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FXCM Discussion

Quoting JasonDeaN
Hello, tell me, what is your minimum deposit. And if I can trade from their region (Uzbekistan)?
Hi Jason, (cool name )

You can open a basic FXCM account with $50, and we do accept clients from Uzbekistan. Below is more info on our different account options.

http://img838.imageshack.us/img838/3...pes2013apr.png


Xush kelibsiz!

Jason
Quoting EricB
Hello Jason, Can you please tell me how you calculate the mark up that FXCM applies to rollover charges above the LIBOR rate and what is the maximum markup that can be applied on a given currency pair? It would give customers some clarity on what to expect. Regards, Eric
Hi Jason,

Can you please clarify the above question.

Eric
  • #3,623
  • Quote
  • May 17, 2013 12:45pm May 17, 2013 12:45pm
Quoting Jason Rogers
{quote} Hi AlbinaGrande, Let me start by explaining how things would work if you have a single GBP/AUD position...........Jason
Hi Jason,

Thanks so much. I have now enabled Hedging because I realize that it gives me more latitude in choosing whether to finally exit my positions or continue with the Trend by lifting the Hedge.

Last nite I set up an OCO Entry Order "envelop" for my GJ positions, in order to lock up some nice pips, which put me flat this morning at near the top when the LE triggered. As expected the SE limb was cancelled. So far so good!!

My question tho is - what is the purpose for the box on the OCO order pop up "Sync Rates"?

Thanks again, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #3,624
  • Quote
  • Edited 6:41pm May 17, 2013 6:02pm | Edited 6:41pm
Quoting EricB
Hello Jason, Can you please tell me how you calculate the mark up that FXCM applies to rollover charges above the LIBOR rate and what is the maximum markup that can be applied on a given currency pair? It would give customers some clarity on what to expect. Regards, Eric
Hi EricB,

I don't have info regarding markups, but you can see the exact amount of rollover interest you would earn or pay right on our Trading Station.

http://media.dailyfx.com/illustratio..._Picture_3.png

We also provide info on the latest overnight interest rates that are used to determine rollover on DailyFX.com

http://img841.imageshack.us/img841/5...erestrates.png http://img94.imageshack.us/img94/890...loverrates.png

You can find the tables above at the bottom right of the DailyFX homepage. And the DailyFX Rollover Calendar provides info on when holidays affect the rollover schedule.

Jason
Quoting AlbinaGrande
{quote} Hi Jason, Thanks so much. I have now enabled Hedging because I realize that it gives me more latitude in choosing whether to finally exit my positions or continue with the Trend by lifting the Hedge. Last nite I set up an OCO Entry Order "envelop" for my GJ positions, in order to lock up some nice pips, which put me flat this morning at near the top when the LE triggered. As expected the SE limb was cancelled. So far so good!! My question tho is - what is the purpose for the box on the OCO order pop up "Sync Rates"? Thanks again, AG
Hi AG,

The "Sync Rates" feature lets you set buy and sell OCO orders that are both the same pip distance above and below a central price. For example, suppose EUR/USD is trading in a range around 1.23459, but I think it could break out of this range either to the upside or the downside. I could set an OCO order where my buy order is set at 1.24459 and my sell order is set at 1.22459.

http://media.dailyfx.com/illustratio..._Picture_1.png

DailyFX trading instructor Walker England discussed how to use OCO orders this way in an article on DailyFX.com

Jason
Hi Jason,

While I know ST is not being supported, I thought maybe someone could look at the following which started last Sunday. When you open a chart for the last week in tick bars, the spikes in the picture take place. Data prior to last week is OK. The data collected live is fine, unless you close and reopen the chart. 2 weeks ago, the exact thing began in minute data.

I continue to try and work with Ninja, however it take a huge amount of time to download the data to import and I am only part way through the process. In the meantime, ST is the only way I can trade.

Thank you,
BR
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  • #3,627
  • Quote
  • May 18, 2013 11:23am May 18, 2013 11:23am
Quoting Jason Rogers
Below is more info on our different account options. Jason
Dear Jason,

As a potential future customer of FXCM, here's what I don't understand. Why are you keeping DD account option at all, when obviously you're profiting much less with that account option (only half the markup of the NDD option)?! Why don't you just discontinue DD option alltogether, as a relict of the past? Unless, of course, there are other means to recover lost profit from the smaller mark up, in which case I ask you kindly to explain them.

Looking at it the other way, from my customer POV, I would be stupid to pay twice as much for basically the same service (trading currencies, that is). So, DD, with its smaller mark up cost seems like a natural choice. But, I'm afraid that the devil's in details, hence my inquiry for clarification.
I've just opened basic account. How does one gain access to CFD instruments?
what time open trading on Sunday?
Having a few problems with fxcm lately.
slippage: I ignored small slippage (anything under 1 pip) but recently I got a lot of trades with 3,5,15 or even more pips slippage
TP level reached but not filled
Limit entry level reached but not filled, even for a small order (usd10K), I was given the reason that the level reached, the order was sent out to big banks but it was too late, there was no same/better levels in the market so the limit order went to waiting room.
Trade inquiries take ages to get a response. When I submitted a trade inquiry, there is an automated reply saying that i will get a response within one or two working days. Last year or so, the response time was very good (within promised time) but now, four to eight weeks with no reply.
So stacking all problems together: slippage on pending orders, TP levels for existing trades reached but not closed, limit entry order reached but not filled, slow trade inquiry response (even with "private client" account), I would say something needs to be improved. I think it is even worst than dealing desk operation.
Just air it out really.
Frustration to say the least.
  • #3,631
  • Quote
  • May 20, 2013 10:41am May 20, 2013 10:41am
Welcome.
As regards the ECN broker. I want to close the position of material, eg, at a price of 1.28653 and the broker closes at a price of 1.28655. Do not close my hand just close my tp. Why is this happening?
Quoting Big1red9
Hi Jason, While I know ST is not being supported, I thought maybe someone could look at the following which started last Sunday. When you open a chart for the last week in tick bars, the spikes in the picture take place. Data prior to last week is OK. The data collected live is fine, unless you close and reopen the chart. 2 weeks ago, the exact thing began in minute data. I continue to try and work with Ninja, however it take a huge amount of time to download the data to import and I am only part way through the process. In the meantime, ST is the...
Hi Big1red9,

Since ST is no longer supported, it no longer gets the updates necessary to function properly. It's important that you switch to a supported platform. For example, your current ST login will work on Trading Station, or if you prefer, your account can be set up to work on MT4 or NinjaTrader.

In regards to the long wait times you encountered when loading charts on NinjaTrader, we identified the cause. It turns out that every time a chart loads on the platform, it pulls the data through the API, and the data is not saved locally. Since the API can only retrieve 300 bars at a time, this leads to long wait times when a large amount of data (a wide date range for the chart) is requested. This happens every time the chart is opened, even if you had already loaded the data in past. This issue will be resolved with the next update, but there is another solution in the meantime: the Historical Data Downloader (HDD).

HDD allows you to quickly and easily import mountains of price data directly from FXCM, making it possible to back-test strategies with up to 10 years of data. It will retrieve the data and save it locally. That way NinjaTrader doesn't have to download it through the API every time. HDD retails for $499 at FXCMapps.com, but we are currently making it available for free to NinjaTrader clients with an account balance of $5000.

To get your free copy of HDD, please shoot me a private message.

Jason
  • #3,633
  • Quote
  • Edited 7:38pm May 20, 2013 7:15pm | Edited 7:38pm
Quoting perlfx
{quote} Dear Jason, As a potential future customer of FXCM, here's what I don't understand. Why are you keeping DD account option at all, when obviously you're profiting much less with that account option (only half the markup of the NDD option)?! Why don't you just discontinue DD option alltogether, as a relict of the past? Unless, of course, there are other means to recover lost profit from the smaller mark up, in which case I ask you kindly to explain them. Looking at it the other way, from my customer POV, I would be stupid to pay twice as much...
Hi Perlfx,

Welcome to the forum

FXCM offers Dealing Desk execution for traders whose primary concern is low spreads.

http://imageshack.us/a/img705/3184/fxcmspreadsmay10.png

Because we can create the prices on which you trade, FXCM's dealing desk execution option is able to offer spreads for FXCM's 12 most popular currency pairs that may be up to one pip lower than those provided by the No Dealing Desk (NDD) model. Dealing Desk execution is used by many brokers in the forex industry. However, FXCM's Dealing Desk execution offering is unique because it shares important features with our No Dealing Desk (NDD) execution, such as no re-quotes, and no restrictions on stops and limits. But no matter what the similarities, the Dealing Desk offering has certain trading limitations.

When operating a Dealing Desk the firm actively takes a position in the market, which exposes the firm to market risk. When you are long, the Dealing Desk may be short. When you are short, the Dealing Desk may be long. So your losses can equate to the Dealing Desk's profit. Alternatively, your profits can equate to the Dealing Desk's loss. Certain strategies expose Dealing Desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some Dealing Desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, or widening spreads.

At FXCM we offer both Dealing Desk and NDD execution. If you are trading on Dealing Desk execution and your trading style exposes us to more risk than we're comfortable with, FXCM may, at our sole discretion and at any time, change your execution type to NDD. This is how FXCM can comfortably offer both options without having to resort to some of the common "dealer intervention" practices listed above which take place at many forex brokers. There are no restrictions on the trading strategy that you use on the NDD execution model, however the tighter spreads available on FXCM's Dealing Desk offering would no longer be available to you. We encourage traders who use automated, high-frequency or scalping strategies to open an NDD account, which is compatible with all trading strategies.

Jason
Jason,

I have the HDD. Based on my download times with a 10mbps internet connection, set for 10 years of tick data download, it would take about 1000 hrs per currency... and I can't let it run 24/7 as I also trade. So it takes a lot of effort and time to get done.

Regards,
Don

Quoting Jason Rogers
{quote} Hi Big1red9, Since ST is no longer supported, it no longer gets the updates necessary to function properly. It's important that you switch to a supported platform. For example, your current ST login will work on Trading Station, or if you prefer, your account can be set up to work on MT4 or NinjaTrader. In regards to the long wait times you encountered when loading charts on NinjaTrader, we identified the cause. It turns out that every time a chart loads on the platform, it pulls the data through the API, and the data is not saved locally....
Quoting Greenhaze
I've just opened basic account. How does one gain access to CFD instruments?
Hi Greenhaze,

All FXCM clients have access to CFDs, except those trading through our US entity. That's because US regulations only allow us to offer forex trading. Your forum profile says you live in Poland, so most it's most likely that your account is with our UK entity. That means you should have CFD access on your platform. If you do not see CFDs on your platform, then click on the Symbols button on the top of the Trading Station. Then in the window that pops up, select the CFDs and currency pairs you would like to trade, as shown below.

http://img571.imageshack.us/img571/4...s2013may20.png


If you do not see CFDs in the Symbol Subscription List, then your account is with FXCM's US entity. As long as you live outside the US, you can transfer to FXCM UK by completing this form. As with any form of speculative trading, when trading forex or CFDs, your capital is at risk.

Jason
Quoting Big1red9
Jason, I have the HDD. Based on my download times with a 10mbps internet connection, set for 10 years of tick data download, it would take about 1000 hrs per currency... and I can't let it run 24/7 as I also trade. So it takes a lot of effort and time to get done. Regards, Don {quote}
Hi Don,

I would like to have one of our tech specialists look into why it's taking so long to load the data on your computer with the HDD. Please send me a private message with your account details, and I'll follow up on this for you.

Jason
Quoting zbinow3411
what time open trading on Sunday?
Hi Zbinow,

Welcome to the forum

The trading desk opens on Sunday at 5:15 pm and closes on Friday at 4:55 pm New York time.

Jason
Quoting ngson99
Having a few problems with fxcm lately. slippage: I ignored small slippage (anything under 1 pip) but recently I got a lot of trades with 3,5,15 or even more pips slippage TP level reached but not filled Limit entry level reached but not filled, even for a small order (usd10K), I was given the reason that the level reached, the order was sent out to big banks but it was too late, there was no same/better levels in the market so the limit order went to waiting room. Trade inquiries take ages to get a response. When I submitted a trade inquiry, there...
Hi Ngson,

You mentioned that you are getting a lot of trades with 3, 5 or 15 pips slippage lately? Please tell me a bit more about when these orders are being executed. It's important to keep in mind that there are times in the market when the risk of slippage is greater, such as during news events. Another thing to keep in mind is that with FXCM, slippage can be positive or negative. Positive slippage is when your order is filled with a price improvement. The stats below show that FXCM clients get price improvements on their orders just as frequently as negative slippage.

http://img823.imageshack.us/img823/1...ovementspo.png


There are techniques you can use to maximize price improvements and minimize negative slippage.

How To Maximize Positive Slippage - USE LIMIT AND LIMIT ENTRY ORDERS

FXCM recommends opening and closing trades using limit and limit entry orders in most cases. The benefit to these order types is that you are guaranteed to receive your requested price or better without receiving negative slippage. Remember, that although limit orders guarantee price they do not guarantee execution making order types an important consideration in any trading decision.

How to Minimize Negative Slippage - USE MARKET RANGE ORDER TYPES

For example, when trading with market orders, FXCM recommends setting the order type to "market range" on our Trading Station platform to avoid potentially receiving negative slippage. A market range order type allows you to control the amount of slippage your order can receive when it executes allowing for price certainty (see image below).

http://www.fxcm.com/assets/img/pages...rket-order.jpg


A market range of "X" pips assures that all or part of your order will be filled within a "X" pip range of the current market price ("X" pips above or "X" pips below) if liquidity is available.

Also, you mentioned that in the past you got very good response times on your trade inquiries, but now it's taking over 4 weeks. That should never happen. If you're waiting more than a couple of days for response on a trade inquiry, please send me a private message with your account details, so I can follow up on this for you.

Jason
Quoting zbinow3411
Welcome. As regards the ECN broker. I want to close the position of material, eg, at a price of 1.28653 and the broker closes at a price of 1.28655. Do not close my hand just close my tp. Why is this happening?
Hi Zbinow,

I do not understand your question. Please tell me more about what happened.

Jason
Quoting Jason Rogers
At FXCM we offer both Dealing Desk and NDD execution. If you are trading on Dealing Desk execution and your trading style exposes us to more risk than we're comfortable with, FXCM may, at our sole discretion and at any time, change your execution type to NDD. This is how FXCM can comfortably offer both options without having to resort to some of the common "dealer intervention" practices listed above which take place at many forex brokers. There are no restrictions on the trading strategy that you use on the NDD execution model, however the tighter...
Thank you Jason! Your explanation answers my question perfectly. It all makes sense.

Obviously a serious trader should go with the NDD option right away... if she's really serious, she would be forced to anyway.
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