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  • #1,501
  • Oct 13, 2010 7:48am Oct 13, 2010 7:48am
Quoting Jason Rogers
Hi dwt,

I attached a Strategy Trader EA to this post which you can use to create an entry order and automatically have the stop/limit order attached once the entry order executes. (EA is compliments of keviyu on the strategy trader forum).
...
-Jason
Jason,

Thanks very much. You and your team certainly get an A+ for responsiveness.

I've not yet tried Strategy Trader, but with this functionality I'll definitely give it a whirl.

Regards.

dwt
  • #1,502
  • Edited 8:56pm Oct 13, 2010 7:19pm | Edited 8:56pm
Can anyone tell me if FXCM UK is reputable for small accounts? Some of the FXCM stories are quite scary and I still don't know if these guys are really legit or not. Don't care if they are the biggest as that means nothing to me, just want to know how they operate overall, if their platforms freezes when you want to take profit, if they run your stop losses, if they have mysterious super spikes on small accounts and if they delay wiring you back funds when you want to take some profits home. Please only respond if you have been trading with them for at least a year live.

Also, is 200:1 always or do they cut it down during weekends?

Reason I am asking is that I already have a live account with Dukascopy and have to admit that their execution seems fantastic and reliable, but I would not mind another smaller account with someone else who offers 200:1 instead of 30:1 so that I don't need to lay down so much money for a trade. This way, if I sometimes hold on to my positions, I have more room to play with.
  • #1,503
  • Oct 15, 2010 2:04pm Oct 15, 2010 2:04pm
Quoting klrman
Also, is 200:1 always or do they cut it down during weekends?
Hi klr,

The margin levels do not change over the weekend. If there are any changes to margin requirements due to changes in the exchange rates, we will let you know well in advance.

A complete overview of our no dealing desk execution can be found here http://www.fxcm.co.uk/fxcm-forex-execution.jsp .

-Jason
  • #1,504
  • Oct 15, 2010 2:40pm Oct 15, 2010 2:40pm
**Reminders:**

1. US residents with FXCM UK: Please be aware accounts are being repatriated this weekend. This means leverage will be reduced to a maximum of 50:1 for major pairs and hedging will be disabled in accordance with CFTC rules. If you have any questions this weekend or after trading opens on Sunday, please do not hesitate to contact client services.

2. Automated Trading Contest: The automated trading contest for Strategy Trader begins this weekend and lasts until December 3rd.
http://www.fxcm.co.uk/automated-fore...ng-contest.jsp
  • #1,505
  • Oct 16, 2010 11:06am Oct 16, 2010 11:06am
Why to chat with Fxcm ?

As a trader in the Capital market , you are looking to get quality service, fxcm certainly provides several options for communication. However it introduces a space of service for all accounts with separate account, no doubt it is one we gave up the more important when you are out to close a deal. Amazing is that both have an account with as small as micro, there is a possibility to receive an answer to every question. Think to remember that you are looking for data as in most cases, spread, roll over, etc.
  • #1,506
  • Oct 17, 2010 11:58am Oct 17, 2010 11:58am
FXCM has changed thier minds/position on open hedged positions on US accounts that have to be transfered back from the UK today. A previous Email from FXCM indicated that the prior hedge positions would not automatically be closed/liquidated when the new CFTC rules were implementd. Only new positions would not be allowed for hedging. I received an email after the market closed on Friday that they changed their position. Guess what will happen today before the retail traders can log on to the open market. I will give you a hint. The current SSI with FXCM is +80% long USD/JPY. Time to contact the FTC I think. What a mess they have made with providing the prior communication in regard to open hedged positions.
  • #1,507
  • Oct 17, 2010 5:16pm Oct 17, 2010 5:16pm
I couldn't agree more...what a friggin' mess...first they say one thing and now something else..when did they find out that hedging would not be grandfathered into the US accounts?
  • #1,508
  • Oct 18, 2010 1:13am Oct 18, 2010 1:13am
Quoting Jason Rogers
I checked with the programming team about having an EA created for Strategy Trader which will add the stop/limit after the entry order is executed. Will keep you posted on the development.

-Jason

Hi Jason, I like FXCM platform it is the best platform up to date and would like to trade with broker having similar platform. I know for sure that dBFx use same platform as FXCM what about other broker (which mostly use MT4 platform). What you call FCXM platform its develop in house no?..Thx in advance for reply.
  • #1,509
  • Oct 18, 2010 10:40am Oct 18, 2010 10:40am
Quoting 13.1 Runner
FXCM has changed thier minds/position on open hedged positions on US accounts that have to be transfered back from the UK today. A previous Email from FXCM indicated that the prior hedge positions would not automatically be closed/liquidated when the new CFTC rules were implementd. Only new positions would not be allowed for hedging. I received an email after the market closed on Friday that they changed their position. Guess what will happen today before the retail traders can log on to the open market. I will give...
Hi Runner,

It was our full intention to grandfather in the hedged positions, but we were notified on Friday by US regulators that they were no longer allowing us to do so.

-Jason
  • #1,510
  • Oct 18, 2010 1:57pm Oct 18, 2010 1:57pm
Quoting kundrit
Hi Jason, I like FXCM platform it is the best platform up to date and would like to trade with broker having similar platform. I know for sure that dBFx use same platform as FXCM what about other broker (which mostly use MT4 platform). What you call FCXM platform its develop in house no?..Thx in advance for reply.
Hi Kundrit,

Thanks for the post and we're happy to see you like the FX Trading Station II platform. It was developed by FXCM and we put through updates a couple of times per year to add new features. If you like the Marketscope charts, you should also check out www.fxcodebase.com which has hundreds of indicators you can import into the charting, and I recently highlighted some of the new strategies FXCodeBase has developed such as moving average stops, margin alerts, and multi time frame moving averages http://www.forexfactory.com/showthre...75#post4104475

-Jason
  • #1,511
  • Oct 19, 2010 1:57am Oct 19, 2010 1:57am
Have skimmed some of this huge thread. Is there any problems withdrawing from this broker?

Have been looking and learning the markets for about 2 months now. I did use a demo account on a different broker for one day, but I will be more of a swing and long term trader than a short/day trader. I always intended to make a small 100-500 deposit and just start out live so I wouldnt have to adjust to any differences between live and demo. I seen them offering $25 free so took them up on it sometime last week. I have done a few smaller trades, and am profiting so far. Of course it is going slow since I can only open a few positions on the ????minor??? currencies. I will try to profit a bit more and once I have the software totally figured out thinking about going ahead and using them and putting 100-200 on to start instead.

Just don't want to waste my time trying to build up balance/equity and depositing if they have payment issues.

Thanks.
  • #1,512
  • Oct 19, 2010 3:34am Oct 19, 2010 3:34am
Dear Members,

i am going to open my first live account ever. I am used demo account of fxcm and am reasonably happy. but when i searched for them on internet there were some horrible things..... a very common complaint was their execution.... many people complaint that execution is slow.... they dont close the positions when they are in profit and frequent re-quotes........

so can you please help me by telling me which forex broker is the best one....... i have done lot of work on forex for last 2 years and i think with all the hard work i have put in i can be profitable but dont want a dealer who doesnt like this thing..........

please help
  • #1,513
  • Oct 19, 2010 8:46am Oct 19, 2010 8:46am
Quoting FXEntry
Have skimmed some of this huge thread. Is there any problems withdrawing from this broker?

Have been looking and learning the markets for about 2 months now. I did use a demo account on a different broker for one day, but I will be more of a swing and long term trader than a short/day trader. I always intended to make a small 100-500 deposit and just start out live so I wouldnt have to adjust to any differences between live and demo. I seen them offering $25 free so took them up on it sometime last week. I have done a few smaller trades, and...
Hi FXEntry,

The withdrawal for a live account is requested online through www.myfxcm.com.

If you have a micro account the funds are returned to you by paper check (US residents) so it's best to double check the mailing address information you listed in www.myfxcm.com when requesting the withdrawal.

For standard 10k accounts, the funds can be returned by paper check, bank wire, ACH transfer, or credit/debit card (if you funded by credit/debit card).

-Jason
  • #1,514
  • Oct 19, 2010 10:06am Oct 19, 2010 10:06am
I do not have any problems with trades when using PC platform, however I trade a lot on my IPhone and FXCM is terrible execution on IPhone. It times out constantly. (Especially when I am in a profit position it seems) I have 3 different brokers on my phone that I trade, so I will try to log into one of them and can (while FXCM times out) so it isn't the signal from my phone, it is on their end. I mostly trade FXCM when I am home on PC and try to trade with someone else when trading via IPhone or only trade longer term positions. Scalping is very difficult on IPhone because of these issues. I hope this helps.

Quoting trader76
Dear Members,

i am going to open my first live account ever. I am used demo account of fxcm and am reasonably happy. but when i searched for them on internet there were some horrible things..... a very common complaint was their execution.... many people complaint that execution is slow.... they dont close the positions when they are in profit and frequent re-quotes........

so can you please help me by telling me which forex broker is the best one....... i have done lot of work on forex for last 2 years and i think with all the hard work i have...
  • #1,515
  • Oct 21, 2010 9:57am Oct 21, 2010 9:57am
Quoting Piptaker
I do not have any problems with trades when using PC platform, however I trade a lot on my IPhone and FXCM is terrible execution on IPhone. It times out constantly. (Especially when I am in a profit position it seems) I have 3 different brokers on my phone that I trade, so I will try to log into one of them and can (while FXCM times out) so it isn't the signal from my phone, it is on their end. I mostly trade FXCM when I am home on PC and try to trade with someone else when trading via IPhone or only trade longer term positions. Scalping is very...

Piptaker..I have question that is really stupid you might says and also quite embarashing to any traders here, but deep down in my heart I am just curious about existence of traders making a lot of money in Forex!.

Is there any trader here become well off (rich) by trading Forex with broker listed here or we/they're a bunch of "a will be a looser" but we're here being pretender?. I still think there is no broker in this kind of world (sorry not try to offend) want us become rich? instead they all want us to be broke/loss money by oneway and another like hunting stop loss etc?. This is just a brain storming question not to discouraging you, since we born with "free will"

Thx for long and may be stupid question but this is my honest question.
  • #1,516
  • Oct 21, 2010 12:29pm Oct 21, 2010 12:29pm
Quoting kundrit
Piptaker..I have question that is really stupid you might says and also quite embarashing to any traders here, but deep down in my heart I am just curious about existence of traders making a lot of money in Forex!.

Is there any trader here become well off (rich) by trading Forex with broker listed here or we/they're a bunch of "a will be a looser" but we're here being pretender?. I still think there is no broker in this kind of world (sorry not try to offend) want us become rich? instead they all want us to be broke/loss money by oneway and...
From my past experience, it takes time, patience, a lot of research and reading, and most of all, a lot of trading. Besides what all the books say and all the indicators say, sometimes it can still come down to a "gut feeling" or luck when you pull the trade. So a good trader has to read the charts, have a great feel for it and know when and when not to trade. It took two years trading small accounts and losing lots of "small" money. The third year breaking even, and the fourth year, moving forward. You are going to lose trades, so I figured out to do it in stair steps. Have a plan, try to take 2 steps today. Tomorrow, you will lose one, next day try to take 3 steps, because you will lose one or two. Keep going forward small. Baseball analogy: DO NOT try to hit homeruns at first. Try to get on base and don't get picked off. Money management is the key. Try to always gain a few pips and keep moving forward. It is not gambling, nor get rich. Depending on your part of the world, betting on a ballgame, might actually be easier than spread betting the currancy market. I have a full time job, so I am just trying to learn and build up some wealth. I plan to trade full time in a few years when I retire early hopefully. So I am still training and treating this just like starting a business. Open a micro account with about $200 and trade 1000 or 1 cent a pip. Do not trade a demo account. No money is involved and there are no emotions tied to your losses. If you can build up the $200 into $1000 or $2000 then move over to a mini account and trade $1.00 a pip. However, I bet you lose the $200 and you have to reload it a few times before you start moving forward. (No matter who the broker is). Some humor: Just pretend that this is is the greatest video game ever while watching charts and trading, Be determined to win. Like a video game, you have to keep feeding it quarters to play. One day when you are good at it, you can play all day on the same quarter. At that point, you are just getting ready to start to trade. I know this is long and didn't really answer your question as asked but for most this is the reality for a beginner. I have FXCM micro and FXSolutions micro accounts that I trade 1 cent per pip. I have a GFTForex account and Oanda account that I trade $1.00 per pip. I only trade the $1.00 account when I am confident in my trades and pretty conservative. It is my long term account that I am trying to build up to start trading $10 a pip hopefully by 2012. I use the mini accounts still to guage the market and get a feel of direction, when I am "Overtrading" and when I am trying new trading indicators etc. GOOD LUCK! I wish you the best.
  • #1,517
  • Oct 21, 2010 12:40pm Oct 21, 2010 12:40pm
Those who won in competition is using very high leverage.
I doubt they can continue at those rate at a longer term if for real.
  • #1,518
  • Oct 21, 2010 12:49pm Oct 21, 2010 12:49pm
Small Scale contest: These contest are for the broker to get "new" people to "overtrade", take dangerous trades, over leverage and blow their accounts. They sign up say 100 new customers and they all deposit $200 each that is $20,000. The winner gets $5000. Well that is $15,000 profit by the broker.

Large Scale: They sign up 100 new customers and they all deposit $1000
That is $100,000. The winner gets $40K. Well at the end of the day they have $60K profit.

That is over exaggerated (not everyone will blow their accounts) but that is what these contest are for. Not for the winner to prove their trading skills or manhood. It is to lure new inexperienced customers.


ttraders
Quoting MoreYummy
Those who won in competition is using very high leverage.
I doubt they can continue at those rate at a longer term if for real.
  • #1,519
  • Oct 21, 2010 12:56pm Oct 21, 2010 12:56pm
Quoting kundrit
Is there any trader here become well off (rich) by trading Forex with broker listed here or we/they're a bunch of "a will be a looser" but we're here being pretender?. I still think there is no broker in this kind of world (sorry not try to offend) want us become rich? instead they all want us to be broke/loss money by oneway and another like hunting stop loss etc?. This is just a brain storming question not to discouraging you, since we born with "free will"

Thx for long and may be stupid question but this is my honest question.

The answer is the term "rich" means different things to different people.

Some various meanings of the word "Rich".

1. Money and tons of it.
2. Independence --- no working for a paycheck.
3. Freedom --- sleep in, do what you want.
4. Life Style --- the more you spend the more you need to make.

I think many approach it with the #1 view point, which usually ends in disaster they get discouraged and quit. Forex is not for everyone. I have seen countless people come an go. It's hard fought for money. It's the ultimate challenge to be profitable and remain profitable.

There will be bad days, bad weeks and even bad months. You need a plan that doesn't involve you risking your entire savings. If you don't have any savings quit here and do something else. If you can't manage your personal money and owe more than you have in the bank the last thing you should do is trade forex.

If you have money you can afford to lose look at it and measure it. Risk it in chunks not all at once not even half at once or 1/3 at once. If you can't learn patience in doing this stop here and do something else.

Be prepared for losses, you will have them. If you can get to 70% profitability meaning the odds of you having a winning [for profit] trade better than 2 of every 3 trades you open the better your chance for success. Nothing is easy and you may spend 10 years or longer doing this and never find the secret winning formula.

With that said, nothing comes without hard work and dedication. You are only as good as what you put into it... and even then it still may not be enough all the time.
  • #1,520
  • Oct 21, 2010 1:13pm Oct 21, 2010 1:13pm
Quoting Piptaker
From my past experience, it takes time, patience, a lot of research and reading, and most of all, a lot of trading....
Thx a lot Piptaker..this is execellent advise and great personal opinion of advise and more encouraging..I wish you success in every trade now and future..thanks again
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