Iâm assuming youâre talking to me. Yea this micro account has been a world of good for me. It has allowed me to trade the way I wanted to, but on a scale that I am comfortable with. I think at $7000, they make you switch to a standard account. I am a long ways from that, so Iâll stick with this. I opened a demo of the standard account and was surprised to see that the spreads were very high. eur/usd is usually around 3 pips. Their examples always use sub 1 pip spreads for their no dealing desk model. I think Iâll always only use micro lots. Even if I open a 5 micro lot, I still do 5 trades. My whole method is about scaling in and out. No one trade really affects the account, itâs about position management. The new no hedge rule has affected me somewhat, although I havenât been trading much lately. I really liked being able to scalp a hedge trade against my other position, so that my limit orders stay in place on the main trade. Thatâs really where I made some money. I may swith to the UK account if it becomes a problem. They also have a good api, which I have been experimenting.
What the hell are you talking about? My clients money is run through FXCM and they all know about it. FXCM is one of the largest and well capitalized dealers in the world. What would I be hiding? I didn't want to respond to your post because I am tired of responding to people who think they know everything....hmmhmm. If I took the time too respond to every no it all claim coming from the unsuccessful 95% who seem to post the loudest on these boards then I would be completely exhausted with carpel tunnel syndrome.
I don't think you can put their bad rep all down to newbs, they have some serious regulatory actions recorded against them, that would be enough to put me off without reading any user reviews.
Going by the content and naiivity of his posts I doubt very much that the guy is even consistently profitable let alone manages money, he sounds like just another wannabe to me. I can't understand why anyone would want to do business with a firm like FXCM who have NFA regulatory actions recorded against them which include "Cheat, defraud, deceive forex customers" and "deficient and misleading promotional material" :eek: Due diligence obviously isn't important to these people, mind you that's no surpise, some of them think being long and short at the same time is 'hedging' which gives you an idea of where they are on the learning curve, lol
I am sick of listening to you man. I could debate with you until the end of time and you still wouldn't understand simple concepts like, just because a dealer offers credit card deposits it doesn't mean they are a bad firm. An experienced FX trader would laugh at you for this comment. Unfortunately, these boards are overrun with loudmouth people like you who are inexperienced and insulting because you have no real logic to support your arguments. Speaking of unprofitable wannabes, it is always the unprofitable who blame brokers for their trading short comings instead of actually figuring out why they don't make money. I have attached one small account below that I manage for a relative of mine. It represents about 1.5 years of trades and is a fair representation of my average returns across all my accounts (around 150% per year, before fees). My larger fund accounts go back farther, 3+ years, but I am not (nor do I think you deserve the respect) allowed to post the numbers in a public forum. As far as your posting of FXCM complaints, I could care less about a few complaints, it is my guess that most firms have them. When you are one of the largest dealers in the world you will inevitably have some complaints. FXCM is well capitalized, they have good customer service, and my withdrawals come easily and quickly. If you don't want to use them, if you even have a real account, then don't. But I will trust my years of experience over your ridiculous "advice" any day of the week. Feel free to keep spouting off your illogical arguments and maybe one day if you post long enough you will get lucky and actually post something useful and that makes sense. Peace.
lol, any experienced trader would laugh at your naiivity A few complaints? NFA regulatory action relating to "Cheat, defraud, deceive forex customers" (NFA's wording, not mine) is hardly 'a few complaints', the facts speak for themselves, but I'm forgetting you're not too bothered about facts are you. Hey, you spend your (and your uncle's!) money wherever you like, makes no odds to me! Have a great day doing whatever it is that you do Seeing as we're posting stuff here's my trading blotter for yesterday, just another one of the dozens of my trading blotters posted around these forums 33 trades, 32 wins, 1 break even, 98 pips which represented a 2.2% return for the day.
No offense but daily returns mean nothing, it is consistent monthly and yearly returns that produce gains and attract other people's money. Obviously one has too see a consistent stream of days to get a realistic picture of the account. (+2%, -2%, +3%, -2%, etc. doesn't add up to much in the end) And since you claim superior trading knowledge, I'm sure you already knew this. Good job on that day though. Listen, it's clear that we will have to agree to disagree on this credit card funding topic, with that said, I don't want to have to argue with you every time I make a post so can we at least agree to disagree? What do you say, truce?
There are literally dozens of my trading blotters posted around these forums, here's a collection of 25 or so plus there are others dotted around the place, my returns are consistent so no need to worry on that score. I'm not claiming to have 'superior trading knowledge' that's the whole point, in fact quite the opposite, I'm nothing special and I don't have anything that other people don't have or couldn't develop (probably less if truth be known, lol). The point being is if I'm able to produce positive results from trading retail forex with a bucketshop like Oanda then anyone can. Admittadly it's a bit of a dick swing but the original motive for posting blotters was to prove the naysayers wrong as well as perhaps be an inspiration to those who are finding trading difficult and starting to question whether there actually is any money to be made in this game. My blotters go some way to dispel some of the myths propagated by a few of the 95% club that a) retail forex can't be profitable, b) that the market is unpredictable and just noise on lower time frames, c) that no-one can make money trading with a bucketshop, and d) scalping isn't profitable. I think they do a reasonable job of achieving that goal. Sure, no problem. I just have this uncontrollable urge to challenge seemingly intelligent people who make bold statements and then for whatever reason refuse to support their opinion with reasoned and logical debate when challenged. Like everyone else I have opinions, they're not always right and it's only by debate that opinions can be changed, after all isn't that really what forums like these are all about, discussion, debate, new ideas?