Hi.
I like news trading; I believe everyone does, because you do not have to wait hours and days to see some profit. (Or loss of course)
But trying to trade news I had a few problems, so please tell me what I do wrong, or tell me there is nothing to do and please advice from your experience with that method.
First, I tried that while trading with Saxo Bank.
I tried it on the NFP report.
Two minutes before I placed two entry points about 20 pips above and below the price, with 25 pips stop loss.
The market price was ~1.2160 (EUR/USD).
As you all remember it was a big explode against the USD and I was very happy and very nervous.
As I saw the price reaching 1.2230 I closed the position.
But Saxo Bank DO NOT guarantee you your EXACT entry point (NOT stop loss too or profit taking) and after closing the position I saw it entered it only at 1.2230, so I lost the spread. It was very fast and I was to excited to wait, this is my fault not waiting longer, but I do want that my brokerage will execute my Entry points on the point.
Now, after that I start working with FXCM, but after speaking with them they told me that their stop loss and profit taking are 100% guarantee but not the Entry points. so again.. over big moves and slippage you lose many pips.
My next thought was to be in the market while the report comes out, and for covering both sides I opened long position for the EUR/USD and short for the GBP/USD, placed 20-25 pips stop loss and because stop loss are 100% guarantee that's suppose to solve this problem.
Please tell me what you think of it, and what do i do wrong and what do i do right.
One last thing, Where can I find a table with the importance of each economic report? For what reports should I expect for big moves and what are the minors?
Thank you.
Ido
I like news trading; I believe everyone does, because you do not have to wait hours and days to see some profit. (Or loss of course)
But trying to trade news I had a few problems, so please tell me what I do wrong, or tell me there is nothing to do and please advice from your experience with that method.
First, I tried that while trading with Saxo Bank.
I tried it on the NFP report.
Two minutes before I placed two entry points about 20 pips above and below the price, with 25 pips stop loss.
The market price was ~1.2160 (EUR/USD).
As you all remember it was a big explode against the USD and I was very happy and very nervous.
As I saw the price reaching 1.2230 I closed the position.
But Saxo Bank DO NOT guarantee you your EXACT entry point (NOT stop loss too or profit taking) and after closing the position I saw it entered it only at 1.2230, so I lost the spread. It was very fast and I was to excited to wait, this is my fault not waiting longer, but I do want that my brokerage will execute my Entry points on the point.
Now, after that I start working with FXCM, but after speaking with them they told me that their stop loss and profit taking are 100% guarantee but not the Entry points. so again.. over big moves and slippage you lose many pips.
My next thought was to be in the market while the report comes out, and for covering both sides I opened long position for the EUR/USD and short for the GBP/USD, placed 20-25 pips stop loss and because stop loss are 100% guarantee that's suppose to solve this problem.
Please tell me what you think of it, and what do i do wrong and what do i do right.
One last thing, Where can I find a table with the importance of each economic report? For what reports should I expect for big moves and what are the minors?
Thank you.
Ido
Regards,
Ido