Frequently asked questions
Who are FXM
Founded in 2015 by foreign exchange trading veterans and digital entrepreneurs, FXM Financial was established to achieve one simple goal, to make the very best, specialist market trading know-how available to everyone.
In an increasingly global trend, people are taking control of their own financial destiny, and in many cases, this has seen people establishing and trading online foreign exchange, indices and equities trading accounts. We noticed, that for relatively inexperienced traders, the risks of trading far outweigh the benefits. We’ve also noticed that seasoned traders often favour secondary accounts that trade in the mainstream and follow other like-minded traders. So, we decided to do something about it.
We have produced a series of trading advisor applications, or automated algorithms, that enable users to automate their trades; increasingly the likelihood of success by copying other successful trades while mitigating risk by reducing exposure to trading positions that are loss-making. Each of our products is configured by individual users, based on their levels of knowledge, experience and attitudes to risk and indeed, reward.
Our team is highly motivated to assist all our customers, be they experienced traders or new to the online trading sector.
Can FXM Algorithms work when I am away?
Yes, FXM Algorithm applications can work 24 hours per day from the market opening on Monday to the market closing on Friday, or 24/5 as it’s known in the FX sector! You don’t need to monitor you trades. Our application will do it for you. It will monitor the trades, open and close positions automatically, and keep you updated with your trades in real-time.
If there are good conditions for trade (buy or sell) our applications will take the necessary actions. If there are no good conditions they will wait for the most suitable moment to open an order. And in case you wondered, our applications de-activate once the markets are ‘closed’, so at the weekends, the applications will ‘sleep’ until Monday.
What is Forex Trading and, what are Forex Trading Algorithms?
The foreign exchange market (forex, FX, or currency market) is a worldwide decentralised over-the-counter financial market for the trading of currencies. The foreign exchange market is the largest and most liquid financial market in the world. Traders include large banks, central banks, currency speculators, corporations, governments, and other financial institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Daily turnover was reported to be over US $3.98 trillion in April 2010 by the Bank for International Settlements, and this compares to the NYSE which is reputed to trade between $80 and $100 billion per day.
An algorithm is a mathematical formula or model that is a specific set of clearly defined instructions aimed to carry out a task or process. Algorithmic trading (automated trading, black-box trading, or simply ‘algo-trading’) is the process of using computer applications that are programmed to follow a defined set of instructions for placing a trade in order to generate profits at a speed and frequency that is impossible for a human trader.
Typically, the defined sets of rules are based on timing, price, quantity or indeed, any mathematical model.
Apart from profit opportunities for the trader, algo-trading makes markets more liquid and makes trading more systematic by ruling out emotional human impacts on trading activities.
Algo-trading can provide the following benefits:
Trades are executed at the best possible prices
Instant and accurate trade order placement (thereby high chances of execution at desired levels)
Trades timed correctly and instantly, to avoid significant price changes
Reduced transaction costs Simultaneous automated checks on multiple market conditions
Reduced risk of manual errors in placing the trades
Back testing the algorithm, based on available historical and real time data
Reduced possibility of mistakes by human traders based on emotional and psychological factors
What do I need to start trading Forex?
First you need a computer with a minimal hardware configuration and a stable internet connection. Second you need to install Metatrader 4 trading platform. You don’t need to have any additional Forex knowledge because FXM Algorithm applications include detailed User Guide & Installation Manual.
Our applications are designed to trade with an ‘optimal’ balance in your account; our entry level application works best with a balance of £5,000. But, any minimum balance may depend on your brokerage company too. You can start trading with as small an amount as £1,000. We recommend our new customers trade a demonstration or trial account first, so that they can become familiar with how the FXM Algorithm works.
What are your products, and what do they do?
FXM's applications are intelligent trading support applications that can place automatic trades in the main foreign exchange currencies and stock markets globally. Our products are manifested in a number applications that enable users to automate their trading strategies. These applications have been designed, built, tested and used live by a team compromising trading experts and analysts, mathematicians and computer engineering experts.
FXM’s products can ‘learn’ in real-time, assessing thousands of trading positions in milliseconds and then emulate the trades that are most successful while discounting trades that do not yield profit. Our technology applications can be configured.
Our applications work with all Metatrader4 (MT4) forex trading platforms. MT4 can be found and downloaded from most brokers’ websites. It is free with most online trading accounts.
Is it possible to run more than one FXM Algorithm on a single account?
Our products are software applications that our customers install within their own online accounts. We can set up a trading account for you, or you can use your existing account, the only caveat is that each one of our products is associated to a unique account, and that you as the user, are responsible for the management of that account.
I have no experience with Forex Algorithms. Is it easy to use?
Yes, it is easy to use. Our applications are based on a new generation technology that allows you install, run and start earning money within a few clicks. There’s no need to be a professional. Everyone can do it! It is completely hands free and the whole process is 100% automated.
Even installing our application is a straightforward process, although if you need any assistance, our support team will walk you through the process.
What kind of internet connection and computer hardware do I need?
We recommend to have a stable internet connection and computer hardware, working without interruptions 24 hours a day from the market opening on Monday to the market closing on Friday. If you need any advice on this matter, give us a call, or request a call back from us, we’ll be happy to advise you on the technology set-up that you’ll need.
You need not worry about your computer losing power of re-booting either; the trades that are currently ‘open’ will stay open until the computers power is restored, no new trades will open until the system will resumes normal trading, as the power is restored. Just start your computer, run Metatrader again, and, ensure that your application is turned on. It will continue trading.