Guys, FXCM is not bad, they are just too expensive to trade with. There are a lot on compliants that FXCM puts people on manual if they try to scalp on very short time frame (under 1-2 minutes), but what other like oanda do. Fist they give you a warning, and then if you do not adhere they will close your account and return the funds to you. Like I said before, oanda in my opinion is the best bet these days for small retail accounts (under $100K). Regards, redduke P.S. Another reason to switch to electronic futures, you also get huge leverage (similar to forex, and you better know how to use it) and central exchange
Why are you all beating you self up, in trying to look for the best broker with the best spreads and hope there is no shading and no wider spreads in volatile markets. Have anyone considered EUR/USD Futures with a 1 pip spread you wont get any fill problems and can trade the news For me, I have traded the Spot price and Future price, and I am much more profitable trading the EUR/USD Futures by far.
Here's my interpretation. Do you believe (nearly) all people (who made negative comments) are lying or misunderstand FXCM? If not, that implies these bad things do exist in FXCM. Some good comments don't justify to risk money at FXCM. It may be due to the fact some people may be lucky and won't be a victm of FXCM, but they might be in future. Some may just don't notice their evil-doing and wrongly feel they are good, or FXCM just don't aim at all people. After all, if you believe bad things do happen in FXCM, why are you still willing to risk being the next victim? Better safe than sorry.
Exactly. Add to it other instruments like DAX, if one wants to trade liquid and volatile market. My original interest on forex came from the fact that I have a day job, and can not quit it until I am profitable and built my grub stake. I live in US and can only trade Europe morning. My search led me to forex. I recently realized that I can trade futures which are cheaper and regulated, and on top of it realize nice leverage which is available in futures. Regards, redduke
how many of you guys notice that your forex company searches for your stop orders takes it out before it makes its move
I think I would tend to agree with RedDuke. FXCM is not all bad, at least not by my experience. I have just checked my acount opening date and I have had my mini account since late 2002. I also would like to see FXCM stay competitive with their spreads. Some general coments... 1) I am extremely happy with their platform. For the level and style I use it works great. I also like their free charting and the news plugin. I would not be able to say if the news plugin is a bit slow to "get the message out", but this is not important in the trading style I use. I do suspect that other traders more dependent upon news and/or have a trading style different than mine may have valid comments on the platform relative to their trading style. 2) I have not seen evidence of stop running. I have experienced placing my stop very close to my entry and having it quickly taken out, but upon reevaluating the situation(s), I have concluded that should I do this in the future, I could expect the same results. I don't consider this stop running, but rather putting your exit within immediate striking distance of the market. It will get taken out. Likewise, I have experienced my stops being hit when they are placed further back and then having the market reverse and go in the favored direction of the trade leaving me out of the action. If this has occured to someone who has not placed very many trades, it may initially seem like the stop got run. For myself, I have put on enough trades to counterbalance the idea that my stop has been run by FXCM in these situations...I simply consider the amount of times that my target has been hit and then the market has reversed leaving me with my profit. Interestingly, if one tries to use a 3:1 ratio in profit to loss, by the odds they will experience more situations in which they have had their stops hit (and the market reverses) than having their profit limit hit (and the market reversing). Psychologically, it would be easy to convince oneself that stop running is occurring. 3) The commentaries from moneytech are great. Traders who experience "bullshit" from their broker should post their experiences on the net for us to read. I am happy to see the one issue was resolved by FXCM. The other certainly sounds bad on behalf of FXCM and perhaps they should address it as it is out on the net for all to see. In summary, though, I am not seeing a landslide of complaints about FXCM, but rather incidental ones that FXCM appears to attempt to resolve. Certainly I do not see a company out to get its customers. 4) I personally do not mind the term "bucketshop" being used to describe FXCM. There seem to be contrasts between the way old bucketshops operated legally and the way FXCM operates. I do not see outright dishonest activities being conducted by FXCM as have been ascribed to many of the old bucketshop activities. 5) relative to number 4, I suspect in most cases FXCM may feel the wrath of inexperienced and unsophisticated traders in their expectations of how the market operates. "Stop running" myths and assumptions seems to be a main source of fuel for this. 6) Rather than either recommend or not recommend FXCM, I would prefer to recommend to those who ask me simply to not trade. It is a very difficult game and not suitable for most. 7) A minor annoyance with otherwise a good experience with FXCM...sometimes I want to get out of a position just before the rollover so I do not need to pay interest. I have found that if I try to exit within 5 minutes of the rollover, my platform indicates that the "connection has been lost". This is a problem I have only experienced within 5 minutes to rollover and do smell something "fishy" going on here. For my trading style, though, and relative to the fact that I have been happy with my broker up to this point, it does amount to no more than an annoyance at present. 8) From my experience to date with FXCM, I am confident that any trader's success or lack thereof will not be solely the result of whether they choose FXCM or not. Likewise, I am confident that those choosing FXCM using most trading styles will experience the fruits of their own actions in the market. OK, so the bottom line... I trade with FXCM and am happy with their service to date. Trading Forex, though, has been and remains a challenging endeavor for me. L
Well i've had a demo account at FXCM for a little while now and find forex trading interesting...not necessarily something i see myself jumping in head first though. I was under the impression that retail forex traders trade on your behalf. Your individual order never enters the InterBank (?) market. With that said i was under the impression you placed your 'order' and they then used your money as they see fit, and paid you when you 'closed the order'. It was my understanding that many times FXCM would in fact hedge itself against it's clients. -Does FXCM do forex trading? (yes?) I just feel like their responses are not lies..but definitely misleading and far from the complete truth. I'd appreciate any insight or comments...as you can tell i am new to this, but am sincerely interested in learning more. Thanks. FXCM!4: Welcome to FXCM's Live Chat feature. So that I may better serve you, feel free to provide me with your name and email address. How can I help you? You: hello You: i am new to forex and i wanted to ask a few things You: about how the market operates FXCM!4: anything in particular? You: when i place a trade You: and i make 30 pips You: does the money come from fxcm? You: or does that profit just get allocated through your company FXCM!4: profit is extracted from the other side of the trade FXCM!4: if you make money on the long side...the person on the other side of that trade is losing You: so do you guys make money when i lose money? FXCM!4: no we are compensated through the bid/ask spread You: does fxcm itself trade forex? FXCM!4: no You: so the bid ask spread is essentially your only source of revenue? FXCM!4: right FXCM!4: also, we offer courses to educate traders You: is there a reason i keep reading things about different forex brokerages scamming traders? You: how could that even work? FXCM!4: many ways FXCM!4: those are generally from entities that are not regulated FXCM!4: we are You: who are you regulated by FXCM!4: CFTC, NFA FXCM!4: member of the NFA You: what does "regulation" mean with regards to forex,, what do they monitor? FXCM!4: books, procedure, practices You: do you have the power to change the spreads on the fly? or are they bound to the market FXCM!4: we've only changed our spreads twice during the history of our company You: i see thanks for the info- FXCM!4: my pleasure
While Oanda have the 'lowest' spreads available to the retail fx trader as well as no 'minimum' account margin, spreads are not fixed: http://fxtrade.oanda.com/resources/spreadstats/spreadsminmax.shtml
I think any broker that has its own desk and trades against you is NOT good.....I you are better off with shops that just provide the liquidity through market makers i.e., interbank etc etc..... As for FXCM I would not know but it seems like its the same as Refco FX is/was...I would stay away from it!
i like those previous 2 posters, registerin' appositely to defend fxcm da bucketshops king even a retarded 2month 'ol neglected child can see that...what a bunch of handicapped sparkbutts.