Broker Price Manipulation?
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Thread: Broker Price Manipulation?

  1. #1
    gCayes
    Guest
    Just wondering if anyone who trades with FXCM believes this might be a problem? I have recently started placing straddle trades together using entry orders and I have had no problem getting my orders packed properly.

    This morning, I put a straddle commerce with ENTRY ORDERS from the GBP/USD. I utilized FXTrek II Charts for this (these will be the charts supplied by FXCM and also have a direct feed from FXCM). I also have 2 other sets of charts, one from MetaTrader and yet another from CFG. In accore with my FXCM trading platform and FXTrek II charts, at roughly 08:31 (EDT) the market dipped roughly 47 pips to 1.8313 tripping my SELL order. Within about 30 seconds, it chased up almost 100 pips, stopping out my SELL ORDER and tripping my BUY ORDER. In accore with my MetaTrader and CFG Charts, the initial dip to 1.8313 never happened, therefore my SELL ORDER should never have been triggered. This really disturbs me. It makes me believe that FXCM is manipulating the prices and deliberately running stops. Is there anyone else here that transactions with FXCM, and in particular, traded a straddle this morning or in the past, who has had this issue? Any comments would be appreciated. Even if you trade with another broker other than FXCM, I would like to get your input too.

    Thanks.

    CA1961

  2. #2
    jdesyzesSeswz
    Guest
    The use of options avoids these spikes, broker or non broker caused. How I do it is use options for large data and perform as best I could with market orders for smaller matters. Today I did nothing since I couldn't see for the life span of me cpi was likely to be out of line in ppi was about in line but if I had it obvious that there are just two trendlines in place which are marking out the euro range so that you could cover every portion of the trade and make a profit of around 30%. This component takes experience and I have only had to do it once in my short time of options trading so I am no expert but its a whole lot easier than worrying about dodgy fills. I say I don't mind losing money if its my fault and my poor trade, but we should not need to stand for manipulation so if I smell it Im out of there because its just not worth the bother.

  3. #3
    bgesrrcesy
    Guest
    Quote Originally Posted by ;
    Just wondering if anybody who trades with FXCM believes this might be a problem? I have recently begun placing straddle trades together utilizing entrance orders and I've had no problem getting my orders filled correctly.

    This afternoon, I put a straddle commerce with ENTRY ORDERS from the GBP/USD. I utilized FXTrek II Charts for this (these are the charts supplied by FXCM and have a direct feed from FXCM). I also have 2 other sets of charts, one from MetaTrader and another from CFG. According to my FXCM trading platform and FXTrek II charts, at roughly 08:31 (EDT) the market dipped roughly 47 pips to 1.8313 triggering my SELL order. Within about 30 minutes, it chased up nearly 100 pips, quitting out my SELL ORDER and triggering my BUY ORDER. According to my MetaTrader and CFG Charts, the initial dip to 1.8313 never occurred, therefore my SELL ORDER should not have already been triggered. This really bothers me. It makes me believe that FXCM is manipulating the prices and deliberately running stops. Is there anybody else that transactions with FXCM, and particularly, traded a straddle this morning or in the past, who's had this issue? Any comments would be greatly appreciated. Even in the event that you exchange with another broker other than FXCM, I would like to receive your input also.

    Thanks.

    CA1961
    Well, that's more confirmation they do control prices. The identical thing happened on August 6th through the non-farm deductions statement. FXCM was the sole broker I found that showed a 30 pip spike DOWN before going 200 up. I assume they're doing that in order to discourage straddling prior news.

    Regards,
    Bonete

  4. #4
    Well, what can we do about it?

    Put FXCM on demonion? Transfer fund balance to a different broker?
    Have a news trading acct with a different broker? Keep FXCM for other types of trading?

    I will have a'conversation' with them later.

    LOU

  5. #5
    For what it is worth

    you: Hi, a number of traders discovered that on the FXCM charts this a.m for the GBP/USD there was a deep spike down. We discovered that it didn't appear on charts by other suppliers. Traders are talking about price manipulation.
    (FXCM): yes, that was a misquote for the GBPUSD, the actaul low was 1.8370



    LOU

  6. #6
    jesrsesTes
    Guest
    Yes, that is my case also on the gbp today I have mini account with REFCOFX that employs the FXCM platform

    at 8:25 I placed two orders

    buy at 1.8414 SL 1.8396

    sell at 1.8761 SL 1.8376

    and you know what happened????

    Well, the orders executed at precisely the exact same time and at the closed trades (never appeared on the open position window) it just reported the following:

    GBP sold 1.8761 exit 1.8414 for a loss of 53 pips....

    That's right, from the two entry orders it came only one resulting trade with a reduction. In the graph (fxtrek II with refcofx data feed) it did not touch the 1.8761 degree (at that moment if my orders at which executed)

    I'm truly disappointed with it!!

    Seems it's a lot more profitable for the broker to execute the orders incorrectly rather than not permitting us to place straddle trades!!!

  7. #7
    gCayes
    Guest
    Quote Originally Posted by ;
    For what it's worth

    you: Hello, a range of traders discovered that on the FXCM charts this a.m for its GBP/USD there was a profound spike . We also discovered that it didn't appear on charts by other providers. Traders are talking about price manipulation.
    (FXCM): yes, this was a misquote for the GBPUSD, the actaul low was 1.8370



    LOU
    LOU:

    This may be good news. I've already called FXCM and disputed my trades. If this really was a misquote , then I should currently possess an open short position and be up about 80 pips a lot (I have 7 lots moving ). This may get interesting.

  8. #8
    EsrcaNurCo
    Guest
    Please keep posting this incident.
    I've always used direct access brokerage (IB) for futures as they're 100% instantaneous and transparent. You confront the market directly.
    Unless you fancy trading pro accounts with enormous lots sizes you are not going to get direct FX accessibility at interbank rates. Maybe next year, eh?

  9. #9
    We had a ribbon along this idea through the judicial dip. Basically what FXCM said was that they quote aggressively and because they recieve more accurate quotes even during volatile markets, they often reveal data that other brokers do not. It appears that this could be a bad thing.

    The question today is, is it always true what they say about the quoting, or are they simply covering up a scam to make money?

    If you do just a bit of research into how these brokers earn money from your transactions, you would realize they don't earn more money when someone loses out. You aren't getting your profit in the broker, you are getting it from other people who buy or sell in resistance to you when you buy/sell units of currency. The broker gets their money from the spread you cover when you enter/exit the market. They could care less wether you win or lose because that doesn't impact them, but since winning traders exchange more and more often, why do they want you to lose?

  10. #10
    jesbin
    Guest
    Quote Originally Posted by ;
    please continue posting on this particular incident.
    I've consistently used direct access brokerage (IB) for futures etc. as they're 100% instantaneous and transparent. You face the market directly.
    Unless you fancy trading pro accounts with massive lots sizes you are not going to get direct FX accessibility at interbank rates. Maybe next year, eh?
    I've Immediate Access account with IB and this is exactly the reason I was put off trading futures via spread betting.

    As for FXCM, I've an account and asked about the GBP episode (I was stopped out also ). In all honesty I felt like I had been accused of lying off but then the rep said that the U.S affirmed the misquote.

    If these things are solved then I guess long term this is fine, however I can't understand why this should be an issue as often as it's as they create money regardless, it is only customers who stand to loss.

    If all of us were to earn a top 5 of brokers who would come out as being the broker we might have the most confidence in?

    Not sure FXCM would be one of them in the present time.

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