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  • #4,361
  • Feb 26, 2014 1:24pm Feb 26, 2014 1:24pm
Quoting calderone
{quote} Now, I magically connected with your server after an hour of this back and forth stuff. This isn't the first time this has happened. Please just tell me when your server is off kilter, I can deal with that. I lose trust when you try to tell me it's me and I am the only person on the planet with a problem. I was told that they didn't do anything on their end to fix this issue. It just resolved itself. I don't like having no access for unknown reasons.
Blood pressure normal again. All is well, birds singing. lol
  • #4,362
  • Feb 26, 2014 1:32pm Feb 26, 2014 1:32pm
Quoting calderone
{quote} Blood pressure normal again. All is well, birds singing. lol
Glad to hear that

Regarding your earlier connection issue, do you use Verizon by any chance? Our techs confirmed for me that while there were no connection issues on our end, they recently heard reports of possible problems on Verizon's end.

If you have any problems connecting in the future, you can call us toll-free 24 hours a day at 1-888-50-FOREX. If necessary, our live customer support team can even transfer you to the trading desk to manage your orders over the phone.
  • #4,363
  • Feb 26, 2014 2:00pm Feb 26, 2014 2:00pm
Quoting Jason Rogers
{quote} Glad to hear that Regarding your earlier connection issue, do you use Verizon by any chance? Our techs confirmed for me that while there were no connection issues on our end, they recently heard reports of possible problems on Verizon's end. If you have any problems connecting in the future, you can call us toll-free 24 hours a day at 1-888-50-FOREX. If necessary, our live customer support team can even transfer you to the trading desk to manage your orders over the phone.
No verizon but I do have a local provider so I am not convinced it is on fxcm's end. I do think it is possible that a local interruption caused a glitch or momentary black out of my service and I could have been lost in the traffic.

It's all good, I always use a stop loss when scalping. The solution is that soon I will be back in my home city with a reputable internet provider.
  • #4,364
  • Edited 5:01pm Feb 26, 2014 4:21pm | Edited 5:01pm
Sorry Jason but "bumps along the way" ??????

We are talking about the organisation you represent SYSTEMATICALLY STEALING MILLIONS OF DOLLARS FROM YOUR CUSTOMERS ON AN INTERNATIONAL SCALE. Please do not try to brush this aside with marketing spiel and equivocation. Where are the resignations in response to such unscrupulous conduct? You have no real answers Jason because it's above your pay grade I imagine. The reality is your organisation only stopped this practice due to being caught, you would have continued stealing customer funds if it wasn't challenged. Electronic theft of this scale would have taken planning, leadership, development & deliberate concealment to carry out, which spanned FOUR YEARS Jason, do not make this out to be a minor mishap or bump along the way.

"Sharks" is a label branded about too often in the broker spectrum but in this instance Jason, it describes FXCM perfectly and until you publically apologise and the individuals responsible resign or are removed from your organisation, you should be banned from any forum relating to retail forex trading and people discouraged from using your service.







Quoting Jason Rogers
{quote} Hi TranceTrader, I've posted this same response to you on the Trade2Win forum. Trust is very important for forex traders whether it be related to trading execution, safety of funds, or any other area, and we have always taken steps to be as transparent as possible and lead the industry in transparency. If an important issue comes up, we address it head on and do not disappear as you can see some of our competitors do when difficult and potentially embarrassing issues arise. As of the latest numbers, traders hold $1.264...
  • #4,365
  • Edited 4:58pm Feb 26, 2014 4:44pm | Edited 4:58pm
Quoting TranceTrader
would of
It hurts everytime i read it..
  • #4,366
  • Feb 26, 2014 4:59pm Feb 26, 2014 4:59pm
Hopefully it will set you on fire.
  • #4,367
  • Feb 26, 2014 5:06pm Feb 26, 2014 5:06pm
Can one imagine how tempting it must be to do this as an owner of such an establishment? It is fresh candy in front of a child. I wonder how many traders resulted in failure from such activity? I suspect a jury would be sympathetic to victims of such business practices and that prior and current statements of company representatives would be fully discovered. This is the good and bad of the legal system I guess. Right?
  • #4,368
  • Edited 7:25am Feb 27, 2014 7:15am | Edited 7:25am
They cheated with full knowledge of the evidence.
The only thing which would delight me could be this :

Attached Image (click to enlarge)
Click to Enlarge Name: fxcm.JPG Size: 121 KB
  • #4,369
  • Feb 27, 2014 8:18am Feb 27, 2014 8:18am
Hi TranceTrader,

First, I want to thank you for expressing your views with us. No doubt, there are others reading this thread who share your sentiments.

Quoting TranceTrader
Sorry Jason but "bumps along the way" ?????? We are talking about the organisation you represent SYSTEMATICALLY STEALING MILLIONS OF DOLLARS FROM YOUR CUSTOMERS ON AN INTERNATIONAL SCALE. Please do not try to brush this aside with marketing spiel and equivocation.
You're right. We should have passed on positive slippage to our clients from the beginning.

Quoting TranceTrader
Where are the resignations in response to such unscrupulous conduct? You have no real answers Jason because it's above your pay grade I imagine.
You're right again about such a decision being beyond my pay grade.

Quoting TranceTrader
The reality is your organisation only stopped this practice due to being caught, you would have continued stealing customer funds if it wasn't challenged. Electronic theft of this scale would have taken planning, leadership, development & deliberate concealment to carry out, which spanned FOUR YEARS Jason, do not make this out to be a minor mishap or bump along the way.
This is where I have to disagree with you. The reality is that when FXCM introduced the No Dealing Desk (NDD) forex execution model back in 2006/7, the vast majority of brokers in the industry were still using a dealing desk model. We made this change because we believed then and we still believe now that the NDD model is more fair and transparent in that it offers competitive, market driven prices that are sourced from multiple liquidity providers.

In switching to the NDD model, we left behind the fixed-spread dealing desk model which was the norm at the time. This meant that our clients enjoyed benefits that weren't traditionally available to retail forex traders in the past such as the ability to set stops and limits as close as 1 pip from the market price, with no restrictions on setting orders during news events, and no re-quotes. This eliminated a lot of the conflicts of interest that are built into dealing desk model, and helped FXCM grow into an industry leader with over $1 billion in customer funds.

Quoting TranceTrader
"Sharks" is a label branded about too often in the broker spectrum but in this instance Jason, it describes FXCM perfectly and until you publically apologise and the individuals responsible resign or are removed from your organisation, you should be banned from any forum relating to retail forex trading and people discouraged from using your service.
I respect that you feel that way. However, we believe we have taken the steps necessary to make things right. FXCM reimbursed our clients and former clients for the positive slippage they missed out on, and paid fines on top of that to our regulators. Furthermore, we updated our execution system in 2010 for the entire FXCM Group to pass on all positive slippage in full to our clients, while many brokers still do not to this day.

FXCM has been around for 15 years which makes us one of the oldest firms in the retail forex industry. We have seen many changes in that time and pride ourselves in being a key innovator in these changes. I admire your passion on behalf of your fellow traders. Don't you think all brokers should be held to same standard?
  • #4,370
  • Feb 27, 2014 8:49am Feb 27, 2014 8:49am
Quoting Jason Rogers
This is where I have to disagree with you. The reality is that when FXCM introduced the No Dealing Desk (NDD) forex execution model back in 2006/7, the vast majority of brokers in the industry were still using a dealing desk model. We made this change because we believed then and we still believe now that the NDD model is more fair and transparent in that it offers competitive, market driven prices that are sourced from multiple liquidity providers.
Sorry but the distinction between trading via a dealing desk or non dealing desk (NND) is irrelevant to this issue. It is not the method of order execution that was responsible for the theft of positive slippage... it was the individuals at FXCM.

Quoting Jason Rogers
I admire your passion on behalf of your fellow traders. Don't you think all brokers should be held to same standard?
Show me evidence of other brokers recently being fined for the actions I have challenged you on and I will levy the same criticisms at them.
  • #4,371
  • Feb 28, 2014 1:44pm Feb 28, 2014 1:44pm
Hi Jason,


about the upcoming lotsize reduction in the CFD section next week I think I found something strange on the MT4 side of FXCM.


When I calculate a lotsize for a given Risk of 200 Points and 100€ Riskvolume in EURUSD I calculated it using the formula in the little snippet below(*)


In EURUSD the real result is: 100€/7.24€/P/lot/200P = 0.698 lots ~ 0.7 lots. The formula below reflects this result as well as the screenshot of a appropriate order in the demo account.

In SPX500 the real result is: 100€/0.0724/200=6.9 Lots ~ 7 Lots. The same formula comes up with 5 Lots - which is wrong. TS2 reflects 0.07€/lot already - the issue is only on the MT4 side here.

In XAUUSD I would expect 100€/0.0724/200=69 Lots - but the result there is 50 lots as well.
Here the issue is as well on TS2 as on MT4.

Seems like there is already (€ == US$) in the parameter set of the SPX500 and XAUUSD.


To illustrate this I made appropriate screenshots of this issue on SPX500/EURUSD.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 24 KB



You might use the script below to reproduce the issue.

Or did I accidentially miss some different calculation mode on the CFD section?

Thanks in advance and best regards.

Naddmer

(*)
Inserted Code
//+------------------------------------------------------------------+
//| MM.mq4 |
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
int start() {
// How many digits for one lotstep?
double LotDigits = NormalizeDouble(MathLog(MarketInfo(Symbol(), MODE_LOTSTEP)) / MathLog(0.1), 0);
 
// 20 Pips in EURUSD - 200 Pips in SPX500
double StoplossPoints = 200;
//
// This should give a LotSize of
// EURUSD: 100€/7.24€/lot/P/20P=0.69 Lots (Fine!)
// SPX500: 100€/0.0724€/lot/P/200=6.9 Lots (Nope - it results in 5!)
 
 
double MaxLoss= 100; // 100€ Account currency risked
// This formula works well in EURUSD - but fails on SPX500
// This should calculate a LotSize for 100€ of allowed Loss and a 20Pips Stoploss
double LotSize=MaxLoss/(Point*StoplossPoints*(MarketInfo(Symbol(), MODE_TICKVALUE) / MarketInfo(Symbol(), MODE_TICKSIZE)));
double MarginRemaining=AccountFreeMarginCheck(Symbol(), OP_SELL, LotSize);
double MarginUsed=AccountFreeMargin() - MarginRemaining;
 
//----
MessageBox(
"A stoploss of " + StoplossPoints + " points and " + MaxLoss + " Euros results in" +
"\nLotSize : " + LotSize + " lots in a Symbol with " + LotDigits + " lot digits" +
"\nresults in MarginUsed=" + MarginUsed +
"\nand MarginRemaining=" + MarginRemaining,
"Script", MB_OK);
return(0);
}
//+------------------------------------------------------------------+
  • #4,372
  • Feb 28, 2014 3:39pm Feb 28, 2014 3:39pm
Hi Jason,


Quoting Jason Rogers
...
5. Will margin requirements change? Yes. As the value of 1 lot will be reduced by 1/10th, the margin requirements for that position will also be reduced by 1/10th. Please register for a practice account to see updated margin requirements.
...
Here's the current margin requirement from a Live account:

1 old lot SPX500 requires 80€ margin.
Attached Image (click to enlarge)
Click to Enlarge Name: Auswahl_150.png Size: 38 KB



And here's the margin requirement from a current demo account:
10 new lots (== 1 old lot) of SPX500 require 120€ margin all of a sudden.
Attached Image (click to enlarge)
Click to Enlarge Name: Auswahl_151.png Size: 46 KB


An odd thing is: The GER30 margin requirement was kept the same.


Other margin requirement differences are:

XAUUSD (3€ to 4€)
XAGUSD (5€ to 7.50€)
BUND (30€ to 45€)

Hopefully not too many German traders will get a margin call on Monday because of the 50% margin requirement increase in SPoos, XAU, XAG, BUND and so on...

More hopefully this is a preparation of a margin requirement increase which is to be announced.

Even more hopefully this is an error in the demo account parameters only.

Do you mind to clarify those differences, please?

Thanks and have a fine weekend.

Naddmer
  • #4,373
  • Mar 2, 2014 2:08pm Mar 2, 2014 2:08pm
14 pip spread on E/U and G/U. FXCM must want to be cleaning up orders... lol
  • #4,374
  • Mar 2, 2014 9:51pm Mar 2, 2014 9:51pm
compensation,
Is only fxcm uk`s clients?
  • #4,375
  • Mar 3, 2014 2:55am Mar 3, 2014 2:55am
Hello

what the lowest AUD / NZD price you see on your charts at market open time tonight. FXCM executed stop loss order 1.06231. Other sources do not show me this price. FXCM lowest price 1.06153.

Thanks
  • #4,376
  • Mar 3, 2014 8:25am Mar 3, 2014 8:25am
Quoting SLforex
Hello what the lowest AUD / NZD price you see on your charts at market open time tonight. FXCM executed stop loss order 1.06231. Other sources do not show me this price. FXCM lowest price 1.06153. Thanks
Well you gotta keep in mind that this is the FOREX market we're talking about so there is no uniformal price feed so FXCM's liquidity at that particular instance could have been worse off than another source you were looking at. With that said, I still like to go with the idea that they're really manipulating the price feeds.
  • #4,377
  • Mar 3, 2014 8:29am Mar 3, 2014 8:29am
Quoting jhehe
{quote} Well you gotta keep in mind that this is the FOREX market we're talking about so there is no uniformal price feed so FXCM's liquidity at that particular instance could have been worse off than another source you were looking at. With that said, I still like to go with the idea that they're really manipulating the price feeds.
I saw spreads of 14-15 pips at market open yesterday. It's possible that these spreads accounted for the stop hit.
  • #4,378
  • Mar 3, 2014 10:32am Mar 3, 2014 10:32am
Quoting Venice
14 pip spread on E/U and G/U. FXCM must want to be cleaning up orders... lol
Hi Venice,

Several major currency pairs including EUR/USD gapped 30 to 40 pips over the weekend between their Friday closing prices and their Sunday opening prices. Given these circumstances and the lower liquidity in the market that's typical of the Sunday open, banks widened their spreads at the time you mentioned.
  • #4,379
  • Mar 3, 2014 10:33am Mar 3, 2014 10:33am
Quoting entheos
compensation, Is only fxcm uk`s clients?
Hi Entheos,

Under the terms of our settlement with the FCA, FXCM has agreed to pay fines totaling £4 million to the FCA and to provide approximately $10 million in restitution to the affected clients. All clients receiving restitution will be notified within 60 days. The price improvement credit only applies to i) the clients of Forex Capital Markets Ltd (FXCM UK) that executed the rolling spot forex orders from 1 August 2006 to 18 December 2010 and ii) the clients of FXCM Securities Ltd (formerly ODL Securities) that executed he rolling spot forex orders from 14 May 2010 to 17 December 2010. Clients of Forex Capital Markets, LLC (FXCM US) already received similar price improvement credits in 2011. This recent settlement is a significant step in our efforts to put this legacy trade execution issue from back in 2010 behind us.
  • #4,380
  • Mar 3, 2014 10:40am Mar 3, 2014 10:40am
Quoting SLforex
Hello what the lowest AUD / NZD price you see on your charts at market open time tonight.
Hi SLforex,

At the time of this post, my charts are showing the same low of 1.06153 for AUD/NZD since trading opened for the new week.
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