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FXCM Discussion

  • #7,041
  • Feb 9, 2015 2:55pm Feb 9, 2015 2:55pm
Quoting Profit Daily
{quote} Wow, go back and read some of my posts. It is an absolute pleasure to hear someone with the exact same view on the...
exactly. even with 50pips SL + Margin Required, 3000USD is good enough to trade; if needed I can add additional funds when I want to. Smart people think like that. Either NFA is full of idiots or they have different agenda. Also FIFO. suck on that.
newzTrader
  • #7,042
  • Feb 9, 2015 2:57pm Feb 9, 2015 2:57pm
Quoting Phylo
Master Trading Agreement - registration not required. {image} http://seekingalpha.com/instablog/17...ess-turnaround The terms of FXCM master trading agreement, available on the FXCM website, provide FXCM with rights to collect negative balance plus interest. Jason Rogers - for the benefit of all FXCM clients, where exactly is this disclosure/document ?
Well well, let's be honest to each other; there is a communication before Jan 15th and a communication after Jan 15th!! Yes, of course in recent weeks the Master Agreement has changed, of course any new documents has changed, we do read now "unlimited exposure".
Did any add/video/document clearly mentioned this to FXCM's customers/prospects before?
You just saw videos, heard some explanations, read written documents all saying you can not loose more then your capital &... you expect traders to read online a 274 pages Master trading agreement... which says on page 183, paragraph B: this is were we smoke you!
  • #7,043
  • Feb 9, 2015 3:02pm Feb 9, 2015 3:02pm
Quoting Sis.yphus
{quote} I am not mentioning this in regards to getting better spreads or to say these spreads are too high. I personally really like FXCM pricing model. It just thought others would find it useful to see how it factors into their trading in regards to the pip Risk Reward ratios they are trading with etc. I always knew that using a 5 pip stop and TP wasnt truly 1:1 R:R, i just never knew how much of a difference spread and commission makes on it depending on the size of TP and SL you are using. And since its done using FXCM pricing i figured it made...
Gotcha. Yes, you are correct, when scalping for single digit pips, trading costs impact you much greater than 200-300+ pip targets. You hardly notice trading costs when trading larger timeframes for larger targets.
  • #7,044
  • Feb 9, 2015 3:05pm Feb 9, 2015 3:05pm
Quoting newzTrader
{quote} exactly. even with 50pips SL + Margin Required, 3000USD is good enough to trade; if needed I can add additional funds when I want to. Smart people think like that. Either NFA is full of idiots or they have different agenda. Also FIFO. suck on that.

They have different agenda. After all, they are the NATIONAL FUTURES ASSOCIATION. Futures trading is down 60% since 2008, guess where those traders have gone? If you guessed spot forex, you are correct. Pretty much self explanatory from there.
  • #7,045
  • Feb 9, 2015 3:16pm Feb 9, 2015 3:16pm
Quoting vinshunlee
Personally, I accept that there exists an exemption clause to the "no negative balance policy" in the contract. I fully understand that under certain circumstances, FXCM cannot execute "no negative balance policy". But the point is that I am not fully explained this exemption clause by FXCM. I am Chinese living in Hong Kong. I personally attended the Hong Kong FXCM office to open the account coz I wanted to clarify some points before entering into the contract. When I visited the FXCM office, I was entertained by FXCM's staff. I have asked repeatedly...
Don't know about in HK but in UK consumer law you are totally covered. Consumers are allowed to believe in big-print promises given (unless they are advised of possible exemptions) without reference to 'small print'. If you think, this is very logical, because otherwise every company would simply promise the earth and then exclude it in the contract minutae! fxcm promised negative balance protection and I propose no judge would support their view - in EU "force majeur" in retail contracts is considered a 'breach of good faith' unless individually negotiated. In the UK their contract force majeur would be struck out as an 'unfair term' (UCTA 1999). Their strategy is to try and individually bully clients into repaying.
  • #7,046
  • Feb 9, 2015 3:42pm Feb 9, 2015 3:42pm
Quoting rob2360
{quote} Don't know about in HK but in UK consumer law you are totally covered. Consumers are allowed to believe in big-print promises given (unless they are advised of possible exemptions) without reference to 'small print'. If you think, this is very logical, because otherwise every company would simply promise the earth and then exclude it in the contract minutae! fxcm promised negative balance protection and I propose no judge would support their view - in EU "force majeur" in retail contracts is considered a 'breach of good faith' unless individually...
I will be happy to discuss "Big Print" with FXCM's lawyers, if they come & ring my bell next week. I've wearing size 12!
  • #7,047
  • Feb 9, 2015 4:44pm Feb 9, 2015 4:44pm
Quoting rob2360
{quote} Don't know about in HK but in UK consumer law you are totally covered. Consumers are allowed to believe in big-print promises given (unless they are advised of possible exemptions) without reference to 'small print'. If you think, this is very logical, because otherwise every company would simply promise the earth and then exclude it in the contract minutae! fxcm promised negative balance protection and I propose no judge would support their view - in EU "force majeur" in retail contracts is considered a 'breach of good faith'...
If they are weak, they might pay; Expect a class action suit on FXCM soon.
newzTrader
  • #7,048
  • Feb 9, 2015 6:34pm Feb 9, 2015 6:34pm
Quoting Alone.
Hello Jason After an update that i had on my FXCM Trading Station.The (SHOWTIME) on M5 says 7:00 min when a new candel oppens and on M1 3min.Other look fine.Are they working on platform or its something i did. EDIT: (Added SS)What i actually means is this,The Showtime says nexr 1 minite candle closes in 2min. {image}
Hi Alone.

Thanks for your question about the SHOWTIMETOEND indicator. I've asked our software developers to take a closer look at this and will let you know what they say.
  • #7,049
  • Edited Feb 10, 2015 12:08pm Feb 9, 2015 6:37pm | Edited Feb 10, 2015 12:08pm
Quoting jackJoh
I have seen how FXCM manipulates daily volume bars at the weekend. Here are the pictures I took. Notice how the volume bars for 1/29/2015 are different sizes even though they are the same date. On the first daily chart the volume bar for 1/29 is very long. And the second chart the volume bar for the 1/29 was changed to smaller size. Why is FXCM manipulating the volume daily bars in the weekend? {image} {image}
Quoting Sis.yphus
hmmmmm I must say that is rather odd/shady. Would love to hear FXCM response to that

Hi Jack and Sys.yphus,

FXCM doesn't manipulate the volume data on your charts. However, we did release a new update to the Trading Station platform this past weekend. It's possible the changes you see are related to that. I asked our tech support team to take a look at the examples you provided and will let you know when I hear back from them.
  • #7,050
  • Feb 9, 2015 6:45pm Feb 9, 2015 6:45pm
Quoting Jason Rogers
{quote} {quote} Hi Jack and Sys.yphus, FXCM doesn't manipulate the volume data on your charts. However, we did release a new update to the Trading Station platform this past weekend. It's possible the changes you see are related to that. I asked our tech support team to take a look at the examples you provided and will let you know when I hear back from them.

Even if the new update is the cause of the change in data. The data was changed by yalls hand and that is kind of odd. I mean was no body looking at the true volume until this current update? Now manipulation is a strong word because that implies the intent to deceive the people looking at it
  • #7,051
  • Feb 9, 2015 6:45pm Feb 9, 2015 6:45pm
Quoting Sis.yphus
{quote} I am not mentioning this in regards to getting better spreads or to say these spreads are too high. I personally really like FXCM pricing model. It just thought others would find it useful to see how it factors into their trading in regards to the pip Risk Reward ratios they are trading with etc. I always knew that using a 5 pip stop and TP wasnt truly 1:1 R:R, i just never knew how much of a difference spread and commission makes on it depending on the size of TP and SL you are using. And since its done using FXCM pricing i figured it made...
Thanks for clarifying, Sis.yphus

I'm glad you like our spreads!
  • #7,052
  • Feb 9, 2015 6:47pm Feb 9, 2015 6:47pm
Quoting Jason Rogers
{quote} Thanks for clarifying, Sis.yphus I'm glad you like FXCM's new spreads!

The spreads are good and I do like them much more, that isnt to say you guys are still making a killing eating a live the gains of small time frame traders haha. Im beginning to think the best and most sure way to beat the market & fill your pockets is to enter the broker business count your spread money all day long
  • #7,053
  • Feb 10, 2015 12:36am Feb 10, 2015 12:36am
Quoting Jason Rogers
{quote} Hi Alone. Thanks for your question about the SHOWTIMETOEND indicator. I've asked our software developers to take a closer look at this and will let you know what they say.
Sure , thanks
  • #7,054
  • Feb 10, 2015 1:02am Feb 10, 2015 1:02am
Quoting Jason Rogers
{quote} Hi Alone. Thanks for your question about the SHOWTIMETOEND indicator. I've asked our software developers to take a closer look at this and will let you know what they say.
Again thanks a lot for your help Jason.I think that it has beed fixed now.
  • #7,055
  • Feb 10, 2015 2:25am Feb 10, 2015 2:25am
Hi Jason
FXCM AUS really need to offer GBP accounts for AUS/NZ residents. It's like having a salary in Britain and living in AUS/NZ. Why would anyone want to have an account in lower currency (unless they have no money for initial deposit) , it's more work for less
Tried opening account with FXCM UK, points me to FXCM AUS, great. Broker search continues..
  • #7,056
  • Feb 10, 2015 3:42am Feb 10, 2015 3:42am
Quoting Carrionx
Hi Jason FXCM AUS really need to offer GBP accounts for AUS/NZ residents. It's like having a salary in Britain and living in AUS/NZ. Why would anyone want to have an account in lower currency (unless they have no money for initial deposit) , it's more work for less Tried opening account with FXCM UK, points me to FXCM AUS, great. Broker search continues..
I maybe wrong but this doesn't make sense! Why not open an account with a larger deposit ie $10000 NZ instead of £5000 GB

Wouldn't it be better to have your account in the curreny that you use where you live. If you live and work in NZ and pay with NZ dollars why trade with a GBP account? Essentially you have a GBP/NZD position open constantly all be it without leverage.
  • #7,057
  • Feb 10, 2015 5:38am Feb 10, 2015 5:38am
Quoting mitch77
{quote} I maybe wrong but this doesn't make sense! Why not open an account with a larger deposit ie $10000 NZ instead of £5000 GB Wouldn't it be better to have your account in the curreny that you use where you live. If you live and work in NZ and pay with NZ dollars why trade with a GBP account? Essentially you have a GBP/NZD position open constantly all be it without leverage.

May I remind you all again that despite FXCM's advertised no-negative-balance policy, they are still chasing and threathening retail clients in various countries with a civil case for failure of covering negative balances..

I ask all you existing and potential clients, DO YOU WANT TO BE ASSOCIATED WITH SUCH A BROKER????

I am based in Australia and have a customer support officer in Australia who looked after my account before 15 Jan 2015. However, post 15 Jan, he didn't even reply my emails.

FXCM is all sweet and dandy when things are going ok, but in difficult times, this company is sacrificing their own clients...

I'm deeply dissapointed with this company.
  • #7,058
  • Feb 10, 2015 5:43am Feb 10, 2015 5:43am
Ponder this fact:

1. FXCM stock price dropped to $2.30 from $17 because they have a negative $225m on paper due to poor risk management in managing their CHF books.
2. They need to pay interest + principal of $300m in 3 years to Leucadia.
3. Their only income to payback the loan is by getting portion of $225m negative balances. But, with their no-negative-balance policy and advertisement, getting this money would be impossible. This is why they are threathening retail clients with a civil case and trying to change the wording on their website and contracts quitely.
4. In 3 months, do you think FXCM will still exist?

I doubt it...
  • #7,059
  • Feb 10, 2015 6:18am Feb 10, 2015 6:18am
I am wondering why we trade with companies such as FXCM given that they do not honour our stop-losses.

How are we supposed to manage risk when brokers don't honour the stop-loss? We could lose our entire account because their their platform fails, or their liquidity provider decides to turn off.

I am not joking. It has just happened to me.

I had a EUR-CHF long trade with a stop-loss set at -35 pips before the SNB chaos hit the market. My stop-loss did not execute at -35 pips as planned and I stopped out for a -1700 pip loss.

Doesn't this mean that all the talk about "risk management" and "never trade without a stop-loss" is absolute bullcrap?
  • #7,060
  • Feb 10, 2015 7:35am Feb 10, 2015 7:35am
Quoting porterneil
I am wondering why we trade with companies such as FXCM given that they do not honour our stop-losses. How are we supposed to manage risk when brokers don't honour the stop-loss? We could lose our entire account because their their platform fails, or their liquidity provider decides to turn off. I am not joking. It has just happened to me. I had a EUR-CHF long trade with a stop-loss set at -35 pips before the SNB chaos hit the market. My stop-loss did not execute at -35 pips as planned and I stopped out for a -1700 pip loss. Doesn't this mean that...
same as me.

I understand slippage. I accept that the stop loss is not exactly executed at the pre-set level.

But my stop loss were entirely not executed that day. Thus my account became negative.

My account has been set zero. I am "forgiven" by FXCM.

I need not be forgiven by FXCM. I just wish my stop loss executed. I do not forgive FXCM for not executing my stop loss order.

I have complained so to FXCM. But staff replied me that the contract has stated stop loss may not work .

I remember that once I attended the FXCM office in 2013. The staff has orally assured me that the stop loss must work but slippage may happen.

There is a discrepancy between what the staff said and what the contract stated.

FXCM is nothing but a liar and cheater !
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