i got ripped off during the NFP
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Thread: i got ripped off during the NFP

  1. #1
    I want your advice guys! After what happened to me on Friday's NFP that I am ready to sue FXCM.

    The numbers came out and I got so long at 1.8830 with a market order, this is what I thought.
    It took my trade to register about a minute on the station and I almost got a heart attack when I saw the price that I had been given was 8875. This is 45 pips slippage to get a market order????

    Normally, when the market moves fast, with FXCM a window pops up, price has moved and you don't get in the trade in any way. Or at times, particularly at NFP you will get a dealer window with a slippage price you've got 5 minutes to accept or not.

    But I haven't ever received any slippage with a market order. Either you get the price and you're in at the price you clicked or among the two above mentioned situations will happen.

    Of course I called FXCM and they added insult to injury by telling me that my eyes must have played me a hint. Basically they said the price was going so fast I did not see it on the station. When I responded that if that were so, shouldn't the price has moved window open and that I shouldn't have been at the trade? This they could not answer!

    Obviously I lost a ton of money!

    Now is there any recourse for me to take? This time I am prepared to sue these guys.

    If they can give you any price they want at any time, it's a waste of time and moneay to trade any fast moving market with them, because how do you establish in front of a court which the price had been 8830 when you clicked rather than 8875?

    And should FXCM can pull tricks like this, who will ensure that other brokers don't pull the very same stunts?

  2. #2
    Quit trading the news. You won't get one red cent out of FXCM... they've dealt with thousands of guy's like you in the past. That goes for any broker from the way. The only true expert's that trade the news successfully on a constant degree do it on the floor of a market. Consider this your pricey lesson. Now you get a chance to build up your funds again... the traditional way - by investing the market... rather than attempting to earn a thousand dollars on a Friday morning.lt;? xml:namespace prefix = o ns = urn:schemas-microsoft-comfficeffice /gt;lt;ogt;lt;/ogt;

    lt;ogt;lt;/ogt;

    Good Luck... the best is yet to come.lt;ogt;lt;/ogt;

  3. #3
    Hi Bernfriedd,

    Sorry about your loss -- this narrative plays out over over. Your broker is not at fault its more NFP is at fault than anything else. A lot of us have learned the hard way to wait for a few minutes or so before pulling the trigger news releases -- as for me, I wait for 4 to 6.

    I've been in this a couple years with my SW I can not remember watching my charts move as quickly down as they did yesterday. Neddless to say, looks to me like the trend is now to the downside for this pair.

    I say this from a respectfull point of view to your own feelings. Trading news releases is exponentially harder than trading this market at all. Maybe you can use this as Lessons Learned take this reduction to proceed to transactions that are better. Losing trades are part of the journey to becoming a successful trader in almost any market.

    Just my 2 pips.

    Happy Trading,

  4. #4
    That for certain I would say I have not seen NFP move market similar to that in about a year. I was beginning to think it did not possess the 100/200pip spikes inside any more...

    turbo

    Quote Originally Posted by ;
    Hello Bernfriedd,

    Sorry about your loss -- this story plays out over over. Your broker is not at fault its more NFP is at fault than anything else. A lot people have learned the hard way to wait a couple of minutes or so before pulling the trigger news releases -- as for me, I wait 4 to 6.

    I've been in this a couple of years together with my SW I can't remember watching my charts move as quickly down as they did yesterday. Neddless to say, looks to me like the overall trend is now into the downside for this pair.

    I say this by a respectfull point of view into your feelings. Trading 4x news releases is exponentially harder than just trading this market at all. Perhaps you can use this as Lessons Learned accept this reduction to move on to better trades. Losing trades are part of the journey to becoming a successful trader in any market.

    Just my two pips.

    Happy Trading,

    Ronny C.

  5. #5
    You guys are totally pathethic bashing on a fellow trader as if brokers paid huge money for one to perform this on fellow traders! Traders should side with traders!

    Bernfriedd,
    For all intents and purposes, FXCM is the worse to exchange US news and GFT is the worst of all - you cant exchange any news with them.

    News trading is definitely profitable - you need a better broker. Perhaps move onto an ECN broker that plays fair (although with higher spreads on news time).

    Going back to your egy of ridding FXCM, the problem here is that HOW can you indeed prove you ordered at 8830 and not 8875 and waited 1 minute for your order to appear. However, file the complain so that they know you are not a push over.

    Next time, dont bet large lots that'll blow off your account. I know from experience that trying a house run is totally a NO-NO. There are many news to exchange in a month. You may still make money gradually on each of these. Win a few, lose a few, but please dont try to lose all in 1 go.

  6. #6
    Whoa whoa whoa, BK. . .first, I do think it likely was a bit harsh to celebration. The next post was a bit mean-spirited than it had to be, but the point should be made that regardless of what folks think of retail brokers, there is a lesson to be heard.

    It should be noted that when you use a MARKET order, you're itching to get burnt. . .period. If you absolutely HAVE to enter the market, then people. . .DEFINE the sum of slippage you're eager to take by entering a limit order. . .for example, if the price is at 1.8830 and you're eager to take no more than 15 pips of slippage, then input a LIMIT order at 1.8845. . .how difficult is that???? OH, but the market is moving to fast for me to do this. . .then EXPECT more slippage. Seriously...

    I know that need to complain about brokerages because we're way too proud to check at the right things. This was NFP, guy. . .slippage will take place. It sucks that you have sucked out, but frankly I have to ask you. . .what made you move long with the revision? Weren't you a bit taken aback with this a large revision? That should have made you double believe. If you did not focus on the release, then it's really your fault for making your choice to go long. You were placing a bet and got burnt at there. No more and no further.

    Secondly, I think that it's presumptious to think that anybody here is protecting brokers. Look, brokers aren't a necessary evil. People definitely have choices when traveling with brokers but that which amuses the hell out of me and others on this board is that however frequently crap like this gets written about, folks STILL don't get it. Trading NFP without the proper order forms?? You are asking to get your account killed. Personally, I believe you've got to either READ the market in order to play the news or just gamble. . .plain and simple.

    Moreover, once you saw that the price fall AND you browse the analysis, did not you just reverse and close with the anticipation that you would recover? Think. . .once you're totally conscious (2 minutes later) your trade wasn't just a dud, but the amounts painted another portrait, did not you find the dollar bull push coming? If not, I don't believe you really read not just the fundamentals, but the technicals (perfect snare formed on the 5 minute chart).

    I just believe we get numerous complaints about brokers regarding precisely the same thing. . .slippage during volatile news it makes me believe folks aren't really paying attention to what's really going on in order to make the very simple cash (or avoid losing while trying to take the challenging cash ).

    Quote Originally Posted by ;
    You guys are entirely pathethic bashing to a fellow trader as if brokers paid enormous money for you to do this on fellow traders! Traders should side with fellow traders!

    Bernfriedd,
    For all intents and purposes, FXCM is the worse to trade US news and GFT is the worst of all - you cant trade any news together.

    News trading is definitely profitable - you need a better broker. Maybe move onto an ECN broker that plays fair (although with higher spreads on news time).

    Moving back into your egy of ridding FXCM, the issue here is that HOW can you indeed prove you ordered at 8830 rather than 8875 and waited 1 minute for your order to show up. However, file the complain so that they know you're not a push over.

    Next time, dont bet big lots that'll blow off your account. I know from experience that trying a home run is a NO-NO. There are many news to trade in a month. You may still earn money slowly on every one of these. Win some, lose a few, but please dont try to lose all in one go.

  7. #7
    Quote Originally Posted by ;
    Boy if I had $1 for everytime we discovered this

    Mate you must just be very new or very dumb...
    Okay, I take the criticism, but allow me to follow this line of thought: So if it impossible for me to prove I was viewing a price in my channel of 50 pips under the price I got, they're free to do anything they want.
    That means that a company like FXCM can get you in at any price they need at a fast moving market. Of course NFP is intense, but there are other, lesser events, where the price moves fairly quickly too. So if they want they can provide you 10, 20, 30 pips slippage, whatever they believe it is o.k..
    And you also feel there's no recourse for me?

    I mean they condition the client for weeks (I've traded the NFP prior to course) with the fact that you get in using a market order at the price that you see at your channel or you receive their notorious price has moved window and no transaction is executed. So for weeks you are feeling pretty secure, because if you're in you're at your price and if their window pops up, you don't have any commerce but no loss either.
    But suddenly they chose to not demone the window price has proceeded, instead they choose to give you 50 pips slippage instead.
    So my point is, why can they chosoe to act entirely different in exactly the same fast moving markets. Since their is no regulation?
    Their excuse for their caution window is that prices go so fast that these prices never been around and where I had been requoted I had a decision to take the given price or not.
    This time they decided , or what happened. Why was not given the warning window price has moved if the price has moved really!!!!
    WellI guess that everything goes and I trust that Joe Ross is right. He mentioned something about better regulations in 2008.

    However, my closing question, being dumb or not, is there any legal recourse I can take or not. (But maybe this question is idiotic at itself???)

  8. #8
    Have set a tick chart of an Institutional ECN feed. Each dot represents a transaction. I won't list the name of that cause I got in trouble w/ copy right viloations when I posted the 5min video their platform.

    Green = buys
    red = sells

    But this will reveal what occur on Institutional ECN during NFP. And that is why I do not attempt to trade the news.

    It's not that the price moves so fast. . The prices do go 1234567.

    Has you can see they went 8830 next price was 8865 ect.

    turbo

  9. #9
    Quote Originally Posted by ;
    It should be noted that if you use a MARKET order, you're itching to get burnt. . .period. If you absolutely HAVE to enter the market, then folks. . .DEFINE the sum of slippage you're willing to take by entering a limit order. . .for instance, if the price reaches 1.8830 and you're willing to bring no longer than 15 pips of slippage, then input a LIMIT order at 1.8845. . .how hard is that???? OH, however, the market is moving to fast for me to do that. . .then EXPECT slippage. Seriously...
    Well, perhaps you can expliin some thing: In FXCM, when entering a market order (I've been with FXCM for 18 months, so I've some experience with them) slippage was unkown to me with a market order. Period! .

    I got in at the price I saw, or I'd get the infamous price has moved and I didn't get in at the price I watched, which happended rather often.

    I can't recall 1 time, when I traded any fast moving market with a market order, when I got slippage. I can't say it again and againI was used to the infamous moving price window
    Don't you think if I'd have observed slippage before, I'd have thought twice to input NFP with a market order?

    Like other times before I expected to buy at the price I saw or not get in at all, or at worst have the working desk offer me a price which I could decline.
    Thus, I felt fairly secure and made a few bucks like that previously.

    So now they outsmarted me, or exactly what occurred?? Why would this infamous window NOT pop up abruptly, as it was able to pop up countless occasions, preventing me out of trading, but providing me no loss either????

    That is all I need to understand. Where was that this price has moved window now????

    Should they outsmarted me, I will live with this. I am in contact with a guy who claims to have a egy to return to FXCM, you create one transaction, you earn big bucks and you operate. If he needs to really talk about this egy with me (provided that this egy does indeed exist), I will be delighted to discuss it with all of you!

  10. #10
    Bernfriedd,

    Once I had a discussion with GFT concerning my fouled up entry orders - they advised me, it is their rules and I have to follow their principles...

    RULES? What principles? Where is the rules listed on their website? NONE!

    Bottom line:

    There are fair brokers and dishonest brokers. You simply experienced using a dishonest one. And I bet they are now doing this completely to everybody.... And I bet, all who traded NFP using FXCM/GFT lost money...

    The execution delay is really a mechanism that these unscrupulous brokers are using to make sure they have full grasp of the price action; they will continue to delay you for as long as it takes (GFT said it accordingly ), until the market reverses and fill up you in the very top, or fulfill up for a massive slippage if the trend contunued onwards....

    First GET the date/time Once You placed your orders with FXCM. We start from there. Get an entire record for this specific order. Once you've got that on official document, we'd discuss the next step.

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