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Thread: LIVE Traders - LCG -London Capital Group FX

  1. #21
    LCG is correct in closing all your positions; they are actually trying to protect you. I am going to explain. Futures contract differs from Forex because there is really delivery of the physical product underneath the contract that means that in the conclusion of trading aka expiry of the contract, you really have to provide the physical product that the futures contract transactions on. With this crude oil contract which you're trading, it is Light Sweed Crude Oil and every contract is for 1000 barrels of mild sweed crude oil. So supposing you're trading in 1 oil contract, unless you have 1000 barrels of light sweet crude oil which you're able to deliver through pipeline, you must close the contract stake by the end of trading for the contract to prevent the delivery obligation otherwise if you leave it open, you will be on the hook to really deliver these primitive oil and if you don't, you can be held violation of contract and be sued.

    So LCG was attempting to protect you by shutting the situation for you and they're not obligated to roll-over for you and they really can't without your additional instruction. FYI, the conclusion of trading or expiration of this oil contract will be ALWAYS THREE business days prior to the 25th of every month and if the 25th falls on a non-business day, then it is THREE business days before the business day immediately prior to the 25th. So for Sept., THREE business days before the 25th is the 22nd since the 25th falls on a business day.

    All of the trading information for this futures is available from the site of CME that's where this futures contract is traded:

    Please read it before beginning to trade in them. As I said before, Futures isn't the same as Forex where it is only a CFD that doesn't involve anything; in the end of the day it is only a re-adjustment of positions. Futures entails lot more and its own trading is lot more regulated and structured.

  2. #22
    The rules in Forex are super easy, that is why I adore Forex....

  3. #23
    Worst broker I've worked with. Please examine the spread on myfxbooks along with other brokers. Not average spread, however, spikes of spread. Now spread went up to 33 pips on NFP. If some 1 sell on the news, the place will be taken out if the stop is less than 33 pips or a bit more. Another spike at 9:14am, roughly 12 pips once the price is moving up. If someone wanted to buy, he must pay 12 pips more to find the order.

    Also noticed that orders are left unfilled many seconds after the entrance or stop is hit. I haven't seen something like this.
    Anybody with LCG? This occurred just.

  4. #24
    On their website, LCG talks about good spreads, but the flagship EURUSD is generally at two pips!!! . . .that's NOT A GOOD SPREAD AT ALL....

  5. #25
    Quote Originally Posted by ;
    some opinion on this particular broker?
    Yes, more than 8 pages of remarks in this thread.
    Nothing wrong with LCG.

  6. #26

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