FXCM scam? re-quotes problems.

Hi guys!

Today I sent an e-mail to the FXCM UK:

Hi,

Today, when having an open position on EURUSD I've seen a strange thing happening on my account.

I held a long position opened at 10:47 US time with the entry point an 1.29854 and a stop loss at 1.29775. At 10:58 there was a long red candle down (Open 1.29981/Close 1.29803/High 1.29988/Low 1.29797) which closed my position.

The question: how can a position be closed when the price does not reach the stop 2.2 pips? The low at 1.29797 and the Stop loss at 1.29775?

I trade on a micro account and very happy to discover your practices before increasing my trading positions.

Thanks for your explanation.

I've seen a lot of complaints about FXCM scam techniques but never paid attention. After trading on a micro for about 6 months I feel ready for a larger positions. So, I started to watch the real closing price and my profits. And discovers that

It probably happened on my account lots of time but I never paid attention. When you play a $0.10 pip you don't care about cents.

Were you looking at the right chart (ask/bid)?

Balthazar said:

Hi guys!

Today I sent an e-mail to the FXCM UK:

Hi,

Today, when having an open position on EURUSD I've seen a strange thing happening on my account.

I held a long position opened at 10:47 US time with the entry point an 1.29854 and a stop loss at 1.29775. At 10:58 there was a long red candle down (Open 1.29981/Close 1.29803/High 1.29988/Low 1.29797) which closed my position.

The question: how can a position be closed when the price does not reach the stop 2.2 pips? The low at 1.29797 and the Stop loss at 1.29775?

I trade on a micro account and very happy to discover your practices before increasing my trading positions.

Thanks for your explanation.

I've seen a lot of complaints about FXCM scam techniques but never paid attention. After trading on a micro for about 6 months I feel ready for a larger positions. So, I started to watch the real closing price and my profits. And discovers that

It probably happened on my account lots of time but I never paid attention. When you play a $0.10 pip you don't care about cents.

Click to expand...

I'm looking at FXCM US rates. The OHLC prices for the same candle are about 2-3 pips lower than what you show. The low is 1.29774.

Your chart may be set to show ask prices instead of bid prices.

Peter

Always the janitor in a mask.

Balthazar said:

Hi guys!

Today I sent an e-mail to the FXCM UK:

Hi,

Today, when having an open position on EURUSD I've seen a strange thing happening on my account.

I held a long position opened at 10:47 US time with the entry point an 1.29854 and a stop loss at 1.29775. At 10:58 there was a long red candle down (Open 1.29981/Close 1.29803/High 1.29988/Low 1.29797) which closed my position.

The question: how can a position be closed when the price does not reach the stop 2.2 pips? The low at 1.29797 and the Stop loss at 1.29775?

I trade on a micro account and very happy to discover your practices before increasing my trading positions.

Thanks for your explanation.

I've seen a lot of complaints about FXCM scam techniques but never paid attention. After trading on a micro for about 6 months I feel ready for a larger positions. So, I started to watch the real closing price and my profits. And discovers that

It probably happened on my account lots of time but I never paid attention. When you play a $0.10 pip you don't care about cents.

Click to expand...

It could be that your chart is showing offer prices as Pete said (the prices round 2 pips higher than my chart with bid prices)

Whatever the case you wouldn't have been stopped on my chart (stop @ 1.29775 and lowest bid on my chart at 10:58 ET @ 1.29779 - 1 minute candle).

You should always check their prices. The best way would be to have a different charting package so you can compare.

7thSignalTrader said:

The trading business (regardless of the market or instrument) chews-up and spits-out more Ph.Ds, than any other industry that I know.

Click to expand...

Hotch said:

Click to expand...

The reference is to "high I.Q." individuals, not authentic holders of a Ph.D.

I almost forgot, this is T2W - where literal statements are taken conceptually and analogies are taken literally. Unfortunately, this is the backward nature of the beast.

Quite similar to having the word "Legendary" posted near your UID on a "trading" site. Equally as embellished? Hmmmm. I don't know. Point me to the legendary T2W traders and then ask me the question again.

Balthazar said:

Hi guys!

Today I sent an e-mail to the FXCM UK:

Hi,

Today, when having an open position on EURUSD I've seen a strange thing happening on my account.

I held a long position opened at 10:47 US time with the entry point an 1.29854 and a stop loss at 1.29775. At 10:58 there was a long red candle down (Open 1.29981/Close 1.29803/High 1.29988/Low 1.29797) which closed my position.

The question: how can a position be closed when the price does not reach the stop 2.2 pips? The low at 1.29797 and the Stop loss at 1.29775?

I trade on a micro account and very happy to discover your practices before increasing my trading positions.

Thanks for your explanation.

I've seen a lot of complaints about FXCM scam techniques but never paid attention. After trading on a micro for about 6 months I feel ready for a larger positions. So, I started to watch the real closing price and my profits. And discovers that

It probably happened on my account lots of time but I never paid attention. When you play a $0.10 pip you don't care about cents.

Click to expand...

What is their spread for EURUSD, is it at any times 2.2 pips or more? If it was, then that would explain it.

Also are you just wondering why they stopped it out on that particular one minute bar? Because either way it would have been stopped out on the next 1-min bar.

Not the biggest scam I've ever seen...

On trading station (marketscope) 1 minute

Low 29774

H 29958
C 29782
O 29950

But why the diff between MT4 and TS2?

Something to do with time (delay?)

kalott said:

But why the diff between MT4 and TS2?

Something to do with time (delay?)

Click to expand...

FXCM does not run a dedicated in-house MT4 Server. Your connection comes via a Boston Technologies MT4 API (so-called) Bridge.

Time delay? Yes. But, that does not account for the differences in prices relative to the OP's question/concerns. The OP's concerns are controlled by FXCM and their manipulative Pricing Engine (algo), designed specifically to "push" prices to you at a specific Rate & Spread.

All Fx Retail Brokers use one. The question is: Who is using theirs ethically and responsibly, with ALL of their customers in mind for "Best Execution?"

"Best Execution," could very well mean the Best Way to Cut-Off Your Head - Execution Style.

I don't want an Intermediary who is going to "execute" my order. I want one who is going to get my order "Filled" at the "best price" most advantageous to me.

On a good day, there is three of them out there. But, there may only be one good (outstanding) choice remaining. So, the OP should do their homework and locate this Fx Intermediary, before they become a pure Institutional Fx Intermediary - which I have a gut feeling might happen sooner rather than later.

I don't make recommendations anymore, so please don't ask me. You get tagged for "selling something" if you make such recommendations around here. However, I will post some buzz phrases for you to search:

Currenex STP AND MT4 Hub
Currenex Hub AND CX Application Platform
Silicone Valley AND CX Application Platform
Low Latency Fast STP Execution MT4 Hub
Muti-Bank Currenex Hub
Currenex MT4 Bridge
Currenex MT4i

That should help conduct the proper research for a reputable (still) Retail Fx Intermediary with integrity.