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FXCM Discussion

Quoting fxsignal
Certainly I am not selling anything to anyone just offering good advice, as to trading with FXCM well your comments prove you know jack about who I trade with.
fxsignal, can you then tell us what other FX brokers are available for US residents that might be better than FXCM? (Unless you happen to be a non-US resident.)

Seriously, there are not that many good US-based FX broker/bank options that offer MT4 support. CollectiveFX is closed to most new traders, opening up only once in a while for a very limited number of new traders. IBFX, FXDD and MBTrading, have various issues and I think are bucket shops. Interactive Brokers and ThinkOrSwim, as far as I know, do not offer MT4 support. Aside of FXCM and CitiFX, am I missing any other worthwhile US-based broker/bank option with MT4 support?

This is just based on an interpretation that as of October 18th, it will be illegal for me to use an offshore non-bank FX broker that isn't registered with CFTC/NFA, and I'm not interested in that legal can of worms.
Quoting cica515
fxsignal, can you then tell us what other FX brokers are available for US residents that might be better than FXCM? (Unless you happen to be a non-US resident.)

Seriously, there are not that many good US-based FX broker/bank options that offer MT4 support. CollectiveFX is closed to most new traders, opening up only once in a while for a very limited number of new traders. IBFX, FXDD and MBTrading, have various issues and I think are bucket shops. Interactive Brokers and ThinkOrSwim, as far as I know, do not offer MT4 support. Aside of FXCM and...
http://www.pfgbest.com/contact/

http://www.ikongm.com/Products/Meta_Trader
To those looking for the 'bank' way out. Please be aware that although perhaps run by a bank, DBFX and CitiFX and registered brokers only and that arm of whomever runs them are not registered as banks. Therefore, that option is void.

A few of the swiss brokerages are considered banks however, but you'd have to do your own DD on that.

My advice would be to just keep it local. I strongly doubt anyone here is using all of their 1:100 leverage. I would strongly analyse your trading to see how much of your margin you are actually using. My guess is its 1:50 or less, unless you are overleveraged to hell and back.

That being said. I do not endorse what the CFTC/NFA have brought up, nor the mentality behind it.
Quoting fxsignal
You are a pair of low lifes for sure, Jeff I already had issues with you and Pilotui you must be Jeffs boy ;-) Certainly I am not selling anything to anyone just offering good advice, as to trading with FXCM well your comments prove you know jack about who I trade with. Sadly its ignorant people like the pair of you that degrade this forum for others.

In fact I think I will report the pair of you for aggressive comments, you pair of school boys.

:-)
I've never seen Jeff on here before...it just confirms that 2 random people thought your comments SMACKED of commercial BS...

Oh yeah and if you keep posting "predictions" that don't even come CLOSE to being true...well thats just bad business my commercial friend.

Go peddle your snake oil somewhere else.
Quoting Turveyd
I've made 36trades over the last week or so, using a 8 + Spread SL (11 area total ), I've only had 1 stop out, which was justified totally and no other SL's hit, been within 1pip a few times.

I use a Meta Chart + FXGame chart and see no discrepancy between FXCM's prices and theres.

The chart ( I don't use ), is likely showing the ask, so with a long your SL hits at the bid ~3pips lower maybe there not factoring that in.



No issue here, move on, FXCM have been spot on since my return I'm happy to say.
Thanks Turvey! Right on...my experience exactly
Pilotui,

You are correct. I was not thinking exactly what you posted but along similar lines. Even though I have him on ignore I went back through all his posts and my posts to see if I made any posts to his user name or from his user name to me. I could not find one post that was from me to him or from him to me. Since he says he has had issues with me before most likely he has other user names on here that he could be spamming people with as well. No loss though since he is on ignore. I do wish him the best in his trading though. I never wish anything bad on anyone.

Regards,
Jeff

Quoting pilotui
I've never seen Jeff on here before...it just confirms that 2 random people thought your comments SMACKED of commercial BS...

Oh yeah and if you keep posting "predictions" that don't even come CLOSE to being true...well thats just bad business my commercial friend.

Go peddle your snake oil somewhere else.
Think about it this way, the lower the leverage, the less room you have for drawdown, and the greater chance you have of a margin call or your SL being taken out.
The big problem in the US is not leverage. 50:1 is only slightly annoying - any reasonable strategy with possibility for long term success will not need more than that. The big problem is security. US forex brokers are not required to keep trader money in segregated accounts, while account in the UK and Switzerland are segregated. Thus Dodd/Frank/CFTC is forcing us to move our money to where it is LESS SAFE. This is what traders should be outraged over.

CitiFX has absurdly large spreads. Also they use the same MT4 (Boston technologies) that FXCM does. Unfortunately BT MT4 is garbage. Did you know that BT MT4 treats TPs as market orders? Yes, that's right, as soon as your TP level is hit, BT MT4 turns it into a market order so that (surprise surprise) it almost always closes at fewer pips gain than your TP says it should.

I moved my funds to ATCBrokers which is an IB for FXCM but has their own far superior version of MT4. It treats TPs as limit orders so you get all your TP, not just some of it. ATC also uses the much better FXCM institutional feed rather than the crappy retail feed. All in all ATC is a much better experience.

I am hoping that Dukascopy works something out and registers a US branch with the CFTC but retains segregated accounts. I'd swiitch my money there is that were the case.
Lower leverage would for me only affect my Min account value, 50:1 I'd be called at £100 rather than £50, not really a big deal.

Yes $10 per pip would require £1000+, as I don't plan to trade at that level until atleast £3000+, no change.

10:1 I'd require £500 to trade, okay coming up with the extra £450 would be a pain, but 50:1 no biggy.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
I strongly disagree. Limiting leverage to just 50:1 puts the USA based trader at a huge disadvantage to the rest of the world. Now it's easy to see that those that don't how to trade at higher leverages than 50:1 don't think it's big deal but for those of us that do know how to do it as full time independent traders are pissed off. Incompetent govt buffoons just cut my profit percentage by a huge margin by going from 400:1 or 200:1 down to 50:1.

Now what business man or woman do you know that would happy about that? I don't know any and neither does anyone else because none exist.n By doing this they have actually forced me and all the other independent traders to move our accounts overseas and out of a USA based Forex company.
ohhh do I get 200:1, if so I'd been £200 min to trade, still acceptable.

It'll push all the small pocket money traders out of trying really.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Leche Mocha
... they have actually forced me and all the other independent traders to move our accounts overseas and out of a USA based Forex company.
Be careful. Any legit non-US broker will probably not accept US clients. The ones that do, will have carte blanche to take you to the cleaners without fear of recourse.
Do you mean like we are being taken to cleaners right now by the USA govt.? Or is there some other way? If someone robs you with knife or gun is there any difference in the outcome? You still get your chit taken? Hedging. Leverage. What's next? Our first born? or Prima nocta?
Quoting Slack
Be careful. Any legit non-US broker will probably not accept US clients. The ones that do, will have carte blanche to take you to the cleaners without fear of recourse.
Quoting Leche Mocha
By doing this they have actually forced me and all the other independent traders to move our accounts overseas and out of a USA based Forex company.
Leche, the problem is, the Frank-Dodd financial "reform" law may have made it illegal (effective October 18th) for US traders to trade at overseas FX brokers that are not registered with CFTC/NFA. I'm not yet 100% positive about this, but other commentators here and elsewhere have made this interpretation of the law.

I already moved to a legit overseas broker (with no US operations or affiliation) a while ago and am actually considering how to move back to a US broker!
If you are holding such drawdown at 1:50 that you need 1:100 or 1:500, then you again, are not trading well and the 1:50 is a saviour to you.

For you to need 100% more margin incase of margin call is insane.

Again, I dont agree with the 'lack of freedom' financial reform in the US is giving. But I think people really need to re-evaluate the way they are trading for their own sake. To require such insane amounts of leverage to 'avoid margin call' is nuts. And again speaks for itself, stating you are over leveraged and have a high risk.

Unless you have like a 700% reserve and trade all in each time, and have a high probability system, I doubt you require more than 1:50 leverage. Oanda has been on low leverage for years and its now got the highest monthly volume of all retail fx brokers.

I dare say its probably got the highest number of profitable traders also.

Sorry to hijack FXCM's thread.
It looks as though this post was made before reading my post. Real traders I know don't take big drawdowns. This is about buying power and the taking away of Hedging and leverage from just the USA based trader. This puts the USA based trade at huge disadvantage to the rest of the world. There is no argument to refute. This is fact. And about it being illegal for USA traders. Well we aren't going to just sit around like wussies and take this. We will be taking all our money to other countries and trade there. For instance, I was thinking of buying a second home in the USA. Not now. No way. I will be buying abroad and use that as my trading base.
Quoting Takisd
If you are holding such drawdown at 1:50 that you need 1:100 or 1:500, then you again, are not trading well and the 1:50 is a saviour to you....
Quoting Takisd
If you are holding such drawdown at 1:50 that you need 1:100 or 1:500, then you again, are not trading well and the 1:50 is a saviour to you.

For you to need 100% more margin incase of margin call is insane.

Again, I dont agree with the 'lack of freedom' financial reform in the US is giving. But I think people really need to re-evaluate the way they are trading for their own sake. To require such insane amounts of leverage to 'avoid margin call' is nuts. And again speaks for itself, stating you are over leveraged and have a high risk.

Unless...
Just for a moment consider every trader does not take the approach that you take , with the high leverge you could take a small acct a few hundred dollars and actually make enough to pay a few bills at the end of the week . Just about anyone with a pc could save a few dollars a week and open a small acct in no time and actually pay a bill or two with out risking much , now instead of a few hundred it takes a few thousand to do the same thing. Most people can save a 20 here and there to open a small acct in no time , however a couple thousand is a very different story its not going to happen at a time when it is needed most , sorry frank and dodd the whizzards of reform who between the 2 of them dont have enough sense to pound sand in a rat hole or pour piss out a boot with the directions written on the heel have cut the little guy off at the ankles like most of the goverment bullshit right along with the so called regulating agencies . Cant give the working class a chance at anything
Exactly right

By having a 50:1 ratio kills alot of retail traders starting out.

What happens is most of the money is now in margin deposit.
Quoting Pipmickin
first off fxcm owns dailyfx forums but no topic has been brought up
while here is pages.
Hi Pipmickin,

Information is being added to the DailyFX forums today.

-Jason
Jason,

Now that there is a formal business relationship between db and FXCM, do you know if current db customers will be able to transfer their acct over, or will we have to apply for a new acct?

Thanks
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