Anybody have this happen with FXCM?!

Discussion in 'Forex Brokers' started by datrader1, Dec 13, 2005.

  1. datrader1


    I was dealing on the FXCM platform through Friday’s NFP and had a huge problem. I went short EURUSD and my stop was triggered by price action at 8:46 AM. At 9:08 AM I was still waiting for a confirmation on my stop fill. I closed my computer finally at 9:12 because I needed to leave for work. When I checked later I saw that it took 26 minutes for FXCM to confirm my stop...all the while my P n’ L was ticking against me!!

    I’m not sure if the delay is because FXCM has inadequate technology or if their traders were just trying to figure out how to make extra pips off my order. But either way I think its unacceptable to be kept waiting almost a half hour for a fill. Anybody ever experience anything like this?

    :confused: :mad:
  2. skepticaltrader

    skepticaltrader Guest

    I had the same thing happen to me through FXCM.

    I lost about $2000 just from that one day of trading. Like you, I tried to enter my market order after the announcement and no order executed. So I wait to get a retracement or pullback to try and re-enter. No luck. I wait a little longer, finally I get filled, but their trading station shows no positions. I then think well I'll try one more time to get in. Finally I get in, but for a 2nd time. My trading station now shows 2 positions in the Euro. I only intended to execute one position. Now I'm really mad, so I enter a stop order for both positions, neither one shows up on the Trade station. Finally after several minutes, the stop price shows up and eventually I get stopped out for a big loss.

    FXCM sends out a message before the announcement stating that orders cannot be guranteed. My question is why. With all the money they have they can't get a server to handle all of these so-called orders. That makes no sense. If they can't handle all of these orders then get a server or servers to handle them all.

    Bottom line, I will never trade with FXCM again.
  3. Which fx trade station did you use, Trade Station II or Trade Station 1.02?

    I have downloaded II but still use Trade Station 1.02. I like it better, it appears to be faster. I have never traded during news though.
  4. Htrader

    Htrader Guest

    What can you expect when you trade with a firm that take the other side of every order.
  5. skepticaltrader

    skepticaltrader Guest

    I'm using or was using Trade Station II. I inadvertently uninstalled the previous Trade Station 1.02. I did prefer 1.02 over II. Like you, the 1.02 was a lot faster in executing orders.

    Is it still possible to download 1.02 and use that?

  6. rule #1 when trading with FX dealers:


    jim rockford is correct to a point, this is a game--- you against the dealer---- stealth wins....


  7. I'm not sure if 1.02 is still available from FXCM. But you could do a Google search on FX brokers and see if 1.02 is on their sites to download.
  8. Do you mean stops at less than -50 pips or so? Or no stops at all?

    I find anything less than 50 pips is bound to get hit and then rebound in your favor after you have been stopped out.
  9. skepticaltrader

    skepticaltrader Guest

    A hard stop could be avoided if someone was able to sit there and stare at the computer all day and watch the action.

    Unfortunately I don't have that luxury right now. It does seem as though you need to put in at least a 50 pip or more stop order or else you will almost always get stopped out.
  10. geringer


    InteractiveBrokers allows you to trade forex without any of these hassles. AFAIK, IB doesn't take the other side.

    all of my market orders have been executed instantly. (within 1 or 2 seconds). i am pretty sure all their other order types are available...limit, stop, trailing stop etc.

    spread is 1 or 2 pips on the eur/usd depending on how lively the market is...mostly around 2 pips. market depth is typically about 28,000,000 euros on each side. you are trading against fx market makers at one of several big banks. IB is matching the trades.

    also, slippage has been negligible (at least at my size of trading).
    whereas on the cme euro fx contract I had a few times where
    slippage was 20 ticks ... ouch

    the only drawback is the .00002 commission and their margin may be somewhat higher. (but i still think it works out better than a fixed 3 pip do you the math).

    mostly i trust that they are not monkeying around with my orders !

    good luck
    #10     Dec 13, 2005