So you watch the charts with MT4 and enter your trades through their FXCM trading platform? Or do you only do demo on MT4?
I was thinking of doing that so I could use MT4, while trading my micro account.
yes i use the mt4 demo that i have to renew monthly for charting. I then enter my orders on the fxcm trading station. I like this as the mt4 order system is very clunky…on the trading station i can move my stops and limit orders around by dragging the horizontal lines where i want them. Much much easier than mt4.
Thanks for the info, I’m going to try it out with the mt4 as there are many custom chart features that mt4 offers.
exactly…you can’t do this with anything but mt4.
lol, man that’s so easy to trade!
yeah just a silly example…not my trading charts…i was just playing around with templates this morning.
I have been reading the many documents issued by FXCM regarding the implementation of the NFA’s new FIFO rules.
Those of us who trade through FXCM have some decisions to make, and not a lot of time in which to make them.
In order to maintain the current functionality of the FXCM Trading Station II, US-based customers will have to move their accounts to the UK. This will allow trades made on either the Trading Station platform, or FXCM’s MT4 platform, to side-step the NFA FIFO mess. More on MT4 in a moment.
FXCM seems to be encouraging their [B]FXCM LLC (US)[/B] customers to consider transferring their accounts to [B]FXCM LTD (UK)[/B], and they emphasize that to do this “seamlessly” — i.e., without having to close the US account and then open a UK account from scratch — a transfer request must be filed with FXCM no later that July 21, 2009.
Now, about MT4: For traders who (1) trade through the MT4 platform, and (2) have their account with a U.S. broker, there is a separate and very serious consideration, which apparently will affect [B]all[/B] MT4 users, regardless of the U.S. broker they trade through.
Here is a copy-and-paste from an Administrator sticky on the DailyFX Forum:
DailyFX Forum Administrator
DailyFX Moderator
[B]FAQs for NFA FIFO Rules [/B]
[B]MetaTrader4 (MT4)[/B]
MetaTrader4 (MT4) clients who wish to maintain their current platform functionality (with hedging enabled) may transfer to FXCM UK.
[B]Q.[/B] I am an MT4 user and wish to keep my account with FXCM LLC. How will my account be affected?
[B]A.[/B] To date, we have received no indication from MetaQuotes that they will be able to comply with First In First Out execution by July 31st, 2009. As such, the combined changes brought about by NFA Compliance Rule 2-43(b) will mean that traders will no longer be able to trade MT4 with US regulated brokers. Assuming that MetaQuotes is able to comply, there will still be major implications: traders will have fewer order choices, traders will have drastic limitations to their risk management options, the vast majority of Expert Advisors will no longer be functional
[B]Q.[/B] I am an MT4 user that applies Expert Advisers, how will they be affected?
[B]A.[/B] It depends. Some expert advisers use only market order to both open and close positions. These EAs will comply with FIFO execution. Other EAs do assign stop-loss and limit orders to specific ticket numbers, if MetaQuotes puts through a FIFO patch these orders will get rejected by the platform.
Also on this forum post, this item on the subject of proposed reduced leverage in U.S. retail forex accounts:
Notice of Leverage Reduction Proposal:
The NFA has recently requested that the Commodity Futures Trading Commission (CFTC) approve another rule proposal that would place additional restrictions on the margin (leverage) levels that FDMs can offer to forex customers. If the CFTC approves this proposed rule, FDMs will be restricted from offering more than 100:1 leverage on major currency pairs and will be limited to 25:1 leverage on non-majors. NFA has proposed this rule because it is �concerned that higher leverage amounts can deplete a customer�s account balance�and result in forced liquidation�much faster than retail customers realize.� Again, CFTC has not yet approved this rule proposal, and there is not yet a specific date for when it would take effect. For more information, please visit:
NFA - National Futures Association
Here is a link to the page from which the above was copied:
1) FAQs for NFA FIFO Rules - DailyFX Forum
FXCM is too politically-correct to say publicly that the NFA’s persistent meddling in the forex market is a giant load of crap —
But, I’m not!
Clint
Yeah thanks Clint, as always for the heads up! I’m with fxcm UK and happy as a clam.
sandpipper,
I might start picking your brain regarding FXCM UK in the next few days, as I consider my next move.
By the way, cool charts (a few posts back)!
Clint
Why are we only hearing about this from FXCM ? I have 2 brokers and haven’t heard anything from either of them … Strange …
Is there any main differences between MT4 and FXCM’s version of it? I currently trade live on FXCM’s Micro, and demo on IBX’s MT4 platform. Is there a main MT4 platform that is different from other brokers versions of the platform?
Thanks!
-Cory-
In my experience most mt4 platforms are almost identical.
Is FXCM’s MT4 platform only available for Standard accounts? I would love to have MT4 on my Micro account.
Smallest lot size is mini lot on FXCM’s MT4.
I know the last post was in June 2009 but i have to say this, my deepest respect to whoever developed FXCM’s market scope2.
Not only are the trailing stops much tighter, the chart behaves by the book. I tried a few softwares and it is frustrating to loose on their demos even when you are doing the right thing. After trying market scope i everything changed.
The problem is most meta trader softwares use trailing stops starting 50 points. (In some occasions 15 points like instaforex). Market scope secures your trade starting as little as 3-5 pips (correct me if i m wrong). Hence it is perfect for scalpers. Using a platform with 50 pips minimum to activate your trailing stop is frustrating especially when you were in the money for the first 10-15 pips then the price pulls back or rebounds against you. I am not a conspiracy theorist but why are forex softwares offering softwares that are not user friendly, why not adjust the software in favor of their client’s trading tactics so everyone is happy?
“Those of us who trade through FXCM have some decisions to make, and not a lot of time in which to make them.”
Hi Clint,
I’m getting closer to trading live with a very small account. I’ve got $4000 stashed, but I’ll trade with pennies until I prove myself in the live market, and will then toss in up to $4000. I’ve been toying with the idea of charting on Oanda’s MT4 and executing trade with much quicker execution on their fxTrade - I’ve been demo-ing on both. I’ve also been demo-ing with FXCM’s Trader Station’s Marketscope which, I read a year ago, you were using, though I don’t know when you wrote it. I would truly appreciate it if you would toss me some advice as to which brokers and platforms I could consider, even if they’re in Zimbabwe (really!). At this point, it’s between an FXCM Mini account and Oanda’s MT4 and fxTrade combo; but any advice or recommendations you can give will be seriously considered.
Sincerely,
Yes, Me Forex!
Hello, Norm
I’m glad to hear that you are ready to take the plunge. And I commend you for deciding to start out with a tiny account, risking tiny amounts.
As for a broker recommendation, Oanda clearly offers the ability to trade the smallest positions, taking the smallest risks. In my opinion, that’s the way you should go.
I feel very strongly that you [I]should not[/I] try to juggle two different platforms, one for chart analysis, and one for actual trading. Keep things as simple as possible in the beginning. You can get clever and fancy in the future, after you have taught yourself to trade.
[B]Teaching yourself to trade should be your one and only focus, until you have mastered trading.[/B]
You can learn to trade through almost any reputable broker, so don’t become obsessed with identifying the world’s best broker, at this stage in your development.
Start out with Oanda. If you feel more comfortable with their MT4 platform, then use it. If you like their FxTrade platform better, then go with that. After you have proven to yourself that you can do this forex trading thing, you can consider other brokers and/or other platforms. Your first broker doesn’t have to be your last broker, or your only broker. Fidelity and monogamy apply to romantic relationships, not to broker relationships.
You have one task, at this point: teaching yourself how to use a dollar to earn a penny or two. After you have learned to do that [I]consistently,[/I] then you will be able to easily fatten up your account and ramp up your trading to use a hundred dollars to earn a dollar or two. And then to use a thousand dollars to earn ten or twenty bucks. And, so forth. It’s often described as learning to crawl, before learning to walk; and learning to walk, before learning to run.
Good luck to you.
Clint
.
Got to agree with clint on this. With a small account you are better off with oanda as you can manage risk far better. I will say though the last I used Oanda I didnt care for there web based plattform at all. I dont remember the fxtrade plattform but it has been years since I traded with them so I am sure improvments have been made. Mt4 has a lot of cool features but it is a 3rd party software and most brokers I have used with MT4 the MT4 price does not match the actual price from the broker. Not sure how you trade for me it really dont matter to much as its not a big difference but for a scalper the difference of a couple pips can cause a major problem. I trade with fxcm and I like there plattform. You cant do quite as much as you can with MT4 but it is getting there very quickly and IMO is much more user friendly.
Also I cant speak for FXCM as I do not work for them but since they have a tenth of a pip in there price quote I am sure its only a matter of time before they follow suit with Oanda and offering partial lots. Again I dont know for sure thats just my guess as the show partial pips in there price quotes it would make sense to me.
Hi Clint,
Thank you, so much, for your personal touch and your encouraging words.
I’m certainly a newbie at trading, or rather, a wannabe newbie, but I’m not a newbie at life. I’m 72 years old, and on New Years Eve, my wife and I will be married 48 years. Yes, I’m glad that we’re on the same page about that monogamy and fidelity thing, and - I hope nobody flips out when they read this - we give all the credit to Jesus, who saved our marriage 38 years ago through much prayer and two solid years of Bible-based counseling. The result? Two grown daughters, both happily married, and five happy, thriving grandchildren.
Well, on to the “important” stuff! Your encouragement to go with Oanda has strengthened my leaning in that direction for the very reasons you mentioned. At present, my biggest challenge is getting my head out of every forex teacher’s website on the web and getting into serious demo trading - I’ve dabbled with demo in the past and came out the net loser - and backtesting probably, and finally going live. In other words, switching from being primarily a head-knowledge student to one with solid, consistent, hands-on trading experience until I go live with consistent profits.
Thanks again, Clint.
With much appreciation,
Norm
Thanks Bob,
Yes, I’ll go with Oanda. I’m sold on the idea of being able to trade individual units to keep my 2% risk truly 2% and not 1% or 3%, and I like fxTrade. Much smoother and more intuitive than Marketscope and especially MT4; but if and how I’ll use MT4 in conjunction with fxTrade remains to be seen. The main point is, I’m coming to a focus, and I’m happy about that. Things will get clearer as I proceed.
Best wishes,
Norm