CMC Markets Forex Dealer Discrepancies
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This is how unpredictable forex trading can get. See the price spike in the superimposed screencap of a minute chart? That was a quoted price spike for the Euro / US dollar currency pair in the CMC Markets trading platform "MarketMaker". Why am I concerned? Because it was a 40 pip movement in that minute. So what? Well, if you were short, and you had a stop loss in that range, your trade would surely have been stopped out early. The question remains as to why did this price spike show up on only the CMC Market maker software but not on the alternative forex dealer?
I have often heard of forex dealers manipulating their prices to stop out traders. Could this be a case of CMC Markets manipulating forex prices? Be wary of cases like this if you ever do decide to trade forex.
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Were you in this trade or
Submitted by Cobra (not verified) on 5 June, 2006 - 11:20Were you in this trade or just watching?. I think that if you contacted CMC they would have an explanation. I too have seen it happen, ie spike for no reason. I have also had orders placed for me without my consent, and obviously out of the money ie to their advantage. Constant vigilance with CMC is the key. I now don't keep positions open if I am not in front of the computer, just too risky with them. Looking for another CFD provider now.
Yeh I have seen those charts
Submitted by Someone (not verified) on 6 January, 2007 - 14:21Yeh I have seen those charts where a spike occurs. It is a mistake with the chart, not the price underneath.
Next time just check another chart like instead of hourly try 5 minute or something.
The Price Depth window appears to be correct and never shows the spikes. I am sure your limit orders won't get fired as the price never gets there...
Ciao.
It only happens once in a
Submitted by D (not verified) on 14 April, 2007 - 11:47It only happens once in a blue moon. And its unlikely your order will get filled as there is someone at CMC Markets who manually accepts your forex trade or not. Those spikes are merely an error from their data source ( i think its reuters) So relax :)
Hi, I was just watching
Submitted by Share Trading on 6 June, 2006 - 00:22Hi,
I was just watching *thank God*. Yes, trading with them is an added trading risk.
Traders must be wary that they are maker makers and are not really the market but just a reflection of it.
If it happens to one or more of my own trading I may consider switching to IG Markets. Although the downside is that their trading platform isn't as impressive as CMC Market's.