Anybody have this happen with FXCM?!

Nice Catch? My site was listed in my profile, the mods have since removed it. I would list my website in a signature on every post if I could.

ET has a very strict policy of not allowing any links to personal websites, even in your profile. In Chit Chat I started a thread about my website and it explains the purpose of it, no link though.

PS.......thank you mokwit. Since posting a link to my site the traffic has jumped.

 

I have had the same problem with FXCM and RefcoFX to name a few. I used them as an experiment to get a feel for the market. Most cater rookies, and end just cleaning out there customers. Expect a lot of system problems, and they will cost you money. They will take responsibility regardless if they are to blame. Some sites quoting is messed up so you can look at two brokers and see there real time quotes don't match. You can't tell the more volatile quotes or the one who moves slower is the correct price. The market could be at one price, and your buying at another. Giving them the spread.

 

There is no central market in Forex. One dealer very well may have different prices than another. It shouldn't last too long as dealers get arbitraged, but it's very common in volatile market conditions.

If you'd like to jump on the arb bandwagon, you might start out by trying Interactive Brokers. Their smart routing gives you the best bid and best ask by comparing quotes from many Forex market makers. Since IB is not a market maker, they make nothing off the spread, and so you pay a bit in commission. But usually the tiny spreads more than make up for having to pay a small commission. It's also nice not having your broker take the other side of your trades, for obvious reasons.

 

Still having problems? Which platform were you using?

 

I have an account with FXCM but very seldom use it, been thinking of closing it actually. And the answer is yes, if you try to enter the market during volatile times/ news announcements there is a delay in getting orders filled. I have had instances of 15+ minutes. In times past this was not the case. Imho , I think they do this to keep people from straddling the market. If you try to enter with them during these times with a small stop you’ll end up killing yourself.

But I would suggest not putting all your eggs in one basket, have a couple of brokers. And without question, if you do not trust your broker, why would you give them your money?

I personally never had a problem with FXCM, but imho, if you look around you’ll find some brokers that offer a lot more and the lowest pip spread isn’t necessarily the biggest attraction.

Oh!, and never enter the market with out a stop in place. There’s something to be said for stealth, if your trading large positions close to market. But you need at least a catastrophic stop in place, in the event of a system failure, or worse, some medical emergency.

Had a personal friend that was basically wiped out with a similar scenario. Either you have someone to monitor your positions in your absence or you put in a stop.!

 

Does the Trade Station used make a difference in how fast orders are filled?

I think Java can be a little slow at times. They should put out a non-java based Trade Station.

 

Yes that is my site. Why do you ask?

 

I could share lots of "hard-to-believe" stories for those that are uninitiated, but it seems I am in a place where my stories would in fact not only be very believable, but probable.

By the way, if you check out the Inc. 500 list of fastest growing companies, FXCM is at #60 with 1200% growth in revenues, which are $155,000,000. Not bad for company that started in 1999.

The spread business pays very well.

 

Your 'broker' (especially large brokers) knows better than any ordinary trader the 'liquidity' of the market at that precise moment. He has the 'ace'.
Besides the ace, your 'broker' has all the necessary tools to manipulate your trades besides knowing everything about you:
-acount value,
-position size,
-trading 'habits'
-...
How much do you know about your 'broker' and his 'business practices'?

That doesn't mean that a trader should "put his tail between his legs" and simply leave.
He should make as much noise as possible. He should cause as much damage as possible to any unfair and crooked 'broker'.
Revenge is not only a privilege reserved for Gods.

 

share them. looking for some interesting reading on a frozen boring day here.