Leaaving FXCM Micro

[ForexExperiment]

I did not believe those scam stories till it happened to me 2 days consecutively. On both occasions, my account is close to the level where they will close out all your trades due to insufficient margin. Prices on both days spike up to evoke closure of all my trades and the price that triggered the closure of my trades happen to be the highest price for that period. Prices reversed quickly after that. Highly suspicious. Not sure whether to file a complaint since my account is only about $100 each time and not sure whether the authorities can do anything about it. Not forgetting the stop loss orders that got hit and quickly reversed course as well ( though I tried to dismiss that as normal market movement initially, I'm not so sure now . )

I am convinced now to put my money elsewhere ( likely to be Oanda ). Beware of FXCM when you put stop loss orders or if you have open positions when your account balance is near your margin limit.

[phil838]

Originally Posted by ForexExperiment

I did not believe those scam stories till it happened to me 2 days consecutively. On both occasions, my account is close to the level where they will close out all your trades due to insufficient margin. Prices on both days spike up to evoke closure of all my trades and the price that triggered the closure of my trades happen to be the highest price for that period. Prices reversed quickly after that. Highly suspicious. Not sure whether to file a complaint since my account is only about $100 each time and not sure whether the authorities can do anything about it. Not forgetting the stop loss orders that got hit and quickly reversed course as well ( though I tried to dismiss that as normal market movement initially, I'm not so sure now . )

I am convinced now to put my money elsewhere ( likely to be Oanda ). Beware of FXCM when you put stop loss orders or if you have open positions when your account balance is near your margin limit.

Could you tell us details about the trades? Like the entry, stoploss, time it happened, etc? Or post a picture, that would be better!

Then we can check our charts and maybe help you out.

[fmtrader]

Every thing is possible with those people.
They have unprofessional untrained team members handling your data and transactions,
they don't have proper complaint procedures, their customer services is a joke.
I tried to fund my account yesterday by following a link one of their staff sent me; they took the money from my card and send me an email 10 minutes later saying they've declined my transaction; when i've enquired about this they've admited that the person who sent me this link have made a mistake and sent me a wrong link to a different website.

Now my card has been debited and i don't have access to those funds, that means i can't trade; I've sent them 2 emails so far and but no one replied.

I am considering filing a complaint to the authorities about the way they've handeled my transaction.

[ForexExperiment]

Thanks Phil. Checked charts of Oanda. Yes, there was a similar spike up but doesnt reach the high of FXCM micro. Not transparent since there are no control over brokers' widening of spread to trigger the closure of clients' positions at their desired price.

There was something else yesterday. My positions were similarly closed at the highest end of the price range for that period. However, the official day high listed even after that event was lower than that closing price. It was adjusted to the price that my positions got hit minutes later.

Feel tired that i have to 'monitor' the tactics of these brokers ( if they are indeed using dirty tricks ) besides my own trading. Seem that we have to abide by their rules unless we switch to trading currency futures in centralised markets such as CME Globex .

[ForexExperiment]

Originally Posted by fmtrader

Every thing is possible with those people.
They have unprofessional untrained team members handling your data and transactions,

Occasionally hear the similar beeps and tones from the trading platform even though those were not triggered by my trades. Wonder if there is really someone out there trading 'opposite' me using the same platform.

[flip317]

had an open order GBP/USD long, T/P set @ 1.62125 on Friday @8:30 am ET GBP spiked, pass my T/P ,reached 1.62404...28 pips higher, my T/P was hit and order in process of execution , but when price retraced down my account started to lose $$$ , tried to hit cancel but pop up window said cant cancel order in process...same time my other 2 orders were frozen too, at 10:11 am ET almost 2 hours later GBP/USD finally closed position @ 1.59656 which cause a $602.00 loss on all positions. If GBP/USD would be closed at time when reached his stop all positions would be profitable. now how do you explain this!!! 2 hours waiting period to execute an order. Asked live support for explanation , they gave me # to call , seriously checked twice #888 583 6739, now call this number and see for yourself. After busy signal finally automated message said call 1 800 377 TALK, well naive as I was i called , from there on I have no more comments.
All that I do know is you cant win with FXCM, they will give you a few $$ and take all as soon as opportunity arise , it is not worth a try ....beside the point that waited 14 days to open account that was loaded with $$ from day 1

[finally]

Originally Posted by ForexExperiment

I did not believe those scam stories till it happened to me 2 days consecutively. On both occasions, my account is close to the level where they will close out all your trades due to insufficient margin. Prices on both days spike up to evoke closure of all my trades and the price that triggered the closure of my trades happen to be the highest price for that period. Prices reversed quickly after that. Highly suspicious. Not sure whether to file a complaint since my account is only about $100 each time and not sure whether the authorities can do anything about it. Not forgetting the stop loss orders that got hit and quickly reversed course as well ( though I tried to dismiss that as normal market movement initially, I'm not so sure now . )

I am convinced now to put my money elsewhere ( likely to be Oanda ). Beware of FXCM when you put stop loss orders or if you have open positions when your account balance is near your margin limit.

I am convinced that FXCM is running a crooked operation.
I, too, have been taken out of position by FXCM price spikes when my usable margin was very low, causing the position to be closed.
I complained and they said that they were bad prices and that I should call the audit department.
I didn't have my ticket numbers any longer so I couldn't do a thing about it.
Also, I believe that FXCM uses stop-hunting software.
I know that many times when my stop was close, they widened their spread in order to take me out- remember they take the other side of your trade, so they have an incentive to be thieves.
FXCM is worth it, if you use mental stops and never let your margin get too low.
Still, they are a bunch of crooks.

[ForexExperiment]

Traded on Oanda finally. What a difference ! Prices on Oanda move practically every second ( average ) while those on FXCM update about every 10 seconds at least. Orders submitted on Oanda executed immediately without getting hanged like FXCM and best of all, can trade any amount I like ( even $1 )

Its Oanda for me from now on. Deleting that lousy FXCM platform..

[davidt76]

I use FXCM micro.

5 minutes ago on AUD/USD, I had a stop hit that was set at .80727.

The candle says the high was .80712.

WTF....

[Jason Rogers]

Are you looking at the bid or ask prices on the chart?

If you're short, which it looks like you were from the prices described, then you would need to view the ask prices. Take a look at the chart I attached. it is showing the ask prices.

The ask price went as high as .80727 and the bid chart shows the high as .80712. A spread of only 1.5 pips.

Originally Posted by davidt76

I use FXCM micro.

5 minutes ago on AUD/USD, I had a stop hit that was set at .80727.

The candle says the high was .80712.

WTF....