http://www.bloomberg.com/apps/news?pid=20601083&sid=aY6LzJSv2g80&refer=currency
Talk about trading currencies.
I got an idea, what's your address again?
FXCM Micro Withdrawls
- Thread starter T-Bone Trader
- Start date
http://www.bloomberg.com/apps/news?pid=20601083&sid=aY6LzJSv2g80&refer=currency
Talk about trading currencies.
I got an idea, what's your address again?
Quote from davidmaria1:
http://www.bloomberg.com/apps/news?pid=20601083&sid=aY6LzJSv2g80&refer=currency
Talk about trading currencies.
I got an idea, what's your address again?
Good story, how'd you sniff that one out!
My address is:
The big BIG HUGE pretentious looking house with the Dallas style fencing and a life-size statue of ME at the drive entrance waving royally and looking obscenely rich and regal as I do. It's just a modest little place but somewhere I like to call home.
Welcome to my ignore list. You are a WACKO.
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I don't think 'Stefo' (an alias of the resident village idiot and forum clown/troll) will be able to reply but one of his many many other aliases might if they haven't been banned as well
I wouldn't hold your breath waiting though, sensible conversation isn't his forté!
Okay, let me say it up front, while I've day traded in equities for some time, I'm a newbie with the forex. I have only one month of demo trading under my belt and about a week beyond that of research. Which is why I'm here reading and asking questions. This thread in particular grabs my attention because of the FXCM comments. I don't plan on opening a live account for at least another five months and then only if I demo trade well. But I was looking to FXCM as being on the short list of good options.
How are you guys defining "bucket shop" in your posts? I'm trying to determine why FXCM is a bucket shop. Maybe under your definition, it isn't necessarily a bad thing.
I first heard the term when reading about Jesse Livermore. From my understanding, in those days the shops didn't really pass the trade to any market but rather depended on the majority of traders making bad trades and loosing money. They would cover the gains of winning traders from that money. Those bucket shops would actually turn away traders that had any skill.
I thought that FXCM made their money through the pip spread. No matter if you acquire gains or losses, they get the spread so they make money on every trade. Is that not correct?
If it is correct, then wouldn't they really prefer you to be profitable so you would stay in the market and make more trades?
If FXCM is a bucket shop, what are the safe alternatives?
I researched them at this site:
http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FXCM
There were three complaints in total from the years 2004, 2005 and 2007. The one mentioned several times in a post above:
Narrative for 0308179 - FOREX CAPITAL MARKETS LLC
COMPLAINT:
On December 8, 2006, NFA issued a Complaint charging FXCM with using deficient promotional material and failing to uphold high standards of commercial honor and just and equitable principles of trade; and failing to establish and implement an adequate anti-money laundering program. The Complaint also charged FXCM and Niv with failure to supervise.
ANSWER:
On January 22, 2007, FXCM and Niv filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 27, 2007, FXCM was ordered to pay a $175,000 fine. The charges against Niv were dismissed, with prejudice.
That issue included:
C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS
Okay, I'm researching other brokers too and most have something. The fact one could go almost two years without a complaint is a good thing, right?
As stated earlier, I just completed one month of demo trading and that was with FXCM. I thought I had done my research as to wether or not they were a reputable and safe company to do business with. Maybe not from what I'm reading here. I don't plan on opening a live account with anyone anytime soon but I'm interested in the responses to this post.
Kind regards,
Randall
How are you guys defining "bucket shop" in your posts? I'm trying to determine why FXCM is a bucket shop. Maybe under your definition, it isn't necessarily a bad thing.
I first heard the term when reading about Jesse Livermore. From my understanding, in those days the shops didn't really pass the trade to any market but rather depended on the majority of traders making bad trades and loosing money. They would cover the gains of winning traders from that money. Those bucket shops would actually turn away traders that had any skill.
I thought that FXCM made their money through the pip spread. No matter if you acquire gains or losses, they get the spread so they make money on every trade. Is that not correct?
If it is correct, then wouldn't they really prefer you to be profitable so you would stay in the market and make more trades?
If FXCM is a bucket shop, what are the safe alternatives?
I researched them at this site:
http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FXCM
There were three complaints in total from the years 2004, 2005 and 2007. The one mentioned several times in a post above:
Narrative for 0308179 - FOREX CAPITAL MARKETS LLC
COMPLAINT:
On December 8, 2006, NFA issued a Complaint charging FXCM with using deficient promotional material and failing to uphold high standards of commercial honor and just and equitable principles of trade; and failing to establish and implement an adequate anti-money laundering program. The Complaint also charged FXCM and Niv with failure to supervise.
ANSWER:
On January 22, 2007, FXCM and Niv filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 27, 2007, FXCM was ordered to pay a $175,000 fine. The charges against Niv were dismissed, with prejudice.
That issue included:
C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS
Okay, I'm researching other brokers too and most have something. The fact one could go almost two years without a complaint is a good thing, right?
As stated earlier, I just completed one month of demo trading and that was with FXCM. I thought I had done my research as to wether or not they were a reputable and safe company to do business with. Maybe not from what I'm reading here. I don't plan on opening a live account with anyone anytime soon but I'm interested in the responses to this post.
Kind regards,
Randall
OK I certainly understand your point. But I just googled âNFA FXCMâ and all of the results were press releases by FXCM on how they were conforming to NFA requirements. One complaint that results in a whopping 175k fine is hardly merit to not do business with anyone. Especially over advertising issues. Even the legendary Think or Swim (who I have also had great experiences with) gets a few complaints here and there. Go ahead make fun of me because I donât trade 100k lots. They offer what I want and I am happy to give them a good review for as long as they are good to me. I mean, at least Iâve traded with them, unlike you. Put $100 in a micro account and try them, and then tell me theyâre a scam.
Quote from cabletrader:
I don't think 'Stefo' (an alias of the resident village idiot and forum clown/troll) will be able to reply but one of his many many other aliases might if they haven't been banned as well
I wouldn't hold your breath waiting though, sensible conversation isn't his forté!
I guess it doesn't bother you that real traders can see through your bullshit
all that matters is that noobs believe you
you are a small man, and I pity you
Thanks but I can't spend that at the grocery store, any chance you could express your pity is dollars?
lol, it makes no difference to me how much you trade, cents or billions it's all relative.
I already said though, I personally wouldn't bother with a company who has such a bad reputation and NFA regulatory actions, there are so many choices out there.
However, for all I know they could be the best thing since sliced bread, like I've said I haven't traded with them nor would I want to for the reasons stated. That's just me, it's up to you what you do with your money, if you're finding them fine then great! Plenty of people wouldn't trade with Oanda but the same applies, they suit me fine and I'm happy which is all that matters.
Don't let anyone persuade or dissuade you from trading with a particular broker. You've done your own due diligence and you sound happy to give them a shot so go for it!
At the end of the day if they're filling your orders at the price you want, and the platform is stable and functional, then what more could you ask for?