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Forex.com/Gain Capital the name is literal their business model is to GAIN capital from you giving them money by depositing it in an account, that they then subsequently put all into one huge account and move the market against 95% of there customers to keep the capital.
Till now (since 14 december) I saw 3 things from forex.com that costs me money.
If it was on purpose or not, that I don't know.
Still give them the benefit of the doubt:
1/ In the weekend of 14 dec. they changed the logins, so I couldn't log in anymore in my own account.
It was untill wednesday before I received my logins (despite several e-mails and phonecalls).
In meanwhile open positions and pending orders were unmanaged.
MY DAMAGE 8% of my equity
2/ When I have more swap positive then swap negative positions then their system "forgets" to add swaps.
MY DAMAGE 2% of my equity.
3/ By changing their pricefeed (from 4 decimals to 5 now) My EA placed orders with values 10 times lower then normal.
MY DAMAGE 47% of my equity.
TOTAL DAMAGE 57% of my equity (not even speaking about the profit I could maken in meanwhile since I halted trading for now).
I asked them to restore my account untill then I give them the benefit of the doubt.
Of course the discussion can be that it was my mistake or way of trading or EA used.
But I was running the same strategy with the same EA with 2 other MT4 brokers and that made me in the same period 27% profit.
So, gentleman of forex.com, how are you going to solute this?
I got caught out by this too - why the company did not have the courtesy to let clients know is beyond belief! I haven;t lost any money but I use an EA to assist with trading - it needed re-coding to take into account the extra digit - e.g. GBPUSD is now 1.95764 (before it was just plain old 1.9576).
As for them lowering the spreads, GBPUSD used to be 3. Now it is variable and normally about 4.1 to 4.5.
I got caught out by this too - why the company did not have the courtesy to let clients know is beyond belief! I haven;t lost any money but I use an EA to assist with trading - it needed re-coding to take into account the extra digit - e.g. GBPUSD is now 1.95764 (before it was just plain old 1.9576).
As for them lowering the spreads, GBPUSD used to be 3. Now it is variable and normally about 4.1 to 4.5.
Nearly every trade I make gets re-quoted aswell.
Summary - looking for a new broker.
A lot of people were cheering that the NFA was taking "the little crooks" out of business.
When that means that we come now in the hands of the "big crooks" then we don't make any progression.
Should it have sence to file a complaint about this to the NFA?
(together with a few people eventually)
Thank you for posting this information. I'm a member of Velocity4x, now Forex.com. I've been reworking my EA, rather than trading, from before this change took place, so I wasn't aware of the extra decimal place. I admit it's pretty bad from the point of view of running EA's. As I look at it right now, the spread is 4.9, much higher than Velocity4x's was. Also the Point value (and also the tick size- I think they're the same thing) are now equal to 0.00001 on GBP/USD (where I trade). This throws off all my lot, pip, and other calculations in my EA. And some of my custom indicators are wrong, as well.
It looks like the minimum margin values and swap values may be 10X too large also, but I'm not sure. The swap values sure took a big jump!
Since I'm trying to get my EA working, I haven't done anything, but if you know of a better broker for running MT4 EA's, please post!
__________________ Success is more perspiration than inspiration . . .
Success is more perspiration than inspiration . . .
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