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FXCM - No Entry Orders before the...

  • #1
  • First Post: Aug 19, 2004 8:09am Aug 19, 2004 8:09am
...release of econmic reports??


I Just tried to place a straddle trade in the EUR/USD using entry orders (per the AFS) at around 8:29 AM (before the release of the "Intial Jobless Claims Report). The system would not let me place the trade. An Error Message popped up saying that my entry price was too close. The "default" prices in the entry windows were about 500 pips off of market price. At between 8:30-8:31, when I noticed the market price had not moved much, I continued to try and place my orders and finally got them in. Did anyone else have this problem? If so, it looks like FXCM is no longer allowing entry orders before the release of economic data, in which case the AFS system will no longer work with this broker. Any feedback would be appreciated.

CA1962
  • #2
  • Aug 19, 2004 8:20am Aug 19, 2004 8:20am
Why dont you put the entry at 8:28 or at 8:27 am?

Mkcky
Lets Make Money!!!
  • #3
  • Aug 19, 2004 8:28am Aug 19, 2004 8:28am
Quoting Mkcky
Why dont you put the entry at 8:28 or at 8:27 am?

Mkcky

I'll try that, but something has definitely changed. I've been putting my orders in at 8:29, and until today, I've never had a problem. We'll see how the next one goes.

CA1962
  • #4
  • Aug 19, 2004 8:50am Aug 19, 2004 8:50am
How long you have been trading with Refco? Few months back they did not allow to put entry orders 15 minutes before NPF news. Now they dont allow you to put 1 minute before. I would suggest to put the orders like 5 minutes before with extra 5 pips diffrence and there should not be problem

Mkcky
Lets Make Money!!!
  • #5
  • Aug 19, 2004 9:09am Aug 19, 2004 9:09am
This is an Email I got from FXCM today:

Dear Client,

Thank you for trading with FXCM; we appreciate your business. We strive to provide the best possible execution under all market conditions. Recent market conditions have been highly abnormal, with the market gapping 100 to 200 pips in a matter of minutes on two occasions. In addition to the extreme volatility, there have been limited occasions following the release of economic news/numbers where the market has experienced temporary illiquidity. During these periods, we cannot provide execution guarantees for stop-loss, limit, and entry orders. As always, all trades are subject to the terms and conditions of the Client Agreement accessible through our website, www.fxcm.com.



Most traders will always have their stops, limits, and entry orders filled at the prices they specify. Only a very small portion of the time, less than 1/10 of 1% of the time, will FXCM be unable to fill these orders at the price specified due to extreme market conditions. As the largest Futures Commission Merchant specializing in foreign exchange - with over 50,000 live accounts, FXCM has access to more major banks and market liquidity than other brokers. This ensures that we can provide you with the best prices and execution even when the market is turbulent. FXCM's dealing desk will diligently work your order and try to get you the best price - we simply cannot guarantee it when there are large gaps in the market. We are proud that even when other companies are unable to put a price on the screen, we continue to quote aggressively.

Regards, Ido
  • #6
  • Aug 19, 2004 9:15am Aug 19, 2004 9:15am
Quoting idobrickner
This is an Email I got from FXCM today:

Dear Client,

Thank you for trading with FXCM; we appreciate your business. We strive to provide the best possible execution under all market conditions. Recent market conditions have been highly abnormal, with the market gapping 100 to 200 pips in a matter of minutes on two occasions. In addition to the extreme volatility, there have been limited occasions following the release of economic news/numbers where the market has experienced temporary illiquidity. During these periods, we cannot provide execution guarantees for stop-loss, limit, and entry orders. As always, all trades are subject to the terms and conditions of the Client Agreement accessible through our website, www.fxcm.com.

I received the same email, however, I was unable to even place my order. Did you try to place any entry orders before today's data release? If so, were you able to do it?


CA1962
  • #7
  • Aug 19, 2004 9:20am Aug 19, 2004 9:20am
Quoting CA1962
I received the same email, however, I was unable to even place my order. Did you try to place any entry orders before today's data release? If so, were you able to do it?


CA1962
did not try anything today.
Regards, Ido
  • #8
  • Aug 19, 2004 9:32am Aug 19, 2004 9:32am
Quoting idobrickner
did not try anything today.

Thanks.

Just spoke to an FXCM rep. He said they did block entry-orders today before the data release (how soon before, he did not say). He said they did it because of the 'recent instability of the dollar, as well as recent gapping.' He said he did not think it would be a problem in the near future and that they will still be accepting entry orders before economic data releases. Guess we'll have to wait and see.

CA1962
  • #9
  • Aug 19, 2004 9:57am Aug 19, 2004 9:57am
Quoting CA1962
Thanks.

Just spoke to an FXCM rep. He said they did block entry-orders today before the data release

CA1962

Watch out for next NPF . They may not allow us to put orders 15 minutes before the news.

Mkcky
Lets Make Money!!!
  • #10
  • Aug 19, 2004 2:39pm Aug 19, 2004 2:39pm
But not geruantee stop losses.. thats something that I can noe live with..
we will see what will happence with it.
Regards, Ido
  • #11
  • Edited 6:43pm Aug 19, 2004 6:27pm | Edited 6:43pm
Quoting idobrickner
But not geruantee stop losses.. thats something that I can noe live with..
we will see what will happence with it.

Ido,

I think we have to give up trading at NFP becuase no broker guranties the stop losses any more. era of trading on news is coming to end.

Mkcky
Lets Make Money!!!
  • #12
  • Edited 8:07pm Aug 19, 2004 8:03pm | Edited 8:07pm
Quoting CA1962
Thanks.

Just spoke to an FXCM rep. He said they did block entry-orders today before the data release (how soon before, he did not say). He said they did it because of the 'recent instability of the dollar, as well as recent gapping.' He said he did not think it would be a problem in the near future and that they will still be accepting entry orders before economic data releases. Guess we'll have to wait and see.

CA1962
See my post here:

http://www.forexfactory.com/forexfor...2&page=2&pp=25

The FXCM rep appears to be full of sh*t. I think what is REALLY going on is that FXCM/REFCO are bucketing orders instead of clearing thru interbank or matching against other customer orders. On NFP news 6 AUG they got slaughtered -- so what did they do? Simple, they just cancelled all winning trades and took the profits out of their customers' accounts. The lame-ass excuses they come up with are more and more vague and incomprehensible. WHAT "recent instability of the dollar"??? You mean a fast-moving market in response to news? Doesn't that happen every time there is surprise news?

Here is some fresh FXCM bullshit: "In addition to the extreme volatility, there have been limited occasions following the release of economic news/numbers where the market has experienced temporary illiquidity. During these periods, we cannot provide execution guarantees for stop-loss, limit, and entry orders." WHAAAT? Temporary illiquidity in a 1.5 TRILLION DOLLAR A DAY MARKET? Please, someone spray some air-freshener.

And take a gander at this, it really kills me: "We are proud that even when other companies are unable to put a price on the screen, we continue to quote aggressively." I have never seen any broker unable to quote a price on the screen. And, who cares if they "continue to price aggressively" if they don't fill your orders, or even worse, CANCEL your closed trade and steal your profits right out of your account???

I will not touch FXCM/REFCO with a 20 foot pole.
  • #13
  • Aug 19, 2004 8:48pm Aug 19, 2004 8:48pm
So which broker would you recommend instead?
  • #14
  • Edited 10:23pm Aug 19, 2004 9:57pm | Edited 10:23pm
Quoting doragio
So which broker would you recommend instead?
I have account with refco and never had problems but after reading all stuff about refco and fxcm. I am loosing trust in them. In future I dont know if they will execute my orders fairly.

I have been testing www.forex.com (Merlin's Recommendation) few of advantages they have is

1) They guaranteed feels of stop loss and limit orders up to 2 million (Please recheck this with them once more time)
2) Advance order execution (OCO, If/Then) with trailing stop.
3) Java and wireless client.
4) They are backed buy Gain capital with is very reputed broker.

They have demo account so give a try.

Mkcky
Lets Make Money!!!
  • #15
  • Aug 19, 2004 10:39pm Aug 19, 2004 10:39pm
Quoting vdeluca
See my post here:

http://www.forexfactory.com/forexfor...2&page=2&pp=25

The FXCM rep appears to be full of sh*t. I think what is REALLY going on is that FXCM/REFCO are bucketing orders instead of clearing thru interbank or matching against other customer orders. On NFP news 6 AUG they got slaughtered -- so what did they do? Simple, they just cancelled all winning trades and took the profits out of their customers' accounts. The lame-ass excuses they come up with are more and more vague and incomprehensible. WHAT "recent instability of the dollar"??? You mean a fast-moving market in response to news? Doesn't that happen every time there is surprise news?
What makes you think FXCM/REFCO got slaughtered on the 6th? You do realize your profits aren't coming out of their pockets, right?
~Will
  • #16
  • Aug 19, 2004 11:12pm Aug 19, 2004 11:12pm
Quoting Mkcky
I have account with refco and never had problems but after reading all stuff about refco and fxcm. I am loosing trust in them. In future I dont know if they will execute my orders fairly.

I have been testing www.forex.com (Merlin's Recommendation) few of advantages they have is

1) They guaranteed feels of stop loss and limit orders up to 2 million (Please recheck this with them once more time)
2) Advance order execution (OCO, If/Then) with trailing stop.
3) Java and wireless client.
4) They are backed buy Gain capital with is very reputed broker.

They have demo account so give a try.

Mkcky


I guess forex.com wouldn't be a really great choice for news trading, they have this "small print" listed on their website concerning guaranteed stop losses:


"Guaranteed Fills on Stop Loss and Limit Orders

Our no slippage policy extends to stop loss and limit orders. During FOREX.com's trading hours, all stop and limit orders up to $2 million are guaranteed to be filled at your price.* We understand that stop loss and limit orders are an important part of every trader's risk management strategy, and so we take this policy very seriously.

*Does not apply during fundamental announcements. "

I opened an account with them, their auto-trailing stop feature is nice, but I always create entry orders and rarely am able to open a market trade live, so I was a little disappointed that I couldn't set an auto-trailing stop in my entry order, just a regular hard stop loss. You have to wait for your entry to trigger, THEN you can set the auto-trailing stop to whatever you want. Their help support was very cool though.
  • #17
  • Aug 20, 2004 5:05am Aug 20, 2004 5:05am
Quoting Mkcky
Ido,

I think we have to give up trading at NFP becuase no broker guranties the stop losses any more. era of trading on news is coming to end.

Mkcky
What do you do if you start your trade three days before the NFP, you do not trade both sides, and you are now have some profit.. the NFP comes against you and they still will not honor your stop loss?
Regards, Ido
  • #18
  • Aug 20, 2004 8:22am Aug 20, 2004 8:22am
Quoting idobrickner
What do you do if you start your trade three days before the NFP, you do not trade both sides, and you are now have some profit.. the NFP comes against you and they still will not honor your stop loss?
idobrickner:

I believe what is being referred to specifically are ENTRY ORDERS, which are also referred to as either STOP ORDERS (and LIMIT ORDERS), and not "stop-losses." If brokers stopped honoring stop-losses, they wouldn't keep a single customer.
  • #19
  • Aug 20, 2004 8:22am Aug 20, 2004 8:22am
Quoting ultimastrike
What makes you think FXCM/REFCO got slaughtered on the 6th? You do realize your profits aren't coming out of their pockets, right?
No, that is just my theory. The reason they cancel trades, restrict entry straddles, etc. in my opinion is because they DO NOT clear thru interbank or match against other customers, but bucket the orders instead, betting against their customers for their own account. No other explanation for their policies, and as I said their "explanations" make no sense.
  • #20
  • Aug 20, 2004 8:24am Aug 20, 2004 8:24am
Quoting doragio
So which broker would you recommend instead?
CMC is excellent. CMS also (if they ever get their act together vis too many disconnects)
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