FXCM Micro Withdrawls

Quote from Eric215:

Lastly, I am not going to get into how profitable I am because if I told you the truth you wouldn't believe me anyway. I have been trading for over nine years and FX full-time for about four with mine and OPM, so you can use your imagination.
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Yawwwwwn.....didn't you know, everyone on ET is profitable!

Going by your posts I would guess you've been trading maybe a few months (after you took redundancy or were pensioned off), you've probably topped up your account a few times (with your credit card, lol), and are nett negative, but every day you're sure you've 'got it this time' and you plod on regardless.

Anyway, I'm happy to debate the issue of brokers and credit cards if you ever understand the issue and have a point to make.....I won't hold my breath waiting :D

By the way there's no need to call me 'Sir', HRH hasn't bestowed that honour on me......yet!
 
Quote from cabletrader:

lol, too funny, read my previous post and if you're too stupid to understand the issue then I'm not sure how else I can explain it.


Here's a clue...
Bottom line is a card-accepting broker wants you to spend more, and chances are he'll do everything and anything in his power to ensure that happens, he's not in the cash-back business!


It appears you're more interested in trying to be right than actually trying to understand.


.....sheeesh, there are some incredibly stupid people in this business, no wonder the failure stats are so high!
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It's no wonder why there are hardly any professional traders on these boards because if someone posts a clear, easy to understand statement, it gets attacked with insults and backward logic from people like cabletrader. Cabletrader you wrote, "Bottom line is a card-accepting broker wants you to spend more, and chances are he'll do everything and anything in his power to ensure that happens, he's not in the cash-back business!". This STILL has nothing to do with the original statement that I quoted. A dealer accepts credit cards to make it easier and more likely to get new traders to fund an account. And again I will say it one more time, lol, (not that you will actually get it this time) "How an FCM or FX dealer allows its clients to fund their accounts makes no difference. You can either make money trading FX or you can't. How you fund the account makes no difference."

Also, my question still stands, give me one disadvantage to a profitable trader for using a dealer that allows credit card funding?? Still waiting...
 
Quote from Eric215:

Cabletrader you wrote, "Bottom line is a card-accepting broker wants you to spend more, and chances are he'll do everything and anything in his power to ensure that happens, he's not in the cash-back business!". This STILL has nothing to do with the original statement that I quoted. A dealer accepts credit cards to make it easier and more likely to get new traders to fund an account.
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Read my replies, mind you if you can't even understand the part of my post which you quoted above and it's relevance then there's little chance of you understanding the rest!

Here's another excerpt from my previous post, maybe you'll understand this a little better:
'If these micro and nano lot bucketshops accepts credit cards then it suggests they're more interested in helping you spend money rather than make any, the implication I would have thought is obvious.'

Evidently the implication wasn't that obvious to you so I went on to explain the retail psychology behind that statement which it appears you didn't understand either!

The operative word here is 'spend' as opposed to 'credit an account', maybe I should have highlighted it in bold neon instead of just italic!


Learn, don't learn, it makes not one iota of difference to me. Hopefully anyone reading this thread will have enough common sense to understand what I've written, if not then they probably deserve everything they get to be honest.

Carry on....:)
 
Surdo, why did you even bother to answer such a question ? You would be suprised at the number of people who have never been to the Exchange websites for products they "trade" but they probably know everything about their 72" inch plasma screen TV. :D


Quote from Surdo:

ES trades on CME/GLOBEX, a regulated exchange!
Your broker does not take the other side of your trades and bet against you.

Small difference.
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Do your clients know the risk you are exposing them to with your use of these types of credit card gambling shops? Seriously. What's wrong with you??
 
Quote from Sushi:

Do your clients know the risk you are exposing them to with your use of these types of credit card gambling shops? Seriously. What's wrong with you??
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I am not going to debate this with yet another person. Read my response above.

EDIT: Forget it, I'll just delete the post. I don't have the energy to discuss this anymore. You guys win.
 
I just made my first withdraw from my micro account. Received check in less than a week. Haven't cashed it yet though. They charge a $10 fee no matter what, which annoys me to no end, but I don't withdraw much, so I guess it's fine. I suppose that's how they cover the credit card fees when you deposit.

My experience with the micro account is very positive. The spreads are the smallest I've ever seen, frequently less than 1.3 on eur/usd and eur/jpy. When I place market orders, I get the price right then, no slippage. I don't know if stops are guaranteed, but I have never had 1 pip in slippage and my stops are always executed at the stop price. They do widen the spreads during predictable times.

They don't gun for stops either. One time they widened the spread on GBP/CHF to about 20 pips, and I got stopped out by 1/10 of a pip, but that's the way it goes. It just taught me to stay away from the non majors. I challenge anyone to show me where a price was more than 5 pips off of another broker

From a traditionally losing trader, I know that it is easier to blame the broker etc. for your losses, but in the FXCM micro case, you can't blame them. Just because they are a bucket shop, doesn't mean they're a scam. Yes, they take the other side of your trade, just like a market maker does, or an insurance company, or warranty, or casino. The odds are in their favor because of the spread, but that doesn't make them a scam.
 
Thanks for the info on FXCM Micro. I always thought that a lot of their bad reviews were from noobs who lost all of their money.

Are you going to switch to a standard FXCM account once you have the appropriate account balance?
 
Quote from Eric215:

I am not going to debate this with yet another person. Read my response above.

EDIT: Forget it, I'll just delete the post. I don't have the energy to discuss this anymore. You guys win.
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What you clients email? Ethically they need to be told then make a fully informed decesion. They need to be warned. Time for an intervention now prior to the young man losing it all
 
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