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FXCM MT4 & Scalping

  • #41
  • Jun 26, 2009 11:18am Jun 26, 2009 11:18am
fxcm micro is best for scalping
  • #42
  • Edited 4:20pm Jun 26, 2009 3:47pm | Edited 4:20pm
Quoting Jason Rogers
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.
I just talked with an account representative that confirmed that your gold status CANNOT be revoked. That includes the active spreads. Once your in, you are good to go until the account is closed. So you could theoretically deposit the minimum $25k or trade your acct to 25k and request gold status and the active spreads.

You sign an agreement that you are on commissions, what those commissions are, and what type of pricing you get and how the orders are routed. The agreement should also have provisions for potentially getting those rates revoked.
Measure trends automatically with zero lag
  • #43
  • Jun 28, 2009 7:02pm Jun 28, 2009 7:02pm
since we are on fxcm, may i ask whether fxcm offers any privileges if i were to open a second account, e.g. bonus dollars or lower spread?
  • #44
  • Jun 29, 2009 8:52am Jun 29, 2009 8:52am
Hi francish

The program we currently have setup for bonus dollars is our Friends and Family Referral Program where you can get cash bonus for referring friends or family http://www.fxcm.com/forex-referral-program.jsp

We do not have a deposit bonus program.

Our rewards program for lower spreads is based on trading volume. Since FXCM is making money off on no dealing desk execution, we have the active trader program setup to reward high-volume traders.

Jason

Quoting francish
since we are on fxcm, may i ask whether fxcm offers any privileges if i were to open a second account, e.g. bonus dollars or lower spread?
  • #45
  • Jul 4, 2009 1:49am Jul 4, 2009 1:49am
I went live with fxcm uk for two weeks.
I like

  1. order opening is good, just opened at market price, no requote
  2. customer service is good

But there are few things I am very surprised. I traded with fxcm using their trade station II two years ago, order opening and closing were very good, order with tp level set got executed at that exact tp price. now I am using mt4, very rarely I got my tp price, sometimes I got more than tp price sometimes I got less.
for example: order 1 (short) opened at 1.52289 and tp at 1.52229, then when market price goes down at that tp level, my order got filled at 1.52245 (this is when I got less than my tp level)
There are some cases that I have reported to fxcm, slippage is 7 pips on tp execution (so that trade I lose instead of winning despite of the fact that the price has reached the tp level)
During these two weeks, there is a lot of slippage on tp execution (70 trades out of 150 trades). so this is a catch that you need to consider when going live with them.

Another small thing is under my trade history, I got quite a few lines saying "Balance ... auto account sync with fxcm", somes lines with 0.01, some with -0.01, some line with x.xx (which I assume that this is rollover rate).
Not sure how much difficult it is to say something more meaningfull like rollover for rollover and rounding adjustment for rounding issue.
I am not sure either of why we have rounding problem?

So to sum up, my major disappointment is tp slippage. Even though, my "7 pips slippage on tp" is still under review, I just want to let you know my experience.
Traders, do you have the same issue? if yes, what is your solution?
Thanks

  • #46
  • Jul 6, 2009 11:03pm Jul 6, 2009 11:03pm
I don't aim to trade for the rollover rate but when I checked my chart in mt4, with the normal spread on eurchf of 3.x (europe and ny) to 4.x - 5.x (asia time), my trades should have reached tp level but they weren't closed (around 30 minutes away from the rollover time), they were sell orders so I couldn't see the ask price but the bid price was 10 pips lower than my tp level. I called fxcm support and got a reply saying that the spread at that time was 15 pips!!! so your orders haven't reached the tp yet.

Just another factor for potential clients of fxcm to consider
  • #47
  • Jul 7, 2009 9:28am Jul 7, 2009 9:28am
Quoting ngson99

Another small thing is under my trade history, I got quite a few lines saying "Balance ... auto account sync with fxcm", somes lines with 0.01, some with -0.01, some line with x.xx (which I assume that this is rollover rate).
hi ngson99,

An account sync is made any time that the MT4 balance is different than your actual FXCM account balance. This most typically occurs due to rollover or differences in profit/loss on closed trades between MT4 and FXCM's back office.

If you're seeing account syncs for small amounts, it's due to the 5th digit pricing and pip values. You will most often see this on currency pairs that do not have the USD as the counter currency. Metatrader calculates pip values based on 4 digits (whole pip), whereas FXCM's back office calculates pip values down to a fractional pip.

When MT4 closes the trade, it lists the profit/loss using MT4's pip value calculation with 4 digits. This means there could be a difference between what MT4 is listing and what was actually booked on your trade. The amount is typically very small.

What you can do is run a report on your account through MyFXCM.com or the FX Trade Station II and compare the profit booked on the trading report versus what MT4 is displaying. The FXCM trading statement is always the statement of record.

If MT4 booked a smaller profit than what your trade actually closed at, there will be a positive account sync. If MT4 booked a larger profit than what your trade actually closed at, there will be a negative account sync.

I hope that helps.

Jason
  • #48
  • Jul 7, 2009 10:19am Jul 7, 2009 10:19am
Hi Jason,
Can you help to explain how slippage can happen on tp?
Say I have a trade with tp at 2.00000, this tp is registered on the trading system, once the market reaches 2.00000, these order should be treated as limit order and get filled at that or better price. The tp order is on the system, the market has come to that level even for a moment of the second then that tp should have been filled.
In my case. it is not, I got 7.5 pips slippage on all four tp trades.
it seems to me like: yes, fxcm welcomes scalpers but be aware that our slippage will be larger than your tp level and thus you will still lose???

Thanks
  • #49
  • Jul 7, 2009 3:40pm Jul 7, 2009 3:40pm
Quoting ngson99
Hi Jason,
Can you help to explain how slippage can happen on tp?
Say I have a trade with tp at 2.00000, this tp is registered on the trading system, once the market reaches 2.00000, these order should be treated as limit order and get filled at that or better price. The tp order is on the system, the market has come to that level even for a moment of the second then that tp should have been filled.
In my case. it is not, I got 7.5 pips slippage on all four tp trades.
it seems to me like: yes, fxcm welcomes scalpers but be aware that our slippage...
Hi ngson99,

I sent over a private message. I would like to check on this to see what occurred.

Jason
  • #50
  • Jul 7, 2009 5:31pm Jul 7, 2009 5:31pm
Quoting ngson99
I don't aim to trade for the rollover rate but when I checked my chart in mt4, with the normal spread on eurchf of 3.x (europe and ny) to 4.x - 5.x (asia time), my trades should have reached tp level but they weren't closed (around 30 minutes away from the rollover time), they were sell orders so I couldn't see the ask price but the bid price was 10 pips lower than my tp level. I called fxcm support and got a reply saying that the spread at that time was 15 pips!!! so your orders haven't reached the tp yet.

Just another factor for potential...
LOL-some things will NEVER change!
FF = Forex Faggots
  • #51
  • Jul 7, 2009 9:16pm Jul 7, 2009 9:16pm
ive traded with fxcm
its not the place for scalping-- period
they will bend you over in all postions
  • #52
  • Jul 8, 2009 10:30am Jul 8, 2009 10:30am
Quoting fxmechanic
ive traded with fxcm
its not the place for scalping-- period
they will bend you over in all postions
If you want to scalp, then the active trader platform is ideal for scalpers. You're paying a commission instead of a spread mark-up on each currency pair, and you also have access to level II type market depth to see the amount of liquidity being offered by the banks.

FXCM rewards high volume traders through the active trader platform since we're making money based on trading volume, and scalpers are generally higher volume traders. FIX api for is available for active trader as well.

Jason
  • #53
  • Jul 9, 2009 7:12am Jul 9, 2009 7:12am
Quoting Jason Rogers
If you want to scalp, then the active trader platform is ideal for scalpers. You're paying a commission instead of a spread mark-up on each currency pair, and you also have access to level II type market depth to see the amount of liquidity being offered by the banks.

FXCM rewards high volume traders through the active trader platform since we're making money based on trading volume, and scalpers are generally higher volume traders. FIX api for is available for active trader as well.

Jason
if you have or trade up to $25k acct starting balance, you can get active trader spreads on FXCM mt4 platform. If you want to demo these spreads, the best thing to do is go to http://www.atcbrokers.com/forexpro_platforms_demo.php you MUST let them manually open demo acct. they will only let you have 1-2 demos. they run their demo on live feed. spreads are really good.
Measure trends automatically with zero lag
  • #54
  • Jul 31, 2009 11:19pm Jul 31, 2009 11:19pm
After a month of trading with fxcm mt4, I have to give up.
Too much and too many slippage. Order excution time vary from 1 to 15 seconds. When my order took 8 seconds to filled, I called fxcm support and I was told that it is normal for fxcm mt4 to fill order within 10 seconds!!!
The staff there also explained to me that bt mt4 works like a bridge to their trade station. so under mt4, order from mt4 --> trade station --> market --> trade station --> report back to mt4, so there is an extra time for a round trip between mt4 and trade station (in trade station, order goes directly to market). I felt like a second class client by using mt4

So with 10 seconds order excution is acceptable under mt4, I decided to give up.
I hope fxcm in the future will place their mt4 platform at the same level as trade station (i.e: order from mt4 --> market) .
We live and learn.
  • #55
  • Jul 31, 2009 11:32pm Jul 31, 2009 11:32pm
Quoting ngson99
After a month of trading with fxcm mt4, I have to give up.
Too much and too many slippage. Order excution time vary from 1 to 15 seconds. When my order took 8 seconds to filled, I called fxcm support and I was told that it is normal for fxcm mt4 to fill order within 10 seconds!!!
The staff there also explained to me that bt mt4 works like a bridge to their trade station. so under mt4, order from mt4 --> trade station --> market --> trade station --> report back to mt4, so there is an extra time for a round trip between mt4 and trade station (in...
I do ride the dark horse of doom-lol. (Cobra) But ngson99 just exercised his free will. I also did several years ago when I bailed. I just cant resist an FXCM or IBFX thread. Just too much meat for the grinder.
FF = Forex Faggots
  • #56
  • Aug 1, 2009 1:03am Aug 1, 2009 1:03am
Quoting 8fingers
I do ride the dark horse of doom-lol. (Cobra) But ngson99 just exercised his free will. I also did several years ago when I bailed. I just cant resist an FXCM or IBFX thread. Just too much meat for the grinder.
Be careful, you are going to upset one demo trader called 'traderfx'. Of course, on his demo platform he gets perfect execution and he made 400k demo trading. He will be in for a shock when he tries to withdraw his demo dollars
  • #57
  • Aug 1, 2009 1:07am Aug 1, 2009 1:07am
Quoting PipStar
Be careful, you are going to upset one demo trader called 'traderfx'. Of course, on his demo platform he gets perfect execution and he made 400k demo trading. He will be in for a shock when he tries to withdraw his demo dollars
you need major help
  • #58
  • Aug 1, 2009 6:16pm Aug 1, 2009 6:16pm
Quoting ngson99
The staff there also explained to me that bt mt4 works like a bridge to their trade station. so under mt4, order from mt4 --> trade station --> market --> trade station --> report back to mt4, so there is an extra time for a round trip between mt4 and trade station (in trade station, order goes directly to market).
Can anyone please confirm that this is actually how MT4 operates. I've only ever used MT4 demo accounts for charting, but would feel a little uncomfortable knowing it operated that way live.

I've read claims from people who say that MT4 demo is fine, but once you go live it all changes. Is that really the case.
  • #59
  • Aug 2, 2009 2:22pm Aug 2, 2009 2:22pm
but really, MT4 is not designed to do STP/ECN environment directly anyway. You need some kind of broker backoffice server that provides proper gateway between mt4 and banks/liquidity providers. mt5 may change this, but the current mt4 is as good as the broker that it is attached to.

PFG did this, and that's why they had ZERO problems with the new FIFO regulation. They made some modifications to their backoffice that handles FIFO behind the scenes, and you can continue to use MT4 as normal (minus overnight hedging).

but we cannot expect perfection. We wanted to get away from market makers and their fake pricing (bait-and-switch, otherwise known as a "requote").

Now that we are closer to STP, we want zero slippage and near instant fills. I guess the only way to guage how fast fills are supposed to be is to line up several live ECNs with the same ea's, same settings, etc and see over a month or so which ones filled the best over time. ForexFactory has a tool that monitors demo feeds from several brokers. Will something similar keep tabs of the LIVE feed and Slippage of fills?

A separate observation: I have reason to believe nordmarkets and fxcm are related. why? everytime FXCM demo is down, nordmarkets demo is down at EXACT same time. co-incidence? This has happened several times. I asked nordmarkets about this and they never responded to that question.
Measure trends automatically with zero lag
  • #60
  • Sep 18, 2009 1:29pm Sep 18, 2009 1:29pm
Quoting Jason Rogers
If you want to scalp, then the active trader platform is ideal for scalpers. ...............
Jason
Hi Jason,

I'll take the opportunity of this thread to ask my question again : why is it impossible to have partial closes on trades ?

This is so important for money management, I cannot understand why none of the 125,000 customers did not mention this issue ?

Do you think this will be resolved in a near future, please ?

Thanks a lot

Woolf
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