cms-forex

[lsm]

Need information about cms-forex.
Does anybody have any good or bad experience.

Thanks,
lsm

[jpygbp]

I entered the demo trading contest with them a few years ago. I made $5000 per trade. However, they would not let me win. They tried to say that I cheated somehow?


Also, a friend went to the office in NYC. All they had were two PCs in a closet. I wonder how many firms are hanging by a thread and have a nice website.

[Hawkeye]

Originally posted by jpygbp
I entered the demo trading contest with them a few years ago. I made $5000 per trade. However, they would not let me win. They tried to say that I cheated somehow?


Also, a friend went to the office in NYC. All they had were two PCs in a closet. I wonder how many firms are hanging by a thread and have a nice website.

Thanks for the info. It's this kind of information that we need to help in our due diligence work. Many of these firms are one-man shows, or husband and wife at best.

[cabee]

Thanks, jpygbp and Hawkeye.
I was just doing "Due Diligence" on them today
through the National Futures Assn. website and
they had the appropriate registrations and no
complaints or actions against them-however- I'm
not at all certain if the NFA is the right path to
find out about online spot fx brokers. Do you have
an opinion on this?

[BigMacDollar]

- I guess this will always be a problem when trying to do a due diligence on a new trader. The problem is, I have by now personally visited and met a few traders of international repute that trades from an office environment from their homes - a one-man type operation with "2 PC's in the closet" - if you know what I mean. Yet - they are traders of outstanding integrity. Generally traders that become "institutionalised" kind of falls off the bandwagon as soon as the corporate pressure and influence infiltrate their trading environment and disciplines.

The best I've seen so far as far as security and due deligence is concerned is a blackbox "Forex ATM" system being traded from a converted house in Florida USA - yeah - very much a family operation with a lot of brains and even more enthusiasm. Integrity oozes from the role-players, but more relative to their past business dealings - check out their website at f-ii.com

The greater the integrity - the more expensive they come as well. Some of the leading brokers and traders in the industry take more of the profits than they give. So the question would very much be what exactly it is you want out of such a relationship.

. . . . just off the cuff of course . . .

[CMSForex]

Regarding CMS' "2 PC's in the closet" - we invite everyone to visit our huge office at the 64th floor of the Empire State Building and see for yourself. We have 26 employees, 12 inner offices for 1-4 people, each such office equipped with 1-4 computers, we have a nice dining room with refrigerator and other ammenities, 2 storage rooms, huge conference room and a dealing room with the T-1 lines, Reuters and 14 powerful computers with the flat screens.
You simply can't become an FCM and operate in this business as a small company with very limited resources.

Regarding the demo contest, there have been cases in the past where foul play on the players' side was involved - specifically, exploiting a bug in the system (which has been fixed since then) - and the involved parties were disqualified from the contest.

[przemek]

I've been trading with cms for a few months now in the mini account. The mini is a great deal because you get 3-pip spreads on majors. There was one incident that my trade was closed at 60 pips uotside of the market but one e-mail was enough to have the matter resolved and account was rebalanced to a pre trade level very fast. So far I have no reason to be complaining about the service, I called them a couple of times for other reasons and there was always somebody to answer the phone.
Trades are executed fast and if they get new platform running as they advertise that company will probably become a serious player in this field.
I'm generally pleased with them.
Best regards
Mikex

[jpygbp]

Well, I can only rely upon what my friend told me. so I invite anyone who is interested in a broker to visit their office. You can get a feel for them in that way.

Bye the way, setting a stop loss and a limit on a trade is not exploting a system. Just luck when a large move (or bad tick hits).


Happy Trading,