Am I crazy or is FXCM crooked?

[cking74]

Quote from forex-forex:

16 pip moves is very common anytime, not just news events

I think the 5 pip spread is screwing up your math. Looks like quote tracker and FCXM was only off by 4 pips, and I assume the other brokerages you checked were even closer. The quotes you checked were probally BUY quotes, not SELL quotes.

Your SELL @ 1.8542 would get activated when the BUY reached 1.8547, thats only 4 pips off Quote tracker.

I appreciate your comments but I must disagree.

16 pip move is common in response to news? Of course it is. It happens all the time. That is not the question. The question was, why a 16 pip move in the opposite direction, esp. no other broker came close to that price.

And again, I am not an expert, but I obviously understand the spread. BUt you are saying FXCM charts use the bid price and Quote tracker uses the offer price for their charts. I find that hard to believe, almost everyone uses the bid. But even if true, then the low was still only 1.8546, still not hitting the entry order. And still a 11 PIP DIFFERENCE NOT 4!

So, at the risk of sounding like a jerk, if you have nothing constructive and accurate to add to this problem, why post a reply unless you have ulterior motives.

 

[watchdaride]

putting on a postion before a big fundie like gdp or nfp is not trading its gambling. the dealers already told us the rules are off before big announcements so dont be surprised when they screw you.they told us they will screw us if we trade before a big fundie .

 

[pqt]

Don't walk away from fxcm...RUN!
eXACTLY THE SAME THING HAPPENED TO ME SOMETIME AGO, AND IT'S NOT EVEN DURING NEWS RELEASE: I entered a position, the market start trending up , and suddenly fxcm spiked down about 20 pips to take out my positon then resumed trending up with the rest of them as if nothing happened!
And that is not counting all the requotes and slippage they dealt me until all my profits turned into losses...

 

[forex-forex]

Quote from cking74:

And again, I am not an expert, but I obviously understand the spread. BUt you are saying FXCM charts use the bid price and Quote tracker uses the offer price for their charts. I find that hard to believe, almost everyone uses the bid. But even if true, then the low was still only 1.8546, still not hitting the entry order. And still a 11 PIP DIFFERENCE NOT 4!

So, at the risk of sounding like a jerk, if you have nothing constructive and accurate to add to this problem, why post a reply unless you have ulterior motives.

What I'm saying is that is it possible that YOU were looking at the BUY price not the SELL price? If so then there is only a 4 pip difference in quotes between the brokers based on a 5 pip GBP/USD spread. I have made that mistake myself on a short position.

I guess my comments would be useless to someone like yourself who consistently gets 90% returns on his trades.

 

[marketsurfer]

rule #1 when dealing with dealers:


<b>never</b> use a stop loss on their platform.


never ever ever ever.


surf

 

[cking74]

Quote from forex-forex:

What I'm saying is that is it possible that YOU were looking at the BUY price not the SELL price? If so then there is only a 4 pip difference in quotes between the brokers based on a 5 pip GBP/USD spread. I have made that mistake myself on a short position.

I guess my comments would be useless to someone like yourself who consistently gets 90% returns on his trades.

And again it was more than four pips. Let me break down for you once more:

Fri. 12:30 GMT:

FXCM: low sell for the GBP was 1.8535

Quotetracker: chart shows low of 1.8551

Now even if that is a buy quote that gives us 1.8546.

If we subtract 1.8535 from 1.8546 that gives us 11 pips not 4.

I hope this is clear for you.

And I never said I was getting 90% return on my trades.

I said 90% of my trades are profitable, big difference.

Again I did not think fxcm was stop hunting my measly position but possible hunting where a lot of entry orders would be thus pushing the price to 1.8535.

If you do not understand my math or the idea of stop/entry order hunting then you have no business trading fx.

Ehough said.

 

[trend_guy]

Quote from cking74:

I have been trading a little here and there with fxcm for about six months on a 100k account. Not an expert but my net is positive and I am getting a profit on about 90% of my trades.

SO today just before the GDP release I place two entry orders for GBP/USD. SELL 200K at 1.8542 with a stop at 1.8579 and BUY 200K at 1.8579 with a stop at 1.8542.

GDP data comes out and is very bearish for the dollar and yet I look with surprise as my sell order is hit and GBP goes down 1.8535. Uh, strange I thought. Then very quickly the GBP swings back around and my sell order is stopped out with a 37 pip loss and my buy order is tripped. Now, I rode my buy order up for a net 20 pip profit for the day so I cant complain too much.

And yet I was very bugged by this, how did the GBP drop about 16 pips very quickly on this news.

So I did some research and three other brokerages show that my sell order would not have tripped. Including Quote tracker with showed a low of 1.8551 at 12:30 GMT.

I called FXCM and all they said was they have a lot more banks and so their data feed so different from other brokerages.

I can only come to two conclusions:

1. One of the banks FXCM uses is very fast and savy enough to push the price down for just enough time to book a small short profit and then buy at a lower price for an even bigger long profit at the expense of FXCM clients. In which case why does FXCM use them.

or

2. FXCM falsely pushed the pair lower to trip stops on standing long positions and tripping new short positions that will quickly become losers.

Am I missing something???? Or do I need to bug out of FXCM and head to MB maybe?

BTW, if FXCM is doing this how have they not been shut down???

Thanks for any input.

One of the problems with short-term trading is experiencing whipsaws.

One of the problems with trading in a bucket shop structured market it getting creamed and creamed fast.

 

[cking74]

Quote from trend_guy:

One of the problems with short-term trading is experiencing whipsaws.

One of the problems with trading in a bucket shop structured market it getting creamed and creamed fast.

I understand whipsaw action and cant say I got creamed. In fact, if you read the op, I was net positive for the day.

The real question was how could FXCM quotes differ by so much from other brokers and not be crooked?

 

[forex-forex]

Quote from cking74:

I understand whipsaw action and cant say I got creamed. In fact, if you read the op, I was net positive for the day.

The real question was how could FXCM quotes differ by so much from other brokers and not be crooked?

A few pips is common. Just don't get BUY and SELL quotes mixed up.

 

[cking74]

Quote from forex-forex:

A few pips is common. Just don't get BUY and SELL quotes mixed up. [/QUOTE

I have never confused the two. It is you who has done so by your own admission. Which means you should probably not be trading.

And it is not common for one broker to be 16 pips off from everyone else.

You have no idea what you are talking about and have no business posting on this forum.