First sorry for any grammatical error, English is not my first language. Any comments about this will be appreciated.
After reading all the basics in babypips (thanks god I found this site ), I’m doing demo trading for about a month, in FXCM, and if I continue to be profitable until the end of year I will switch to live account. After doing some research I’ve seeing many people talking bad about FXCM in many ways, especially in times of news, that is getting me dubious about they reliability.
But I am almost not seeing anything about people that do trades lasting more than some hours. What I see is that those people is most scalpers and people how are trying to “get rich as fast as you can with a micro account” with the tempting possibility of making some “easy” profit from news, that I don’t really think is good for the long term.
My trades last no more than 5-12 hours with targets ranging from 20 to 50 pips, so 1 or 3 pips lost by a delay is not a problem.
I want opinions of those that do this type of trades, about how you like(d)/dislike(d) this broker. If they are really that bad as people say then they would be out of business now right?
And if you switched to another broker, and your trades last longer than few hours, can you say why?
I would attribute FXCM’s success to their massively prominent marketing strategy. I dont think that I would be incorrect by saying that about 80% of anyone who trades FX (retail) now, has traded with FXCM at some point in the past. Despite their seemingly hefty budget, I think they are just an �Average� broker. They just get a huge piece of the retail fx pie as newbies enter the fx trading industry. Hard to find a forex financials website that doesn�t sport fxcm�s ad.
As far as my own experience with them, I had traded 1k with them years ago, and after draining that (yes trying to scalp), decided to go with someone with better tech analysis tools (at that point fxcm charting was sup-par).
FXCM’s bad rap comes from newbies who thought
trading would be easy and then got hammered,
not once but repeatedly… then went on a
rampage to trash the broker, rather than
themselves. This is why InterbankFX is also
hammered by unwinning losing traders.
Get ready for Oanda to get hammered
with bad reviews from loser traders. There
are winning traders at all brokerage firms.
But you only hear gripes from the losers.
), I’m doing demo trading for about a month, in FXCM, and if I continue to be profitable until the end of year I will switch to live account. After doing some research I’ve seeing many people talking bad about FXCM in many ways, especially in times of news, that is getting me dubious about they reliability.