A bit confused

Beginner Questions
#1

Ok, so I’ve been using FXCM’s demo account for a coiple of months now and as a beginner I pulled up my account from 50K to 135K. Mostly by being lucky I guess;) .

Anyway, last night I read a bit on forexbastards and have found out that FXCM gets lots of bad reviews:confused: . They supposed to be teh biggest in the industry, am I right here?

Most complaints were about them actually working against you, teh platform that mysteriously freezes up when you want to cash in your profit and so on…

Does anyone here have any live account experience with them, since I am planning on opening a live account and managed account with them.

Thanks a lot for any input and help on this.

#2

I don’t use them but put “FXCM” into the search function at the
top of the page.

Enjoy your reading. :slight_smile:

PS What a coincidence the managing director for marketing
from FXCM does a huge PR post then somebody comes looking
for info on them. :smiley:

#3

I did put it in my search engine and just get their website.

I’ve just read some stuff on forexbastards.com, but then again every broker gets slagged off there?

Any links on it mate?

Thanks

#4

I trade with FXCM …demo account was fine

I just went live two weeks ago, with 1000.00 account (Small Time)
and now my account is up about 200.00…

Haven’t had a problem with FXCM…knock on wood

#5

No I meant put “FXCM” into the search function at the top of this page,
across the top between “new posts” & “Quick links” :slight_smile:

This will give you all the posts on the forum concerning FXCM also
you could start with this one.

http://forums.babypips.com/rate-my-broker/3900-your-funds-safe-nfa-shut-down-small-forex-fcms-12.html#post19919

#6

That’s just it, my demo account is going fine as well. But after reading the reviews on forexbastards I’m not so convinced anymore.

If you went from 1000 to 200 things aren’t going that well?

Hope it gets better for you. I’m really getting my doubts about it all after reading that forex bastards site. Maybe Ill just let them manage an account.

#7

Thanks Daydreamer:)

#8

I sorry i said i am UP $200.00
total account is now $1200.00

And i am happy because it’s 200.00 more then i had two weeks ago
and i didn’t even have to work hard for it

I love this MARKET!

#9

Joey, I was wondering why are you demo trading with a $50,000 account? Do you plan on opening an account with $50,000? If not then why not goto a site that will allow you to demo with an amount that you plan on starting with? That is one problem with FXCM. Another problem is that you cannot use the good charting software until you have a larger account.

#10

Well, FXCM wa the first demo I ran into, in the mean time I opened another demo with alpari mt4, easier to use and started with 5000USD, the amount I’d be willing to put in to start of with.

WHat’s teh deal with FXCM/s software? Can we only use it of we have a big account?

#11

I’d be happy with that:)

#12

Bazooko, FXCM will open a Demo with what every you want, i was trading a 5K account, but it really shouldn’t matter on if its 5k or 500K, If you can make money-- you can make money… I traded a 5k on demo…now i only have a 1000.00 account live…i am taking it small.

I can afford to lose 1000.00… right now …thats it.

I guess the question here is CAN you make money doing this, If your making money in DEMOLAND then you probably can make money in LIVEWORLD.
They are different but not much

GOOD LUCK!

#13

What are the differences between live and demo then?
There shouldn’t be too much difference!

#14

Basically it’s psychological, when you go live it is your money
that is on the line, not play money.

That’s why you should hone a system in demo mode so that
when it is your money you know the system works. :slight_smile:

#15

They may not use the same feed and have different algorithms. For instance on Oanda when they vastly increase spreads at news time on the live platform they do not on their demo. So in addition to the psychological issues never assume that it will be the same live and start small

#16

I am really hesitating more and more each day.

First I thought FXCM to go live, then Alpari, then again ALpari does admit that it takes them 20 to … seconds to close a live position.
In that time your profit can be gone.

#17

At least you are asking the right questions and are aware of some of the issues. Apart from news time when liquidity can dry up you should expect instantaneous execution of your order. I have in the past used MG Forex and Oanda without problems of execution outside of news and now use MB Trading and an ECN broker

#18

Thanks,

It really worries me, I remeber 6 months ago when I started my first demo it was all good. Why? Coz I didn’t know anything yet and hadn’t read any forums yet. Now, really looking at other investment possibilities.

Jeez, if I want to lose my money I might as well go to a casino and have fun while doing it;).

#19

Jeez, if I want to lose my money I might as well go to a casino and have fun while doing it

I would say if you don’t enjoy pitting your wits against the
forex market then the best decision you could make is
to go to a casino & have “fun” :lmao:

I personally have never received a great buzz from throwing my
money down the toilet.

At least you are asking the right questions and are aware of some of the issues. Apart from news time when liquidity can dry up you should expect instantaneous execution of your order. I have in the past used MG Forex and Oanda without problems of execution outside of news and now use MB Trading and an ECN broker

Unless of course you can invest your money in an ECN like Tony has said,
then you need to take a chance on one of the “uninsured” brokers.
I use Oanda, to this point in time I have not had occasion to complain.

If there is a better “broker” on the 'net I have yet to read about them,
that is at the level I am at. Where else would you be allowed to learn so
much about such an interesting profession on a shoestring.

The best advise I received was “never invest any amount of money
that you are not prepared to lose” This tenet I have carried over from
HYIP & Autosurfs, it still applies today.

:wishes: