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Time to change of FCM


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Time to change of FCM

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  #1 (permalink)
Alvaro Martinez
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Is there any rule to change of FCM?. I mean, when you ask for change of FCM, your current FCM could cut my data feed during the day or they have wait that finish the session?
Thanks

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 bobwest 
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Alvaro Martinez View Post
Is there any rule to change of FCM?. I mean, when you ask for change of FCM, your current FCM could cut my data feed during the day or they have wait that finish the session?
Thanks

Hi @Alvaro Martinez,

I really am not sure I understand the question. The FCM is the firm that holds your money and sends your trades on the the exchange and sends your confirmations back to you. It's the firm you trade with. The simple answer is, you change your FCM by opening a new account with the new FCM, and then you send them money, and then you trade.

Depending on your current firm, you may have opened your FCM account with an Introducing Broker who set you up with your FCM, or you may have opened your FCM account directly.

Either way, a new FCM will involve opening a new account.

It would be useful if you can give us some more information. For instance, what do you want to accomplish with this change, who is your current FCM, do you use (or want to use) an Introducing Broker, and any other details that would help make it clear what you intend to do.

------------------

Also, this is the second time you have made the exact same post, in a different thread. If you don't get a reply to a post, please don't keep making duplicates. It is fine to post again (in the same thread) and ask for someone to respond and help you out, but don't fill up the forum with duplicate posts or threads.

I am deleting your first thread, from May 20, as a duplicate, and will leave this one in place.

I hope someone can give you a hand with what you are seeking to do, but it will help if your explain it more fully.

Thanks.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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Alvaro Martinez
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Hello

I have been working with FCM directly from years ago. I was working with a FCM during a week and I didn’t like as working because they had many problems with management risk and I decided change to Phillip. I did order change my total amount for example yesterday and this FCM did cuy me data feed during the middle session day without previous information and I couldn’t do a trade winner. Is there any rule in CME or somewhere about when a FCM would cut the data feed for example to finish session, etc.

Thank you for your response

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 bobwest 
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Alvaro Martinez View Post
Hello

I have been working with FCM directly from years ago. I was working with a FCM during a week and I didn’t like as working because they had many problems with management risk and I decided change to Phillip. I did order change my total amount for example yesterday and this FCM did cuy me data feed during the middle session day without previous information and I couldn’t do a trade winner. Is there any rule in CME or somewhere about when a FCM would cut the data feed for example to finish session, etc.

Thank you for your response

Ah, I see.

I think that if you were not already in the trade, that probably there is no rule that will help you in this (or for that matter, even if you were in it). If I understood you, you told your FCM that you wanted to close the account, and so they did. I don't know that they have to keep the account open until the end of the session, when you have told them to close it. There may be a rule about this, but I don't know of it.

If the consequence is that you missed a trade, then you may just have to live with this and go on. There will be many trades in the future, good and bad, after all.

Someone else may know of something that I don't, of course. But that would be my take on it.

I hope the new FCM is better for you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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 kevinkdog   is a Vendor
 
 
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Alvaro Martinez View Post
Hello

I have been working with FCM directly from years ago. I was working with a FCM during a week and I didn’t like as working because they had many problems with management risk and I decided change to Phillip. I did order change my total amount for example yesterday and this FCM did cuy me data feed during the middle session day without previous information and I couldn’t do a trade winner. Is there any rule in CME or somewhere about when a FCM would cut the data feed for example to finish session, etc.

Thank you for your response

So you asked them to close your account, and then you are surprised that they did exactly as you instructed?

If you wanted to trade that day, you should have told them "close my account at end of business day on XXXXX"

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Alvaro Martinez
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bobwest View Post
Ah, I see.

I think that if you were not already in the trade, that probably there is no rule that will help you in this (or for that matter, even if you were in it). If I understood you, you told your FCM that you wanted to close the account, and so they did. I don't know that they have to keep the account open until the end of the session, when you have told them to close it. There may be a rule about this, but I don't know of it.

If the consequence is that you missed a trade, then you may just have to live with this and go on. There will be many trades in the future, good and bad, after all.

Someone else may know of something that I don't, of course. But that would be my take on it.

I hope the new FCM is better for you.

Bob.

Hi

Due to my multiple complaints about poor risk management, they were the ones who invited me to change broker, that's when I proceeded to make the change and filled out the balance transfer sheet to Phillip. But at no time did they notify me when they were going to close the account, or if I could not trade during the session, etc, something that when I changed from other brokers they did inform me: You have decided to cancel the account, during the tomorrow's session you will not be able to make any trade (this is being professional). I have reviewed the documentation signed with this broker and I do not see any mention of the process of cancellation or closure of the account. What cannot be is that they let me do a trade in the morning and in the afternoon in the middle of the session no longer. (work with automated strategy).

Anyway, thanks.

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Alvaro Martinez
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Posts: 35 since Sep 2015
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kevinkdog View Post
So you asked them to close your account, and then you are surprised that they did exactly as you instructed?

If you wanted to trade that day, you should have told them "close my account at end of business day on XXXXX"



Probably even sending them an email would have cut them when they wanted. What's more, the transfer of the account balance was made one day after the court cut....... For my lack of professionalism.......... I've been in this business for 9 years and I've never experienced a Such an unfortunate experience in terms of risk management, data feed, account transfer, etc., with this medium sized FCM (which I can't name).

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 bobwest 
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Alvaro Martinez View Post
Hi

Due to my multiple complaints about poor risk management, they were the ones who invited me to change broker, that's when I proceeded to make the change and filled out the balance transfer sheet to Phillip. But at no time did they notify me when they were going to close the account, or if I could not trade during the session, etc, something that when I changed from other brokers they did inform me: You have decided to cancel the account, during the tomorrow's session you will not be able to make any trade (this is being professional). I have reviewed the documentation signed with this broker and I do not see any mention of the process of cancellation or closure of the account. What cannot be is that they let me do a trade in the morning and in the afternoon in the middle of the session no longer. (work with automated strategy).

Anyway, thanks.

It may not professional or courteous, but I think they have a right to do it.

If you didn't want to stay with them, you may have made a good choice.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #9 (permalink)
Alvaro Martinez
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Posts: 35 since Sep 2015
Thanks: 4 given, 2 received


bobwest View Post
It may not professional or courteous, but I think they have a right to do it.

If you didn't want to stay with them, you may have made a good choice.

Bob.

We'll see if they have the right to do so...

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