I currently use fxcm as my broker and plan to use MT4 as my charting application. So I would place my orders through the fxcm trading station and use MT4 for analysis. However I notice that the quotes are quite different on both platforms. I know MT4 aint using the fxcm feed. The question I have is since the quotes differ is it ‘safe’ to use this arrangement?
MT4 seems to be higher.
Thanks.
Know what forget this question. It’s all good
Be AWARE of FXCM. Do you know you are trading against their delaing desk.
Look out for the times when you are unable to close or open a winning trade. Open your eyes and write all your transaction down.
They will dump you like a rag as soon as you start to make good money
Yes,about FXCM you are right.
I’ve been using FXCM for about 6mths and I’m new to this FX trading,I’ve managed to burn 4k of a 10k account but in all honesty (with myself that is) this loss has been totally my fault.
Why? for all the usual reasons,overtrading,not following system rules,trying to get even,taking it all personally etc etc etc, I even went to bed one night and left an entry order open that was filled and stopped out when I should have cancelled it before I retired.
Forums are full of people looking for excuses for their failure at FX trading when the reality is looking at them in the mirror.
All my dealings with FXCM have been professional and they promptly answer any query, I don’t think they single out small time traders like myself and manipulate the market to get my lousy 4k, if I thought they did I’d have some massive persecusion complex.
This game is harder than anything I’ve ever tried and I’m successful at a few things but FX is a challange and I’m hooked.
Persistence will hopefully overcome resistance.
Hi, I have been demo trading with FXCM and was also interested in Metatrader because of what I hear are its programming capabilities. But if they don’t have an FXCM feed, I would find it very difficult to use it as my chart would not match what I’m seeing. I am looking for some kind of charting application that works with FXCM that allows you to program the software to alert you when it matches your setup. Anybody know of one that doesn’t cost a lot? By the way, FXCM offers a no dealing desk option so some of the info above is outdated. That said, if I can’t set alerts with FXCM I may look for another broker.
FXCM offers a no dealing desk option when opening your account.
Run, do not walk away from FXCM. You want to use brokers that allow hedging and support MetaTrader, otherwise you might as well take your money and flush it down the toilet.
You’ve been warned.
FXCM now supports hedging. I use oanda for charting and trade via FXCM.
My money has not yet ended up in my toilet
which trading platform do you use & which trading platform supports MT4
Not yet in the toilet anyway. I have a feeling it soon will be. Using Oanda’s charts and using FXCM’s dealing station is a very interesting combination…one that I personally find rediculous. You might want to get a charting package with quotes that more closely resemble the pricing of your FCM/dealer. And why you wouldn’t just use Oanda’s dealing station is beyond me. It’s a fine outfit, though the charts could use some updating. Spreads are also better on average – with the exception of major news announcements, but newbs shouldn’t be trading around major news releases with real money anyway. Fills are much better as well, even compared to FXCM’s NDD.
If you all want a good charting package and you MUST trade with FXCM, then try Ensign Windows. It is an excellent charting package, reasonably priced, fully customizable and they have a great support community. The proprietor will personally answer your emails and he has the reputation of coding your requests into the platform the same day.
And, the most important thing is that the charts will reflect the dealer’s quotes. Your trades will be more accurately executed this way. I suspect, however, that most people will need nothing more than the free charts that FXCM offers. For what most traders need, they are just fine.
I have heard rumors FXCM may do a deal with MT in the future.
You can use FXCM with Metatrader 4 now. Your account must have at least 10k in it. Use their chat link for more info.
TheLonelyTrader:
Money still not in the toilet 