trading during NFP

Normally, its not available on a demo. Open a mini USD250 (400:1, base 10) and you will have access to it. Or the link I provide you is a direct link to the broker who handled my account. She is very helpful & professional. Use that link, you will get a call from her!

All the best!

p.s Check out their fund manager mode 1 and use your imigination!

I already have a live account. You think I was sweatting for fake money? I traded the NFP yesterday and I waited 22 min for a fill. So, how do I access the volatility calendar, I don't want to be in that situation again.

Glad to see this thread - was about to start a similar one myself...

I tried to place a market order with FXCM a few minutes before the news hit on Friday - my stop would have had to be almost 1000 pips away from the opening!

I was only worried about getting in - wasn't considering that closing the position could pose similar problems...

Retail Forex Brokers

Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion daily, [2]which is about 2% of the whole market. CNN also quotes an official of the National Futures Association "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that actually trades foreign exchange (which determines the firm's own net position in the market, serving as both a proprietary trading desk and a means of offsetting client trades on the interbank market) and one used for off-exchange trading with retail customers (called the "dealing desk" or "trading desk").

Many retail FX market makers claim to "offset" clients' trades on the interbank market (that is, with other larger market makers), e.g. after buying from the client, they sell to a bank. Nevertheless, the large majority of retail currency speculators are novices and who lose money [3], so that the market makers would be giving up large profits by offsetting. Offsetting does occur, but only when the market maker judges its clients' net position as being very risky.

The dealing desk operates much like the currency exchange counter at a bank. Interbank exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so that the market maker will make a profit) before they are displayed to retail customers. Prices shown by the market maker do not neccesarily reflect interbank market rates. Arbitrage opportunities may exist, but retail market makers are efficient at removing arbitrageurs from their systems or limiting their trades.

A limited number of retail forex brokers offer consumers direct access to the interbank forex market. But most do not because of the limited number of clearing banks willing to process small orders. More importantly, the dealing desk model can be far more profitable, as a large portion of retail traders' losses are directly turned into market maker profits. While the income of a marketmaker that offsets trades or a broker that facilitates transactions is limited to transaction fees (commissions), dealing desk brokers can generate income in a variety of ways because they not only control the trading process, they also control pricing which they can skew at any time to maximize profits.

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail speculators in FX lack trading experience and and capital (account minimums at some firms are as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges from $10,000 to $100,000, force small traders to take imprudently large positions using extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many retail Forex firms default client accounts to 100:1 or even 200:1, without disclosing that this is highly unusual for currency traders. This drastically increases the risk of a margin call (which, if the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' " [4]

In the US, "it is unlawful to offer foreign currency futures and option contracts to retail customers unless the offeror is a regulated financial entity" according to the Commodity Futures Trading Commission [5]. Legitimate retail brokers serving traders in the U.S. are most often registered with the CFTC as "futures commission merchants" (FCMs) and are members of the National Futures Association (NFA). Potential clients can check the broker's FCM status at the NFA. Retail forex brokers are much less regulated than stock brokers and there is no protection similar to that from the Securities Investor Protection Corporation. The CFTC has noted an increase in forex scams [6].

Hi ..

Well my friend . it's the worst thing a day trader can have .

FXCM is a not a brokerage firm ,abut it 's a dealing desk too . It had the automatic trading platform where you can put ur SL/TP points . but they found they can make much more money if they trade against their own clients . They trade against you . You really believe that a brokerage firm can really be satisfied with 3 pips spread with small accounts _ that means you ddin't get the real game .you rade maybe with 100k or 200k ; so 3 pips spread gives them 30 $ or 60$ . do you think it's satistying with those people . Certainley no .

That's what happened for REFCO while it was dying . So you have to change your dealer before you wake up one day and you see your account expired ..

i worked with FXCM .. when they became worst . I said " bye bye " . I closed my account and opened with saxo bank . Now you don't need to loose your money . you have to be precautious man . They won't tell at FXCM , " we are dying , and we 're going to hell ,save your money and close your account .." . You have to feel the desaster before it comes in . that's how a trader work . You have the money and you can trade with any dealing desk you trust ..


SO take care ..


Bye ..

No, i dont think you will sweating for fake money! BUT its amazing, because you rather wait 22mins for a fill & lose more than USD250 rather then invest USD250 to get a better deal.

The votality calender is only for GFT clients, & it cannot be used for other platform. In another words, the data inside the calender only works with GFT, therefore when you dont have an account with them, there is no point in getting the calender. What is volatile to FXCM might not be volatile for GFT and vice versa. Votality period is defined by brokerage firms, its not a standard thing like fundamental announcements.

Im not asking you to open an account with GFT, it is just a suggestion and only trying to help. When you dont like the idea, so be it!

Take Care!

I had been having more and more problems using FXCM--the usual things. platform freezing, so called price changes when there were none, delayed trades. A few weeks ago, I left FXCM and I have rarely felt happier about a decision.

Now, while I get some "price changed" during times of very high volatility, it is at times when it is understandable, and only occasionally. I also have no difficulty placing entry orders 30 pips away from the price just 5 minutes before NFP. It makes trading so much more pleasant, not to mention profitable.

anyone remember electricsavant on this forum (how can we forget him, right)? what i loved about this guy is that he was always talking about how to exploit broker weaknesses. his eyes were on the money, and he identified some sure fire ways to expliot a multiple broker account setup.

the reason that guy is out there probably making a lot of money is because he was playing the game, not complaining about the rules. he looked at the landscape and figured out how to expliot it for his own personal gain. capitalism at its finest!

FXCM is notorius for not letting if you are going in the right direction during volatility or keeping you in when it is not to your benefit. The only suggestion I have is to change brokers. FXCM was my first broker and I will never use them again. Ever.

They seem to prey on new traders and their spreads can be horrible.

Good Luck,

Michel

Merlin, I don't think we're getting through to them on this...they're going to continually blame their brokers...sad fact of life, I think we're going to have to live with it...

:-|

To all broker & dealer complainer,

Try this company, well I will ALMOST guarantee this is a Market Maker where the fund managers & banks do spot forex. No slippage, No volitality periods, NO LIMIT orders & NO Bull S***.

http://www.forexplatforms.com/dukasch.htm

All we know, some of the big names in forex brokerage are sending their orders with this company.

All the best

Is His Majesty the Sultan of Brunei also trading through them ?

Thanks

merlin, mrmikal:

Agreed. Simply stated, "Play the game or get played!" enuf said.

How about I put on my cliche hat:

If it's raining, open an umbrella or get out of the rain. Otherwise enjoy the shower and don't complain.

If you can't stand the heat, get out of the kitchen.

It's an impoverished workman that blames his tools.

Even Adam after eating the forbidden fruit in the Garden, was a blameshifter, when he said to God, "It was that woman you gave me!!!" Gen. 3:12

A (not so) gentle rebuke - WAKE UP!!! No more pity parties, no more broker bashing, c'mon folks, stop your griping. Either find a broker that works for you or just keep your day job and plan to work the next 30 years, retiring with a gold watch, no social security, and that imminent sense of creeping senility that leaves you wondering who will feed you when your sight has dimmed, your hand has slowed and your hair has fallen.

Hehee.... he got his Brunei investment Agency (BIA) to do that for him.

That for sure is a solid one ! !
Better than any ECN in the world.

Highway

Ok, let's calm down here, I think it's just a misscommunication. I ment to say, I do have a live account with GFT. I've been trading there live for a few months, and the 22min delay happened with them. I didn't lose any money, I was filled at the specified price, it's just that I had to wait and stress for 22 min to get that fill. Thank you for the help, I do appreciate it man, sorry for any missunderstandings.