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There are no pending order restrictions on FXCM UK's MT4 platform. Your EA is free to place pending orders.
The only reason that restriction may occur is if you are trying to use an MT4 platform for a US broker and hedging is disabled. That is why you we offer MT4 through FXCM UK so that you can have full use of pending orders.
Quote:
Originally Posted by TaKiii
The fact fXCM does not accept pending orders from trading robots, is reason enough to stay away from them... Why wouldnt you accept pending orders? They are easy to hedge and trade against...
Wanted to introduce myself to the forum. I am FXCM's ambassador to the Forex-TSD forums and helped pioneer the MT4 offering at FXCM. I would be happy to answer any questions you have about FXCM or our MT4 platform.
Some important points that distinguish our Metatrader offering:
- No Trading Restrictions: FXCM UK's Metatrader uses no dealing desk execution ensuring no conflict of interest between FXCM and our traders. This also means there are no requotes. Every trade is executed back to back with one of the world's premier banks or financial institutions, which compete to provide FXCM with bid and ask prices.
- Hedging available through FXCM UK. While US based brokers are no longer able to offer hedging due to new NFA rules, you can open an account through FXCM UK to continue hedging.
- Segregated Accounts. Accounts with Forex Capital Markets LTD (FXCM UK) are fully segregated in accordance with UK financial regulations. The Financial Services Authority (FSA), one of the world's most respected financial regulatory bodies, administers these regulations.
Stay tuned to this thread for important announcements as well.
Please feel free to post any questions and I would be happy to help.
Requotes
There are no re-quotes on FXCM's Metatrader 4 platform through FXCM UK. It uses no dealing desk execution. Each order is routed to the banks for processing, so there's no dealer waiting on the order side to confirm the price you are trying to place a trade at.
Slippage
Slippage is possible, and slippage is not something unique to the forex market as it occurs in equities and futures as well. FXCM is not taking the other side of your positions so we cannot make any guarantees about the price an order may be executed at. There are 9 banks providing prices and liquidity. Having multiple price providers is especially important in volatile markets, when one or two banks may post wide spreads, or simply avoid quoting any price at all. And having multiple price providers can help to reduce slippage.
Trading Against the Broker
FXCM does not profit when you lose money and does not lose money when you profit. A traditional dealing desk broker does this, and it creates a big conflict of interest. FXCM’s execution model on Metatrader is no dealing desk. Every trade is executed back to back with a bank or financial institution. This is important because it allows you to scalp and use any expert advisor or trading strategy you want.
FXCM makes a portion of the spread on each trade. The more volume going through our system, the more money we are making. And the odds are pretty good that you will trade more if you’re profitable as well, putting our interests in line with each other.
Spreads
Spreads are variable. As pricing from the banks becomes more competitive during peak trading hours, the spreads will tighten. And as pricing becomes less competitive during illiquid or volatile market conditions, the spread could increase. Here’s where you can find a list of our spreads Forex Spreads | Spread Betting . And you can also use the demo to view the spreads. Download the MT4 platform here
-Jason
Quote:
Originally Posted by BlueWhale
Hi Jason,
Glad your here. Lets get some of the more dominate questions out of the way.
Could you address -
Requotes
Slippage
And overall trading against the broker.
Are there other fees than the spread. i.e maint., or any other.
Newcomers to the forex market are captivated by the glorified stories of financial success by some forex players, and are well advised to read this section of the forum from Posting #1 to current posting. Take the trouble to do so as it will benefit you.
It is abound with stories of “malpractices” and “fraudulant” manipulation of forex quotes by certain brokers. I am amazed and staggered by such incidents. Because the forex market is unregulated, it is open to abuse.
To prospective traders: “LET THE BUYER(trader) BEWARE” is a commercial axiom. No dishonest businessman will tell you that he is dishonest – this is a reality of life.
To forex brokers: Such stories are not good for your public image. Not all sheep are black sheep but often it is difficult to tell which sheep are in fact wolves in sheep's clothing. Live up to your advertising/promotional promises.
GFT is a good broker. A lot of free resources. Autochartist is the newest and it's very helpful in trading. Makes it analysing a lot less time consuming.
I agree that some traders are attracted to this market by glorified stories and sometimes unrealistic expectations. Due diligence is very important to any trader thinking about trading in the forex market.
Some brokers are unregulated, but FXCM is regulated, and in multiple locations. Could more be done to protect traders, yes, and hopefully the NFA's new rules and regulations are a step in the right direction. What we really need to see is account protection more like that offered to FXCM UK where client funds are segregated.
Quote:
Originally Posted by kenneth37
Newcomers to the forex market are captivated by the glorified stories of financial success by some forex players, and are well advised to read this section of the forum from Posting #1 to current posting. Take the trouble to do so as it will benefit you.
It is abound with stories of “malpractices” and “fraudulant” manipulation of forex quotes by certain brokers. I am amazed and staggered by such incidents. Because the forex market is unregulated, it is open to abuse.
To prospective traders: “LET THE BUYER(trader) BEWARE” is a commercial axiom. No dishonest businessman will tell you that he is dishonest – this is a reality of life.
To forex brokers: Such stories are not good for your public image. Not all sheep are black sheep but often it is difficult to tell which sheep are in fact wolves in sheep's clothing. Live up to your advertising/promotional promises.
For anyone trading with FXCM, we released information on how FIFO will be affecting our MT4 platform. You can read the details on our website here
We're recommending that our traders transfer their account to FXCM UK since we have received no indication from MetaQuotes that they will be able to comply with First In First Out execution by July 31st, 2009. Even assuming that Metaquotes provides a solution, the potential solutions we have seen would indicate the majority of expert advisors will no longer be functional.
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