That's not during News times drgoodvibe. The spread hits 10-15 at that point. GBPUSD 2.8 pips at best, 4 pips later on at start of Asian session.

From what I've seen virtually all brokers have some kind of policy to stop/hinder private traders during major news events.

I think FXCM's new idea is just a screen so that they can tell news scalpers/scalper wannabes......hey you wanna do that?...apply here...

I just spoke to them on live chat...

I was asked questions like: "how many years have you been trading this market"---meaning:- 'how much can I bullshit you?'

I still couldn't get any straight answers...

When I probed hard....they said they have no control over the spreads (strange if you have a look at the 'no dealing desk 'link) and that that this would exist all the time for a 'no dealing desk acc'...i.e apply now and we will give you no guarantees for anything...

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.

Exactly what happened to me, but the difference is that I already sold the pound before the news. Then when the news came out the pound quote on FXCM spiked while the quote on Interbank did not spike at all. My stop loss was also ignored. Now, I think the No desk performance is getting better, but I will see how this friday NFP will pay out on it.

Hi!

I received an email from FXCM today:

"Beginning in November, several thousand clients have been trading on the No Dealing Desk service. Following the enormous positive response from these clients, FXCM has decided to roll-out this new service to the majority of all live client trading accounts by the end of January 2007. FXCM will contact you as your account is upgraded to the No Dealing Desk service."


The email goes on to explain that ALL LIVE ACC's will be converted to a No Dealing Desk option unless you imform them otherwise AND that....

"FXCM reserves the right to convert an account from Fixed Spread Dealing (Dealing Desk) to No Dealing Desk, or vice versa , without notice, in its sole discretion."

GGGGGRrrrrrrrrrrrr....

I also notice that they roll this out at end of market just before Christmas to avoid incident..... The old diversionary tactic like firing people on a
Friday afternoon to avoid them stalking from office to office with their Armalite Ar-10's.

Those who are using " No Dealing Desk service" of FXCM ..Pl provide feedback.
I am currently under fix spread.

Best Regards
Ramdas

I used to have a live acct. with FXCM but cancelled it when a dispute was "settled" contrary to my original complaint. In short, their server made a trade which I had not entered and they refused to back down. So I immediately closed the account, bye bye FXCM, never again.

Pipsqueak2

Hello pipsqeak2,

Is your complaint is about " No Dealing Desk service" or Normal fix spread account ?? with FXCM

I think now we are more interested in knowing feedback about " No Dealing Desk service" .
Many know what are current problems with normal fix spread type account. main is Platform frezz during news event and other is when we click.... order slippage with message " price move..." personaly i have no other bad experiance other than this for fix spread account.

Every borker has one or another problem and we have to live along with it..to continue in trading.

Since now it seems that our account is going to shift to " No Dealing Desk service" so we are more interested in complaint or Good feedback regarding " No Dealing Desk service" type account.

Best Regards
Ramdas

FXCM still doesn't allow hedging, right?

With that and all of their other "screw the trader" policies and tactics, I'm amazed anyone trades with them.

I hope more traders wise up and leave FXCM this year. There are so many choices now.