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Discusión acerca de FIGfx
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Kakaki

Miembro desde Jun 13, 2010  3 mensajes Kakaki Jun 14 2010 at 14:17
Dear Javier,

As you requested, I entered a chat with your support person after they could not find you on sit.

The support was inconclusive as it happens that they are mixing things up. He was talking about my take profit while what I am asking for is the amount at my stop loss.

On that day, 4th of June, I placed two successful trades which your trading platform did not credit me appropriately.

The most glaring one was my sell trade with Batch number 2673271 of 2010:06:04 at 14:30 in the currency pair USD/JPY. my entry price was 92.55.

 I trailed the stop loss to 92.06 GUARANTYING ME PROFIT FROM 49PIPS as you will see if you go back through the charts.

I had my take profit at 91.83 and I was trailing the trade to lock in my profit. In the circumstance, the market did not reach 91.83 before it rose again and it hit my stop loss at 92.06

However, the platform claimed to have closed the trade at 92.35 which cannot be true because the market has since not gone near that number. It has been falling ever since.

The appropriate thing to do in the circumstance is simply to close the trade at my confirmed stop loss of 92.06. When that is done, I would be in credit of an additional 29pip. That is all I ask.

Below is a paste of the statement from that trade. I can mail the actual thing to you if you require.

Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2673271 2010.06.04 14:30 sell 1.80 usdjpy 92.55 92.06 91.83 2010.06.04 14:35 92.35 0.00 0.00 0.00 389.82

An intriguing aspect of the chat was the support man's assertion that my take profit was removed. Even though this does not matter to the questions at hand, it gives one reason to worry because I have records from my account history and statements sent by the platform to me to show that at no time during the trade did my take profit disappear.

Is it right to assume that someone is willfully tampering with the records? That scares me.

I strongly believe that resolving this issue requires someone to simply look at the chat for that trade, draw the lines at the numbers and all will be clear.

If there are other issues with the way the platform works which I am ignorant about I will be pleased to be further educated

Below is a paste of my chat with your support person.

Kolawole Sobola:
I have an appointment to chat with Mr Javier Keeth.
Welcome Kolawole Sobola, Your request has been directed to FIG Solutions's Customer Support (EN) department. Our operator will be answering your call shortly; please hold-on.
Call accepted by FIG Solutions's operator Live Operator. Currently in room: Live Operator.
Live Operator:
Hello, May I help you sir/miss?
Kolawole Sobola:
I have an appointment to chat with Mr Javia personally. If he is in the house could you link me to him please
Live Operator:
Just a moment to check if he is here
Live Operator:
In fact he isn't on his desk
Live Operator:
Tell me how can I help you sir?
Kolawole Sobola:
I placed two successful trades last Friday June 4 for which your trading platform did not credit me appropriately. I have since sent series of mals for the correction of this errors to no avail. I restate my complaints below and wish that someone would check the mails to both your support and back office groups, I copied them all
 
       The sell trade with Batch number 2673271 of 2010:06:04 at 14:30 in the currency pair USD/JPY. ENTRY PRICE WAS 92.55. I TRAILED THE STOP LOSS TO 92.06 GUARANTYING ME PROFIT FROM 49PIPS
 
       However, the platform claimed to have closed the trade at 92.35 which is way above my stop loss. There was even no candle activity near the 92.35 price as at 14:35 which the platform claimed. This can be clearly seen from the attached account history and when you review the trade.
 
       My stop loss of 92.06 was hit at 14: 37. So I believe that your platform must have developed an eror which needs major corrections.
 
       There is a difference of 29 pips amounting to an additional $539.4 that I am making my claim for in this trade
 
       Likewise the buy trade with batch number 2671308 usd/cad that I traded before that, I am sure that I was short paid. From the lot size l used 1.8 and my calculation it should have been $17.8 worth per pip but your platform obviously used less than that I THINK $14.2 , Kindly review this trade as well and credit me as appropriate.
Kolawole Sobola:
This is a paste from the mails I sent. Please review
Live Operator:
Account number please
Kolawole Sobola:
103714
Live Operator:
Dear sir, as I can see from the journal the TP has been removed
Kolawole Sobola:
I should be suprised that that could be done. I have a copy of my statement of that trade and my TP was clearly there. Is someone playing funny?
Kolawole Sobola:
I attached that statement to the mails I sent to your back office surely it has been seen.
Live Operator:
no as I can see the TP has been removed from the same IP which is using to place the orders
In addition the close was with slippage because you are a news trader
Kolawole Sobola:
Tell me something. Who removed the take Profit, when, why, and how because you cant give me something and then say you did not give me. Records dont lie. If you give me a congent explanation slippage, yes. that will be fine but dont say the TP has been removed, it insults my inteligence
Live Operator:
We can send the journal for you to find that the TP has been removed from the same IP address of you.
Kolawole Sobola:
Please send it so I can compare. If that is so then I have reasons to believe that there is a security risk with your platform. Tomorow you will tell me that the money I have there today for which I have a valid stetement is no longer there and you will send me a statement. I am indeed surprised
Kolawole Sobola:
Ok, I see that we are mixing things up here. what I am talking about is my stop loss not take profit. The take profit was not reached but the stopp loss was reached at 92.06 and was not taken in. I hope you understand now. I am not asking for the take profit, I am asking for the stopp loss below is from the statement of that day
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2673271 2010.06.04 14:30 sell 1.80 usdjpy 92.55 92.06 91.83 2010.06.04 14:35 92.35 0.00 0.00 0.00 389.82
Kolawole Sobola:
The trade should be closed at the stop loss 92.06 and not 92.35
Live Operator:
Within one hour the journal will be sent to your mail
Live Operator:
may I help you again ?9
Kolawole Sobola:
In fact you will see that after that news, the markrt did not get back anywhere near 92.35. I believe that you should check very well again. I will think of what next to do. You cant help me
Live Operator has left the conversation. Currently in room: Kolawole Sobola.

JKeeth

Miembro desde Apr 29, 2010  16 mensajes Javier Keeth (JKeeth) Jun 14 2010 at 16:24
Mr. Kakaki,

Thank you for writing.
I have had a long discussion with the head of our dealing room, and he did confirm almost everything you entered above including all times, prices, scenario of order flow and etc.. except for one thing, that your details above did not mention in details.

You said it was closed on 92.35 instead of 92.06 as your stop loss was.
Your order was NOT closed on a wrong S/L as you mentioned, it was not closed based on your S/L at all actually.

Your order was closed on your originally placed T/P of 92.35 which you set when you initially placed the order.
<quote>
2010.06.04 14:33:10 *.*.*.* '103714': modify order #2673271, sell 1.80 USDJPY at 92.55000, sl: 92.65000 tp: 92.35000 -> sl: 92.16000 tp: 0.00000
</quote>

And as we are talking a Nonfarm-Payrolls trade here, fast price jumps in both directions is very normal.
What actually happened --'you can review your trading log'-- was that your original T/P got hit, way before the S/L.

You did, as you mentioned send 4 SL/TP modification requests to change the T/P to 91.83 and your S/L to 91.06 as you mentioned, I can confirm that.. But you can not modify an order while it is being processed by the server. Your order was being processed at the moment (being closed at T/P) when you were sending the modification requests.

This is a common setting in the MetaTrader4, which you can confirm by asking any MT4 expert. Upon processing an order of any type, and when the order is placed in the processing queue, further modifications can not be taken. You can google for 'Reject modification of occupied orders' or check www.metaquotes.net for more details.

In addition, I would like to draw your attention to two pages on our website, dedicated specially for news traders and cases that arise of slippage and or price mismatch:

1: https://www.figfx.com/forex-trading/scalping-policies
<quote>
Normal vs. Abnormal Market Situations
The majority of EA’s are known to lack the proper support for hectic markets; specially when the market condition is too hectic to even catch a pattern or fulfill a specific trade order.
</quote>

2: https://www.figfx.com/about/customer-agreement
Please notice 4.1 and 4.2 which may also explain the slippage, and the way orders are filled.

PS> Please be kind not to post such descriptive messages in public forums which include names, ticket numbers, IP addresses or any other transaction details. It is always better to contact us directly and try to solve any issue that might arise. If you are not satisfied, you are free to ask for another opinion or post an online review. Please understand that we can not be gathering trade details then handling them in a professional way if they are posted in public forums.

Hint on the side:
With big news releases as the nonfram-payrolls, you can use an expert to place your trades, but it is actually much better to close/edit them manually as some EA's are known to send much modifications while your order is in progress. Such news is traded in less than a minute and needs your logic which an EA can not offer in most cases.

If you need any further help, please feel free to send us an email to the address previously given.

Sorry for the misunderstanding about your trade, and good luck in your future trades.

It's better to leave than to be left behind
Kakaki

Miembro desde Jun 13, 2010  3 mensajes Kakaki Jun 14 2010 at 19:17
Hi Javier,

I am most pleased with your response at least it makes sense. I am an IT person so I can flow with your explanation of how your server responds to requests. I can asure you that there are flaws in the coding, no fault of yours though.

As for using an EA to trade news, I believe that worse issues arise. I have experienced the unpredictable nature of EAs when faced with a fast moving market. Too many orders in too short a time sent to an overloaded server, Lord, you end up not getting anything. I will stick with my manual mode and take my chances.

Regarding my posting of a descriptive message, I take your point. However you will agree with me that under the circumstance I found myself I had no choice. How else would you have been able to resolve this issue? See?

If you would provide your personal email for issues like this, that would help a lot.

Many thanks



 
 

WhyLose

Miembro desde Feb 16, 2010  102 mensajes Lion Asset Management (WhyLose) Jun 15 2010 at 07:31

WhyLose posted:
    I just noticed from your twitter account that you have an office in Cyprus.

What's your CySEC CIF number please? I can't seem to find you on the list at https://bit.ly/btr78B but I know that's not updated often.


Hi Javier. Any comment?

Time is more valuable than money. You can get more money, but you cannot get more time.
JKeeth

Miembro desde Apr 29, 2010  16 mensajes Javier Keeth (JKeeth) Jun 21 2010 at 05:52

WhyLose posted:
Hi Javier. Any comment?


Hello,

We do not need the CySEC regulation as we do not conduct ant financial services within the Republic of Cyprus.
CIF 'Cypriot Investment Firm' is required to have a CySEC regulation, we do not. The Cypriot company (FIG Solutions Limited) is just a technical operator for the FIG Solutions Limited Inc. registered in Delaware.

For the record, FIGfx brokers has already filed, and is currently awaiting for the regulation approval; Jurisdiction and more details will published on our corporate website accordingly and in timely manner.

Thank you for your interest, and have a nice week

It's better to leave than to be left behind
WhyLose

Miembro desde Feb 16, 2010  102 mensajes Lion Asset Management (WhyLose) Jun 21 2010 at 06:13
Thanks for the reply.

You too.

Time is more valuable than money. You can get more money, but you cannot get more time.
gaban13

Miembro desde Aug 20, 2009  68 mensajes raiyan scalper (gaban13) Jul 01 2010 at 04:17 (editado a las Jul 01 2010 at 04:38 )
gaban13 posted:
    so far i have no problem with figfx..all transaction are manually done by backoffice so take sometime to process it.doesn't matter about that as long as i can make withdrawal smiley i lkie their 1 pip spread


i'm taking back my compliment..don't trade with this broker.i'm figfx ib.after about 2 month become their ib,i can see many weakness.live chat always offline,email not reply.figfx took back my ib's offer because of small client's mistake.figfx doesn't appreciate all my effort that's i've done...don't put your money in this broker

JKeeth

Miembro desde Apr 29, 2010  16 mensajes Javier Keeth (JKeeth) Jul 01 2010 at 07:25
Rizal,

A good advise you are making here.
FIG itself, on it's offer page asked Malaysian traders not to open accounts with us, but still ;)

As for your IB's offer, Yes; I confirm cancelling that because you simply missed the terms page where it stated no self-rebate and no managed accounts. That is not a 'simple' mistake, that is breaking rules.

Anytime you feel like working without tricks, please feel free to come back again.

It's better to leave than to be left behind
gaban13

Miembro desde Aug 20, 2009  68 mensajes raiyan scalper (gaban13) Jul 01 2010 at 08:06 (editado a las Jul 01 2010 at 08:22 )
JKeeth posted:
    Rizal,

A good advise you are making here.
FIG itself, on it's offer page asked Malaysian traders not to open accounts with us, but still ;)

As for your IB's offer, Yes; I confirm cancelling that because you simply missed the terms page where it stated no self-rebate and no managed accounts. That is not a 'simple' mistake, that is breaking rules.

Anytime you feel like working without tricks, please feel free to come back again.


do you have any proof that i do self-rebate and managed accounts??please tell me here.i never manage account with figfx.seriously that is serious accusation.why malaysian trader cannot open account with you?are you afraid we do the same as we do to GIGFX to you??and now you deleting all my client from my downline list.why?i'm really happy to work without tricks but now who tricks whom..i always believe that i can do fair business with figfx but now i'm realize that i'm wrong :(

JKeeth

Miembro desde Apr 29, 2010  16 mensajes Javier Keeth (JKeeth) Jul 01 2010 at 08:53
Rizal,

- Your proof was sent to you over email earlier, and you 'confirmed' and said 'sorry', which made re-enable your account earlier this month.

- We have a policy, probably the most strict in the market (and we are proud of). While most brokers beg to get a client, we never hassle to reject accounts that match our criteria. You can ask around, we have refused to serve tons of accounts.

- I have no idea what you did to GigFX, and what is this GigFX story you are talking about. But it is good to hear a confession that you were involved in 'doing something' to that broker.

- As for your question why we do not serve Malaysia, I would really suggest you read a little over the internet of what Malaysia is actually in the forex field. How brokers deal with it, what was the story around it since 2007 and why 'wise' brokers tend to pass on serving it.

- Your downline members were returned to the pool, because you are no more an agent of FIGfx.


A hint on Forex in Malaysia:
----------------------------------------
in 2008, a few brokers including (FXOpen, PoltakFX, LiteForex, MasterForex, ...) were involved in a massive DDoS attack wave affecting all brokers that were marketing in Malaysia. Brokers accused each other of playing dirty games to grab the Malaysian Market.

PoltekFX was wiped0out from service being the weakest broker at the moment. FXOpen and Liteforex struggled a lot, Instaforex was an inch' of leaving the market because of a 2 months attack.. Some people from behind the scenes did show evidence that Malaysia, is a 'newbie/virgin' market. There were no doubt parties interested in grabbing that load of gold.

Ever since, the Malaysia market was known to be the playgroud of new brokerage firms that just popup of nowhere, head to Malaysia to grab some gold.. Disappear, then re-appear in the market with a new name and new strategy as they have enough money to do it.

FIG, did not want a single individual to even doubt it being a 'gold-grabbing' company, and did not even market it's services in Malaysia. We rather keep it for the big cats ready to kill each other for that market.

Interesting Readings:
--------------------------------
https://www.makemoneykingdom.com/archive/index.php?t-1619.html
https://www.talkgold.com/forum/r204882-.html
https://www.carigold.com/portal/forums/showthread.php?t=119137&page=15
https://www.onix-trade.net/forum/index.php?showtopic=82958&pid=354610&mode=threaded&show=&st=0
https://www.incomepasif.com/fipi-forex-traders-discussion/trader-pemula-(forex-newbies)/

The posts above cover the whole story if anyone is interested to take a look.

Rizal,
Believe me friend, before you ever knew what forex is, there existed cheaters and smart people trying to beat the system. It is much better if you will start learning the right way to do it.. You are still a newbie yourself in a very narrow-minded market.. While you cry over forums for some $10 or $20 of agent commissions, others are roaring to grab every cent in your country. You'd better say THANKS FIG for not contributing to this sabotage.

It's better to leave than to be left behind
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