Best Thread FXCM Discussion

[maxima]

Jason is there a way to get active trader account on simplified conditions? I have an email from your US active trader desk which makes no much sense on the current market. there are quite a few stp brokers with smaller comms and simpler rules to enter. How flexible you are in terms on how the active trader account terms are structured?

also could you please tell if the AT includes API access, same as your other accounts?

 

[NVP]

hey Jason

I use ODL/FXCM in the uk ......i'm a Full account holder so live charts being used not on the the demo platform

we have global followers at my thread here and I wanted to confirm

1) where the FXCM platfom is available globally
2) that the main G8 main currencies are available everywhere
3) and who can get the Dow (us30-gbp chart on uk platform) in their repective country

I have charts / indicators on my thread for free but have more integrated personal indicators that will need the Dow chart available for followers (futures 24/7 version like the uk) when I decide to finally publish my ideas and indicators in next few months

N:smart:

 

[reesepump]

Hi, new member and relatively new live fx trader. I have a question about the delay when using Marketscope 2 for FXCM micro. Why is there an hour delay over the weekends. I use Think Or Swim primarily for charting purposes and MS 2 for setting trades. Upon the close of MS 2, TOS continued to provide data for 60 additional minutes. Using EUR/USD 1min chart as an example, MS 2 had a close of 1.43508 at 05/06/11 10:01am (I'm Hawaii Standard Time). TOS continued to print until 05/06/11 10:59am with a close at 1.43145. That is a -36 pip move where MS 2 (FXCM) users may have absolutely no control (this of course pertains to the more short term traders.) Perhaps this has been mentioned in the past but I want to know the reasoning behind this.

 

[Jason Rogers]

Hi, new member and relatively new live fx trader. I have a question about the delay when using Marketscope 2 for FXCM micro. Why is there an hour delay over the weekends. I use Think Or Swim primarily for charting purposes and MS 2 for setting trades.

Hi reesepump,

Welcome to the thread and thanks for the question.

FXCM's trading hours are from Sunday at 5:15pm ET (21:15 GMT) until Friday at 4:00pm ET (20:00 GMT). The trading hours are set based on the liquidity available for trading. Outside of these hours, most of the major world banks and financial centers are closed. The lack of liquidity and volume during the weekend impedes execution and price delivery. This isn't to say that liquidity is standard every week, but it's the period where historically liquidity has been suitable for providing the best execution possible.

FXCM uses No Dealing Desk (NDD) forex execution. Whenever you place an order, that order is offset immediately with another bank or financial institution. If liquidity decreases then this could result in poorer execution and wider spreads.

-Jason

 

[Jason Rogers]

hey Jason

I use ODL/FXCM in the uk ......i'm a Full account holder so live charts being used not on the the demo platform

we have global followers at my thread here and I wanted to confirm

1) where the FXCM platfom is available globally
2) that the main G8 main currencies are available everywhere
3) and who can get the Dow (us30-gbp chart on uk platform) in their repective country

I have charts / indicators on my thread for free but have more integrated personal indicators that will need the Dow chart available for followers (futures 24/7 version like the uk) when I decide to finally publish my ideas and indicators in next few months

N:smart:

Will reply to your post here as well for anyone curious about the answer:

FXCM can accept clients from most of the countries in the world. The application page has a drop down menu listing the countries that can open http://www.fxcm.co.uk/open-forex-account.jsp. If we are unable to accept clients from a particular country, then it is due to regulations. For example, the US government prohibits us from accepting clients from Belarus, Cuba, Ivory Coast, Iran, Liberia, Myanmar, North Korea, Sudan, Syria, and Zimbabwe. Additionally, we are unable to accept clients from Brazil, South Korea, and British Columbia since their local regulations would require us to be registered with the local regulator in order to accept clients from that particular country/region. Also, residents of some countries have to go through particular FXCM entities. For example, residents of the US have to open through FXCM.com whereas residents of Australia open through FXCM Australia. Whenever you select the country on the application, it will access the proper application. It can get a little complicated due to regulations

The only currency we do not trade out of the G8 is the Russian Ruble. Here's a list of the currencies traded with FXCM (in no particular order): USD, EUR, GBP, JPY, CAD, AUD, CHF, NZD, SEK, NOK, DKK, MXN, ZAR, SGD, HKD, and TRY.

The US30 (Dow CFD) is available to anyone except residents of the United States and its territories. This is due to US regulations. US residents could still open a demo with the US30 chart. They just can't access it in a live account.

-Jason

 

[Jason Rogers]

Jason is there a way to get active trader account on simplified conditions? I have an email from your US active trader desk which makes no much sense on the current market. there are quite a few stp brokers with smaller comms and simpler rules to enter. How flexible you are in terms on how the active trader account terms are structured?

also could you please tell if the AT includes API access, same as your other accounts?

I believe that Active Trader clients have access to FIX API. In terms of flexibility on the commissions and rules for entering active trader, you would really need to discuss that with a member of the active trader team. I'm only familiar with the basic requirements for entering ($50k deposit or 10M notional trading volume per month).

-Jason

 

[vincegata]

I do not know if you, guys, have seen this, but FXCM are being sued for "fraud and racketeering".

http://forexmagnates.com/fxcm-slapp...on-suit-over-claims-of-fraud-and-racketeering

 

[maxima]

I read that facebook has been caught paying people to mud google on the web.

i think someone is paying all these litlle scumsters to post on every trading board some nonsense abt fxcm.

get a job you idiot

 

[vincegata]

I read that facebook has been caught paying people to mud google on the web.

i think someone is paying all these litlle scumsters to post on every trading board some nonsense abt fxcm.

get a job you idiot

Okay, I'll open demo with them.

 

[SignalFaith]

Jason, one of the shortcomings in the Trading Station II platform that you offer is the inability to set multiple profit targets on a position after entry and have these linked with the current position.

I contacted support some time ago, they told me I needed to either
1. Enter multiple positions separately at the time of entry, and adjust stop and targets for each order. This can be cumbersome, particularly if you want to have say 3 targets with differing volumes for each eg. 2 out early, 3 out later, plus 1 runner.

2. Enter all lots on the same order, and then with hedging removed, place targets at the desired level by creating a limit order of the desired number of lots in the opposing direction to the trade. The problem with this is that if your stop is hit first, then the profit targets remain as limit orders in the market wiating to be executed. It's easy to forget these, or for them to be hit in a burst of volatilty before you have a chance to remove them.

Is FXCM likely to be adding any functionality in the near term to allow the setting of multiple profit targets after the time of entry that are linked to a user's position in the market?

 

[Jason Rogers]

Jason, one of the shortcomings in the Trading Station II platform that you offer is the inability to set multiple profit targets on a position after entry and have these linked with the current position.

I contacted support some time ago, they told me I needed to either
1. Enter multiple positions separately at the time of entry, and adjust stop and targets for each order. This can be cumbersome, particularly if you want to have say 3 targets with differing volumes for each eg. 2 out early, 3 out later, plus 1 runner.

2. Enter all lots on the same order, and then with hedging removed, place targets at the desired level by creating a limit order of the desired number of lots in the opposing direction to the trade. The problem with this is that if your stop is hit first, then the profit targets remain as limit orders in the market wiating to be executed. It's easy to forget these, or for them to be hit in a burst of volatilty before you have a chance to remove them.

Is FXCM likely to be adding any functionality in the near term to allow the setting of multiple profit targets after the time of entry that are linked to a user's position in the market?

Hi SignalFaith,

Thanks for the questions. I have not heard of plans to add multiple profit target functionality in the near term, but the two options you mention can be used for setting multiple targets. Also, for option #2, we now have OCO entry orders available which means your limit order would be cancelled if your stop loss were hit.

I appreciate the feedback and will pass this along to our management for consideration.

-Jasno

 

[SignalFaith]

Also, for option #2, we now have OCO entry orders available which means your limit order would be cancelled if your stop loss were hit.

Thanks Jason, I hadn't considered using OCO orders but they will suffice for now. I'd still prefer the option of having pre configured multiple profit targets set up as with NT. I do really like your platform otherwise. Cheers.

 

[Jason Rogers]

Hi Everyone,

I will be out of the office and away from the forums until May 30th. If you need any assistance from FXCM before then, please feel free to contact client services directly http://www.fxcm.com/contact-fxcm.jsp. Otherwise I will reply to any questions when I return. And as always, FXStatus.com will be updated in the event of a technical issue .

Until then, happy trading and see everyone again on May 30th.

-Jason

 

[maxima]

How about also adding working orders to the server-side. Currently from what I understand you have only contingency orders sitting on the servers. but entry orders are client-side.. would you consider moving them to the servers as well ?

 

[jsales]

FXCM’s King of the Micro for April Has Been Crowned

FXCM Inc. (NYSE: FXCM) announced the April winners for its monthly forex trading c
ontest, King of the Micro. For years FXCM has continued giving cash prizes to the three winners of this contest every month. The winners rise from FXCM Micro clients with the highest return on their trading during the month. Traders, who have a minimum of $500 in their FXCM Micro account and place a minimum of ten trades during the month, are automatically entered in the contest. Read more about the contest’s rules.


Watch Video Announcement: http://bit.ly/m90C1q



Contest Winners

King of the Micro: Leonardo Bonato sees 1084.79% return* on his trades; wins $25,000 in cash



Forex Trading Experience: Two years
Preferred Trading Pairs: EUR/USD
Average Trade Holds: No general rules, but usually from one to a few days
Average Daily Trading: Less than two hours

Leonardo’s Advice to Traders: New traders should start with the greatest caution, with small amounts and without the will of earning money immediately. Traders should be motivated and observe patiently. Read the April King’s full survey and trading report.


* Past performance is not indicative of future results.


Second Place: Xuelong Wang gets 1023.01% profit;* wins $10,000


Forex Trading Experience: Three years
Preferred Trading Pairs: EUR/USD, AUD/USD
Average Trade Holds: Depends on the trade, but no more than one week
Average Daily Trading: Ten hours

Xuelong’s Advice to Traders: New traders should keep practicing and trust themselves. A forex trader should have patience and perseverance. Read the second place winner’s full survey and trading report.

* Past performance is not indicative of future results.

Third Place: Hua Leng Lim sees 498.43% return;* wins $5,000

Forex Trading Experience: Two years
Preferred Trading Pairs: AUD/USD, USD/CHF,XAG/USD
Average Trade Holds: From one day to one week
Average Daily Trading: From half an hour to three hours

Hua’s Advice to Traders: Never give up. Practice every day. Come to know your weaknesses and manage them. Read the third place winner’s full survey and trading report.

* Past performance is not indicative of future results.


About FXCM Inc.

FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers worldwide.
At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM’s large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution, and trading from real-time charts. FXCM's UK subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade forex, oil, gold, silver, and stock indices on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Read full risk disclaimer.

Contacts

DailyFX
Kiana Danial,
646-432-2449
Financial Public Relations
[email protected]

FXCM Inc.
Jaclyn Sales,
646-432-2463
Vice President,
Corporate Communications
[email protected]

 

[Jason Rogers]

How about also adding working orders to the server-side. Currently from what I understand you have only contingency orders sitting on the servers. but entry orders are client-side.. would you consider moving them to the servers as well ?

Hi maxima,

All entry orders are held on the server.

-Jason

 

[maxima]

All entry orders are held on the server.

Oh good. I must have overlooked this. Thanks

 

[jsales]

Speculative Sentiment Index May be Pointing to a Bearish Bias for the Dow Jones FXCM

By Kiana Danial, Published June 1, 2011

FXCM’s Speculative Sentiment Index (SSI) is a powerful indicator of market sentiment that has been pointing towards dollar losses for several days now.


SSI Ratios Against the Majors | May 31, 2011, at 02:02 GMT


EUR/USD SSI: Negative, -1.5217
GBP/USD SSI: Negative, -2.1444
AUD/USD SSI: Negative, -1.2545
USD/JPY SSI: Positive, 3.6467


The SSI ratios for the major pairs show that more FXCM traders are long the dollar than are short. The SSI can help you trade against the crowd. It is signaling US dollar weakness, which may indicate a decline in the US dollar.* You can follow the value of the dollar through the Dow Jones FXCM Dollar Index (INDEXDJX: USDOLLAR). This easy-to-use index tracks the US dollar against four of the world’s most liquid currencies—the euro, British pound, Japanese yen, and Australian dollar—giving traders and analysts instant insight into the broad trends in the US dollar.

Dow Jones FXCM Dollar Index since January 1, 2011. Source: FXCM Marketscope Charts:http://www.fxcm.com/trading-from-charts.jsp



FXCM has recently developed the Dow Jones FXCM Dollar Index Basket, which closely tracks the Dow Jones FXCM Dollar Index. The index basket was developed to allow forex traders to trade their opinion on the US dollar without needing to choose a specific currency to trade against. The index basket can easily be traded on an FXCM demo account by buying or selling the symbol “USDOLLAR.” FXCM plans to offer USDOLLAR trading on live accounts in the near future.


FXCM Inc.’s (NYSE: FXCM) Speculative Sentiment Index (SSI) shows retail trader positioning in the forex market. By following the SSI, you can see how many traders are entering or exiting the markets. The SSI has a strong history as a contrarian indicator and can be used as a currency forecasting tool. By following trader positioning in a currency, the SSI can be used as a tool to see whether the recent moves in that currency are merely a correction or if they are likely to lead to a larger trend*.
FXCM’s Speculative Sentiment Index has been gaining popularity among traders, analysts, and other currency watchers as a way to gauge forex market sentiment. Now it can also be used as an indicator for the US Dollar, as shown in the Dow Jones FXCM Dollar Index.



If you have a live FXCM account, you can check the SSI twice a day inside DailyFX+ and get a deeper understanding of forex market sentiment. The SSI is also available every Thursday on DailyFX.com.




*Please be advised that past results and/or performance is not indicative of future results.

About FXCM Inc.


FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers worldwide.


At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM’s large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution, and trading from real-time charts. FXCM's UK subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade forex, oil, gold, silver, and stock indices on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Any opinions, news, research, analyses, prices, or other information contained is provided as general market commentary, and does not constitute investment advice. DailyFX has taken reasonable measures to ensure the accuracy of the content herein. However, DailyFX does not guarantee its accuracy, and will not accept liability for any loss or damage, including, without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information and your use of the charting indicator and EAs herein.
Read full risk disclaimer.

All references to "FXCM" refer to FXCM Inc. and its consolidated subsidiaries.

Contacts

DailyFX
Kiana Danial
646-432-2449
Financial Public Relations Associate
[email protected]

FXCM Inc.
Jaclyn Sales
646-432-2463
Vice President
Corporate Communications
[email protected]

 

[Jason Rogers]

Forex Trading Seminar with Richard Farleigh

For those of you in the UK, FXCM and H20 Markets is sponsoring a free forex seminar on Monday June 6th with Richard Farleigh as the guest speaker. Richard Farleigh is a former professional hedge fund manager, author of the critically acclaimed book '100 Secret Strategies for Investing' and star of BBC's hit show Dragon's Den. Richard will be explaining how he was able to consistently trade the financial markets and will be providing a full explanation of the sophisticated trading techniques contained in his critically book "Taming the Lion". The seminar is being held Monday June 6th from 8:30am - 11:30am at The Grange Hotel in London. You can register here http://www.fxcm.co.uk/richard.jsp, and we look forward to seeing you there if you can make it.

-Jason

 

[kalott]

"the addition of micro lots (0.01) to all new MetaTrader 4 accounts"

Is it just forex or the full range of markets (index)?