forex is the whole reason i moved away from stops. Too many stop hunters. Now Trade without stops.
FXCM King of the Micro Winner - 970% profit*
- Thread starter FXCM-PR
- Start date
Jason Rogers
ET Sponsor
The problem is that youâre expecting traders to believe you when youâve never traded with FXCM before and many of the statements youâve made are factually incorrect. And you suggest that someone such as Gcapman is a broker rep because he disagrees with you based on his experience trading with FXCM.
Our spreads will widen based on the prices being provided by the 10 banks quoting on the platform. The pip-mark up is constant so we make the same amount regardless of the spread levels. You can compare our pricing to your own platform as well as test the stability of our system during volatile market conditions.
FXCM welcomes scalpers because we use No Dealing Desk execution. More trading volume means more pip-mark ups are paid thereby increasing our revenue so we could care less how many trades you are making and the amount of time you are holding it open for. The same is not the case with dealing desk firms where you often experience re-quotes and trading restrictions during volatile markets.
Our website goes into much detail about how FXCM's NDD execution works and how it differs from a traditional dealing desk:
http://www.fxcm.co.uk/fxcm-forex-execution.jsp
-Jason
Our spreads will widen based on the prices being provided by the 10 banks quoting on the platform. The pip-mark up is constant so we make the same amount regardless of the spread levels. You can compare our pricing to your own platform as well as test the stability of our system during volatile market conditions.
FXCM welcomes scalpers because we use No Dealing Desk execution. More trading volume means more pip-mark ups are paid thereby increasing our revenue so we could care less how many trades you are making and the amount of time you are holding it open for. The same is not the case with dealing desk firms where you often experience re-quotes and trading restrictions during volatile markets.
Our website goes into much detail about how FXCM's NDD execution works and how it differs from a traditional dealing desk:
http://www.fxcm.co.uk/fxcm-forex-execution.jsp
-Jason
yes you welcome losing scalpers. Traders who made consistent money from scalping on your platform experienced "sudden platform disconnects", "emails to discourage them from trading in and out of positions at high frequency intervals", and some times outright account closures. I dont pull this out of the air, you are very well aware of that. Others who are not, please do a simple google search.
I urge you to prove that any of my statements have been factually incorrect before you suggest so. I doubt you are able to. I can also not prove what kind of kick backs you received in the past and now receive and in what amounts. But the complaints are so numerous and charges filed against your firm as well as any other bucket shop that I again urge anyone who wants to engage in business with your firm to be very very careful.
Yours spreads widen to levels that are FAR away from the spreads in currency futures and on ECN platforms when markets turn extremely volatile. You are right, anyone can verify this because you claim your demo feed is the same than the real live feed (lol).
Jason, you know what is the funniest about your previous post? You openly comment on the business practices of dealing desk brokers and how they scammed their clientele. Maybe you have a short term memory but I remember FXCM's one and ONLY business model until a short time ago has been a dealing desk model and that FOR YEARS.
Jason, I am out of here, I know you will defend your firm no matter what because thats what you are paid for. But I believe that once you leave this environment you will look back and agree what a scam your company really is, unless you already know.
I urge you to prove that any of my statements have been factually incorrect before you suggest so. I doubt you are able to. I can also not prove what kind of kick backs you received in the past and now receive and in what amounts. But the complaints are so numerous and charges filed against your firm as well as any other bucket shop that I again urge anyone who wants to engage in business with your firm to be very very careful.
Yours spreads widen to levels that are FAR away from the spreads in currency futures and on ECN platforms when markets turn extremely volatile. You are right, anyone can verify this because you claim your demo feed is the same than the real live feed (lol).
Jason, you know what is the funniest about your previous post? You openly comment on the business practices of dealing desk brokers and how they scammed their clientele. Maybe you have a short term memory but I remember FXCM's one and ONLY business model until a short time ago has been a dealing desk model and that FOR YEARS.
Jason, I am out of here, I know you will defend your firm no matter what because thats what you are paid for. But I believe that once you leave this environment you will look back and agree what a scam your company really is, unless you already know.
Jason Rogers
ET Sponsor
You're asking us to disprove something you haven't even proved? Our statements and marketing material are regularly audited by our regulators so we don't have the same luxury.
Hundreds of thousands of traders have traded with FXCM, and I will agree that not everyone is 100% happy with FXCM. 100% satisfaction in any industry is would be hard to come by. But we will do everything in our power to make sure problems are corrected and disputes resolved. Any time a technical issue occurs on our side, we will update the website www.fxstatus.com to notify traders. Our customer support is available 24 hours a day to help correct any problems, and the audit team can make adjustments to problems caused by FXCM. FXCM is regulated across multiple jurisdictions so there is oversight and somewhere to go for ultimate dispute resolution in the event you are still not satisfied.
You are correct that FXCM used to execute all forex transactions through a dealing dealing desk. This changed in late 2006 when FXCM changed its execution model to No Dealing Desk (NDD/STP).
The problem with a dealing desk model is that it is not friendly to scalpers and high frequency traders. Scalpers create an abnormal amount of transactions, which generally come too fast for the dealing desk to properly manage risk.
When a trader sends an order to a dealing desk broker, the dealer will often wait from seconds to minutes (sometimes hours) to offset the trade at a better price. (This is considering the dealer is offsetting the trade at all and not trading purely against clients). If a trader is scalping, then the trader may close the order before the dealers has the time to offset at a better price. Traders who have prices move in their favor quickly, after getting filled, are unprofitable for the retail forex dealer, and between re-quotes, spread widening, etc., these types of strategies are discouraged by dealers.
With No Dealing Desk execution, each trade is offset back to back with a bank so FXCM doesn't have to worry about managing that risk. Because of this, traders are free to trade any way they want without having to worry about re-quotes or restrictions.
All accounts through FXCM Micro were previously executed through FXCM's dealing desk and this was disclosed on the FXCM Micro website. When we launched FXCM Micro very few of the banks providing quotes were willing to accept micro lots directly via NDD. That has now changed and micro is in the process of being transitioned to NDD.
-Jason
On May 6 2010, we experienced extremely volatile market conditions across all financial markets.
We would like to give you a summary of what occurred to explain the reasons behind todayâs market volatility.
First, institutions were very cautious due to tomorrowâs UK Elections, US Nonfarm Payrolls, and the Canadian unemployment rate announcement.
In addition to that we had several market moving events. These include:
7:45 ET â European Central Bank Interest Rate Decision
8:30 ET â Trichet speaks at ECB Monthly News Conference
14:46 â Dow dropped almost 1,000 points and the bulk of the drop happened in less than an hour. The reason behind this drop was reported to be that Citi Bankâs trading desk accidentally sold 16 billion US Dollars worth of e-minis, when they were supposed to sell 16 Million.
After the big drop, two Fed officials came out with back to back announcements to help stabilize the market.
15:04 â Report that Fedâs Hoenig states that tomorrowâs jobs report will be positive
15:06 - Report that Fedâs Evans sees 3.5% economic growth in the US this year
Over the recent months, there has been a strong correlation between the US stock markets and the Japanese Yen. When the Dow plunged today, so did the Japanese Yen crosses. We saw JPY crosses drop between 350 (USD/JPY) and 1248 (GBP/JPY) points. We saw comparable volatility in non Yen crosses as well.
As a result most major banks that provide liquidity to the currency market turned off their FX price feeds for up to 30 minutes. This led to rejected and hanging orders for many FX traders. During this time FXCM immediately routed orders to any remaining banks, however FXCM clients were still subject to the thin liquidity and poor execution being provided by the market.
Market volatility and liquidity has returned to close to normal levels. However, there are still some major market moving events coming up tomorrow so manage your market exposure accordingly.
While FXCM cannot make any overriding statement on adjustments to positions that were negatively affected by todayâs events, if you would like us to look into one or more of your trades, please submit an audit form through this link Audit Form and our audit committee will follow up with you as soon as possible.
We would like to give you a summary of what occurred to explain the reasons behind todayâs market volatility.
First, institutions were very cautious due to tomorrowâs UK Elections, US Nonfarm Payrolls, and the Canadian unemployment rate announcement.
In addition to that we had several market moving events. These include:
7:45 ET â European Central Bank Interest Rate Decision
8:30 ET â Trichet speaks at ECB Monthly News Conference
14:46 â Dow dropped almost 1,000 points and the bulk of the drop happened in less than an hour. The reason behind this drop was reported to be that Citi Bankâs trading desk accidentally sold 16 billion US Dollars worth of e-minis, when they were supposed to sell 16 Million.
After the big drop, two Fed officials came out with back to back announcements to help stabilize the market.
15:04 â Report that Fedâs Hoenig states that tomorrowâs jobs report will be positive
15:06 - Report that Fedâs Evans sees 3.5% economic growth in the US this year
Over the recent months, there has been a strong correlation between the US stock markets and the Japanese Yen. When the Dow plunged today, so did the Japanese Yen crosses. We saw JPY crosses drop between 350 (USD/JPY) and 1248 (GBP/JPY) points. We saw comparable volatility in non Yen crosses as well.
As a result most major banks that provide liquidity to the currency market turned off their FX price feeds for up to 30 minutes. This led to rejected and hanging orders for many FX traders. During this time FXCM immediately routed orders to any remaining banks, however FXCM clients were still subject to the thin liquidity and poor execution being provided by the market.
Market volatility and liquidity has returned to close to normal levels. However, there are still some major market moving events coming up tomorrow so manage your market exposure accordingly.
While FXCM cannot make any overriding statement on adjustments to positions that were negatively affected by todayâs events, if you would like us to look into one or more of your trades, please submit an audit form through this link Audit Form and our audit committee will follow up with you as soon as possible.
LOL, this tells it all!!! SORRY BUT YOU GUYS ARE PART OF THE BUCKET SHOP NETWORK.
For your information, Interactive Brokers and EBS (those are the ones I use and trade on) showed tight prices and trades could be executed at any time. Good luck using FXCM and its friends and family network of scammers.
For your information, Interactive Brokers and EBS (those are the ones I use and trade on) showed tight prices and trades could be executed at any time. Good luck using FXCM and its friends and family network of scammers.
maybe you want to disclose in the future that you are representing FXCM then I and others would not suspect anonymous users on boards such as this for shilling for bucket shops like yours. I find it laughable how some "users" shill for FXCM saying the firm's prices are aligned with brokers such as DukasCopy and then have you come out here to explain why FXCM's price feed was completely messed up, execution was delayed or rejected for a significant amount of time. How come the price feeds of other brokers, connecting to PURE ECNs or accumulators were fine and prices were fully tradable, I myself executed yen cross trades on the way up after the big fallout (I admit in small size and with tight stops, wished I had done more but am happy nonetheless). The system works, what does not work is your own approach to fulfill your role as execution provider during times like this!
Jason Rogers
ET Sponsor
Spreads can and most likely will increase during periods of market volatility. It's hard for me to believe that anyone would expect for spreads to stay normal during extreme market conditions such as we saw yesterday when JPY cross rates dropped 1000+ pips and the majors crossing big figures in dramatic fashion. FXCM's rates are determined by the best bid/ask price coming in from the 10 banks quoting on our platform, unlike with a dealing desk broker that may show an artificial spread despite what is actually occurring in the market.
There was a period during the market volatility yesterday when rates were not updating, and any traders having problems closing positions during this time should request a trade audit to have an adjustment made due to any problems occuring during the period. Please send any trade audit requests to sales@fxcm.com or contact client services by phone at 1-888-503-6739. Again, if at any time there is a disruption in trading due to a technical issue, we will udpate the site www.fxstatus.com to notify you about any technical issues occurring in real time. A trade audit can be requested by phone, email, or through an audit link placed on FXStatus.com while the tech issue is occurring.
Please let me know if you have any questions.
-Jason
There was a period during the market volatility yesterday when rates were not updating, and any traders having problems closing positions during this time should request a trade audit to have an adjustment made due to any problems occuring during the period. Please send any trade audit requests to sales@fxcm.com or contact client services by phone at 1-888-503-6739. Again, if at any time there is a disruption in trading due to a technical issue, we will udpate the site www.fxstatus.com to notify you about any technical issues occurring in real time. A trade audit can be requested by phone, email, or through an audit link placed on FXStatus.com while the tech issue is occurring.
Please let me know if you have any questions.
-Jason