Best Thread FXCM Discussion

[Jason Rogers]

Re: FXCM Has Upgraded Our MetaTrader 4 Offering

and of course you guys are innocent of this and never trade against us do you

Hi Lord Flasheart,

That is how NDD forex execution works. Every trade is offset one for one with a liquidity provider so your loss is not FXCM's gain and your gain is not FXCM's loss.

Happy Holidays,

Jason

 

[pboyles]

I''m sure it will be just FINE. I'm sure there will be no SPIKEs in interest or SLIPage ups (or downs). I mean VIRTUALly nobody will be around as they'll all be planning a big SPREAD for Christmas. Think of the poor this Christmas, the difference between rich and poor is so ASYMETRICAL.

 

[Bint_Crusher]

And the code is PbOYLeS ?

 

[pboyles]

And the code is PbOYLeS ?

I was just teasing him about the fine and MT4 allegations. Sorry should have kept it simple.

 

[Bint_Crusher]

I was just teasing him about the fine and MT4 allegations. Sorry should have kept it simple.

When you deal with me Pb you have to spell it out. I am so ****ing thick.

 

[Jason Rogers]

FXCM has released a new platform for the iPad which can be found in the iTunes store and the Android market for Android tablets. In the weeks ahead, MT4 traders on the upgraded MT4 without the 3rd party bridge will be able to login to the mobile platform on their mobile device or tablet to access MT4 accounts.

We're hoping to add indicators and more charting options in the next app release, and please let us know any additional feedback you have about the new iPad and Android platform. Here are some screenshots of the app:

 

[safvan]

Jason

Can you setup a function to take partial profits say xx contracts at a particular point on the chart in FXCM micro station II? If yes then what is the procedure. I could not find it in it. Thx

 

[Jason Rogers]

Jason

Can you setup a function to take partial profits say xx contracts at a particular point on the chart in FXCM micro station II? If yes then what is the procedure. I could not find it in it. Thx

Hi safvan,

Yes, there is a way you can do it using entry orders, but hedging needs to be turned off in order for it to work. Basically, you will use entry orders to close or offset part of the position at each price you want to take partial profits. For example, if you're long 40k EUR/USD, you would create entry orders to sell at each point you want to take partial profit. Here's an example on the chart of what it looks like:

The above chart displays that I have a long position in EUR/USD with 3 entry orders to take partial profits at each level.


And here is what it would look like on the platform:

Couple things to note about this setup. The entry orders are not attached to the open position. If you close the open position, the entry orders will still be there and need to be cancelled separately. Second, hedging needs to be disabled so that the entry orders net out the open position. If hedging is not disabled, you would have both long and short positions open in your account.

I hope that helps, and let me know if anything is unclear.

Jason

 

[safvan]

Jason,

How do you disable hedging inside FXCM trade station II? What is its procedure?

 

[Jason Rogers]

Jason,

How do you disable hedging inside FXCM trade station II? What is its procedure?

Sorry, I forgot to put instructions on disabling hedging .

Hedging can be disabled through www.myfxcm.com. Login with the same username and password you use for the Trading Station. Once inside, you'll see a link for "Hedging Functionality" through which you can change the Hedging Status from Enabled to Disabled. See the example below where I circled in red:

 

[kalott]

Jason

"New FXCM MetaTrader 4 Features:
Set SL/TP Pre-Execution - Set Stop Loss and Take Profit orders while opening a new trade
0.01 (Micro) Lots - Trade more precise lot sizes for tighter risk management"

Micro lots on CFD?

If so why not micro lots on trading station 2? (CFD)

It would be easier to test new strategies with micro lots (live trading)

 

[Jason Rogers]

Jason

"New FXCM MetaTrader 4 Features:
Set SL/TP Pre-Execution - Set Stop Loss and Take Profit orders while opening a new trade
0.01 (Micro) Lots - Trade more precise lot sizes for tighter risk management"

Micro lots on CFD?

If so why not micro lots on trading station 2? (CFD)

It would be easier to test new strategies with micro lots (live trading)

Hi kalott,

I completely agree with you, and micro lot cfd's has been one of those things on the to do list for us but hasn't been done yet unfortunately. I don't have a time-frame for when it may happen, but it's on the list.

-Jason

 

[safvan]

Jason

You nearly sold me. I was going to open up a decent account with you until I saw this. It happened to me few moments ago. There was huge spike up and down in your candles where as with 5 other brokers that I use nothing like that happened. I caught it. It disproves the fact that stop hunting is not done.

How do you explain this? The spike candle can be seen in the picture below. The last two pictures are of other two brokers. Nothing there.

 

[Jason Rogers]

Jason

You nearly sold me. I was going to open up a decent account with you until I saw this. It happened to me few moments ago. There was huge spike up and down in your candles where as with 5 other brokers that I use nothing like that happened. I caught it. It disproves the fact that stop hunting is not done.

How do you explain this? The spike candle can be seen in the picture below. The last two pictures are of other two brokers. Nothing there.

Hi safvan,

Thanks for your message. I confirmed with our audit team that there was a bad tick in EUR/USD yesterday, and any orders incorrectly executed as a result are being corrected. Any time there is a movement such as this which is suspect, our trade desk will confirm with the liquidity providers whether this was an actual executable price or a bad tick. In the event of a bad tick, all trades impacted are corrected regardless of whether the trader contact us or not.

The prices you see on the platform are taken from 10+ liquidity providers streaming prices to FXCM. The best bid/ask price is taken from the pricing and reflected on the platform with a pip mark-up as FXCM's compensation. So FXCM doesn't control where prices move on No Dealing Desk forex execution. We put through a step by step guide as to how it works here Forex Trading Execution | Currency Trading | FXCM . It's the video on the left.

While a bad tick is uncommon, it can occur if an indicative price from the liquidty provider or a technical issue on our side occurs causing this type of incorrect tick. In any event, our tech team works to minimize these types of errors as much as possible, and any trade impacted by a technical issue whether it be a bad tick or other condition will be corrected.

Please let me know if you have any additional questions.

Jason

 

[busingy]

Hi Everyone,

I have created this thread to answer any questions about FXCM and forex trading. Please feel free to post any questions and I will do my best to answer them. I cannot publicly discuss the details of any clients trading activity, so please privately message with regards to personal issues.

Kind Regards,

Jason Rogers
FXCM

Hi Jason,

I would like you to give me a link to read and learn about lua, the language for MARKETSCOPE. I have seen many resources like lua manual and lua.org but they are all too general and not specific to trading forex . You can bear me witness that mql4 is specific to trading; it's not used for creating games, and such stuff!! And mql4 has many examples that have been posted on the internet over time. Not so for lua. I am very interested in learning because I would like to automate at TS II/Marketscope. I am now depending on example codes for certain strategies and posted online, but these are few.

Does fxcm have a coding manual that allows me for example to reference the parameters of a candle, custom indicator, etc??

INDICORE SDK has fewer examples too.

Thanks for you service.

 

[Jason Rogers]

Hi Jason,

I would like you to give me a link to read and learn about lua, the language for MARKETSCOPE. I have seen many resources like lua manual and lua.org but they are all too general and not specific to trading forex . You can bear me witness that mql4 is specific to trading; it's not used for creating games, and such stuff!! And mql4 has many examples that have been posted on the internet over time. Not so for lua. I am very interested in learning because I would like to automate at TS II/Marketscope. I am now depending on example codes for certain strategies and posted online, but these are few.

Does fxcm have a coding manual that allows me for example to reference the parameters of a candle, custom indicator, etc??

INDICORE SDK has fewer examples too.

Thanks for you service.

Hi Busingy,

Welcome to the thread and great to hear you're looking to program strategies for Marketscope.

The best source of information would be FXCodeBase (FxCodeBase) . I'm guessing the INDICORE SDK you checked is this Index ? I would also recommend looking through the custom indicators on FXCodeBase as the code for some of the indicators is available for you to review FXCodeBase.COM: Forex Chart Indicators and Development • View topic - US Dollar Index [Upd May, 05] .

Please let me know if that helps.

Jason

 

[Jason Rogers]

A big announcement today in the world of forex trading...

Feb 21, 2012 (BUSINESS WIRE) -- E*TRADE Financial Corporation and FXCM Inc. announced today that E*TRADE FX will now offer customers access to global currency markets, research and education through FXCM, on the newly launched E*TRADE FX platform.... E*TRADE Launches Retail Forex Trading - MarketWatch

 

[Club]

Hi Jason,

Over the weekend of 18-19th Feb.

Was in a GBP/NZD, AUD/CHF and AUD/USD trades. All stop losses were at break even, however, there was massive slippage on the open up Sunday evening.

GBP/ NZD -89 pips slippage
AUD /CHF -16.6 pips slippage
AUD /USD -35.3 pips slippage

This large amounts slippage cost around 1.8% of my account, and was not evident on other brokers.

Can you please:

a) Explain why this happened.

b) Define FXCM's stand point on slippage, what you would class as "normal" slippage and equally "excessive" slippage.

Thanks.

 

[Jason Rogers]

Hi Jason,

Over the weekend of 18-19th Feb.

Was in a GBP/NZD, AUD/CHF and AUD/USD trades. All stop losses were at break even, however, there was massive slippage on the open up Sunday evening.

GBP/ NZD -89 pips slippage
AUD /CHF -16.6 pips slippage
AUD /USD -35.3 pips slippage

This large amounts slippage cost around 1.8% of my account, and was not evident on other brokers.

Can you please:

a) Explain why this happened.

b) Define FXCM's stand point on slippage, what you would class as "normal" slippage and equally "excessive" slippage.

Thanks.

Hi Club,

Thanks for the questions.

Slippage occurred due to the price gap from the close of trading on Friday to the start of trading on Sunday. Order execution is dependent on liquidity. When you buy, there has to be a seller, and when you sell there has to be a buyer. The closing bid price on GBP/NZD on Friday was 1.89970, and the opening bid price on Sunday was 1.88836 according to the Marketscope charts. The market gapped 113.4 pips upon the start of trading. Attached is a screenshot of the GBP/NZD, AUD/USD, and AUD/CHF 1 minute charts showing the price action at the start of trading on Sunday. Please note that the charts are continuous, so the start price of one candle is the close price of the one previous. The daily chart will show the gap if you choose to hide weekend data in the options menu. Viewing a tick chart on Marketscope will give you a more granular view of the tick by tick movement.

FXCM is not making the market on NDD forex execution, and therefore does not decide what amount of slippage occurs. Orders are sent straight through to one of 10+ liquidity providers to be filled at the best price available. While the forex market is the largest market in the world, the open and close of trading does tend to be an illiquid period where gaps can occur and spreads may be wider.

You mentioned slippage not being evident with other brokers, but I'm seeing the same price action with other brokers when checking the charts through FX Street Foreign Exchange Live Charts .

I can understand you're not happy with the outcome of the trades, but holding positions open over the weekend does introduce the risk of weekend gaps. I hope that helps explain more towards your questions, and please let me know if anything is unclear.

-Jason

 

[Club]

Thank you for taking the time to respond.

As a pat on the back for you... your response was more timely and useful than the standard FXCM "customer service" :clap:

Interestingly, and not to start a debate or argument, but...

It seems as though the biggest issue brokers have it proving their honesty and not manipulating price to profit the broker ( spikes, slippages, widening spreads etc).

Can you say what FXCM does to combat this particular issue. How can FXCM prove that it does not manipulate prices?