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Class Action Lawsuit Against FXCM

  • #121
  • Feb 13, 2011 10:20am Feb 13, 2011 10:20am
With all due respect anyone think FXCM would deliberately give different prices than the rest of the market like in the video is a moron , this mean free money for us i hope FXCM give us different prices so we can make guaranteed profits from FXCM's pocket , these forums r full of amateurs !

http://en.wikipedia.org/wiki/Arbitrage
  • #122
  • Edited 11:59am Feb 13, 2011 11:40am | Edited 11:59am
Quoting SunTrader
Lemme guess. Was this around some news event (Uncle Ben or Tricky Trichet speaking or perhaps NFP) with everyone and their brother all trying at the same split second to place an order? Hmmm.
Did I say that the freezing is happening when I try to place an order? NO!

I just wish that Alpari STOP. Wishing............... Silly me?
  • #123
  • Feb 13, 2011 12:04pm Feb 13, 2011 12:04pm
Quoting pip_seeker

Here's a movie we can discuss while we wait...
Where do I sign up, I want an FXCM account like NOW!
  • #124
  • Feb 13, 2011 12:07pm Feb 13, 2011 12:07pm
Quoting dr_who

...there is plenty of evidence to show that they dont.
I'd like to see some, any links?
  • #125
  • Edited 1:18pm Feb 13, 2011 12:46pm | Edited 1:18pm
Quoting dr_who
Come on, you're missing one obvious point. They can also manipulate prices to individual traders, so they can spike out stops, slow trades, create any sort of slippage, cut the connection at will etc
If everyone got the same prices then that would be better but there is plenty of evidence to show that they dont.
True. Just like that line that that hitman said in that show "24": "You are either dead or not dead, there is no such thing as sort-of dead. Here, let me show you..." right before he killed one of the kidnappers of the girls in Season 1. Remember that line?

It's the same thing here, you are either a MM (dealing desk with dealer intervetion) or an ECN (No dealing desk), there is no such thing as a sort-of ECN with no dealing desk.

I guess now FXCM will have to show us how they managed to be a MM but with no dealing desk and still maintain tight spreads, fast executions and all those wonderful features they promised on their website and in all their advertising materials.

If FXCM fails to show us and the Plaintiff is right, then it's Misrepresentation on FXCM's part. Plain and Simple.
Make your losses in demo. Earn your profits live.
  • #126
  • Feb 13, 2011 1:10pm Feb 13, 2011 1:10pm
Quoting Porkpie
Class Action Lawsuit Against FXCM.
...

FXCM is unlikely to be the only one imo...(Forex futures anyone?)
One more thing: I just hope this lawsuit is not a hidden "Smear Campaign" by those "Big Banks" and/or Forex Futures industries to discredit the Retail Forex industry and then scooping all of our businesses in return.

If FXCM is REALLY PROVEN to be engaging in shady practices and cheated customers out of their hard-earned profits, then FXCM should get the punishment it deserves and the industry at large should do something to fix any current "FXCM's" out there and prevent any future "FXCM's" from happening. Perhaps this will be a good push to establish "ECN"'s for Retail Forex trading.

In the mean time, Forex Future people, Big Banks, BUTT OUT!!! We like Retail Forex just fine and we want to see it succeed!! Don't even THINK about getting our money!!

Happy trading, everyone!
Make your losses in demo. Earn your profits live.
  • #127
  • Feb 13, 2011 1:20pm Feb 13, 2011 1:20pm
Quoting tar
With all due respect anyone think FXCM would deliberately give different prices than the rest of the market like in the video is a moron , this mean free money for us i hope FXCM give us different prices so we can make guaranteed profits from FXCM's pocket , these forums r full of amateurs !

http://en.wikipedia.org/wiki/Arbitrage
Yeah, and Oanda is the best according to that video.
Make your losses in demo. Earn your profits live.
  • #128
  • Feb 13, 2011 1:28pm Feb 13, 2011 1:28pm
hm .. its 20:27 gmt +1 and FXCM's trading platform is telling me the markets are open .. it's sunday ... last week I didnt get any price feeds until 2 am in the morning, when they should have been supplying quotes for over an hour ... positions are in profit so far, but price moving against me .. of course I cant close out orders or move stops or anything .. whats up with that...
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #129
  • Feb 13, 2011 1:40pm Feb 13, 2011 1:40pm
Quoting Slight
hm .. its 20:27 gmt +1 and FXCM's trading platform is telling me the markets are open .. it's sunday ... last week I didnt get any price feeds until 2 am in the morning, when they should have been supplying quotes for over an hour ... positions are in profit so far, but price moving against me .. of course I cant close out orders or move stops or anything .. whats up with that...
Go talk to the customer service at FXCM. Good luck.
Make your losses in demo. Earn your profits live.
  • #130
  • Feb 13, 2011 1:43pm Feb 13, 2011 1:43pm
Quoting Slight
hm .. its 20:27 gmt +1 and FXCM's trading platform is telling me the markets are open .. it's sunday ... last week I didnt get any price feeds until 2 am in the morning, when they should have been supplying quotes for over an hour ... positions are in profit so far, but price moving against me .. of course I cant close out orders or move stops or anything .. whats up with that...
yeeeeehaaa they freezed the client's money the lawsuit is working!!!
run run as far as you can fxcm is coming to get ya'll!!!!!1
because trading at fxcm always starts sunday at 23 gmt+1 and it always was the same in the last 5 years everything else is pre-market movement ever wondered about gaps ???
  • #131
  • Feb 13, 2011 1:45pm Feb 13, 2011 1:45pm
Quoting Forexia
Perhaps this will be a good push to establish "ECN"'s for Retail Forex trading.
LMAX has a great opportunity to be the knight in shining armour. Do they have management ?
He was looking for the card so high and wild hed never need to deal another
  • #132
  • Feb 13, 2011 1:54pm Feb 13, 2011 1:54pm
Quoting Forexia
Go talk to the customer service at FXCM. Good luck.
Already sent out an email to a guy who used to even respond on the weekend. let's see what's it going to be this time.
but i have been with various brokers and it has never happened that the market was ticking and i couldnt do anything about my orders .. how dumb is that.
for as long as i used their MT4 platform everything was fine, but with the trading station II order management i do have weird stuff happening ..
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #133
  • Feb 13, 2011 2:18pm Feb 13, 2011 2:18pm
Quoting dr_who
LMAX has a great opportunity to be the knight in shining armour. Do they have management ?
Hmmn, they claim to be the first MTF which is really ECN, but never heard of them before. Where did they come from? What's their background? No info. found on their website. More investigation required.
Make your losses in demo. Earn your profits live.
  • #134
  • Feb 13, 2011 2:22pm Feb 13, 2011 2:22pm
Quoting Forexia
Hmmn, they claim to be the first MTF which is really ECN, but never heard of them before. Where did they come from? What's their background? No info. found on their website. More investigation required.
They belongs to Betfair ( the sports betting exchange ) ...
  • #135
  • Edited 2:40pm Feb 13, 2011 2:24pm | Edited 2:40pm
Quoting tar
They belongs to Betfair ( the sports betting exchange ) ...
Hmmn, interesting that they made their beginning as bookies. From what they stated on their website, what they offer is really good though and their commission is not too bad. Would be interested to see what's their volume, their execution speed and their spreads.
Make your losses in demo. Earn your profits live.
  • #136
  • Feb 13, 2011 3:07pm Feb 13, 2011 3:07pm
Quoting Forexia
Hmmn, interesting that they made their beginning as bookies. From what they stated on their website, what they offer is really good though and their commission is not too bad. Would be interested to see what's their volume, their execution speed and their spreads.

At the moment most of their liquidity comes from Gain (because they are a joint venture of Betfair and Gain) but this is only until they get some traction in the retail sector. They are very new and so it will take some while before they build up independent liquidity. I was a beta tester for them and now am building a 3rd party trade placement interface for them as I dont think their version is built to their strengths.

We are having a meeting during the week after next and those invited will be discussing creating a system to allow automated algos.

They have an exciting future.
He was looking for the card so high and wild hed never need to deal another
  • #137
  • Feb 13, 2011 3:15pm Feb 13, 2011 3:15pm
Quoting dr_who
At the moment most of their liquidity comes from Gain (because they are a joint venture of Betfair and Gain) but this is only until they get some traction in the retail sector. They are very new and so it will take some while before they build up independent liquidity. I was a beta tester for them and now am building a 3rd party trade placement interface for them as I dont think their version is built to their strengths.

We are having a meeting during the week after next and those invited will be discussing creating a system to allow automated...
Yes this would be a good direction for the Retail Forex industry to go into. Eventually, I would like to see Retail FX made up of competitive ECN's with automatic order-matching system that ensures price transparency and anonymity.
Make your losses in demo. Earn your profits live.
  • #138
  • Feb 13, 2011 4:57pm Feb 13, 2011 4:57pm
Quoting Forexia
Hmmn, interesting that they made their beginning as bookies. From what they stated on their website, what they offer is really good though and their commission is not too bad. Would be interested to see what's their volume, their execution speed and their spreads.
Betfair is an exchange for betting , punters in Betfair bet against each other ...
  • #139
  • Feb 13, 2011 5:15pm Feb 13, 2011 5:15pm
I think most of this stuff (complaints in general) come from scalpers. Because if you been in this industry for any length of time you will remember a time when scalpers were the scorn of the industry.

I mean it got so bad the broker would flag your account, making it inoperable. I guess as a way to scold you for "stealing" their money.

Now years later and scalpers are the love joys of the market place. The brokers all welcome them with open arms including scalping EA's. Probably because the brokers software has been updated to defeat the poor little scalper.

To make matters worse, a demo account now probably as much as 99% of them don't represent true results that a live account would give you.

That in itself could be labeled "misrepresentation", but you know they get away with it by saying past history is no guarantee blah blah.

But when you run a demo along side a live account and entry prices are nearly identical but profit and loss is different most likely due to spread widening or other dirty little tricks.

To say a broker isn't cheating, is likely that you are employed by them. Otherwise what loyalty do you have to a broker?

If we weren't talking about money then I might be willing to trust the shark er I mean broker. They are a necessary evil, but with so much money don't they have a care for their soul?

They and everyone else here and elsewhere prey on the innocent. If you don't think so you're naive to say the least.
  • #140
  • Feb 13, 2011 5:31pm Feb 13, 2011 5:31pm
anyone know of a good broker that doesnt do that.? what about forex.com?
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