Shame On Fxcm

Quote from sccz97:

If you think there will be sufficient liquidity for it to be worthwhile switching from spotfx or current fx futures starting day 1 then yes. More realistically, it'll take some time for ppl to migrate in sufficient quantity to make it worthwhile.
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Yep. Spool up time will take a little while. But the immediate benefits will be noticable as far as clearing and tighter spreads go. This will certainly change the FX market from mostly market makers/dealers to brokers/ECNs. It was bound to happen.

Anyway here's an except from MSNBC on the subject.

"Although the new platform will initially be limited to spot trading, the two partners plan to eventually offer a suite of foreign exchange products, including forwards, swaps and over-the-counter options. The CME believes this will accelerate growth of trading volumes for its existing exchange-traded futures products, particularly as traders will be able to arbitrage the differences between spot and futures prices."

The rest of the article is here:

http://msnbc.msn.com/id/12632218/
 
I do not wish to spend a lot of time to argue advantage of futures over spot fx. I provided here some info, why futures are better. See it for yourself. But when you try to do size in forex, be very careful.

Best of luck,
redduke
 
Hey Guys,
Thanks for the feedback.

I don't have a funded FX account, but have opened a FXCM Demo account just to see what all the chatter is about. The gist of what I'm getting here is that companies such as FXCM aren't acting simply as brokers, handling the transaction in the market. But rather they "are" the market and we are actually trading on their stage, not in the independant marketplace.

Am I starting to see it, or have I missed the point?
 
YET ANOTHER DAY OF IMPROPER BEHAVIOR ON THE PART OF FXCM

INTEREST RATE DECISION - AND THEY PUT TRADERS THAT ARE

PROFITABLE AND ACTUALLY KNOW WHAT THEY ARE DOING ON

MANUAL EXECUTION AND DID NOT LET THEM TRADE

THIS SHOULD BE ILLEGAL

THEY MAKE ALL SORTS OF EXCUSES ,

BUT THE BOTTOM LINE IS THAT THEY PROFILE PEOPLE
AND RESTRICT TRADING FOR EXPERIENCED TRADERS BUT LET THE
AMATURES THAT LOOSE MONEY TRADE BECAUSE THATS HOW
THEY OPERATE.

WHERE IS THE NFA ON THESE UNFARE AND ILLEGAL ACTIVITIES

SO BASICALLY IF THEY SEE THAT YOU ARE MAKING MONEY THEY SET ASIDE THOSE ACCOUNTS AND DURING IMPORTANT AND ACTIVE TIMES LOCK THOSE ACCOUNTS SO THAT THEY WOULD NOT BE ABLE TO TRADE

ON THE OTHER HAND - IF THEY SEE THAT YOU ARE NEW OR LOOSE MONEY , UNEXPERIENCED AND UNPROFITABLE - THEY LET YOU TRADE WITHOUT A PROBLEM. THEY GET THEIR FILLS BECAUSE THEY KNOW THAT THE MONEY WILL GO INTO FXCM'S POCKETS , SO WHY NOT .

WHAT I AM WONDERING IS IF THESE SO CALLED NFA REGISTERED COMPANIES HAVE THE RIGHT TO OPERATE IN SUCH AN UNFAIR AND CLEARLY WRONG MANNER.

UNTILL I FINALLY BECAME PROFITABLE I NEVER HAD A PROBLEM TRADING EVEN DURING THE NEWS RELEASES AND NOW THAT THEY SEE THAT I FINALLY GOT THE HANG OF THIS MARKET THEY ARE TRYING TO PREVENT ME FROM TAKING MONEY OUT OF THEIR POCKETS.

SHAME SHAME , FOR SUCH A BIG COMPANY TO DO THIS TO PEOPLE , WITH ALL THE ADS OF BEING THE BEST , NOW I KNOW HOW THEY DO IT.
 
i monitor 5 dealers on a level2 type matrix. FXCM price rarely deviates from the others and the actual interbank by more than 2 ticks.

little confused what you guys are talking about.


surfer

:confused:
 
Quote from jmoris:

YET ANOTHER DAY OF IMPROPER BEHAVIOR ON THE PART OF FXCM

INTEREST RATE DECISION - AND THEY PUT TRADERS THAT ARE

PROFITABLE AND ACTUALLY KNOW WHAT THEY ARE DOING ON

MANUAL EXECUTION AND DID NOT LET THEM TRADE

THIS SHOULD BE ILLEGAL

THEY MAKE ALL SORTS OF EXCUSES ,

BUT THE BOTTOM LINE IS THAT THEY PROFILE PEOPLE
AND RESTRICT TRADING FOR EXPERIENCED TRADERS BUT LET THE
AMATURES THAT LOOSE MONEY TRADE BECAUSE THATS HOW
THEY OPERATE.

WHERE IS THE NFA ON THESE UNFARE AND ILLEGAL ACTIVITIES

SO BASICALLY IF THEY SEE THAT YOU ARE MAKING MONEY THEY SET ASIDE THOSE ACCOUNTS AND DURING IMPORTANT AND ACTIVE TIMES LOCK THOSE ACCOUNTS SO THAT THEY WOULD NOT BE ABLE TO TRADE

ON THE OTHER HAND - IF THEY SEE THAT YOU ARE NEW OR LOOSE MONEY , UNEXPERIENCED AND UNPROFITABLE - THEY LET YOU TRADE WITHOUT A PROBLEM. THEY GET THEIR FILLS BECAUSE THEY KNOW THAT THE MONEY WILL GO INTO FXCM'S POCKETS , SO WHY NOT .

WHAT I AM WONDERING IS IF THESE SO CALLED NFA REGISTERED COMPANIES HAVE THE RIGHT TO OPERATE IN SUCH AN UNFAIR AND CLEARLY WRONG MANNER.

UNTILL I FINALLY BECAME PROFITABLE I NEVER HAD A PROBLEM TRADING EVEN DURING THE NEWS RELEASES AND NOW THAT THEY SEE THAT I FINALLY GOT THE HANG OF THIS MARKET THEY ARE TRYING TO PREVENT ME FROM TAKING MONEY OUT OF THEIR POCKETS.

SHAME SHAME , FOR SUCH A BIG COMPANY TO DO THIS TO PEOPLE , WITH ALL THE ADS OF BEING THE BEST , NOW I KNOW HOW THEY DO IT.
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Look, FXCM has a lag in a quote feed. For that reason they put on manual anyone they belive is picking. Why do you waste your time on posts about how bad FXCM is? Open a currenex acc. with Capitalforex or IB. Why not move on?
 
Quote from nlslax:

Hey Guys,
Thanks for the feedback.

I don't have a funded FX account, but have opened a FXCM Demo account just to see what all the chatter is about. The gist of what I'm getting here is that companies such as FXCM aren't acting simply as brokers, handling the transaction in the market. But rather they "are" the market and we are actually trading on their stage, not in the independant marketplace.

Am I starting to see it, or have I missed the point?
More...

Yep, you got it. FXCM is a market maker and therefore acts as a counterparty to your trades. Meaning, they trade against you.

Interactive Brokers, MBTrader, CoesFX and I forget the name of the other one, act only as brokers having a network of banks(liquidity providers) were they match trades. A far better system and more transparent. More liquid too reatil-wise. But instead of paying a "spread," you pay a smal commission. IB has the lowest commsion. It's .00002 or 2/10 of a pip/$100,000 currency. Minimum commssion $2.50. Execution speeds are fantastic and spreads are some of the tightest around. .5 to 2 on Eur/USD.

Check out their webpage.
 
Quote from ddunbar:

Yep, you got it. FXCM is a market maker and therefore acts as a counterparty to your trades. Meaning, they trade against you.

Interactive Brokers, MBTrader, CoesFX and I forget the name of the other one, act only as brokers having a network of banks(liquidity providers) were they match trades. A far better system and more transparent. More liquid too reatil-wise. But instead of paying a "spread," you pay a smal commission. IB has the lowest commsion. It's .00002 or 2/10 of a pip/$100,000 currency. Minimum commssion $2.50. Execution speeds are fantastic and spreads are some of the tightest around. .5 to 2 on Eur/USD.

Check out their webpage.
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Thats what I was looking for. I like the trending of these markets, but I was reading too much here that said i must be missing something.

I didn't understand the last part though where you said the brokers you mentioned had a commission and then you mentioned a spread. Are you saying that the costs of commish and their smaller spreads combined are less than paying the spreads with a company such as FXCM?
Thanks.
 
Quote from ddunbar:

Yep, you got it. FXCM is a market maker and therefore acts as a counterparty to your trades. Meaning, they trade against you.
More...

Doesn't matter who "trades against you". If you are correct in market direction and your stops don't get hit you WILL make a profitable trade. I have followed the quotes from FXCM and they match yahoo quotes and the TV news almost to the pip.

The problem is with traders that set stops too tight. 100 pips moves and back are all to common and stops get taken out very easily.
 
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