FXCM Closed All my positions today in This way

[gbp-usd]

Hello everyone

Today funny things happened to my FXCM Micro account, here are the details.

I had 7 long GBP-CHF positions around 1.5350 I also set 7 short entry orders to protect my positions.

I had $1070 in my account with 7 long positions opened around 1.5350 , the time I checked my account I still have $780 usable margins avalibale and my account leverage200:1,the 7 short entry orders is about 40 pips below the long positions, I left enough margins to allow 7 short to be triggered if the market goes the opposite dierctions.

however FXCM somehow opened 6 short positions at the price that does not reach the on today's chart and FXCM closed all my positions and my account is running red. Can anyone help me think of a good solution?

thank you all for help.

screen capture details below:

 

[counter_violent]

Schoolboy errors here i'm afraid.

See attached chart.

7 open trades not relevant to the size of trading account.

Trading size around the biggest news of the week NFP @ 1.30PM.

Relying on brokers own charting package.

In a fast moving market like NFP news release your stops are worthless as they will be slipped and filled at the next available price.

 

[Shakone]

Something looks a little strange there. I'm not sure how they managed to short you at 1.5257, when price didn't get there on my feed either. You should contact FXCM about that.

But, just for your future. Trading at £7 per pip from a 1,000 account is already too much risk. But trading £7 per pip on a 1,000 account going into important US numbers like non-farm and unemployment where price can move 150 pips in minutes is insane.

EDIT< just noticed from counter violent's feed, that price did get pretty close to the level you were filled at.

 

[counter_violent]

cmc shows 1.5257
fxpro shows 1.5262

 

[Shakone]

The slippage is huge, and the price they filled you at was it seems the very low. I think above all though, you don't really know what you're doing yet. The risk you took on was insane. Get your money management right first.

 

[gbp-usd]

I have learned a lesson but I did not expect such huge slippage,it is little left in my account because I withdrew most of the capital out, I got feeling that at one point those money worked for my very long time will disapear, anyway let it go.

I prefer Bank's multi currency account which allowes you to trade in real time with large sum of real money with low spreads, it is more safe , sadly it is hard to find one in western world, thank you all.

 

[Mr Flibble]

Feel for you my brother. Whipsaw action is what did for you quite unusual. NFP was dire should have moved in one direction but thats the markets. There is some pretty poor trading going on right now by some big players. Dust yourself off and grow from this experience trust me the best lessons are learnt with money. Take a few days off and come back stronger.

 

[Black Swan]

Blimey, that's the most graphic display of how to not play pairs on NFP day I've even seen, yes it's relatively small potatoes but ouch!! You have my sympathy, but wow what a lesson you've learned..hopefully..

All I can suggest is that you contact FXCM, I'll pm you later with a contact that helped me with a couple of issues..

BTW what was your thinking, strategy on this, that if you got spikes in either direction at 50 pips profit but you had stops at 30 you'd win whichever way the numbers fell? Be cool that eh, we could just trade five minutes a month, cream the markets and get back to having lulz on T2W..

 

[dcarrigan]

dont forget that retail margin rules take affect sunday night

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