Fxcm.com

Jason Rogers

FXCM Representative
Messages
510
I am waiting till my rogue position that shows in MT4 platform finally gets fixed. Jason contacted me and I hope everything is on a good way, though one can only imagine the post spike backlog size if it takes several days to sort this out.

I just received an e-mail from FXCM explaining the original spike problem and FXCM moves yesterday...

All that said I have to admit that FXCM and BT start to wear me off and I will probably phase this account out if nothing changes. The off quotes make it impossible to trade at all. I could understand such a situation during the major news/high volatility days etc. but today was "no news" and practically no volatility day (at least on EUR/CHF pair). I tried to open small trades on EUR/CHF twice. I kept trying for 20 minutes in the morning (at the start of European session) and later during mid-day of New York session (another 20 minutes taken out of my life). Off-quotes, off-quotes, off-quotes...

I contacted FXCM representative over a chat and he could not offer any reasonable explanation. I host 4 MT4 instances on my computer, I use a fast ADSL connection and only FXCM over BT shows such behavior. I can trade both manually and using EAs with the other brokers, with FXCM I cannot trade manually (this would be an exercise in futility) nor with EAs (results would be completely unpredictable)...
Hi promualdo,

The position you originally contacted me about should now be resolved. You are correct that whenever a bad tick occurrs it does create a backlog in trades we have to go through. I do apologize for how long this takes to correct.

If you're trying to open a trade and receive the message "off-quotes", please contact us as soon as possible. The message may be occurring due to a technical issue on our side which our technical support team should be able to resolve fairly quickly.

I have also seen the "off-quotes" message appear when a trader tries to close the position. This could indicate the position is no longer open but the MT4 platform has not updated to reflect it. Please review the combined account statement through the FX Trading Station II or myfxcm.com to review the position and contact us if necessary.

Making sure the "off quote" error does not occur is a top priority for us and we will be implementing changes on our back end over this weekend and throughout next week to make sure the system is running as smoothly as possible.

Please don't hesitate to contact me if there's anything you need help with.

-Jason
 

promualdo

Recruit
Messages
15
Hi promualdo,

The position you originally contacted me about should now be resolved. You are correct that whenever a bad tick occurrs it does create a backlog in trades we have to go through. I do apologize for how long this takes to correct.

If you're trying to open a trade and receive the message "off-quotes", please contact us as soon as possible. The message may be occurring due to a technical issue on our side which our technical support team should be able to resolve fairly quickly.

I have also seen the "off-quotes" message appear when a trader tries to close the position. This could indicate the position is no longer open but the MT4 platform has not updated to reflect it. Please review the combined account statement through the FX Trading Station II or myfxcm.com to review the position and contact us if necessary.

Making sure the "off quote" error does not occur is a top priority for us and we will be implementing changes on our back end over this weekend and throughout next week to make sure the system is running as smoothly as possible.

Please don't hesitate to contact me if there's anything you need help with.

-Jason
Hi Jason,

Indeed the initial problem with the "strange" position has been sorted out.

The off quote problem happened mostly when I tried to open a postion, but I guess it might have occured when closing some of the EAs trades too.

I had a one more incident: a trade was opened by EA that was shown as executed by MT4, but it could not be closed with it. When I checked on Trading Station, the trade was not there. It took almost 22 hrs before it was cancelled, the small position showed profit when I called support and FXCM let me keep it :) (even though the trade did not occur sort of).

I really look forward to changes in the FXCM MT4 over BT solution, as this is the only problem that makes trading with FXCM less than satisfactory for me.
 

DJBedych

Recruit
Messages
2
Hard to open an account

I'v tried to open an account in FXCM. They'v asked me I think everything. It takes me about 15 minutes of my life it's really hard. I think they have to simplify they registration.:mad:
 

Jason Rogers

FXCM Representative
Messages
510
I'v tried to open an account in FXCM. They'v asked me I think everything. It takes me about 15 minutes of my life it's really hard. I think they have to simplify they registration.:mad:
Hi Bedych,

Were you applying for a micro account? The micro application will ask you questions at the end to verify your identity instantly. Please let me know if there's anything I can do to help.

-Jason
 

dariuslarkin

Recruit
Messages
1
FXCM and Price Spikes and Price Manipulation (hitting stops)

I have two FXCM accounts and one Forex.com account.

Today, I just experienced a price spike which hit my stops.
The hitting of my stops is not a bad thing.
Intentionally spiking prices to hit stops is not only bad, but extremely unethical.

I noticed that the price high on my Forex.com account was 15 pips different from both of my FXCM accounts.

This caused me to do further investigation.


On all three brokers, I was shorting CHF/JPY and had moved my stops to 83.754 and 83.690 for the two FXCM accounts

At 605pm (EST), the following occured:

One FXCM platform spiked to 83.780, thereby taking out my 83.754 stop.
The other FXCM platform spiked to 83.756, thereby taking out my 843.690 stop.

However, At 605pm (EST), other Forex.com has 83.634 as the high with no abnormal spike.

It would appear that FXCM Micro is intentionally spiking price action to hit stops.

I had only read about this before and did not believe it.

And I am not complaining about losing money because I actually made money.

The issue is confidence in FXCM's trading platform as well as ethical business practices.

Also, the two FXCM accounts reside on two different servers.
One on "MINIREAL8" the other on "MICROREAL02"

So, at 605pm (EST), on a 5min bar, why do two servers at the same broker have two different prices? (ie. 83.780 and 83.756 as highs)

Here are some screenshots:

FXCM server "MINIREAL8" - CHF/JPY price at 605pm (EST)
TechSmith | Screencast.com, online video sharing, FXCM MINIREAL8 Price at 605pm

FXCM server "MICROREAL02" - CHF/JPY price at 605pm (EST)
TechSmith | Screencast.com, online video sharing, FXCM MICROREAL02 Price at 605pm

Price at compared to Forex.com:
TechSmith | Screencast.com, online video sharing, 2010-07-12_1813

Also note that the Open Low and Close are the same on both server.
Only the highs are different.

Hmm...

Thoughts and feedback are appreciated.
 

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Jason Rogers

FXCM Representative
Messages
510
I have two FXCM accounts and one Forex.com account.

Today, I just experienced a price spike which hit my stops.
The hitting of my stops is not a bad thing.
Intentionally spiking prices to hit stops is not only bad, but extremely unethical.

I noticed that the price high on my Forex.com account was 15 pips different from both of my FXCM accounts.

This caused me to do further investigation......

Thoughts and feedback are appreciated.
I have two FXCM accounts and one Forex.com account.

Today, I just experienced a price spike which hit my stops.
The hitting of my stops is not a bad thing.
Intentionally spiking prices to hit stops is not only bad, but extremely unethical.....

Thoughts and feedback are appreciated.

Hi dariuslarkin,

I see that you also posted this message on Forex Factory and traders with multiple other brokers confirmed the same price action EURUSD - Page 18014 @ Forex Factory . The EUR/CHF move was legitimate and not unique to FXCM.

Additionally, the indicative price feed on Net Dania's chart also displays the same price action. I have attached a copy of the chart to this post.

Prices do not spike intentionally on FXCM's platform but are rather a result of the best bid/ask price being streamed to FXCM from 10 banks. In the rare event a spike occurs due to a bad tick, we will go through and correct any trades that were affected.

Please let me know if you have any additional questions.

Jason
 

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tlo1

Recruit
Messages
1
bugga

I just left FXCM after a 3 year stint.I am barley in the black after my 3 year ordeal . I just couldnt take the constant platform manipulation( freezing-unable to enter or exit trade-and having to reboot nearly everytime to continue.A:hissyfit:Any one else out there have similar problems?
yes lost 31k doing there stuff and the trading station broke down and lost 8k in one night.not all there fault though nz telecom broke down 2 days and i was bugerd.
ive followed henry since and although a dum bugga like me, stuck with fxcm cause im loyal and honest i now follow henry.he talks like someone i can understand.oh ye 4 years for me,go henry
 

Jason Rogers

FXCM Representative
Messages
510
yes lost 31k doing there stuff and the trading station broke down and lost 8k in one night.not all there fault though nz telecom broke down 2 days and i was bugerd.
ive followed henry since and although a dum bugga like me, stuck with fxcm cause im loyal and honest i now follow henry.he talks like someone i can understand.oh ye 4 years for me,go henry
Hi tlo,

If you're ever unable to trade due to technical issues on your side or FXCM's side, the trading desk is available by phone to place trades or manage your positions.

All the best with your trading,

Jason
 
Messages
16
Hey Jason,

I'm quite interested in becoming a customer of FXCM, is there some way I can get a guarantee that if there is a price spike, FXCM will cover any loss that may have occured to me?

I would verify the spike via other price feeds and have no problem showing you the evidence.

Please do not consider this ranting at you :) , I understand price spikes are rare but inevitable, afterall technology isn't perfect! However the peace of mind knowing my trades are safe would be of great value.

Also what evidence would you require for me to have guaranteed spike loss protection? e.g. pictures, trade numbers etc.
 

Jason Rogers

FXCM Representative
Messages
510
Hey Jason,

I'm quite interested in becoming a customer of FXCM, is there some way I can get a guarantee that if there is a price spike, FXCM will cover any loss that may have occured to me?

I would verify the spike via other price feeds and have no problem showing you the evidence.

Please do not consider this ranting at you :) , I understand price spikes are rare but inevitable, afterall technology isn't perfect! However the peace of mind knowing my trades are safe would be of great value.

Also what evidence would you require for me to have guaranteed spike loss protection? e.g. pictures, trade numbers etc.
Hi Scott,

Thanks for the post and would be happy to help with your question :).

If the market spikes and we find that it was caused due to a bad tick, then we we will correct any trades which were affected by the bad tick. For example, there was a bad tick in some of the AUD pairs earlier this year and you can see how we handled the situation from this thread on Forex Factory.

If you're ever unsure about a spike in prices, then the first you should do is check it against another feed as you suggested. Second, contact client services as well and ask to have a trade audit for any trades affected. The trading desk will review the market prices at that time and check with our liquidity providers on whether or not the price was an executable price or determine with our technical support team if this was caused by an error in our system.

I can't make a blanket guarantee that all price spikes are incorrect or due to bad ticks, but if you bring it to our attention we will investigate and make any adjustments if needed. We also have a website at FXCM Platform Status Center – FXCM Support Portal where we alert traders to any technical issues such as bad ticks, platform technical issues, etc.

I hope that helps and let me know if you have any additional questions.

-Jason
 
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