I was going through a bunch of the other threads but it got tiring so I figured I would start my own about this topic. Ive been trading FOREX for a moderate amount of time (Im no expert guru etc.) and have been using the FXCM platform. I was wondering what others think about them and experiences with them - so far Ive had pretty good execution (which to me is the most important part) even though it doesnt have all the frills that others do. Their people have been really responsive to me and I was wondering if other people have had the same experience as well. Ive recently asked this on some other forums (DailyFX) and someone told me to post here as well.
FXCM is okay for the long term traders and the traders that do not trade with stops, i also had an account with the fxcm but i hace close it because they quotes are far from the interbank market, and also they put they quotes at sleep for a certain amount of time.
I use stops with FXCM and have had no problems - what makes you say that? Also, which currencies were you trading that the quotes were far from the interbank - I have found their spreads to be the same (if not better) than most companies. Terry - what made you choose Oanda instead?
I have been with Fx Solutions for some time now and i have had no trouble with them. Execution is great, stops are cool and everything and their charting package is good as it has no gaps and all. Is there anyone who had any problem with FXSol in terms of withdrawals and funding ???
FXCM is OK for long term strategies such as trend following I would say anything below a 2-3 day hold I would look at other dealers (but most of the others have the same issues or worse ) , FXCM is not very good for intraday trading as they constantly requote and certainly to avoid for any trade during highly volatile time (that is most of the US session basically but especially of course during and around news). In these situations ANYTHING can happen stops that are 20 pip away can be gunned, stops not executed for 5 minutes, no way to know what your position is, slippage, outrageous requotes, denied execution after 10 sec. etc.
This sounds scary... but are you sure these are real as i have never experienced anything like that with any broker and nobody i know has .... i have been hearing of these issues and scare me, but frankly do not know anyone who got fried. Are these just legends coming from the futures market?
Liri - Like I said in my first post - all I have is my own experience and I havent had any problems yet with stops or with execution (except around NFP's). In fact, overall I would say Im very satisfied. But thats why I started this thread so I could hear what others had to say about it and factor that in. Do other trading companies have the same problems? Which do you use? Kicking - You mention that most of the dealers have the same issues or worse - I guess some of this has to do with the nature of the market - but that doesnt sound good. I kind of feel like Alex does - but if not what would you use for intraday trading?