Hello,
I would like to share my experience using FOREX.COM with live account.
I have been trading for more than 5 years, never been successful at it. At a point I stoped completelly. Then decided to get back to it.
I openend a demo acount, in 7 days I turned 50 000$ to 2 050 000.00$ so I was confident that I could switch to a live account that maybe I somehow improoved my methods!
I ended up lossing all my capital again, but I felt like I had to give it a try. I am glad I did, I have again learned something. I should stay away from trading!
That being said, I would like to describe some issues I had with FOREX.COM for anyone who could be considering trading with them they might be interested to hear about it.
By the way, I started to write a post and I don't know if it went online as I hit some key on the keybord and the page was gone. Maybe I posted it by mistake or just erased it. So I want to apologize if I am repeating myself. Also I want to apologize for my language as english is not my primary language. I will try to describe the best I can what happened with FOREX.COM
I will also attach 2 pictures to illustrate, I hope you can see them.
From time to time, on a daily basis i experimented major glitches on the candlestick chart. I am not talking small glitches.
Many time, in period of what they would call "hi-volatility" when it s time for a new candle to start (I use 15 min timeframe) the new candle won t show. The trading line price where you should see the price movement get stuck without moving and there is no candle at all.
Then there is big moves on both direction but you don't see as there is no data showing up. Then after a while, sometime more than 1 minutes you get the signal back with a distorted candle that start from nowhere close to where it should be and the missing information will not be there. Then when it come back, your margin as been trigered, your most losing position closed and your account wiped drastically. Yesterday, I had that happened to me twice in less than 2 hours. I was using their MT-4 platform.
I always use a second platform so at the same time I had a demo account with FXCM opened on the FXCM MT-4 platform. The glitch you get from FOREX.COM does not appear on the FXCM one. So if it is because of hi-valatility, why FXCM was able to provide constant data.
Of course when this happened it is always at the same time there is a big wiping move in both direction. You then get in "the dark" like blinded for a few second with no chance to react to either protect yourself or take advantage of it. You are stuck in the dark for a moment and in a blink of the eye it comes back, sometime far away from entry point (of that new candle) and you discovered that it went all direction to trigger your margin and that your account balance as gone lower drastically.
It always happened at the start of a new candle. I was expecting a big move... there is some hours were your feel something big will happened. So I always get ready at the end of a 15 minutes candle expecting that it might move big. So I watch the clock ticking with the "Sell, Buy" dialog box openend and my finger on the mouse ready to react to whereever it will go, to either close position or open new ones. If it goes wrong and need to get some margin headroom, I would probably closed some wining position or opened opposite position to hedge myself and get some margin while the move is happening so I can keep my position open hoping to close them when they should make some profit later in the future.
But when thoses glitches happened, there is nothing you can do. You just have no clue what is going on. By the time you figure out that there is a major glitch and major move, it s already too late. Then it goes in the direction you were hoping for, but it s too late...positions that could have win have been closed.
I have contacted the support live chat after it happened to me twice in less than 2 hours. Timothy, the guy from the Australian Support team told me that there was nothing wrong. I sent him the 2 pictures of the same chart, one from FOREX.COM and one from FXCM.
Here is a litle part of the conversation:
Timothy : It is not a chart glitch, it is just the way it is pixilated on occasion during a volatile market. If you open up the data window and run your mouse over the candles, you will notice the numbers are fluent between candles.
Me: can you explain why I don t have this "normal" situation with FXCM using a similar platform? both mt-4
Timothy : I could not speak to their charting software. Do you feel any numbers on the charts are incorrect?
Of course, the number where correct, that was not the point. How can we trade when the data does not show?
Other than that, many time, the candles won't align from one to the other. small gaps many time. But when it is the big gaps, it is alway when a big wiping move as been started. That seem to me a strange coincidence.
Of course, the would say, it s because of "hi-volatility" or because this news on tv.... It seem to me that they use those term to hide something. They use the perfect timing to make the moves. Like an illusionist who will try to attract your attention in one direction while is doing something else where you won t see.
Other small issue with their platform. If you checked the "open position at the same volume used the last time" normally, like in FXCM it should always used the same value. So if you open 0.05 volume last time, it should be already set for 0.05 the next time and already ready in the dialog box. That will work on FOREX.COM if you only open the same volume. For exemple if you open a 1.00 volume position then you want to slow down and stay with 0.05, so you change it in the box and it remain to 0.05. So let say you open 5 new positions they will all be 0.05. But if you then close the 1.00 position, it will then switch to 1.00. So if you move quick to open new position and you expect it to be at 0.05 and you don t look, now your position will be 1.00. That make you open larger position that might case margin trouble or you will close those new position right away, at loosing price.
So here are some issues I had with FOREX.COM. You may consider they are a scam or not. I will let anyone make their own judgment. I am not here to say if they are scam or not, but I wanted to share my experience with them, hoping that maybe someone would use that information to help them to be more aware before they choose to go with FOREX.COM or not.
Here attached 2 pictures of the same chart, one from FOREX.com with glitches, one from FXCM clean. Look at 12:15 and 14:00.
I would like to share my experience using FOREX.COM with live account.
I have been trading for more than 5 years, never been successful at it. At a point I stoped completelly. Then decided to get back to it.
I openend a demo acount, in 7 days I turned 50 000$ to 2 050 000.00$ so I was confident that I could switch to a live account that maybe I somehow improoved my methods!
I ended up lossing all my capital again, but I felt like I had to give it a try. I am glad I did, I have again learned something. I should stay away from trading!
That being said, I would like to describe some issues I had with FOREX.COM for anyone who could be considering trading with them they might be interested to hear about it.
By the way, I started to write a post and I don't know if it went online as I hit some key on the keybord and the page was gone. Maybe I posted it by mistake or just erased it. So I want to apologize if I am repeating myself. Also I want to apologize for my language as english is not my primary language. I will try to describe the best I can what happened with FOREX.COM
I will also attach 2 pictures to illustrate, I hope you can see them.
From time to time, on a daily basis i experimented major glitches on the candlestick chart. I am not talking small glitches.
Many time, in period of what they would call "hi-volatility" when it s time for a new candle to start (I use 15 min timeframe) the new candle won t show. The trading line price where you should see the price movement get stuck without moving and there is no candle at all.
Then there is big moves on both direction but you don't see as there is no data showing up. Then after a while, sometime more than 1 minutes you get the signal back with a distorted candle that start from nowhere close to where it should be and the missing information will not be there. Then when it come back, your margin as been trigered, your most losing position closed and your account wiped drastically. Yesterday, I had that happened to me twice in less than 2 hours. I was using their MT-4 platform.
I always use a second platform so at the same time I had a demo account with FXCM opened on the FXCM MT-4 platform. The glitch you get from FOREX.COM does not appear on the FXCM one. So if it is because of hi-valatility, why FXCM was able to provide constant data.
Of course when this happened it is always at the same time there is a big wiping move in both direction. You then get in "the dark" like blinded for a few second with no chance to react to either protect yourself or take advantage of it. You are stuck in the dark for a moment and in a blink of the eye it comes back, sometime far away from entry point (of that new candle) and you discovered that it went all direction to trigger your margin and that your account balance as gone lower drastically.
It always happened at the start of a new candle. I was expecting a big move... there is some hours were your feel something big will happened. So I always get ready at the end of a 15 minutes candle expecting that it might move big. So I watch the clock ticking with the "Sell, Buy" dialog box openend and my finger on the mouse ready to react to whereever it will go, to either close position or open new ones. If it goes wrong and need to get some margin headroom, I would probably closed some wining position or opened opposite position to hedge myself and get some margin while the move is happening so I can keep my position open hoping to close them when they should make some profit later in the future.
But when thoses glitches happened, there is nothing you can do. You just have no clue what is going on. By the time you figure out that there is a major glitch and major move, it s already too late. Then it goes in the direction you were hoping for, but it s too late...positions that could have win have been closed.
I have contacted the support live chat after it happened to me twice in less than 2 hours. Timothy, the guy from the Australian Support team told me that there was nothing wrong. I sent him the 2 pictures of the same chart, one from FOREX.COM and one from FXCM.
Here is a litle part of the conversation:
Timothy : It is not a chart glitch, it is just the way it is pixilated on occasion during a volatile market. If you open up the data window and run your mouse over the candles, you will notice the numbers are fluent between candles.
Me: can you explain why I don t have this "normal" situation with FXCM using a similar platform? both mt-4
Timothy : I could not speak to their charting software. Do you feel any numbers on the charts are incorrect?
Of course, the number where correct, that was not the point. How can we trade when the data does not show?
Other than that, many time, the candles won't align from one to the other. small gaps many time. But when it is the big gaps, it is alway when a big wiping move as been started. That seem to me a strange coincidence.
Of course, the would say, it s because of "hi-volatility" or because this news on tv.... It seem to me that they use those term to hide something. They use the perfect timing to make the moves. Like an illusionist who will try to attract your attention in one direction while is doing something else where you won t see.
Other small issue with their platform. If you checked the "open position at the same volume used the last time" normally, like in FXCM it should always used the same value. So if you open 0.05 volume last time, it should be already set for 0.05 the next time and already ready in the dialog box. That will work on FOREX.COM if you only open the same volume. For exemple if you open a 1.00 volume position then you want to slow down and stay with 0.05, so you change it in the box and it remain to 0.05. So let say you open 5 new positions they will all be 0.05. But if you then close the 1.00 position, it will then switch to 1.00. So if you move quick to open new position and you expect it to be at 0.05 and you don t look, now your position will be 1.00. That make you open larger position that might case margin trouble or you will close those new position right away, at loosing price.
So here are some issues I had with FOREX.COM. You may consider they are a scam or not. I will let anyone make their own judgment. I am not here to say if they are scam or not, but I wanted to share my experience with them, hoping that maybe someone would use that information to help them to be more aware before they choose to go with FOREX.COM or not.
Here attached 2 pictures of the same chart, one from FOREX.com with glitches, one from FXCM clean. Look at 12:15 and 14:00.
