FXCM offers a NDD model which is enabled by default. They have literally nothing to gain by stopping you out as they don’t take the opposite position of your trade unless you use the DD. Instead they compensate themselves with a small spread mark-up. They would be [I]actively hurting themselves[/I] as a business by stop-hunting you on the NDD (which they can’t do anyway, as they don’t see your SL).
You have nobody to blame but yourself. Spreads increase during news events. Either don’t trade during those times or factor it into your SL. Or go with a broker who offers a fixed spread. You may think not setting a SL and closing manually is clever, but what are you going to do when some natural disaster or intervention happens and price has moved 3x, 5x, 10x beyond your initial planned SL by the time you get your alert?
It’s easy to try and blame every external factor for your poor performance instead of accepting responsibility and learning from it. The latter type of people are the ones who go places in trading and in life.
I think before people start trading they should do some research. I think it is worth reading Jesse Livermore’s account of trading. This will save a lot of broker issues and misconception.
FXCM is what is known as a broker/dealer. This kind of agency model has a lot of conflict of interest. So despite their noble efforts to be transparent, it is really down to the board of the brokerage to decide ethics.
If you really want to avoid this you should find a broker that does not deal at all. I wont make recommendations as these are self evident but an ECN broker is your best bet. The cost of transaction is similar to dealer but if you trade a lot it will be cheaper. Also if you scalp(judging by the tight stop of 12 pips) this is the best broker to use.
Do research this yourself. Good luck with your trading.
I agree, jadd806… I am with FXCM and they have been great… I think that shopping around for the right broker is important, but, in the end, it seems that brokers like FXCM and Oanda, to name but two, have no business in bringing
their clients to ruin, and there is no evidence (following the oft-quoted slippage naughtiness by FXCM, now a thing of the past) to prove that brokers, especially where No Dealing Desk is used, are out there to get us!
So let us be nice to our brokers who, after all, are allowing us not a god-given right to trade, but the privilege to trade with leverage, above our means (I speak for myself, of course)…
I’m glad to hear you’re a fan of our Trading Station platform and want to address the concerns you’ve raised.
While no software is perfect, it’s important to keep in mind that over 190,000 accounts trade on FXCM platforms. Glaring bugs of the kind you describe could not have gone unnoticed by our many clients. I believe there is a more plausible explanation for the problems you encountered.
Correct me if I’m wrong, but it sounds like you might not be taking into account the bid-ask spread when comparing the chart price with your order price. Note that by default, the chart will show you the bid price (AKA the sell price). However, if you have an order to buy (such as a stop loss for a short position) then it’s the ask price (AKA the buy price) that will trigger your order.
The ask price is always higher than the bid price due to the bid-ask spread. That means if you’re looking at a chart of the bid price, your stop loss for a short position will trigger before the stop price is reached on the chart. There is a solution for this. Trading Station allows you to see the ask price on your chart. Simply click on the Ask button in the chart toolbar as shown below.
In regards to the orders you deleted before the weekend, I encourage you to file a trade inquiry, if you haven’t already. The Trade Services Team will be able to investigate what happened for you and contact you with a resolution.
If you have any further questions about FXCM, please feel free to ask me in the Broker Aid Station.
Fxcm reviewed all 38 trades and fixed quite a few of them, also restored the over weekend glitch I had.
I closed one of my accounts , not because of anything bad just that I didn’t need it anymore and FXCM deposited as soon as they could which took over a week BUT they did send an e-mail saying that they were slightly behind of doing transfers and that I was to expect the payment to show up within 2 - 3 days which it did.
It turns out that , for some reason , my account type was not the one I wanted.
My account was with the dealing desk, I thought I made it as a NDD but turns out I didn’t which was the root of my problem…
My trades are behaving better now and my “Lemonade technique” works now since moving over to the NDD so my losses are becoming non existent…
When the FXCM support guy ( Sorry but I forgot his name, also cant find he’s emails) gave me the link to swop account types, he gave me the wrong site link…
This was not his fault !!!
He gave me the link to swop from NDD to DD instead of DD to NDD
The Webmaster of your site (FXCM) made a mistake on the headings of the links hence me getting the wrong one.
Which I see now while making this comment has been fixed when I pointed it out …
So far so good with FXCM…
Enjoy your weekend guys !
It seems like you are going to have to defend this thread Jason…:21:
In all fairness to FXCM, they clearly have made some good strides and are a responsible broker. I think as a beginner you can run into the worst. I don’t think anything anyone says here can change that.
After all if you don’t want glitches or trade problems at all then simply put some cold hard capital into an ECN platform but I doubt any new starter to trading would want to do that. If you did think you wanted to then there will be little say.
Point is be happy with your broker after all if you know your stuff then you should have little complain about the odd glitch. If you don’t then what does it matter you are going to loose margin to your brokers anyway.
I have been using FXCM since July 2013 and they have prevented me from closing out good profitable positions on gold once too often now.
I am looking for an alternative broker/ software platform. Something is not right here with them. Too many times I have tried to close excellent trades and their system will not let me.
[QUOTE=“Roxy2014;625271”]Hello I have been using FXCM since July 2013 and they have prevented me from closing out good profitable positions on gold once too often now. I am looking for an alternative broker/ software platform. Something is not right here with them. Too many times I have tried to close excellent trades and their system will not let me.[/QUOTE]
XM markets is one of the best especially for trading gold iv been with them for about 2 years and they have been very reliable and amazing customer service even if your account manager is to busy to speak with you they will get another person to call you ASAP and try and help with what ever situation , there spreads are great not many glitches ,
You mentioned that you’ve been trading with FXCM for almost a year now. Is it only recently that you’ve had issues? Could you provide some specifics on the exact problem you have in closing these trades? Is it specific to gold, or have you encountered something similar when trading other CFD products or currencies?
I have had in the past a number of issues with closing out profitable gold positions. Specifically, last Friday during the fast price movement with the release of the NFP data, I tried to close out a profitable position and I got the error message stating that my order could not be filled. I had made a good profit in gold and it repeatedly declined to enable me to close out the trade.
At the same time, a friend go mine was trading Euro/USD and it did not close out his position even though he had a protected stop in place. He recommended FXCM to me but is now reconsidering.
I know something is not right here and I don’t think it is a technical problem. There is too much on the internet with regard to FXCM to ignore this.
Thanks for mentioning that this occurred on NFP, but what is the exact message you received? Were you using the Market Range feature on your close order? (This feature is known as Maximum Deviation on the MT4 platform.) It’s possible the market price simply moved beyond your specified market range. As you know, prices can change quickly during NFP.
If a stop order gets triggered, it becomes a market order and will be filled at the best available price. I’ve received no other reports of stop orders going unfilled during NFP. It’s possible there’s another explanation, but more details are needed to determine what happened.
I encourage your friend to file a trade inquiry, so the Trade Audit Committee can investigate. If there was an error, they will make the appropriate correction to his account.
You’re right. This can’t be ignored and won’t be ignored by FXCM. The reason we have grown to become one of the only retail forex brokers that’s a publicly-traded company (NYSE ticker: FXCM) with over 190,000 client accounts is because we address the concerns of our clients.
If just 2 or 3% of our users are affected by an issue, that’s more accounts than the entire client base of some smaller brokers in this industry. That’s why FXCM has a dedicated 24-hour live customer support team to help you via phone and online chat, and why I am here on this forum to answer any questions you have.
I want to get to the bottom of these problems you’re having as much as you do. Please help me by providing more details about the message you received when trying to close your orders. This can help me determine whether there was indeed some error or simply a case of the price moving beyond your market range.
Thanks for this feedback. By the way, I spoke with our website developers to let them know about the error you spotted with the labeling of NDD to DD transfer form. It’s now in their work queue of changes to be made to the site.
Thank you for your interest in trying to address this problem.
Honestly I can’t remember the precise message as prices were moving so fast I was focusing on that. I had no limit or stop but was trying to close out a trade I had entered within seconds which made the profit I wanted. If it happens again I will note it for you.
[QUOTE=“Roxy2014;626035”]Hello Jason, Thank you for your interest in trying to address this problem. Honestly I can’t remember the precise message as prices were moving so fast I was focusing on that. I had no limit or stop but was trying to close out a trade I had entered within seconds which made the profit I wanted. If it happens again I will note it for you.[/QUOTE]
DONT USE FXCM , will post a picture they have lots of glitches and spike the market lower right now trading gold the pushed the market lower about 40-50 pips I’m trading with two diffrent brokers right now will post the picture from each broker
