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 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.
[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]
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.
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.
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).
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.
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.