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FXCM MT4 & Scalping

  • #21
  • Jun 17, 2009 1:56pm Jun 17, 2009 1:56pm
Quoting 8fingers
Sure pal-all brokers are good and never do anything "Human"? And FXCM? LOL! Testing for more than a month?-Fxcm's Demo is in no way related to their live feed(as u will discover). And I have nothing bad to say about my 2 current Brokers who dont cheat their clients. Good luck!
well said
  • #22
  • Jun 18, 2009 9:56am Jun 18, 2009 9:56am
Quoting Cobra
I never said brokers are good. Read my post again. The difference between you and me is that i know how brokers opperate and i have adapt my trading style accordingly. You on the other hand get caught up in all their (brokers) tricks and are still not able to profit. As long as you see the brokers as people who steel from you ,your attitude will remain the same and your FX account will decrease in size.

The rewards are far more beneficial than the black horse on which you are riding here. Anyway....... good luck to you.
I dont want u to lose your funds. I dont want to ride horses. I only want small-undercapitolized traders like us (u to I'm sure) to avoid one of the worst Brokers out there for small non institional Traders(like u! and ME!) They will get your money-only a matter of time. I was like u once-full of wild abandon and misplaced loyalty. 5 years of Forex have taught me the necessary lessons(hard) and how to deal with the day to day crap ALL Forex Traders must deal with. Yes- ALL Brokers want small timers like u because the money u trade is soooo small the Order never leaves their hands(Buketshop). I said it before and meant it-GOOD LUCK-you will need it!
FF = Forex Faggots
  • #23
  • Jun 18, 2009 11:04am Jun 18, 2009 11:04am
FXCM now puts the following on all MT4 new account emails:

Due to popular demand from our client base, FXCM is pleased to offer the Metatrader platform. However, as Metatrader is a third party software provider, we are unable to guarantee its performance. Most electronic trading facilities are supported by computer-based component systems for the order routing and execution of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. When you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including failure of hardware or software.

Pursuant to the terms of the FXCM Client Agreement, FXCM clients must review their account activity on a regular basis and report inconsistencies to FXCM immediately. Additionally, clients should familiarize themselves with Execution Risks as outlined on the FXCM website http://www.fxcm.com/execution-risks.jsp.

When calling the trading desk, inquiries are limited to placing stops/limits to close positions only. Dealing is unable to take market orders or orders to open new positions.

Hmm...
  • #24
  • Jun 18, 2009 11:26am Jun 18, 2009 11:26am
Quoting BostonForex
When calling the trading desk, inquiries are limited to placing stops/limits to close positions only. Dealing is unable to take market orders or orders to open new positions.
Yeah, sure. Here's the banner straight off their web site at: http://www.fxcm.co.uk/metatrader.jsp

 

  1. No Dealing Desk Execution Means No re-quotes
  2. Hedging Capabilities through MT4
  3. Trade Directly from the Charts
  4. Spreads as low as 1 pip EUR/USD
  5. Accepting All EAs, including Scalping EAs

Well, golly guys, I thought "No Dealing Desk Execution" meant they were a non-dealing desk operation! How wrong I was. And what about their claim of "no-quotes". Boy, that's laughable!

  • #25
  • Jun 18, 2009 11:47am Jun 18, 2009 11:47am
I still trade Forex but only for play(until I am WELL funded-lol). Making 10,000. grand on a trade will mean less trading. Making 10 dollars means u will give it back very soon in 1-2 trades. Hell, even if u make the 10,000. grand it seems Brokers can invent any reason to steal your profits.(there are thousands of these complaints in this forum alone-even if only 10% are true, its still way scary) The only real way to prosper in this market is to find a decent Broker(lol),deposit enough capitol(25-50 grand), realized profits are then removed quickly into bank account your Broker doesnt know about,rinse and repeat. This is what dealing with dirtbag Forex Broker scum has taught me about Forex "investing"-lol.
FF = Forex Faggots
  • #26
  • Jun 18, 2009 2:03pm Jun 18, 2009 2:03pm
1. All FXCM MT4 accounts use no dealing desk execution. There are no requotes on the MT4 platform. Whether you make money or lose money on a trade, FXCM makes the same amount. MT4 accounts use the same feed as standard 10k accounts, exception being there is 1/10th of a pip mark-up which is compensation for Boston Technologies.

2. When FXCM first launched MT4 we developed our own bridge. The "bridge" tells FXCM's no dealing desk execution what the metatrader terminal is requesting to do. Any broker that has not bought the complete turn-key business operation from Metaquotes has to build a bridge. So why not buy the entire turn key operation? Because MT4 was traditionally designed for a dealing desk with one price feed and FXCM's back end uses no dealing desk.

3. So why did we release a new MT4 version? FXCM Trader 4 uses instant execution. There is a much higher order rejection rate with instant execution because all orders are setup as fill or kill orders (think market range for those that have traded on the FX Trade Station II). MT4 powered by Boston Technologies uses market execution. All orders are sent out as at best market orders. This means the fill rate will be much better though there can be slippage.

Long term all of FXCM's MT4 accounts will be traded through the Boston Technologies bridge.
  • #27
  • Jun 18, 2009 2:48pm Jun 18, 2009 2:48pm
Quoting Jason Rogers

Long term all of FXCM's MT4 accounts will be traded through the Boston Technologies bridge.

What about the boston technologies MT4 virtual dealer plug in guess you innocently forgot to mention that detail
  • #28
  • Jun 18, 2009 3:16pm Jun 18, 2009 3:16pm
Quoting fugly
What about the boston technologies MT4 virtual dealer plug in guess you innocently forgot to mention that detail
Hi fugly, while the virtual dealer plugin was not discussed in this thread, I don't mind addressing it. It is an important topic for anyone that plans to use MT4.

The virtual dealer plugin was designed by metaquotes for a broker that uses dealing desk execution. MT4 has traditionally been a dealing desk platform so it's not surprising that a dealing desk may want this type of plugin. And whether Boston Technologies decides to offer the plugin is their own business decision that needs to be posed to the broker that uses MT4 and dealing desk execution.

FXCM's MT4 uses no dealing desk and does not use a virtual dealing desk plugin. It doesn't make sense to use it and is incompatible with our no dealing desk system since orders are routed to the banks. Whether your trade executes right now or 5 seconds from now, FXCM makes the same amount. Whether you are trade executes at the current price or is slipped 5 pips, FXCM makes the same amount.

Having traded myself, I would also find it concerning if my broker was using the plugin. In the end there is less conflict of interest when using no dealing desk.

For full disclosure, FXCM Micro does aggregate trades through a dealing desk since only 2 of the 9 banks we route orders to will offset micro lot trades directly. You can read more about the FXCM Micro mission statement here http://www.forexmicrolot.com/mission-statement.jsp .
  • #29
  • Jun 19, 2009 7:26am Jun 19, 2009 7:26am
Hi Jason.

While you're here discussing FXCM and MT4 policies and procedures, could you take a moment to explain clearly and concisely the 80% margin call/automatic position liquidation policy you have in effect?

Say I have $5000 available in my account and I enter a trade that uses $2800 of my available margin. Then I see another trade available that would use another $2000 of my margin. Would the second trade be accepted? If it was, would that trigger automatic liquidation of the 1st trade? You see what I'm getting at, right? Many of us would like to know in plain language how your margin calls and requirements will affect our accounts.

Thanks very much.
Ed
  • #30
  • Jun 19, 2009 7:28am Jun 19, 2009 7:28am
Quoting Jason Rogers
Hi fugly, while the virtual dealer plugin was not discussed in this thread, I don't mind addressing it....
Hey Jason-I was wondering if the TS2 still freezes 5 times a day? And usually when u need it most-this has never happened to my 4 other Brokers(who are half FXCMs size and influence)-this WAS the worst platform I have ever traded thru due to those "freeze ups" but that was 2 years ago.I didnt realize how bad the platform was until I switched Brokers and experienced trading without the manipulation(I say manipulation because with all the money FXCM has(makes) u would think something as important as a consistant and reliable price feed would be the 1st thing a Forex Broker would "get right")After using other Brokers, I couldnt recommend FXCM -other Brokers platforms are better and more stable.
FF = Forex Faggots
  • #31
  • Jun 19, 2009 8:25am Jun 19, 2009 8:25am
Quoting enewbold
Hi Jason.

While you're here discussing FXCM and MT4 policies and procedures, could you take a moment to explain clearly and concisely the 80% margin call/automatic position liquidation policy you have in effect?

Say I have $5000 available in my account and I enter a trade that uses $2800 of my available margin. Then I see another trade available that would use another $2000 of my margin. Would the second trade be accepted? If it was, would that trigger automatic liquidation of the 1st trade? You see what I'm getting at, right? Many of us would...

Hi Ed,

The short answer is yes, you could do that. But you would have very little room to avoid a margin call.

Let’s walk through it step by step how a margin call works on FXCM's MT4 platform using your figures.

First, you open a position that takes up $2,800 in Margin. This leaves you with $2,200 in free margin.

Second, you open a position that takes up another $2,000 in Margin. Total margin used by both positions is $4,800. Free margin leftover is $200.

The free margin is what is available to guard against losses. If you sustain $200 in total losses, a margin call will occur. What you need to be careful about is the initial loss due to the spread. The loss from the spread when you first open the trade is going to eat into the $200 of free margin.

Let me know if that helps.
  • #32
  • Jun 19, 2009 8:49am Jun 19, 2009 8:49am
Quoting 8fingers
Hey Jason-I was wondering if the TS2 still freezes 5 times a day? And usually when u need it most-this has never happened to my 4 other Brokers(who are half FXCMs size and influence)-this WAS the worst platform I have ever traded thru due to those "freeze ups" but that was 2 years ago.I didnt realize how bad the platform was until I switched Brokers and experienced trading without the manipulation(I say manipulation because with all the money FXCM has(makes) u would think something as important as a consistant and reliable price feed would be...
Hi 8fingers,

Having a system with over 125,000 users and having it up and running 24 hours a day 5 days a week without interruption is no small job. We have a quite large support staff monitoring systems 24 hours a day, but despite this technical issues can occur. Some technical issues are outside of our control and some are within our control.

Is this an excuse for technical issues? No it’s not, and we don’t claim technological perfection, as no one can. But we will try to minimize its effect on trading. That’s why we created the website www.fxstatus.com to keep clients updated on any technical issues happening in real time. And if there is any dispute with a trade due to a technical issue, we’re more than happy to open a trade audit to make any adjustments if necessary. FXCM standard account clients can call in by phone or access live chat, and FXCM Micro users should submit an audit request through the Micro support center.

Technical issues are a waste of time for both our clients and FXCM. Since FXCM uses no dealing desk execution on MT4 and standard 10k accounts, we’re making money on the amount of volume going through our system. If you’re not able to place trades that’s lost opportunities for both yourself and FXCM.
  • #33
  • Jun 19, 2009 9:53am Jun 19, 2009 9:53am
Quoting Jason Rogers
[font=Calibri][size=3]First, you open a position that takes up $2,800 in Margin....
Thanks, Jason. I think I see it clearly. In the above example, if I don't open the second trade, then I have $2200 in free margin available.

I think my question really goes a little further, though. Assume I have only the first trade open and I'm in a LONG position. If the price action turns against me and it drops significantly low (and I'm using manual stops - my eyeballs), and I experience an UNREALIZED loss of $1300, even though I haven't taken a REALIZED loss by closing the position, FXCM will automatically close it for a loss without contacting me first, right?

I ask this because the above numbers would take my account slightly below the 80% figure FXCM cites as critical. I just want to completely understand the process so I won't shoot myself in the foot accidentally.

Thanks very much. I greatly appreciate your input to the forum.

Ed
  • #34
  • Jun 19, 2009 9:58am Jun 19, 2009 9:58am
Quoting Jason Rogers
Hi 8fingers,

Having a system with over 125,000 users and having it up and running 24 hours a day 5 days a week without interruption is no small job. We have a quite large support staff monitoring systems 24 hours a day, but despite this technical issues can occur. Some technical issues are outside of our control and some are within our control.

[color=black][font=Verdana]Is this an excuse for technical issues? No it’s not, and we don’t claim technological perfection, as no one can. But we will try...
I accept that (hopefully) things have gotten better over there. I left FXCM 53. bucks in the black after almost 3 years(my 1st 3 years in Forex) and the Connectivity issue is key when trading over the Internet. No complaints on anything else though-Customer Service=Good Withdrawls=Good(the most important) Peace Bro.
FF = Forex Faggots
  • #35
  • Edited 12:15pm Jun 19, 2009 11:57am | Edited 12:15pm
Hi Ed,

The margin call will occur on our MT4 platform when your free margin drops to $0. For your example, you go long which uses $2,800 in margin and you have $2,200 in free margin.

Unrealized losses will decrease your free margin. If you have an unrealized loss of $1,300 then your free margin drops from $2,200 to $500. You still have $500 in potential losses to go before the margin call occurs.

I know that on most MT4 setups the margin call will close the largest loss first, one position at a time. On FXCM’s MT4, the margin call is setup to close all positions at once.

Quoting enewbold
Thanks, Jason. I think I see it clearly. In the above example, if I don't open the second trade, then I have $2200 in free margin available.

I think my question really goes a little further, though. Assume I have only the first trade open and I'm in a LONG position. If the price action turns against me and it drops significantly low (and I'm using manual stops - my eyeballs), and I experience an UNREALIZED loss of $1300, even though I haven't taken a REALIZED loss by closing the position, FXCM will automatically close it for a loss without contacting...
  • #36
  • Jun 19, 2009 12:34pm Jun 19, 2009 12:34pm
Quoting Jason Rogers
The margin call will occur on our MT4 platform when your free margin drops to $0. For your example, you go long which uses $2,800 in margin and you have $2,200 in free margin.

Unrealized losses will decrease your free margin. If you have an unrealized loss of $1,300 then your free margin drops from $2,200 to $500. You still have $500 in potential losses to go before the margin call occurs.
Got it, Jason! Thanks again for your direct and clear responses to our questions. I appreciate all of your help with these items.

Ed
  • #37
  • Jun 19, 2009 1:39pm Jun 19, 2009 1:39pm
Quoting enewbold
Got it, Jason! Thanks again for your direct and clear responses to our questions. I appreciate all of your help with these items.

Ed
Anytime Ed.

And good speaking with you as well 8 fingers.
  • #38
  • Jun 24, 2009 4:57pm Jun 24, 2009 4:57pm
this is the best broker i have ever seen
  • #39
  • Jun 25, 2009 6:17pm Jun 25, 2009 6:17pm
to get the active spreads/gold status all you need to do is have a STARTING BALANCE of $25, 000 for 1 day? Is the correct? So if the account balance drops from withdrawals or trading, you always maintain your gold status? Are there any other requirements to maintain gold status? http://www.fxcm.com/gold-accounts.jsp
Measure trends automatically with zero lag
  • #40
  • Jun 26, 2009 10:36am Jun 26, 2009 10:36am
To answer your question from yesterday, MT4 can still have access to the same currency pairs available as on the active trader platform.

The gold program is flexible if your balance drops due to trading, but you could be taken out of the gold program due to withdrawals.

The gold representatives are able to provide customized solutions so if there was a specific reason you were concerned about losing gold status, then you could always discuss it directly with the gold team.

Quoting ybfjax
to get the active spreads/gold status all you need to do is have a STARTING BALANCE of $25, 000 for 1 day? Is the correct? So if the account balance drops from withdrawals or trading, you always maintain your gold status? Are there any other requirements to maintain gold status? http://www.fxcm.com/gold-accounts.jsp
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