FXCM wont let you close your position! | Forex Factory

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FXCM wont let you close your position!

  • #1
  • First Post: Oct 4, 2009 6:56pm Oct 4, 2009 6:56pm
So i recently opened an order using their software. I was unfortunatley wrong about what was going to happen so after 8 pip loss i decide to get out. But thier software wont let me close the ticket.. i have yet to get a response from them and my position just was margin called (im not too worried, its just a $150 test account) looks like i wont be using these guys.. and i plan on doing a chargeback to get my funds back...
  • #2
  • Oct 5, 2009 1:31am Oct 5, 2009 1:31am
No offense but it looks like you were overleveraged as well.

Was it during news?
  • #3
  • Oct 5, 2009 10:31am Oct 5, 2009 10:31am
Hi Arcadie,

Please feel free to contact me if you would like me to get involved in having this investigated. From the details provided, I'm not sure what may have happened, but I can investigate just about anything.

Jason
  • #4
  • Oct 5, 2009 11:27am Oct 5, 2009 11:27am
Chalk this up as a learning lesson. Recover as much of your losses as possible from FXCM and move on.
  • #5
  • Oct 5, 2009 11:36am Oct 5, 2009 11:36am
Wow getting a margin call after 8 Pips that seems like a world record.
What have you done to calculate your position size?
  • #6
  • Oct 5, 2009 11:52am Oct 5, 2009 11:52am
Quoting Tjpld
Wow getting a margin call after 8 Pips that seems like a world record.
What have you done to calculate your position size?
He may have been going for broke. All or nothing! He chose nothing.
  • #7
  • Oct 5, 2009 11:57am Oct 5, 2009 11:57am
Quoting Jhig
He may have been going for broke. All or nothing! He chose nothing.
I think he chose it this way:
Inserted Video
  • #8
  • Oct 5, 2009 12:08pm Oct 5, 2009 12:08pm
He Didn't get a MARGIN CALL at 8 pips...he couldn't close it at 8 pips and i bet it kept going against him and then eventually it margin called.

I've had tradestation at fxcm lock up on me where I couldn't do anything, even though my mt4 charts were working fine and my discussion room was fine(internet connection = GOOD). When the tradestation 'woke up', I was already slipped bad on a pending order and was on the wrong side of a Sell.

I've received 3 replies from FXCM, and each reply addressed the slippage but nobody will address the 'lock up' or whatever happened.
taking series 3 and 34
  • #9
  • Oct 5, 2009 12:49pm Oct 5, 2009 12:49pm
Still you should never open such a big trade without a StopLoss.
If you trade 1 Minilot with 1000 USD Balance you'd need a 925 Pip movment during that time to get margin called.
  • #10
  • Oct 5, 2009 1:10pm Oct 5, 2009 1:10pm
Quoting Tjpld
Still you should never open such a big trade without a StopLoss.
If you trade 1 Minilot with 1000 USD Balance you'd need a 925 Pip movment during that time to get margin called.
I agree. Stoploss are there to protect, no matter how small the position is.
  • #11
  • Oct 6, 2009 1:02am Oct 6, 2009 1:02am
First off,
I didnt get a margin call at 8 pips. I tried to close the order at 8 pips... i got a margin call much later.

Second, i cant put in a stop loss becuse the software wont let me.. hence the reason i am making this thread...

If i trade 1 microlot with $1000... I traded 2 with $150, this was just a test account to play around with.


Wow people hear should really take a reading comprehension class...
  • #12
  • Oct 6, 2009 3:33am Oct 6, 2009 3:33am
Quoting skorcht
He Didn't get a MARGIN CALL at 8 pips...he couldn't close it at 8 pips and i bet it kept going against him and then eventually it margin called.

I've had tradestation at fxcm lock up on me where I couldn't do anything, even though my mt4 charts were working fine and my discussion room was fine(internet connection = GOOD). When the tradestation 'woke up', I was already slipped bad on a pending order and was on the wrong side of a Sell.

I've received 3 replies from FXCM, and each reply addressed the slippage but nobody will address the 'lock up'...
You have Tradestation on your computer. Also Mt4. What other programmes ? No games ? Appears you have overloaded your pc. Problem most probably is at your end.
I am trading for 2 years - never had this problem. I would say, FXCM is tops in execution.
Have you thought of getting a 2nd computer to run the MT4 ? Might save your trading !
  • #13
  • Oct 6, 2009 4:52am Oct 6, 2009 4:52am
Quoting Arcadie
First off,
I didnt get a margin call at 8 pips. I tried to close the order at 8 pips... i got a margin call much later.

Second, i cant put in a stop loss becuse the software wont let me.. hence the reason i am making this thread...

If i trade 1 microlot with $1000... I traded 2 with $150, this was just a test account to play around with.


Wow people hear should really take a reading comprehension class...
Reading comprehension? If you are starting a brand new thread with a broker complaint, maybe you post a few details. You didn't offer much info. Was the trade during news? Did you try calling the broker to manually close the trade? How far did the trade move before the margin call? How much time elapsed while you were trying to close it?
Can you post a screen shot?

If you traded 2 microlots with $150 dollars, it would take a pretty good move to get margined.
  • #14
  • Oct 6, 2009 11:08am Oct 6, 2009 11:08am
gee i wonder what happened...lol couldnt possibly be MYYYY fault

Quoting Arcadie
First off,
I didnt get a margin call at 8 pips. I tried to close the order at 8 pips... i got a margin call much later.

Second, i cant put in a stop loss becuse the software wont let me.. hence the reason i am making this thread...

If i trade 1 microlot with $1000... I traded 2 with $150, this was just a test account to play around with.


Wow people hear should really take a reading comprehension class...
  • #15
  • Oct 6, 2009 11:37am Oct 6, 2009 11:37am
Quoting Arcadie
So i recently opened an order using their software. I was unfortunatley wrong about what was going to happen so after 8 pip loss i decide to get out. But thier software wont let me close the ticket.. i have yet to get a response from them and my position just was margin called (im not too worried, its just a $150 test account) looks like i wont be using these guys.. and i plan on doing a chargeback to get my funds back...
You're on FXCM US. Because of new FIFO rules you can't close a position the old way. You must enter a counter trade of the same size in order to close a position e.g, enter a 1 lot market buy order to close a 1 lot short position and vice versa. Also, you can no longer set stops and limits the old way. You have to set up OCO entry orders.
  • #16
  • Edited Oct 10, 2009 9:48am Oct 9, 2009 5:34pm | Edited Oct 10, 2009 9:48am
I used to be with FXCM/US until the No Hedging and FIFO became a rule... now I'm with FXCM/UK powered by BT and I've had a couple of occasions where my manual trades would not execute a close on the order.

The MT4 platform locked up on me and after struggling to execute the trade several times and shutting down the MT4 platform by exiting it but to no avail to execute anything on the trade - it would not allow me to change the take profit or the stop loss or to close the trade either.

I immediately telephoned FXCM/UK and explained my case to them both times...

They listened to me and told me that they'd look at the trade and let me know in a day or so to tell me what the decision would be.

Fortunately, for me, they honoured both occasions of my Platform locking up on me and I did not lose any monies in my trading account.

Too bad you couldn't have this kind of an outcome with your situation as I've always found FXCM to be very customer oriented and helpful as in my two situations...

May I suggest to anyone with a locked out platform situation (not trying to exit trades with slippage or too many traders in the queue at the same time as you attempting to execute a trade as in liquidity issues) - I'm talking about MT4 platform malfunctioning like I had...

Hope my experience helps anyone else with a similar problem.

Colleen
  • #17
  • Oct 9, 2009 11:55pm Oct 9, 2009 11:55pm
Quoting cd.1963
I

I immediately telephoned FXCM/UK and explained my case to them both times...
Priceless advice. Anyone trading real money should have their broker's number on speed dial. And on every phone they own. The easier it is, the more apt you'll be to call before any damage is done. The longer you wait, the weaker your claim will be.
  • #18
  • Oct 10, 2009 12:55am Oct 10, 2009 12:55am
Quoting opie999
You're on FXCM US. Because of new FIFO rules you can't close a position the old way. You must enter a counter trade of the same size in order to close a position e.g, enter a 1 lot market buy order to close a 1 lot short position and vice versa. Also, you can no longer set stops and limits the old way. You have to set up OCO entry orders.
LOL if that's the case, you would think employee of the month Jason Rogers should have known that.

FXCM a real knowledgeable bunch............
  • #19
  • Oct 10, 2009 12:47pm Oct 10, 2009 12:47pm
It's users like the OP which is causing the NFA to come down on us all like we're school children.

Look - if you're going to put money into forex make sure you know what you're doing, otherwise you're going to ruin it for everyone else.
  • #20
  • Oct 10, 2009 12:56pm Oct 10, 2009 12:56pm
Quoting vilas
You have Tradestation on your computer. Also Mt4. What other programmes ? No games ? Appears you have overloaded your pc.

That's funny.

I doubt his pc is overloaded.

Software does lock up on ocassion and it can be for various reasons, a conflict on that particular pc, network issues, viruses, etc.... Knowing that... even if the issue was with the broker I seriously doubt they'd admit it. I may be wrong though, never dealth with FXCM.

Regardless...trading involves risk, some of those risk may relate to how well the software handles your requests.

Chalk it up as tuition.
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