Fxcm

This is a discussion on Fxcm within the First Steps forums, part of the Reception category; Good strategy and so totally agree. Very important with currency to give it plenty of room to breathe...

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Old Jan 19, 2011, 1:05pm   #11
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Re: Fxcm

JtheD started this thread Good strategy and so totally agree. Very important with currency to give it plenty of room to breathe
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Old Jan 19, 2011, 1:27pm   #12
 
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Re: Fxcm

I have used FXCM for a few years. Generally good but the slippage and some movements makes you wonder if the software is clever enough to just trigger your stop before going in the direction of the trade you just had open. To be honest I am sure that this is just standard and it is just difficult to deal with the fact that you over leveraged and made a bad call etc..
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Old Jan 19, 2011, 4:19pm   #13
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Re: Fxcm

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Originally Posted by scottyw View Post
I have used FXCM for a few years. Generally good but the slippage and some movements makes you wonder if the software is clever enough to just trigger your stop before going in the direction of the trade you just had open. To be honest I am sure that this is just standard and it is just difficult to deal with the fact that you over leveraged and made a bad call etc..
Yes it looks like a good platform nad the Daily FX link for instant up to date info is excellent. As you say trading a spike is always going to be a risky business. I think an OCO order abou 10 or even 20 pips from the starting point in either dierction is not a bad idea
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Old Jan 19, 2011, 4:47pm   #14
 
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Re: Fxcm

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Originally Posted by JtheD View Post
Yes it looks like a good platform nad the Daily FX link for instant up to date info is excellent. As you say trading a spike is always going to be a risky business. I think an OCO order abou 10 or even 20 pips from the starting point in either dierction is not a bad idea
It's terrible, they must make....HUNDREDS of pounds with their dishonesty
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Old Jan 19, 2011, 5:48pm   #15
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Re: Fxcm

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It's terrible, they must make....HUNDREDS of pounds with their dishonesty
Thanks for telling me that. I always use my tried and tested indicators and system anyway and just refer to that to see if they agree. I'll be a bit wary of their predictions though
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Old Jan 19, 2011, 9:27pm   #16
 
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Re: Fxcm

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Originally Posted by nunrgguy View Post
LOOK

I was just about to go long during NFP GBPUSD as they recommend on FPA. As soon as a clicked on the buy button price moved in my favour. Before I knew it those b@stards at FXCM had widened the spread to 6 and price gapped over my 5 pip stop. Price moved so fast down that it wiped out my whole £50 account and left me owing a further $20.
Hi nunrgguy,

NFP is typically one of the most volatile economic events of the month. It's not uncommon to see the market move 10, 20, 30, 40+ pips per tick when the news is released, therefore trading this number can be very risky. Below is an example of the EUR/USD tick chart from the most recent NFP release on January 7th during which time EUR/USD moved up 50 pips within seconds.

Click the image to open in full size.

I can understand the attraction to trading this type of event since the market can move a large distance in a short amount of time; however, the reason it's moving so quickly is because the market is gapping. There is less liquidity in the market which causes more volatile price movements. If you have a market order or stop loss order at a specific price but that price is not available, then the order will be filled at the next best available price. Slippage is the first thing discussed on the execution page of our website http://www.fxcm.co.uk/trading-execution-risks.jsp .

The spreads you see with our NDD forex execution are made up of the best bid/ask price being quoted by the banks streaming prices onto the platform. FXCM is not controlling the spreads, but rather the spread is being determined by the best pricing available. So you see a true reflection of pricing in the market.

While your balance could end up in a deficit if the price closing you out at 0 is not available, it is FXCM's policy to credit accounts to a zero balance when deficit balances occur as a result of trading.

Please let me know if you have any questions.

Jason
FXCM
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Old Jan 20, 2011, 12:33am   #17
 
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Re: Fxcm

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Draw a line, trade it. Price generally above, long, price generally below, short.
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