I attached a Bloomberg chart and quote recap and I have slight difficulties to follow David's argument that my trade was executed flawlessly. The offer never came above 164.16, away from my 164.20 stop. Whoever saw the stop or fxcked around with this order, fact remains it should have never been executed. The first chart David provided has no title, nobody knows where it originated from. Also, saying that my looking at 20 pricing contributors on Esignal and at Bloomberg AND at FXCM AND at FXCM's PROPFX is not sufficient is laughable. NOT A SINGLE ONE PROVIDER QUOTED AN OFFER ABOVE 164.16. NOT A SINGLE ONE!!! I dont care whether FXCM sees my stops or the banks do or not. A normal fx pricing service such as my other broker provides (it routes to an ECN) records each single tick, no matter what the vol spikes are and who is providing such feed. If the price ever ticked to 164.20 then it should be visible. BUT ITS NOT, as I pointed out above. So, how come this price is not visible on ANY of FXCM's charts, PROPFX's charts, Bloombergs's EBS charts, not quote recap tables? Very interesting. I understand that FXCM schmoozes around with some banks they hook up with and yank up the bid/ask spread by sometimes more than 100%. Fair enough, I tested the platform beforehand and looked at the bid/ask spreads. But what pisses me off is that PropFX advertises a non-dealing desk model which it is clearly not. FXCM and PROPFX are NOT segregated entities, brokers of either side can see/execute trades of the opposite account type even though FXCM does not want you to know that. Its great to say that FXCM just routes the orders and therefore assumes no responsibility for fxcked up orders, so whom am I now supposed to deal with? UBSFX, CITIFX or DBFX? What pisses me off is that FXCM's PROP charges such high bid/ask spreads (still high in comparison to ECN brokers) but then provides no service. At times of a dispute I am told that whatever the banks do lies not in the realm of FXCM. Then when I want to inquire about a trade dispute nobody I talk to at FXCM/PROPFX can help. Its funny that when as prospective customer I wanna ask questions about either platform through chat or phone there is always someone to help out, 24/7. But when I came with a dispute I was standing in the rain for half a day not knowing what is going on. Nobody at PROPFX was there, I was promised someone would come in 2 hours which never happened. I was promised by a sales guy to be called to discuss the dispute which never happened. So, who guarantees that with adding some staff now such thing wont happen again? Next Friday my stop is again incorrectly executed and FXCM claims they have nothing to do with it, even though not a single provider quoted at such level. Should I now feel better because there are 2 more guys sitting in the office? My point is that I strongly encourage others to also learn from my lesson: Rather look for a broker who charges commission on each trade and routes the orders to a true ECN network. This removes all ambiguity and conflicts of interest. I wont comment on this issue anymore after this because I provided clear evidence that my order should not have been executed (see attachments and points, made above). Refuting my offered evidence of 4-5 times more pricing providers than FXCM even deals with is ridiculous and a punch in the face. Then providing a crappy graph with no title and where nobody knows where it was from and which providers fed such chart is even more audacious. THanks for your apologies about crappy customer service. I actually beg to disagree. The guy, Michael, whom I talked to at FXCM was at least telling the truth and admitting that my trade was wrongly executed, even though he did not intend to tell me. I think the whole problem lies with either PropFX or their participating banks to fxuck with orders. Whoever it is its not worth my time to worry anymore. I even withdrew my given compensation by FXCM and already moved on.
i think this is the major drawdown (or benefit) of forex. there is no single market price you can say 'this was the top' or 'this was the bottom'. its just a bunch of disconnected market makers all offering different prices, using different algos to price etc, and connected to unique 'exchanges'. it wouldn't be surprising that bloomberg's top of 164.20 came from a MM which FXCM doesn't have access to. unless bloomberg charts the currenex feed.
I clearly read the charts and looked up my own as well. bbmat, you just seem to have a hard time admitting that you were closed out because you set your stop to close to market close. No offense, but perhaps you simply are not ready for a professional trading platform. Plus, I have a hard time doubting FXCM would come on this forum and spend time writing you a letter if they were not clearly right on this issue; way too much of a liablility for them. You're definitely going to open an account with another brpker and 6 months from now we'll probably see a new thread complaining about them.
About what I thought. BBmat clearly does not comprehend that forex, unlike futures, is not a centralised market- Different banks will execute at different levels.
Lol, after reading this again after some time, I smile but rather smile at your seemingly blatant ignorance. I am well aware that banks execute at different levels, thats why I posted the EBS screen which comprises more liquidity providers than pretty much any other FX pricing platform. The trade in question was a stop sell order so I did not set the stop price at a too close point, which is not the point anyway. The point was that none of the banks ever traded at or above my stop sell order. Not only did I provide EBS screens but also the charts of FXCM and PROPX which also showed no trades at or above my level. I do understand the fx markets and precisely BECAUSE OF THAT I call fxcm a bucket shop, a better bucket shop than others but nonetheless a bucket shop which does not have an interest in maintaining good client broker business relationship but rather cheats its clients when it comes down to making some extra bucks, knowing the majority wont complain about couple pips lost here and there. Just check the regulatory websites and complaints here at ET and other forums, there is tons of others who were cheated in exactly the same way. When I did not post here at ET I was called "incorrect", my charts were ignored, my emails remained unanswered.......guess what happened after I brought this up on ET. Within 3 days I got a refund. Funny thing, isn't it? Guess I was not so wrong in the end. But thanks Roberk for your comments. Ignorance is bliss. And thanks for calling me a beginner, I bet I have a lot more professional trading experience in sell side firms than you do, which I guess you have nothing. So, next time before questioning others' understanding, just to appease some paying advertisers, maybe you should first try to see the actual point that was tried to being made.
I should have listened to others when they were talking about how horrible a shop FXCM. I can honestly say that their systems suck and that they are the worst platform I have ever used in forex. If you want to lose money, go to FXCM. I tried to have my trades resolved because of ridiculous system problems, and I was told "there will be no adjustment to your account." READ THE POSTS AND BEWARE!!
While I think everyone appreciates insight into various broker's, I don't think it can be taken seriously unless actual details are posted. Please go into depth about these system problems!
Yes, they have to come here and try and save face..because the ECN model of trading Forex will become more prevalent going forward and our choices as traders will get MUCH better. http://www.rcgfxtrader.com/ http://www.vcapfx.com/forex-portals.asp
RCG is a dealing desk currency shop too. When you have fixed spreads, that's a clear sign of it. On the "institutional" platform, they are padding the spread as well. EUR/USD on most ECN's you will find the spread at 0-1.5 at most during trading hours. The only thing is they are not a bucket shop (yet?) as some of these other brokers are.
Right..and they charge $5.00 per trade too (regardless of position size). I was just pointing out that I think things may be changing for the better, as these additional choices (and more on the way soon) can only help through good old fashion competition.