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NFA - "No more Limit or Stop Loss orders"

  • #441
  • Aug 5, 2009 9:49am Aug 5, 2009 9:49am
Do you want to pay $18 a month for a VPS or hundreds of $$ in spreads, depending on the notional volume?
http://swvps.com/windows-vps.html
  • #442
  • Aug 5, 2009 9:52am Aug 5, 2009 9:52am
Quoting Jason Rogers
BTW, any information about new FXCM releases and promotions will be posted in the commercial forum.

More possible releases in the upcoming weeks.

Jason, what are the chances that one of those new releases will be that FXCM has restored an "if .... then OCO" to its Trading Station, or at least allow a stop loss to be attached to an entry order?

Today, what I feared would happen did happen. I had a short entry on the EJ trigger and as I was attempting to enter the stop loss the platofrm froze. I quickly jumped on my other computer, but was unable to log in until after a pending news release.

Fortunately for me, I was trading in the right direction. But what if instead of dropping 80 pips the EJ had rallied 80 pips, and me without a stop loss?

By the way, I did not enter short becasue of the news. I had a set up that called for a sell stop at 136.93. But, as it is, my entries are often triggered during the 30 minutes leading up to a news release. I'd like to have a stop loss that goes live the second I open a position so that I do not have to worry about FXCM going down. Had my stop loss been in, then I would not care which way price would go. But without a stop loss and news pending? Good grief, I shaved a few years off the other end of my life this morning witht he stress of trying to get logged in to enter a stop loss.

Same position in my futures account also triggered a short on the EURUSD (using the 6E contract), no problem - the instant my short was established my stop and my profit target where in the market. And my futures broker's platform did not freeze me out and shut down, either.

I cannot believe that I have to complain about something so basic. For years, no problems. In one fell swoop, FXCM has destroyed a good relationship.
  • #443
  • Aug 5, 2009 10:10am Aug 5, 2009 10:10am
Quote
Today, what I feared would happen did happen. I had a short entry on the EJ trigger and as I was attempting to enter the stop loss the platofrm froze. I quickly jumped on my other computer, but was unable to log in until after a pending news release.

I'd like to have a stop loss that goes live the second I open a position so that I do not have to worry about FXCM going down. Had my stop loss been in, then I would not care which way price would go. But without a stop loss and news pending? Good grief, I shaved a few years off the other end of my...
This is the exact reason I had to move my funds to UK. I've had few experiences where my Comcast connection went down - that takes down my phone line as well. Not being able to enter SL with order is a big minus in my opinion. It takes a couple of extra seconds, but the peace of mind that comes with that is "priceless".

Quote
I cannot believe that I have to complain about something so basic. For years, no problems. In one fell swoop, FXCM has destroyed a good relationship.
Yep, looks like all the reasonable requests have fallen on deaf ears and FXCM US has its priorities messed up.

BTW, funds transfer to and from UK will cost $$. Wire transfer is the only way from US and bank would charge for both outgoing and incoming wires.

Hope better (and common) sense prevails in FXCM.

Customer satisfaction, meeting customer needs ...
  • #444
  • Aug 5, 2009 10:38am Aug 5, 2009 10:38am
Quoting ddaytrader
Jason, what are the chances that one of those new releases will be that FXCM has restored an "if .... then OCO" to its Trading Station, or at least allow a stop loss to be attached to an entry order?

Today, what I feared would happen did happen. I had a short entry on the EJ trigger and as I was attempting to enter the stop loss the platofrm froze. I quickly jumped on my other computer, but was unable to log in until after a pending news release.

Fortunately for me, I was trading in the right direction. But what if instead of dropping 80 pips...
Hi ddaytrader,

It will not be one of the releases in the next couple of weeks so I don't want to give your hopes up. I don't want you to think I've been ignoring you on the forums when you posted the same message again, but I had addressed your complaint many times through the forums, private message, and email in good faith and the answer is the same. This is the reason I haven't replied again. If you want to have conditional stop/limit orders on a pending order, then the best suggestion for now is to go to FXCM UK rather than wait for If/Then orders to be added to the FXCM US platform. I don't have a time frame on when it will be added.

Kind regards,

Jason
  • #445
  • Aug 5, 2009 10:43am Aug 5, 2009 10:43am
Quoting denverdude
BTW, funds transfer to and from UK will cost $$. Wire transfer is the only way from US and bank would charge for both outgoing and incoming wires.
Hi denverdude,

This isn't quite correct. The FXCM UK has the same funding and withdrawal methods as FXCM US. And withdrawal fees would be the same for a US client withdrawing from FXCM UK as it would be for depositing into FXCM US. You can withdraw by credit card, debit card, bank wire or paper check from FXCM UK.

Jason
  • #446
  • Aug 5, 2009 10:59am Aug 5, 2009 10:59am
Quoting wwwin
Do you want to pay $18 a month for a VPS or hundreds of $$ in spreads, depending on the notional volume?
http://swvps.com/windows-vps.html
The spread on our MT4 is marked up 1/10th of a pip which is compensation for Boston Technologies. Take a look at the spreads for yourself http://www.fxcm.com/spreads.jsp or register for a demo.

Plus you can't get any closer to our trade servers to reduce latency than with our VPS.
  • #447
  • Aug 5, 2009 12:43pm Aug 5, 2009 12:43pm
Quoting Jason Rogers
The spread on our MT4 is marked up 1/10th of a pip which is compensation for Boston Technologies. Take a look at the spreads for yourself http://www.fxcm.com/spreads.jsp or register for a demo.

Plus you can't get any closer to our trade servers to reduce latency than with our VPS.
Will post on spread tonite, cannot take screen capture now.
  • #448
  • Aug 5, 2009 4:14pm Aug 5, 2009 4:14pm
Quoting Jason Rogers
Hi denverdude,

This isn't quite correct. The FXCM UK has the same funding and withdrawal methods as FXCM US. And withdrawal fees would be the same for a US client withdrawing from FXCM UK as it would be for depositing into FXCM US. You can withdraw by credit card, debit card, bank wire or paper check from FXCM UK.

Jason
Jason,
I'm attaching FXCM UK's withdrawal form - if I'm not wrong, for USD accounts that were funded by wire transfer or check, the option of
a) withdrawal by credit/debit card is not available.
b) Check via US post ( I guess USPS) is available only for GBP and EUR accounts.

So, the only option for USD accounts is to use wire - $25 fee + incoming fee charged by bank.

Am I missing something here ?
Attached File(s)
File Type: pdf FXCM LTD - Withdrawal Request Form 27MAY2009.pdf   300 KB | 528 downloads
  • #449
  • Aug 5, 2009 6:49pm Aug 5, 2009 6:49pm
Quoting Jason Rogers
The spread on our MT4 is marked up 1/10th of a pip which is compensation for Boston Technologies. Take a look at the spreads for yourself http://www.fxcm.com/spreads.jsp or register for a demo.

Plus you can't get any closer to our trade servers to reduce latency than with our VPS.
See attached pic, which is from MT4 UK FXCM demo. Obviously, this 1/10 pip claim is a joke. Oh, yeah, a 30 millisecond latency reduction is very very valuable.

I ,like ddaytrader, used to defend them as the best of the bucket shops. Not anymore. The push to move clients to UK is a joke. The reported demise of US MT4 EAs was a joke. The new trade station is a super joke.
I guess when they have bucket shop DNA, sooner or later they will try to squeeze from you as much as they think they can. When you have bucket shop DNA, the spots on the leopard cannot be changed.
Attached Image (click to enlarge)
Click to Enlarge Name: fxcm.jpg Size: 70 KB
  • #450
  • Aug 5, 2009 7:09pm Aug 5, 2009 7:09pm
Quoting ddaytrader
Jason, what are the chances that one of those new releases will be that FXCM has restored an "if .... then OCO" to its Trading Station, or at least allow a stop loss to be attached to an entry order?

Today, what I feared would happen did happen. I had a short entry on the EJ trigger and as I was attempting to enter the stop loss the platofrm froze. I quickly jumped on my other computer, but was unable to log in until after a pending news release.

Fortunately for me, I was trading in the right direction. But what if instead of dropping 80 pips...
Well ddaytrader, if it happens once, shame on them. If it happens twice, shame on you. You also trade with IB. I am now trading mostly back with IB even if trading spot. Will only use FXCM if trading less than 25K at a time and looking for just a few pips. Who needs the grief of opening 3 trades instead of one, then closing at market, then making sure you cancel the two OCOs one by one. It's like going thru a departure takeoff checklist to trade that way. Not to mention the problems with the way you trade. Don't waste your time demoing other bucket shops. The DNA is the same. ECN is the way to go, except on very very small size trades. Just my humble opinion.
  • #451
  • Aug 5, 2009 7:49pm Aug 5, 2009 7:49pm
Quoting wwwin
Well ddaytrader, if it happens once, shame on them. If it happens twice, shame on you. You also trade with IB. I am now trading mostly back with IB even if trading spot. Will only use FXCM if trading less than 25K at a time and looking for just a few pips. Who needs the grief of opening 3 trades instead of one, then closing at market, then making sure you cancel the two OCOs one by one. It's like going thru a departure takeoff checklist to trade that way. Not to mention the problems with the way you trade. Don't waste your time demoing other bucket...
Thank you, you are probably right. This is a very sad situation as this was so unnecessary. I really think FXCM is going through a "Russell Investmenst moment." Russell thought they were doing s good thing by themselves by moving the Russell 2K e-mini contract from CME to ICE. Have you seen the volume on the TF?

I suspect that FXCM will see a similar drop in trade flows over the coming years.
  • #452
  • Aug 5, 2009 11:54pm Aug 5, 2009 11:54pm
Gain has a good work around for this using their UK branch. At least you know they are a highly capitalized firm and you can use MT4 with no restrictions:

More Info
  • #453
  • Aug 6, 2009 1:06am Aug 6, 2009 1:06am
Quoting Jason Rogers
To date, we have received no indication that the MT4 platform will be able to be modified to comply with first-in-first-out execution without significant loss in functionality. We have reviewed possible "solutions" and in our opinion it would cripple many expert advisors which is one of the main reasons we released MT4 for our traders.
Hey, I've been trading with IBXF, and thus far, the MT4 trading platform has remained fully functional. But these guys are currently under investigation, so who knows?

Oops! It looks like maybe I'm about a month off in my response, so most folks are probably already aware of what I'm saying here.
  • #454
  • Aug 6, 2009 8:28am Aug 6, 2009 8:28am
Quoting denverdude
Jason,
I'm attaching FXCM UK's withdrawal form - if I'm not wrong, for USD accounts that were funded by wire transfer or check, the option of
a) withdrawal by credit/debit card is not available.
b) Check via US post ( I guess USPS) is available only for GBP and EUR accounts.

So, the only option for USD accounts is to use wire - $25 fee + incoming fee charged by bank.

Am I missing something here ?
Hi denverdude,

Credit card / debit card withdrawal is the 3rd option in the list.

The form hasn't been updated yet but we can mail a paper check for USD accounts back to US clients. Sorry about the confusion. The check is mailed from our New York office. Paper check is free as well.

The $25 bank wire fee is the same for both FXCM US and FXCM UK. Or if you are a gold client, you get 2 free wires per month.

-Jason
  • #455
  • Aug 6, 2009 1:08pm Aug 6, 2009 1:08pm

Traders are escaping from brokers regulated by the NFA, my God! The British and Swiss brokers are happy and excited.


We have to make a lot of money to live quiet as the poor.
  • #456
  • Aug 9, 2009 2:43pm Aug 9, 2009 2:43pm
Quoting Jason Rogers
If you want to have conditional stop/limit orders on a pending order, then the best suggestion for now is to go to FXCM UK rather than wait for If/Then orders to be added to the FXCM US platform. I don't have a time frame on when it will be added.

Kind regards,

Jason
Hi Jason,

I see now that even if I wanted to transfer to UK that it is too late.

Will FXCM make UK transfer available again to US account holders?
  • #457
  • Aug 10, 2009 9:00am Aug 10, 2009 9:00am
Quoting ddaytrader
Hi Jason,

I see now that even if I wanted to transfer to UK that it is too late.

Will FXCM make UK transfer available again to US account holders?

Folks....

there is another option....dbfx...deutsche bank.....uses the same platform....
with functionality in tact.....no one click though....and no bucket antics....

:-
  • #458
  • Aug 10, 2009 10:03am Aug 10, 2009 10:03am
Quoting ddaytrader
Hi Jason,

I see now that even if I wanted to transfer to UK that it is too late.

Will FXCM make UK transfer available again to US account holders?
hi ddaytrader,

Not too late. We took the links off the website, but we will transfer your account to FXCM UK if you submit the opt-in form. Here is the link to the standard and micro forms and the details for opt-in are listed on each:

Standard 10k
Micro

Let me know if you have any questions.

Jason
  • #459
  • Aug 10, 2009 10:10am Aug 10, 2009 10:10am
Quoting Jason Rogers
hi ddaytrader,

Not too late. We took the links off the website, but we will transfer your account to FXCM UK if you submit the opt-in form. Here is the link to the standard and micro forms and the details for opt-in are listed on each:

Standard 10k
Micro

Let me know if you have any questions.

Jason
One last question - is the data feed used for MT4 Uk the same as is used for UK standard and micro using the Tradeing Station? I ask because both Friday and this morning the MT4 demo feed has been unavailable for 30-60 minutes at a time.
  • #460
  • Aug 10, 2009 10:30am Aug 10, 2009 10:30am
Quoting ddaytrader
One last question - is the data feed used for MT4 Uk the same as is used for UK standard and micro using the Tradeing Station? I ask because both Friday and this morning the MT4 demo feed has been unavailable for 30-60 minutes at a time.
Sure, the data feed for MT4 UK is the same used for standard 10k accounts on the FX Trading Station, exception being a 1/10th pip mark-up as compensation for Boston Technologies.

I checked with technical support and they couldn't confirm technical issues on the demo's this morning. I haven't been watching the feed myself today on MT4 but will pull it up to keep an eye on it. Can you message me in real time if this occurs again or shoot over an email. Thanks,

Jason
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