fxcm a cheating company.
my account is 1906191872. the trade number is 28726563.
i opened this long trade of XAUUSD on thursday at 1567.4 . I set the stop-loss at 1564, and the the price dropped below 1564. so of course I got a loss at 1564. But FXCM closed my trade at 1559, expanded my loss from 1564 to 1559.
how can you do that ? it’s cheating
if my stop-loss is manipulated by you, what the meaning of my stop-loss.
I was gonna open an account at FXCm to spread my money over 3 brokers…Does this happen alot?
it has happened twice in recent 30days.
at the first time, I bore it.
but FXCM cheated again. so i have to disclose them.
Did you complain to their support first? What did they saY?
they gave me a funny and ridiculous reply.
they said our platform would expanded the stop-loss when the price moved very fast.
Hi Schelee,
I looked into this for you, and I can confirm that the price your stop loss order was filled at is correct. CNBC noted that the recent drop in gold has been dramatic. Take at look at the 1 minute chart below for XAU/USD which shows the quick drop in price during the time when your stop at 1564 was triggered.
It’s important you understand that when a stop loss order is triggered, it becomes a market order and will be filled at the best available price in the market. Orders can only be filled at the price that’s currently trading in the market. Below is a tick chart that can help you understand why your stop loss order was filled at 1559.
As you can see in the chart above, the price was trading at 1565.4 at 12:20:25 New York time (marked in yellow), just above your stop level at 1564 (marked in blue). The very next second, the price dropped to 1559 at 12:20:26 (marked in red) with no trading at prices between 1565.4 and 1559. That means when your stop loss order was triggered, 1559 was the best available price in the market for your order to be filled.
If the price your order is filled at is different from what you originally specified, this is called slippage. Slippage can be either positive or negative. Positive slippage is when your order is filled at a more favorable price. This is most likely to occur with a limit order or take profit order. Negative slippage is when your order is filled at a worse price. This is most likely to occur with a stop order. The stats below show that overall FXCM clients are just as likely to receive price improvements as they are negative slippage.
I hope this clarifies things for you but please let me know if you have any further questions. Here’s a page with more information on how to minimize negative slippage and maximize price improvements.
[B]Note: I realized that when I originally quoted your post in my response, I included the text where you typed your account number and ticket number. I edited my post to delete that information. For your own security, please do not type your account number or ticket numbers on the forum.[/B]
Welcome to BabyPips!
Jason
Very well explained and handled in a professional manner. Its tough dealing with beginners who have lots to learn. I hope others are learning from this thread as well.
And please don’t blame this on the forex market. It happens more often in the stock market, especially in thinly traded stocks.
stop-loss is stop-loss.
the trade is not in monday’ beginning time. it’s in thursday.
if the stop-loss cannot work, what’s the meaning of stop-loss.
of if the market dropped 500pips in 1 minute, that’s really happened in the gold market, does that means my account is doomed to be blown off even if I have set a tight stop-loss?
Other than slippage, any other issues like sudden widening of spreads, server disconnects, requotes, etc?
today we have NFP, which means the price of gold will move very fast.
and also means,
if you are a FXCM user, you cannot open a trade, because your stop-loss will be useless in a dynamic period.
and also means, if you open a trade tonight at FXCM, the god-know stop-loss may blow off all your money.
You have a lot to learn obviousy. Posting here is not helpful, unless you can learn and your attitude needs an adjustment.
Hi Schelee,
Very good question, and one every trader should know whether they trade forex, stocks, futures, etc. To quote the definition from Investopedia:
[I][B]What Is a Stop-loss Order?[/B]
It is an order placed with a broker to buy or sell once the stock reaches a certain price.
…Another thing to keep in mind is that once your stop price is reached, your stop order becomes a market order and the price at which you sell may be much different from the stop price. This is especially true in a fast-moving market where stock prices can change rapidly.
Source Investopedia: The Stop-Loss Order - Make Sure You Use It[/I]
Whenever your stop loss order price is reached, it is executed as a [U]market order[/U]. If you want to buy at a certain price, there has to be a seller on the other side to complete that transaction. If there is no buyer or seller at that specific price for the other side of the transaction, then the market order is filled at the next available price. If your order is gapped over during an illiquid market period such as weekend open or NFP, then you will likely experience slippage. If you’re trading in the forex, stock, or futures market, then you have to be willing to accept the risk that goes along with having orders executed during illiquid market conditions. There’s no sugar coating this.
Slippage is one of the risks you assume when trading. The risk of slippage is greatest during volatile markets such as around a news announcement like NFP, or when holding trades 301 Moved Permanently. Bringing up NFP is a great example. Take a look at the below chart which shows the GBP/USD tick chart right at 8:30am ET during the March 8, 2013 NFP release.
[B]GBP/USD dropped from 1.50361 to 1.49972 in one tick. Yes one tick![/B] That means there were no quotes quoted by the liquidity providers in between those prices. If you had an order to sell GBP/USD at 1.5020, your order would not have been filled at 1.5020 because there was no quote at that price from a liquidity provider offering to buy when you wanted to sell. You likely would have been filled at the next available price around 1.49972. FXCM isn’t deciding to fill or not fill at certain prices, your orders are filled based on liquidity and where there is liquidity on the other side of the transaction to fill your order.
Also, keep in mind that slippage works both ways. If you have a limit or take profit order, and the price gaps in favor of your trade, then you will get filled at the more favorable price which is trading in the market. This is called positive slippage or price improvement. The stats below that FXCM clients receive price improvements on limit orders just as frequently as they receive negative slippage on stop orders. In fact, we even provide tips on our website to help clients minimize negative slippage and maximize price improvements.
By the way, NFP is actually tomorrow. It’s always on a Friday, and usually the first Friday of the month. You might be thinking of Jobless Claims which comes out every Thursday.
Good luck and good trading!
Jason
One would be tempted to advise new traders to start with a demo acct, but then again they would not be able to encounter slippage on a brokers demo account…
Btw, nice PR skills , Jason.
cheers
I have just one question here. Jason why cant I trade gold on this platform. If I can how and where is a training session on the trade station platform? Apparently I have a lot to learn. What else do you offer that I dont know about? I only have 18 pairs to choose from (not that thats a problem I only use 2).
Only 18 currency pairs??:34: And no metals?
I just counted 34 pairs on fxcm website bob
Commodities (gold, silver, oil) not available in Demo account.
They are fixed to show only 20 pairs a time in their TS2. You can request them to avail all pairs.
Educational materails and webinars available in their web site www.dailyfx.com.the webinar informataion will pop up in your platform time to time, most of the new york session.
Hello Jason,
Why cant I access more than the 20 pairs ? Sometimes I want to trade say for instance EURAUD but it is not there on my platform. I have to exclude one of the existing pairs and then include EURAUD to the list of currencies and then I can trade.
Is there any way I can have,say 30 ccy pairs instead of the allowed 20 odd pairs? I am speaking of my Real account ofcourse, not a demo account.
Thanks
DD
I heard now that FXCM going to acquire Gain Capital (Forex.com) to be the largest brokerage firm in the world.
Let’s see what will happen in Forex market if it come true.
Hi Bob,
US regulations only allow us to offer forex trading to US residents, not gold or other CFD products. Like you, I have an FXCM US account. If you click on the Symbols button along the top of Trading Station, you can select from 57 different currency pairs in the Symbol Subscription List as shown below.
In addition to forex, non-US residents can trade gold and other CFD products with FXCM UK and FXCM Australia. As with trading forex, when trading CFDs, your capital is at risk.
Jason
