sold for +37 sold for -1.8 they gave me back my +37 server went down.

Thats it, my ownly real issue over 1700+ trades.


You only remember the bad experiences and take the 1000's of good trades as expected and therefore forget them, strange things human brains.

FXCM, top company would not go anywhere else, seriously!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Dear colleagues,
I would like to inform you about FXCM case of last Friday:
I have made a complaint to them.
They answered me that their servers have been experiencing technical difficulties due to their moving to a new data center. That was the reason why I wasn’t able to connect to the trading station. They have submitted a request for an adjustment to reimburse my lost.

In the meantime I stopped my trading trough FXCM and I told them it.

They reimbursed me yesterday.
Regards,
Quoting Turveyd
Okay anyone who hasn't used them over the last year or 18months or something,...
I will admit that I havent been their customer since summer 2007 and maybe they have improved?( I wont ever know though).
FF = Forex Faggots
yeah, when its their fault like that, they will take care of you and refund any loss.... also i had a time when for some stupid reason i went into a trade just before NFP and my trading station froze on me so i could not get out of the trade. But in that situation i was on the right side of the market and fxcm FORCED me to make an additional 100 pips profit on that trade as soon as the trading station unfroze i closed the trade for like 120 pips profit



Quoting pipy
Dear colleagues,
I would like to inform you about FXCM case of last Friday:
I have made a complaint to them.
They answered me that their servers have been experiencing technical difficulties due to their moving to a new data center. That was the reason why I wasn’t able to connect to the trading station. They have submitted a request for an adjustment to reimburse my lost.

In the meantime I stopped my trading trough FXCM and I told them it.

They reimbursed me yesterday.
Regards,
Been with them for awhile and all trades executed as expected, no hang ups and they even help out over the phone during an internet disconnect on my side.
Quoting 8fingers
I will admit that I havent been their customer since summer 2007 and maybe they have improved?( I wont ever know though).
Once an account is placed in Manual Execution (ie, Dealer intervention - aka game), no way will you get it back to Automatic Execution.

That is what happened to my account. In Q3 2006, my account was placed in manual execution because I was scalping. I closed that account. Then they advertised they are NDD by late 2006 - I reactivated the account and traded till Q1 of 2007. Trades were executed manually even with a measly 20K lot volume. Needless to say I closed that account and moved to another broker.

Expecting an improvement after so many years? I've learned my lesson to never go back to a broker who has flagged me down for whatever reason. Going back is like giving them a chance to screw us once more.

"Shame on you for fooling me once. But Shame on me for fooling me twice."
Quoting ragnakore
Once an account is placed in Manual Execution (ie, Dealer intervention - aka game), no way will you get it back to Automatic Execution.

That is what happened to my account. In Q3 2006, my account was placed in manual execution because I was scalping. I closed that account. Then they advertised they are NDD by late 2006 - I reactivated the account and traded till Q1 of 2007. Trades were executed manually even with a measly 20K lot volume. Needless to say I closed that account and moved to another broker.

Expecting an improvement after so many years?...
They manualled me as I was using a new time, chart to FXCM quote delay and raking it in then they moved to NDD and been fine since, although I do fear as a Scalper that they'll put me back on Manual
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting pipy
My broker (FXCM) blocked trade station before the big jump on Friday 3.04.2009 at19h GTM.
I had an open order with the SL on + 1 pip, when the trading platform was unblocked my order has been closed with -17.2 (minus) pips.
What to do in this case,
should I change a broker?
Any suggestion is welcomed.
What i noticed about fxcm is their spreads before and during nfp can widen alot. eurusd 2.3-30. gbpusd 3-40. it gets a little better about 15-30 min after the report comes out.
During a typical trading session I monitor up to 4 or 5 different broker feeds simultaneously. Without exception, spread fluctuates and increases during news on every one of them.

Understandably, I avoid trading news as I would avoid root canal surgery.
So who do you trade through now? Any other recommendations?

Ed


Quoting ragnakore
That is what happened to my account. In Q3 2006, my account was placed in manual execution because I was scalping. I closed that account. Then they advertised they are NDD by late 2006 - I reactivated the account and traded till Q1 of 2007. Trades were executed manually even with a measly 20K lot volume. Needless to say I closed that account and moved to another broker.

Expecting an improvement after so many years? I've learned my lesson to never go back to a broker who has flagged me down for whatever reason. Going back is like giving them a chance...
Quoting Turveyd
They manualled me as I was using a new time, chart to FXCM quote delay and raking it in then they moved to NDD and been fine since, although I do fear as a Scalper that they'll put me back on Manual
"They manualled me..." Ouch! Man, that's gotta hurt!

Hey Turveyd, would you mind telling me how you determine if you're set to manual or automatic? I walk the line between scalping and, er..."short term trading".
Quoting opie999
"They manualled me..." Ouch! Man, that's gotta hurt!

Hey Turveyd, would you mind telling me how you determine if you're set to manual or automatic? I walk the line between scalping and, er..."short term trading".
Back then it was extremely obvious because you would try to enter a position and if you were lucky the trade would execute at the price you wanted, yet 75% of the time you would get a re-quote prompt and you had a couple of seconds to accept or deny the newly quoted price (which was inevitably worse than the price you originally wanted).

Effectively they were doing it to pad the spread and weed out people taking advantage of their periodic price lagging issues.
Thanks, John. So if I understand correctly, there is no absolute certain way to know. There's no options or settings screen that indicates one or the other?
Quoting opie999
Thanks, John. So if I understand correctly, there is no absolute certain way to know. There's no options or settings screen that indicates one or the other?
No certain way to know other than constantly getting requotes. However, that is how it was a few years ago. Haven't heard of anyone having this problem recently.
  • Post #38
  • Quote
  • Edited 9:50am Apr 28, 2009 9:31am | Edited 9:50am
Quoting enewbold
So who do you trade through now? Any other recommendations?

Ed
Ed,

I've been off the board for some time. But I can be pretty assured of one thing...You will not get an answer to that question. You will see bashing of just about any broker, yet everyone will write that THEY are with the honest broker, yet never mention whom that broker is...all you will be told is you have to research them all. Please...........

BTW....if any trader is going to trade OTC unregulated.....There is nothing wrong wth FXCM. I've used them in the past. And my young daughter has an account with them, the one where $5000 is max. Not sure of the exact name right now, She moved it over when it was offered. She trades only eur/usd as she learns with a 1.6 spread. She avg's about +52pips per week
( that avg is compiled over 9 months live trading---NOT DEMO, and on FXCM ) with a 100k lot size.
Not bad for 19 years old, and I've noticed no problems with her account since I signed her up to run on her own....under my watchful eye, but see now makes her own trades.
Are There better, Depends on your seed capital. Your best bet....a regulated broker with segregated funds. If in USA, my preference is Chicago based brokers. That is just me, I also trade gold, silver,oil, gas, etc....and the $index. Mini's and Micro trading is like playing A ball. So you play in minor league stadiums....know what I mean?

In the end.... CAPITAL is King, Low Leverage is Queen, and Patience is the Prince
Proper Prior Planning Prevents Piss Poor Performance
Quoting FxJarhead
BTW....if any trader is going to trade OTC unregulated.....There is nothing wrong wth FXCM. I've used them in the past. And my young daughter has an account with them, the one where $5000 is max. Not sure of the exact name right now, She moved it over when it was offered. She trades only eur/usd as she learns with a 1.6 spread. She avg's about +52pips per week.

Your best bet... a regulated broker with segregated funds. If in USA, my preference is Chicago based brokers....
She's doing pretty good! Thanks for the thoughts about FXCM. I'm rather new at the Forex stuff and have been seeking good info for a long time. I appreciate your input. I trust your a Marine? I'm retired USAF.

Cheers, Ed
Quoting FxJarhead
BTW....if any trader is going to trade OTC unregulated.....There is nothing wrong wth FXCM. I've used them in the past.

Are There better, Depends on your seed capital. Your best bet....a regulated broker with segregated funds. If in USA, my preference is Chicago based brokers.
So... would the Chicago broker you're referring to be PFG Best? I'm in the US and have been trading demo and about to go live with a decent size account. My research has narrowed it down to FXCM or PFG Best. An author of one of the FX books I've been reading has recommended PFG to me, so I've been leaning that way but it makes me nervous that I can't find much info in the forums about these guys.

And FXCM... one day I'm all set to go with them, then I read something in a forum that totally scares me away - "opening ghost trades against you" ...stuff like that. I don't know what to believe anymore.
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