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Originally Posted by fx-analytics.com
Hello,
This is my first post here, so let me introduce myself. My name is Pawel Kalinowski. I had been recently testing the new NO DEALING DESK option with FXCM (Forex Capital Markets) as they advertised rapid execution even during news releases ie. macroeconomic reports. I wanted to test it on Non-Farm-Payrolls (November the 3rd, 2006) and found following:
1. FXCM filled me on my resting order even before the price in the streaming prices window displayed the price (rate) I wanted to have.
2. The stop/loss was not executed I had to manually exit the trade.
3. FXCM filled me on the highest ask priced noted on this day. (17 pips slippage)
4. FXCM executed the trade whole minute and displayed it after the market went down ca. 100 pips. I was unable to change the parameters of the order during that time.
Would you like to see it ? I had even recorded it live:
http://www.fx-analytics.com/videos/u.../untitled.html
Please send the link to all your friends before they fall victim of FXCM. |
Well.
I still think trade the NFP is completely crazy.
There is no real liquidity in the market after the news, so, itīs hard to find something which wants to fill your order
Like yesterday surprise with interest rate statement for the cable. When the pair moves 40 pips in less than 1 second itīs impossible to make any trade.
However. I like to post more about FXCM NDD option.
Here is what I wrote in another forum:
I have orders filled (magically) after been rejected and (magically) closed with 3/4 pips loss.
Sometimes, you see the order was rejected and you keeps trying to enter at the spot.
A couple of minutes later your rejected order is filled and inmediately is closed with a minor loss.
You contact them and they donīknow what to say.
If you request a report you can watch some funny things:
Your order was activated like Entry Order, not like a spot order.
Your order was closed by a stop loss of 4/5 pips.
They start to request more information about what happened to make an account audit.
And off course the audit ends with "FXCM is not guilty" wherever you say.
Even if you said:
Donīt you note itīs strange for a trader to set the stop loss in the spread?
Donīt you note itīs strange for a trader to set Orders, which could be filled at anytime, with the stop loss in the spread?
And sometimes the spot order keeps trying to get filled 30 minutes later and you donīt know that.
And off course, the "At the Market" option to prevent slippages does not work. And this is the worts problem.
Because If you set the "At the Market" option to 0 (default) youīre telling them (or the banks their claim are the counterparts), Hey, I want to buy/sell ONLY at this price.
So, if you canīt find a counterpart which wants to fill your order at the price you requested (and with no slippage) the order must be rejected. Itīs that simple.
If you do not agree with the price you donīt need to open the order. However they fill you with slippage.
My recommendation is to stay out of the NDD option. And if you want to keep working with FXCM use the Fixed Spread Option.
Advice: They canīt move you from your original request of Fixed Spreads when you opened the account.
If they do:
Request to immediately go back the process from NDD to Fixed Spreads because you donīt request the change and their canīt modify your account without your agreement.