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NFA - "No more Limit or Stop Loss orders"

  • #481
  • Oct 22, 2009 1:10pm Oct 22, 2009 1:10pm
Quoting wwwin
That's good to hear, thanks. The Ambassador was listening.
Ddaytrader, just when you made the jump...help was on the way. LOL
Well, I'm a bit put off by the NFA's activities as well. So, unless the UK authorities start to likewise over regulate forex customers, I'll see how it goes in the UK.

Forgive my ignorance, but is the reason CFD's are not aailable to US citizens a result of US regulations, or UK regulations?

Thank you,

ddaytrader
  • #482
  • Oct 22, 2009 2:47pm Oct 22, 2009 2:47pm
Quoting ddaytrader
Well, I'm a bit put off by the NFA's activities as well. So, unless the UK authorities start to likewise over regulate forex customers, I'll see how it goes in the UK.

Forgive my ignorance, but is the reason CFD's are not aailable to US citizens a result of US regulations, or UK regulations?

Thank you,

ddaytrader
We can't legally offer CFD's to US residents due to regulations. If we could, we would.

But it's available to everybody else
  • #483
  • Oct 22, 2009 2:47pm Oct 22, 2009 2:47pm
Quoting ddaytrader
Well, I'm a bit put off by the NFA's activities as well. So, unless the UK authorities start to likewise over regulate forex customers, I'll see how it goes in the UK.

Forgive my ignorance, but is the reason CFD's are not aailable to US citizens a result of US regulations, or UK regulations?

Thank you,

ddaytrader
I looked into it, it appears that US residents cannot trade CFDs even if they open an offshore account. It's based on residency.
  • #484
  • Oct 23, 2009 7:49am Oct 23, 2009 7:49am
Quoting Jason Rogers
Hi ddaytrader,

UK micro accounts will still have 400:1 leverage. For UK standard 10k accounts, the maximum leverage remains 200:1.

Also for all of the FXCM US traders, the next update to the trading station will allow you to add stops/limits through the summary window of the FX Trading Station instead of having to use OCO entry orders. The summary window shows net positioning per currency pair, so it will be a global stop/limit for that currency pair. The udpate is scheduled for the weekend of Nov. 7th. Contingent OCO orders are in development...

This new stops/limits update. Will we be able to default it so that scalpers don’t waste time adding it separately?
Money Talks - Wealth Whispers . . .
  • #485
  • Oct 23, 2009 11:26am Oct 23, 2009 11:26am
Quoting * Snow *
This new stops/limits update. Will we be able to default it so that scalpers don’t waste time adding it separately?
I checked and the default stop/limit option in the trading mode section will not be available in the update. More likely in later updates.
  • #486
  • Oct 27, 2009 10:13am Oct 27, 2009 10:13am
It really makes no sense to use FXCM for trading Forex... The NFA No Hedge, No Leverage, No etc etc..... on top of the antics at FXCM of very poor order fill...Courtesy of Boston Technology Virtual Dealer Plugin "Type" of programs...gumming up the works....puts them way down the list of good people to trade with Forex brokers.... ...I don't believe their UK division will be any different....
  • #487
  • Oct 27, 2009 10:20am Oct 27, 2009 10:20am
Quoting ddaytrader
.....
Forgive my ignorance, but is the reason CFD's are not aailable to US citizens a result of US regulations, or UK regulations?

Thank you,

ddaytrader
US Regulations!

Regards

FOrex37
  • #488
  • Oct 27, 2009 1:08pm Oct 27, 2009 1:08pm
Quoting ENWBill
It really makes no sense to use FXCM for trading Forex... The NFA No Hedge, No Leverage, No etc etc..... on top of the antics at FXCM of very poor order fill...Courtesy of Boston Technology Virtual Dealer Plugin "Type" of programs...gumming up the works....puts them way down the list of good people to trade with Forex brokers.... ...I don't believe their UK division will be any different....
I have not experienced anything that I would consider to be "antics" nor have I received what I consider to be "very poor order fill" on my traades at FXCM.

Overall, I have to confess that I have been satisfied with my dealings with FXCM.
  • #489
  • Oct 27, 2009 1:08pm Oct 27, 2009 1:08pm
Quoting Forex37
US Regulations!

Regards

FOrex37
Thank you
  • #490
  • Oct 27, 2009 5:55pm Oct 27, 2009 5:55pm
Hi Ddaytrader...are you using US or UK?? I closed my FXCM US account because their MT4 would lock up....(Only when it was profitable for them.....) I'd have to call time after time and they'd reset..and giggle.....It happened too many times for me to stay with them....I have many other good brokers that didn't play those kind of games.... (I did try different computers ...VPS....internet connections and locations...it was them not me...I'm not a disgruntled losing trader....) I've since closed all my US Broker accounts except for one because of the ridiculous NFA bull$***....gone abroad...
  • #491
  • Oct 27, 2009 6:50pm Oct 27, 2009 6:50pm
Quoting ENWBill
Hi Ddaytrader...are you using US or UK?? I closed my FXCM US account because their MT4 would lock up....(Only when it was profitable for them.....) I'd have to call time after time and they'd reset..and giggle.....It happened too many times for me to stay with them....I have many other good brokers that didn't play those kind of games.... (I did try different computers ...VPS....internet connections and locations...it was them not me...I'm not a disgruntled losing trader....) I've since closed all my US Broker accounts except for one because of...
I am using UK now. Also, I do not use MT4 for trading. I trade a micro account and not a standard account. Perhaps this is the difference. I honestly have no complaints other than I think that FXCM should have taken steps to hae the US platform ready with FIFO compliant contingent OCO orders before the NFA regs took effect.

I agree with you concerning the NFA. But this is how the US regulators (NFA, CFTC, SEC, FINRA, etc) will go from now on until the cycle reverses. It is like a drunk driver who, finding himself swerving off the road toward a cliff, wrenches the wheel violently, and successfully avoids falling over the cliff but in the process over corrects and bursts into flames when he smashes into rock face on the opposite side of the road.
  • #492
  • Oct 27, 2009 9:29pm Oct 27, 2009 9:29pm
Quoting ENWBill
It really makes no sense to use FXCM for trading Forex... The NFA No Hedge, No Leverage, No etc etc..... on top of the antics at FXCM of very poor order fill...Courtesy of Boston Technology Virtual Dealer Plugin "Type" of programs...gumming up the works....puts them way down the list of good people to trade with Forex brokers.... ...I don't believe their UK division will be any different....
Boston Technologies only applies to FXCM MT4, not their regular trading station. Other then the stops/limits replaced by OCOs I have not had a problem with theim
By the way, who do you recommend?
  • #493
  • Oct 28, 2009 2:32pm Oct 28, 2009 2:32pm
I've had very good result with Fxdd and FxPro...also the Boston Tech software I was talking about is the virtual dealer plug in used to delay/deny order buy/sell/close request from the trader...not the Boston Tech Bridge...IBFX and FXCM were terrible with this kind of BS.
  • #494
  • Oct 28, 2009 3:42pm Oct 28, 2009 3:42pm
This makes every bit of sense seeing that it is the NFA's job to protect investors. Forex brokers can see clients stop and limit levels whether you choose to believe it or not, anyone who refuses to believe that they can is ignorant. These brokers along with their investment banks will push large volume orders into the market in an attempt to break these stops to accelerate a move.

Seeing as they have the capital to do this who says that some of these same brokers aren't taking opposite positions to their clients without putting the order through to the real market... in return reaping huge profits for themselves and the banks they are affiliated with.
  • #495
  • Oct 29, 2009 10:29am Oct 29, 2009 10:29am
Quoting ENWBill
I've had very good result with Fxdd and FxPro...also the Boston Tech software I was talking about is the virtual dealer plug in used to delay/deny order buy/sell/close request from the trader...not the Boston Tech Bridge...IBFX and FXCM were terrible with this kind of BS.
Boston Technologies provides the bridge which connects MT4 to our execution system; however, the virtual dealer plugin designed by metaquotes is not used in our MT4 platform neither does it make sense to use it in a No Dealing Desk setup since FXCM is making the same pip mark up regardless of the price you are executed at or how long it takes to execute a trade. There's no incentive to do this compared to a market maker that could potentially profit from doing this.

All stops and limits are held on FXCM's servers therefore the banks cannot see where our traders stops and limits are located. Orders are sent for execution only if the best bid/ask being quoted from the 10 banks providing prices is quoted. And having multiple banks ensures one bank can't skew prices to target specific levels.

Of course a market maker can see where stops and limits are located which creates a conflict of interest if they are trading against clients. We have a comparison on how a dealing desk operates in comparison to our execution here http://www.fxcm.com/fxcm-forex-execution.html
  • #496
  • Oct 30, 2009 1:13am Oct 30, 2009 1:13am
OK Jason....First off the Boston Technology Virtual Dealer software to the best of my knowledge was not as you say... "designed" by Metaquotes"... If you have information contrary.... I'll listen....My experience with FXCM had YOUR system occasionally (always at suspect times...NO news etc) locking up my ability to close orders....(or do ANYTHING trade wise....) until I called your customer service.....and they magically did a reset....and all worked again....(until the next crisis....) The real question is should I trust you..and FXCM....and are you prepared for my sharing the experience re. your MT4 and it's problems, liquidity etc with the FX Internet world?? I do find it very hard to believe that small lots are going directly to multiple (10) banks as you say...In many ways the Market maker is a better place to trade instead of ECN/STP as they supply liquidity at all times with a known spread.... you can't / don't...and in fact I couldn't even trade most of Sunday evening with you because of your huge spreads.....
  • #497
  • Oct 30, 2009 8:56am Oct 30, 2009 8:56am
Quoting Jason Rogers
Boston Technologies provides the bridge which connects MT4 to our execution system; however, the virtual dealer plugin designed by metaquotes is not used in our MT4 platform neither does it make sense to use it in a No Dealing Desk setup since FXCM is making the same pip mark up regardless of the price you are executed at or how long it takes to execute a trade. There's no incentive to do this compared to a market maker that could potentially profit from doing this.

All stops and limits are held on FXCM's servers therefore the banks cannot see...


Jason,

Can you please clarify something for me? I had spoken to a FXCM customer service rep. and I quite didn't understand him completely. I was told one or two of these is a Dealing Desk and the other one or two STP:

1. FXCM Trade Station Platform (Standard Acct.)
2. FXCM Active Trader Platform (Standard Acct.)
3. FXCM Micro

Which is which?

Thank you,

* SNOW *
Money Talks - Wealth Whispers . . .
  • #498
  • Oct 30, 2009 10:08am Oct 30, 2009 10:08am
Quoting ENWBill
OK Jason....First off the Boston Technology Virtual Dealer software to the best of my knowledge was not as you say... "designed" by Metaquotes"... If you have information contrary.... I'll listen....My experience with FXCM had YOUR system occasionally (always at suspect times...NO news etc) locking up my ability to close orders....(or do ANYTHING trade wise....) until I called your customer service.....and they magically did a reset....and all worked again....(until the next crisis....) The real question is should I trust you..and FXCM....and...
Metaquotes announced testing of the plugin in February 2006. See screenshot provided by TC East on another thread http://www.forexfactory.com/showpost...7&postcount=65 . Boston Technologies wasn't founded until May 2007. Traders assume that BT created the product since they customize MT4 according to what a broker wants. BT sets up MT4 for both market makers and NDD/STP providers. But as they say, the rest is history...

A market maker doesn't have to provide liquidity at all times and neither do they have to honor the spread they are showing. If this were the case they wouldn't requote or restrict scalping or how close to the current market price you can place a stop and limit. Are restrictions on entry orders, requotes, and dealer intervention there to protect you or the market maker? A sugar coated forex market does not exist, and in the end the dealing desk is there to make a profit otherwise the broker goes out of business.

No Dealing Desk execution makes trading transparent so you know what spreads the banks are offering based on actual liquidity in the market. And since FXCM is being compensated on trading volume rather than trader losses, there's no incentive to use dealing desk practices. Slippage can occur because you're trading based on what is actually available, and it's listed at the top in execution risks on the webpage http://www.fxcm.co.uk/trading-execution-risks.jsp .

If ever there is something affecting your trading, please request an audit. There's no reason you shouldn't get an answer as to what is occuring. If the issue is on our side, we will do what it takes to correct the situation and make an adjustment if appropriate. If the issue is not on our side, our tech support will help to find a possible solution.

Jason
  • #499
  • Oct 30, 2009 10:13am Oct 30, 2009 10:13am
Quoting * Snow *
Jason,

Can you please clarify something for me? I had spoken to a FXCM customer service rep. and I quite didn't understand him completely. I was told one or two of these is a Dealing Desk and the other one or two STP:

1. FXCM Trade Station Platform (Standard Acct.)
2. FXCM Active Trader Platform (Standard Acct.)
3. FXCM Micro...

Hi Snow,

The standard 10k and active trader accounts are STP. Standard 10k accounts include MT4, Forex System Selector, ad spread bet accounts.

The FXCM Micro accounts are through the dealing desk. The FXCM Micro mission statement goes into more detail on the micro lot execution here http://www.forexmicrolot.com/mission-statement.jsp . Two out of the ten banks will accept micro lots directly, but micro execution would be poor overall if we put all micro lot trades STP to two banks. This may change in the future, but as of now the micro trades goto the trading desk.

Jason
  • #500
  • Nov 1, 2009 8:18pm Nov 1, 2009 8:18pm
Ok Jason...if I'm wrong about BT I apologize....I do know Metaquotes income is from the brokers...they do forget that we (traders) keep the brokers solvent..I'm sure this fact will be very clear to them now that the inferior MT5 is here....and traders are looking elsewhere for a better platform....I still have a problem with FXCM as my (and many other pro traders) experience with you....has been much less than quality....in fact extremely poor.....As I said the spread that you proclaim as being a great thing is ridiculously high at times...the liquidity provided by market makers can be far superior when compared to yours....It's Sunday...the market has been open for 3 hours...and I've made a fair profit at other brokers....trading at FXCM would have been impossible with your inferior extremely high spreads....
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