Why NOT to SET stop losses in FX trading

[PipMeHappy]

Before I get told that I work for FXCM (I wish) or the banks (imagine!) could I just say how good FXCM and Jason Rogers (also of FXCM) have been to me since I started? Here is why:

1. when they had an error on their systems one Sunday night, my margin call losses were partially refunded, straight into my account, after a trading inquiry was completed;

2. all my trades have been executed as I wanted them to, whether profitable or not;

3. the research and educational materials from the FXCM page, their webinars, and those from FXCM’s

   research arm, DailyFX, have been absolutely outstanding, and I continue to follow the videos and

   articles from their top instructors (like John Kicklighter, Chief Strategist, who followed in Kathy Lien’s boots);

4. for a while, DailyFX ran a Guest Editor programme, so I managed to get one FX analysis article published;

   although the programme has been cut, it was a great experience with a great editor (Nick Mango - thank

   you) who would write back to you with edits and really work to get the best out of your ideas.

[B]For all of those reasons, FXCM have my loyalty, my money, and my trust.[/B]

[emeraldorc]

well. you’re getting ripped off. and not only you. this is big business for some brokers. solution: set the sl in your mind and get out of the trade when its reached. use an sms quote alert service if you arent at the computer. then exit via your phone. this way the spread widening wont hurt you. when expecting major news simply get out prior to the release.

Another described problem caused by spreads already 2 pips then widened by the broker due to liquidity issues. Never mind guys just widen your SL or go to an ECN platform.

[Braden1]

@PipMeHappy

Before I get told that I work for FXCM (I wish) or the banks (imagine!) could I just say how good FXCM and Jason Rogers (also of FXCM) have been to me since I started? Here is why:

1. when they had an error on their systems one Sunday night, my margin call losses were partially refunded, straight into my account, after a trading inquiry was completed;

2. all my trades have been executed as I wanted them to, whether profitable or not;

3. the research and educational materials from the FXCM page, their webinars, and those from FXCM’s

   research arm, DailyFX, have been absolutely outstanding, and I continue to follow the videos and

   articles from their top instructors (like John Kicklighter, Chief Strategist, who followed in Kathy Lien’s boots);

4. for a while, DailyFX ran a Guest Editor programme, so I managed to get one FX analysis article published;

   although the programme has been cut, it was a great experience with a great editor (Nick Mango - thank

   you) who would write back to you with edits and really work to get the best out of your ideas.

For all of those reasons, FXCM have my loyalty, my money, and my trust.

Couldn’t agree more. I also had a full refund the one and only time their system had a hick up, I’ve had them for 3 years. Not one problem. Hands down best mobile charting and interface too. I trade solely from an iphone so that was a big issue for me. Plus you can add fxcm and dailyfx members to twitter, guess you don’t have to be a member tho, like David Rodriguez who is constantly updating his analysis and how he’s viewing the markets. He posts invites to webinars all the time. Each day they tweet about 1 or 2 different strategies and how to use it, usually gives results of using the strategies over years. They are client focused and it shows. Bravo Zulu fxcm I’m also a devoted client

No I don’t work for fxcm

[tdbarnard]

This practice is now forbidden by both the CFTC regulator and the self-regulating body NFA, here in the US. If you’re finding this happening with a US broker, find a way to prove what occurred and file a complaint with both regulatory bodies. I’ve not had this kind of thing happen with the 3 US brokers I use since registration with both bodies became a requirement via Dodd-Frank.