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FXCM review
Started: by Big Mike Views / Replies:30,056 / 183
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FXCM review

  #41 (permalink)
ribs
Philadelphia
 
Futures Experience: None
Platform: sc
Favorite Futures: time
 
Itchymoku's Avatar
 
Posts: 2,833 since Apr 2012
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Jason Rogers View Post
Hi Itchymoku,

I notice your forum profile mentions that you live in Philadelphia. The reason for the net positions is that as a US resident, your FXCM trading account has to comply with CFTC regulations regarding FIFO (first-in, first-out) execution. It is still possible for US traders to scale in and out of net positions on the FXCM platform, but it works a bit differently than for non-US accounts. Below are instructions on how to set multiple stop/limit levels for a position on an FXCM US account using Trading Station Mobile.


1. On the Rates screen, tap on the currency relevant currency pair.
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2. On the Currency screen, tap on OCO (One Cancels the Other order type).
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3. On the OCO screen, select the amount of your position that will be closed if this OCO order triggers and specify the price levels for both the stop and limit.
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4. On the Orders screen you can see OCO orders designated by a connecting line. If one of those orders is triggered, the related order will automatically be cancelled.
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Please let me know if you have any further questions.

Jason

Jason I hate to ask you this again differently but could you also show me with pictures how to scale out with the downloadable platform? I'd highly appreciate this thanks! (it would also serve for educational purposes for other traders as well)

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  #42 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


Itchymoku View Post
Jason I hate to ask you this again differently but could you also show me with pictures how to scale out with the downloadable platform? I'd highly appreciate this thanks! (it would also serve for educational purposes for other traders as well)

It would be my pleasure, Itchymoku

Below are the steps to create partial stop/limits for your net positions on Trading Station for an FXCM US account.

1. Go to the menu bar at the top left of Trading Station desktop and select "Trading > Orders > Simple OCO"

2. In the Simple OCO window that appears select the Amount (K) and price levels for your stop and limit orders.
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3. You will be able to see your OCO orders grouped together in the Orders window.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

If you have questions about our services at FXCM please send me a Private Message.
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  #43 (permalink)
ribs
Philadelphia
 
Futures Experience: None
Platform: sc
Favorite Futures: time
 
Itchymoku's Avatar
 
Posts: 2,833 since Apr 2012
Thanks: 1,636 given, 3,452 received


Jason I wish you could put in a request to get market profile (tpo) charts for fxcm it would make my life a lot easier. I know they aren't that popular for currencies but I use them for trading. I have to actually set it up on sierra chart or other software to see it correctly. It would be nice to have it all on one platform so I don't have to pay for a software fee. You guys have a lot of good things going for you with server side oco and the mobile platform I just wish this last piece of the puzzle was there.


Last edited by Itchymoku; December 4th, 2013 at 11:22 AM.
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  #44 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Itchymoku View Post
Jason I wish you could put in a request to get market profile (tpo) charts for fxcm. I know they aren't that popular but I use them for trading. I have to actually get volume data and setup a volume profile for 6E to trade eur/usd. I know it's impractical to ask for volume data for the eur/usd but I'm sure the broker volume data isn't much different. lol

Why not just use Sierra Chart and FXCM? For TPO it would be fine. For VP you of course can't use Forex since there is no centralized volume.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #45 (permalink)
ribs
Philadelphia
 
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Futures Edge on FIO

Which products do you trade?

 

Big Mike View Post
Why not just use Sierra Chart and FXCM? For TPO it would be fine. For VP you of course can't use Forex since there is no centralized volume.

Mike

oh, just trying to cut the cost / hassle of going back and forth. I'm focusing mainly on forex atm and cutting out futures temporarily.

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  #46 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Itchymoku View Post
oh, just trying to cut the cost / hassle of going back and forth. I'm focusing mainly on forex atm and cutting out futures temporarily.

Plotting 6E vollume to trade EUR/USD spot is going to have a problem because of the alignment. The two instruments can have an offset of several ticks which changes at rollover. While they move in unison during the day, this offset will be hard to overcome on charts.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #47 (permalink)
ribs
Philadelphia
 
Futures Experience: None
Platform: sc
Favorite Futures: time
 
Itchymoku's Avatar
 
Posts: 2,833 since Apr 2012
Thanks: 1,636 given, 3,452 received


Big Mike View Post
Plotting 6E vollume to trade EUR/USD spot is going to have a problem because of the alignment. The two instruments can have an offset of several ticks which changes at rollover. While they move in unison during the day, this offset will be hard to overcome on charts.

Mike

yeah you are right, I mainly use tpo charts more so than volume atm. I'd be happy with just tpo charts tbh. I don't really need it to be super precise because if it were off a few ticks it probably wouldn't affect my trading by much. I understand why vp wouldn't be practical for a currency broker's software.

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  #48 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


Itchymoku View Post
Jason I wish you could put in a request to get market profile (tpo) charts for fxcm it would make my life a lot easier. I know they aren't that popular for currencies but I use them for trading. I have to actually set it up on sierra chart or other software to see it correctly. It would be nice to have it all on one platform so I don't have to pay for a software fee. You guys have a lot of good things going for you with server side oco and the mobile platform I just wish this last piece of the puzzle was there.

Hi Itchymoku,

I'm glad you asked. Market profile (TPO) charts are actually available on FXCodeBase. You can find many free custom indicators and trading tools for FXCM platforms on that website.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
As Mike suggested though, if you prefer Sierra Charts, you can actually set up an FXCM trading account with Sierra Charts as your introducing broker. Then you can do all your charting through their platform.

Jason

If you have questions about our services at FXCM please send me a Private Message.
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  #49 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,663 since Jun 2009
Thanks: 29,045 given, 80,717 received

Case Summary


Quoting 
COMPLAINT:

On July 18, 2014, NFA issued a Complaint charging FXCM with doing business with an unregistered entity which was required to be registered as a CPO NFA Member and failing to submit trade data to NFA through FORTRESS.

DECISION:

On July 18, 2014, pursuant to a settlement offer submitted by FXCM, the firm was ordered to pay a $200,000 fine.

Attached are PDF complaint and PDF decision.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Attached Thumbnails
FXCM review-complaint_-wo-affd-_forexcapitalmarketsllc_2014_0718.pdf   FXCM review-decision_-wo-affd-_forexcapitalmarketsllc_2014_0718.pdf  
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  #50 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received



Big Mike View Post
Case Summary



Attached are PDF complaint and PDF decision.

Mike

Hi Mike,

FXCM has settled the complaint brought by the NFA relating to charges of doing business with an unregistered entity and for failing to submit certain trade data reports. We have resolved these matters and taken steps to avoid similar occurrences in the future.

Jason

If you have questions about our services at FXCM please send me a Private Message.
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