FXCM Discussion | Page 327 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/JPY

Similar Threads

FXCM with Sierra Charts - Discussion and alternatives 8 replies

Elliott Waves discussion 4 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Euro/Dollar discussion 9 replies

Forward Testing Discussion Thread 241 replies

Attachments: FXCM Discussion
Exit Attachments

FXCM Discussion

  • #6,521
  • Jan 24, 2015 6:40am Jan 24, 2015 6:40am
I mean for Fcks sakes, why don't they just shut them down?

If I had been prosecuted and fined as often and as much as FXCM have, I'd be in jail, (regardless of how much Jason sugar coats it)
Come with me if you want to live....
  • #6,522
  • Jan 24, 2015 7:02am Jan 24, 2015 7:02am
Quoting n_aftab
{quote} Because the conditions of the bailout carry quite large interest payments ... so its in their interest to pay it down quickly. I also read fxcm are looking to sell assets to help pay it down. They are not the only ones that are going after the negative balances .. But they are amongst the few who have been adversing about the no negative balance feature ... so its catch 22 now .. some customers will see this as a lies and leave .. i am still in 2 minds .. leave and go where?
same here

I dont trust in no broker, and I very happy with FXCM over 2 years and a half

im pretty sad and reconsiderin If I would trade nex week or take out my Money
  • #6,523
  • Jan 24, 2015 8:04am Jan 24, 2015 8:04am
May be in poor taste with respect to those who are bleeding. However, life goes on. Click YouTube button.
Inserted Video
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #6,524
  • Jan 24, 2015 8:09am Jan 24, 2015 8:09am
Quoting pipburner
{quote} same here I dont trust in no broker, and I very happy with FXCM over 2 years and a half im pretty sad and reconsiderin If I would trade nex week or take out my Money
Don't worry, fxcm is still one of the safest brokers out there, in my opinion.
They had a big shock but they are big enough to survive it (and perhaps become even bigger).

The only sad thing from my point of view is the new margin requirements, but i've seen around that other brokers too are hiking margin requirements at this very moment, so it looks like a common thing that many brokers are doing.

I just hope it is not forever, hell we all know that events like the snb one of 2 weeks ago doens't happen frequently (perhaps one time every 5-10 years), so the safety/reward ratio for this operation (margin hike) is not so good imo, i mean lowering the leverage of 4 times (from 200 to 50) means also 4 time less commissions/revenues for fxcm, i hope they will realize it and get back to their mind soon.

I still stay with them for a few more months.
  • #6,525
  • Jan 24, 2015 8:19am Jan 24, 2015 8:19am
Quoting RudiMar
{quote} Any payment would put the client into the situation of agreement of the debt. It is the last thing to do!
Incidentally: If the no-fault party in a vehicle accident never apologies to any other party regarding their injuries, no matter how human it may be deemed at the time. Contesting lawyers will spin any apologies as admission of fault. This of course, does not preclude offering or summoning medical assistance.
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #6,526
  • Jan 24, 2015 8:46am Jan 24, 2015 8:46am
Quoting Ill-b-back
I mean for Fcks sakes, why don't they just shut them down? If I had been prosecuted and fined as often and as much as FXCM have, I'd be in jail, (regardless of how much Jason sugar coats it)
In this financial game of Grab Ass, nobody goes to jail....there's too much money to be had.

Traders play grab ass with markets in hopes of gaining a profit on probabilities.
Brokers play grab ass with traders in razoring a few bones from the trades in hopes of the same.
Governing parties and regulators play grab ass with the brokers to justify their existence.

It's really a rose that grows in the cesspool of "free markets". It stinks, but is still has a bit of beauty in it.

Check out ForexPeaceArmy sometime and see the shit that brokers get away with...why does forexpeacearmy even have their own court if we could justifiably just lean out to actual regulators?

For a few bucks, it ain't worth it for anybody to really make a move and as hard as you can scream your case on the internet, the volume of information and traffic still allow these to be unheard. Given that the vast majority of new to markets will still fail no matter what the conditions, each post with broker impropriety will always need be taken with a grain of salt.

They robbed me!

Those bastards...

You lost your account because of 1 pip or 100 pips...it's still a loss.

With being one of the hardest hit, FXCM can only keep fingers crossed in hopes that others will surrender more funds to help dig them out of their hole. When they made move from bucket shop to ECN and failed to change policy on not collecting negative balances, they seriously fucked themselves.

The "It'll Never Happen", happened.

Now there is only spilled blood and an entire company brought to their knees in prayer.

Yup, the whole situation sucks.

FXCM is doing their best to keep afloat until they can liquidate...still don't help the average Joe who lost their account and many a sleepless night over the thoughts of a bunch of pipe ass ninjas showing up with a blow torch looking to go mid-evil on their ass to collect the outstanding balance.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,527
  • Jan 24, 2015 8:47am Jan 24, 2015 8:47am
Hi all,

1. Is it true that people who were long eurchf at FXCM got wiped out because their stop loss orders weren't fulfilled?
2. Is it true that these people are now liable for losses beyond what they had on their trading account?
3. I suppose that like any other broker, FXCM doesn't actually pass any order when you place an order with them (they "manage the risk" right?). Therefore no real loss could have been incurred by retail traders orders, am I wrong?

Thanks
  • #6,528
  • Jan 24, 2015 8:52am Jan 24, 2015 8:52am
Quoting spaceduck
{quote} Don't worry, fxcm is still one of the safest brokers out there, in my opinion. They had a big shock but they are big enough to survive it (and perhaps become even bigger). The only sad thing from my point of view is the new margin requirements, but i've seen around that other brokers too are hiking margin requirements at this very moment, so it looks like a common thing that many brokers are doing. I just hope it is not forever, hell we all know that events like the snb one of 2 weeks ago doens't happen frequently (perhaps one time every...
Yes, the new margin requeriments ... I feel the same, thats the key

Its a crazy volatility these dayses, so I also need to adjust my strategy and leverage to the corrent situation, and finally the question of trust about FXCM, you will laugh but Im monitorising the FXCM stocks

http://finance.yahoo.com/echarts?s=F...22linear%22%7D
  • #6,529
  • Jan 24, 2015 10:07am Jan 24, 2015 10:07am
Refco's legacy still showing up?
  • #6,530
  • Jan 24, 2015 11:19am Jan 24, 2015 11:19am
Quoting Phylo
{quote} Standard - no cost to client ! {image}{image}
please find another thread to post adds that have no connection to fxcm!
i asked for a clean up report of your post.
  • #6,531
  • Jan 24, 2015 11:26am Jan 24, 2015 11:26am
Quoting Phylo
{quote} Standard - no cost to client ! {image}{image}
ActivTrades, are they ECN or MM?
  • #6,532
  • Jan 24, 2015 11:37am Jan 24, 2015 11:37am
Quoting rayzz
Of course it's not jason..he's been nothing but helpful in answering our questions.
This Jason currently is not the same Jason-person before. Didn't you notice the change of wording in his postings?

Some Bayesian classifiery might come up with some 70% chance that his wordings changed.
I'm currently too lazy to run this on his earlier postings and compare the learned results with the results since Jan 16th but I think you get the idea.

Quoting rayzz
the only question pending answer is "will fxcm forgive negative balance?" The answer is either yes or no..but it seems fxcm is trying to find the cure for cancer before they can answer us.
I found it. Shall I post it to them? ;-)
  • #6,533
  • Jan 24, 2015 11:42am Jan 24, 2015 11:42am
Quoting Naddmer
{quote} This Jason currently is not the same Jason-person before. Didn't you notice the change of wording in his postings?
The name is a pseudo-name, personifying the company through the use of an AKA.

The previous Jason, flung himself out a window when he found out that his broker, Alpari, went tits up!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,534
  • Jan 24, 2015 1:02pm Jan 24, 2015 1:02pm
Some of you guys need to take a xanax. Really. FXCM is NOT coming after you for negative balances. They sent scary voluntary requests out but those aren't legal mandates and they aren't sending lawyers out to confiscate your stuff. So far they're operating within the contract you signed which included forfeiting balances within the brokerage account to cover any negative balance you may have held. And unless I'm misunderstanding the law, they won't be able to collect from you any negative balance given official documentation stating that they wouldn't. See the quoted post which is an excellent source.

Yes, it sucks that FXCM now has to go to these lengths to save their business. But you really shouldn't be surprised and maybe put yourself in their position. As far as I can see, they're doing a good job of managing an existential threat to their business but they still have done what amount to minimal, reasonable measures against negative account customers. My feeling is that this is to preserve their future business and to preserve what's left of the company's reputation. I intend on staying on board personally, because FXCM always treated me well before the crisis and I'm not the kind of person who will jump ship to the jackasses who profited from trader account collapses. FXCM is still a good company even though they now will probably still have to make some painful decisions in order to survive. Some of you should stop complaining so much and see the forest for the trees - what's going to be left when FXCM leaves? Oanda? Gain Capital? How many of you prefer their services to what you were getting at FXCM? I've tried my share of brokers and I'm not happy at the prospect of going back to any of the others as they're currently run.

Quoting rayzz
Neither FXCM or any of you so far mention about fxcm's Product Disclosure Statement. For fxcm not to mention it obvious, because in that (or those, since they have copies for each country, i.e, Aus, UK, and US) fxcm clearly and explicitly states that traders are not liable for negative balances. This is their PDS, not promotional videos or marketing campaign, but PDS! This is the link for Australia fxcm, http://www.forextrading.com.au/legal...re-statements/ I'll even copy the paragraphs from pg.29: {image} Any comment?
  • #6,535
  • Jan 24, 2015 1:17pm Jan 24, 2015 1:17pm
what's going to be left when FXCM leaves? Oanda? Gain Capital?

Offshore. Where the trading conditions have not changed. The UK is well regulated by FCA. Clients funds are protected. They haven't changed any leverage requirements. Did they not here about the peg being removed that day. Actually, they are just smart enough to know LEVERAGE HAD NOTHING TO DO WITH THIS. Risk is risk.Lowering leverage puts the trader at higher risk as they have to deposit 10x and now 20x more for margin requirements than they do with other brokers globally. This is such a joke. The NFA should just come out and publicly state their real intentions instead of taking for for a bunch of idiots claiming they are protecting us
  • #6,536
  • Jan 24, 2015 1:18pm Jan 24, 2015 1:18pm
Quoting Kanzler
What's going to be left when FXCM leaves? Oanda? Gain Capital? How many of you prefer their services to what you were getting at FXCM? I've tried my share of brokers and I'm not happy at the prospect of going back to any of the others as they're currently run.
Pretty nice point. FXCM were really good. Am currently trading mostly Oan, but was wondering, perhaps Interactive brokers can take a slice? Though I ve heard they have pretty old platform, they also got best prices and regulated by CFTC. Think am gonna send em some cash.
"I know one thing, that I know nothing." Sokrates
  • #6,537
  • Jan 24, 2015 1:26pm Jan 24, 2015 1:26pm
Quoting Tom_D_Trader
{quote} Pretty nice point. FXCM were really good. Am currently trading mostly Oan, but was wondering, perhaps Interactive brokers can take a slice? Though I ve heard they have pretty old platform, they also got best prices and regulated by CFTC. Think am gonna send em some cash.
Oanda lost my business with their crazy money grab spread spikes that knocked me out of more than one position which would have been an amazing low risk high reward account builder. Don't know a lot about IB though.

Quoting Profit Daily
what's going to be left when FXCM leaves? Oanda? Gain Capital? Offshore. Where the trading conditions have not changed. The UK is well regulated by FCA. Clients funds are protected. They haven't changed any leverage requirements. Did they not here about the peg being removed that day. Actually, they are just smart enough to know LEVERAGE HAD NOTHING TO DO WITH THIS. Risk is risk.Lowering leverage puts the trader at higher risk as they have to deposit 10x and now 20x more for margin requirements than they do with other brokers globally. This is such a joke. The NFA should just come out and publicly state their real intentions instead of taking for for a bunch of idiots claiming they are protecting us
Which good offshore brokers take US clients anymore? Even though I hold dual nationality Uncle Sam is still the passport that overseas brokers consider when it comes to being eligible for signing up.
  • #6,538
  • Jan 24, 2015 1:47pm Jan 24, 2015 1:47pm
Quoting Kanzler
Oanda lost my business with their crazy money grab spread spikes that knocked me out of more than one position which would have been an amazing low risk high reward account builder. Don't know a lot about IB though. Which good offshore brokers take US clients anymore? Even though I hold dual nationality Uncle Sam is still the passport that overseas brokers consider when it comes to being eligible for signing up.
Well my first account went bust on 2009, it was Oanda scalping account, but I credited the loss to my lack of knowledge of fundamental moves. Yes, I can recall they had some crazy spikes back then. I also suspect em the´r twisting historical timeseries to move with indicators, coz have been saving those and there are little differences , could be requotes, but some are strange. Nevertheless, due to Oanda beeing DD broker, what you see is what you get. Yes, it is their price and can make it up, so can feck you over in microTF. Perhaps they do, I dont know, but for my style - mostly intraweek and quarter trades, find them suitable. They cant afford to make spikes on weekly chart, someone could see that . Dunno, I generally trust noone but myself when it comes to cash.

Regarding those offshores . Lol. I can imagine trading plan sending there 1K, leverage 1:100, doubleup and withdraw immediatelly, but thats just lol.

T
"I know one thing, that I know nothing." Sokrates
  • #6,539
  • Jan 24, 2015 2:23pm Jan 24, 2015 2:23pm
Quoting pipburner
{quote} Yes, the new margin requeriments ... I feel the same, thats the key Its a crazy volatility these dayses, so I also need to adjust my strategy and leverage to the corrent situation, and finally the question of trust about FXCM, you will laugh but Im monitorising the FXCM stocks http://finance.yahoo.com/echarts?s=F...22linear%22%7D

Not a great looking chart is it ..
  • #6,540
  • Jan 24, 2015 2:26pm Jan 24, 2015 2:26pm
Just throwing this out there, but i've read that a few of the banks and traders made money on the move .... so with that said there were sellers ..

another point a basic one .. for a market to move lower .. needs bigger orders and / or more sellers etc

So how can they say there were no sellers .. to execute stops ?

Unless these guys were not using stops?
7 traders viewing now