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news trading broker warning 67 replies

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News Trading Broker

Quoting stockwet
I'm not having a problem with widening spreads. I'm having a problem getting filled. I've been experiencing a lot of slippage the past month, which hasn't been the case in previous months. I'm not sure whether it's related to market conditions or what.
I´ve noticed the same thing since last week.
Quoting nd1377
I am trading with MB Trading. Today at around 8:29 am est I put on a buy stop order for 1.8938. The price moved through my stop order and so I tried to cancel my live order, but to my surprise I was actually filled while trying to cancel the order. This was a great fill at 1.8980 which is only 42 pips away from where I had my original buy stop at. Awesome execution.
I just started demo trading with EFX (same as MB Trading). My understanding is a Stop Limit order should get you filled (if you're going to get filled) at the Limit price, but not higher. You probably used a Stop Market order, which can be risky at news time.
Quoting zarni
It is ECN...the orders execute instantaneously. 0 slippage
They don't execute instantaneously.
Quoting mrmikal
welcome to the wonderful world of news trading.

You did collect a pretty profit, despite, I assume (30+ pips?)

If it's any consolation to you, I had a hedged trade at FX Sol and went to close the losing hedge to let the other one run wild and free at 1.8932 I pushed the button...with an INSTANT execution, I was closed at...1.8955...we're talking milliseconds here.

I wasn't upset, though...I figured slippage would be part of the game, but a 23 pip difference (around $800 or so) is not fun to think about. But, I collected a LARGE run up towards 1.9000 with the profitable portion which made this trade a successful one as my main goal was achieved.
I know, I was just trying to show others my experience with MB Trading. Some people on here claim ECNs are the better route to go, but sometimes it is not. I am not a news trader, but a hybrid trader. Trading the news now may be profitable, but the days of the whipsaw could be coming for news traders.
A friend of mine uses Fibo Group and says he's having good experience trading the news without slippage, etc. I've enquired into trading with them, but, am a bit concerned because they are overseas (from US), are not registered with any regulating body and do not have any sort of Fidelity Bond protecting client funds. They do advertise guaranteed fills - one of the few left who do. I've considered opening a small account and hedging my news trades a bit against slips, but, am not sure. Anyone have thoughts or opinions of them?

Regards,

stockwet
Quoting nd1377
They don't execute instantaneously.
THey have no control over the market. When there is nobody to meet your order on the other side obviously there is no execution. It also depends on the size of your trades. If you trade single lot trades your execution will not happen fast most probably. Trade 10 lots and you will move. My experience has been so far good. Near instantaneous execution. The bottom line is they don't meddle in the trades.
Quoting stockwet
A friend of mine uses Fibo Group and says he's having good experience trading the news without slippage, etc. I've enquired into trading with them, but, am a bit concerned because they are overseas (from US), are not registered with any regulating body and do not have any sort of Fidelity Bond protecting client funds. They do advertise guaranteed fills - one of the few left who do. I've considered opening a small account and hedging my news trades a bit against slips, but, am not sure. Anyone have thoughts or opinions of them?

Regards,

stockwet
Stockwet,

Don't waste your time with Fibo Group. Charts freeze all the time and I get requoted often during news. They are the worst broker thus far for me. I am going back to IBFX.

TimeFreedom
Quoting mrmikal
"I wasn't upset, though...I figured slippage would be part of the game, but a 23 pip difference (around $800 or so) is not fun to think about. But, I collected a LARGE run up towards 1.9000 with the profitable portion which made this trade a successful one as my main goal was achieved."
What a great quote!! It is tiring sometimes to listen to all of the complainers who set themselves up to LOSE. That is right. They SET THEMSELVES UP TO LOSE!!!!

Instead of taking personal responsibility for their poor trade, they blame, blame, blame. Until they learn to adapt to the ever changing Forex Market, they will always have excuses. Please, please, please, take a lesson from the successful traders who make money despite changing market conditions.

Learn by analyzing your loss, your plan, your system, your approach, how you reasoned out your trade, why you did what you did to get into the market, why it did not work etc. etc. etc. When you start doing all of the above then you will be fine.

I made 50 pips on today's release. Did my broker slip? A little, actually my approach allowed for a little more, so I was very happy.

The moment we realize how little we know, we will begin the journey to success.

DC
"There is MORE Happiness in giving than receiving"
Quoting drcole1
Learn by analyzing your loss, your plan, your system, your approach, how you reasoned out your trade, why you did what you did to get into the market, why it did not work etc. etc. etc. When you start doing all of the above then you will be fine.

....

The moment we realize how little we know, we will begin the journey to success.

DC
Doc.....

That was just..... beyond words.....I'm all choked up.....how little we know we must realize how little we know.

Selah.
It's just the truth, IMHO


DC
"There is MORE Happiness in giving than receiving"
Quoting drcole1
It's just the truth, IMHO


DC
Doc .... you just got a way of expressing the truth.... that's all a brotha's trying to say!

And if they don't believe you, they should at least believe your works, trading works that is. It speaks volumes!!!!!

Hard to argue with success. And success you've got.
Quoting stockwet
A friend of mine uses Fibo Group and says he's having good experience trading the news without slippage, etc. I've enquired into trading with them, but, am a bit concerned because they are overseas (from US), are not registered with any regulating body and do not have any sort of Fidelity Bond protecting client funds. They do advertise guaranteed fills - one of the few left who do. I've considered opening a small account and hedging my news trades a bit against slips, but, am not sure. Anyone have thoughts or opinions of them?

Regards,

stockwet
I found this from the Fibo group's own site.

Order quotation and fulfillment in a highly volatile market
Rapid changes normally occur in the market after release of important macroeconomic parameters, economic or political news of in case of force majeure events. In this case, spread may be slightly widened, and a dealer has the right to reject the order or change the price and to suggest that a transaction should be entered into at a new price but orders are fulfilled in strict conformity with stated prices.
A dealer has the right to reject a Stop-order or order modification 3 minutes before the important macroeconomic parameters, economic or political news of in case of force majeure events.

Seems yot friend has just been lucky so far
Quoting drcole1
What a great quote!! It is tiring sometimes to listen to all of the complainers who set themselves up to LOSE. That is right. They SET THEMSELVES UP TO LOSE!!!!

Instead of taking personal responsibility for their poor trade, they blame, blame, blame. Until they learn to adapt to the ever changing Forex Market, they will always have excuses. Please, please, please, take a lesson from the successful traders who make money despite changing market conditions.

Learn by analyzing your loss, your plan, your system, your approach, how you reasoned out your trade, why you did what you did to get into the market, why it did not work etc. etc. etc. When you start doing all of the above then you will be fine.

I made 50 pips on today's release. Did my broker slip? A little, actually my approach allowed for a little more, so I was very happy.

The moment we realize how little we know, we will begin the journey to success.

DC
You are a genious. If your trade didn't go your way today, this probably wouldn't have been written.
has anyone had any experience with crown forex? they have a 1 pip spread.


Also what is the link for MB broker?

thanks
Well said, guys.
Life is too short to have anything but delusional notions about yourself.
Quoting nd1377
"You are a genious. If your trade didn't go your way today, this probably wouldn't have been written."
Dear Mr. nd1377,

I am sorry sir, but have we been introduced? If you have read any of my posts you know that my thinking is consistent whether I lose in a trade or win in a trade.

That is what keeps me in the black. It keeps me from changing my system even after a few losses. It keeps me from panicing like most losing traders do.

I just wish that all the complainers would once and for all take personal responsibility for their trading and quit complaining about everybody else.

Do I lose? Yes!!! Have I learned and adapted with each loss? Yes!!! If I wanted to blame others then I would NEVER learn.

It has been nice meeting you nd1377

DC
"There is MORE Happiness in giving than receiving"
Quoting nd1377
You are a genious. If your trade didn't go your way today, this probably wouldn't have been written.
nd1377

Doc is a "genius", not a "genious", whatever that means. Just read the posts from Doc (a simple search will suffice, doesn't take a genious) and you'll see the consistency. Now if you're saying he only writes like this when he wins, you could be right cause he writes it a lot, meaning he wins often!! Selah.

Doc you are a "he" aren't you??
Quoting MoneyMa$ter
"Doc you are a "he" aren't you?? "
MM,

Definitely a guy!!

I have had my share of losing trades. How else was I going to learn??

There is a saying which goes this way, "A smart man learns from his own mistakes, a WISE man learns from the mistakes of others."

Well, I don't know how smart I am, but I KNOW that I am NOT wise.

If I say that I am more experienced than others it just means that I've made more mistakes.

Anyway, thanks for your support MM, I appreciate your views, and seem to share many of them.

DC
"There is MORE Happiness in giving than receiving"
  • Post #59
  • Quote
  • Edited Aug 18, 2006 2:04am Aug 17, 2006 7:08pm | Edited Aug 18, 2006 2:04am
If all will look at the first post and the name of the thread they will understand why I wrote what I wrote. Somebody is asking for a good news trading broker. I wanted to share my experience that I had with MB Trading so others will see what they are like if they decide to trade with them. I am not bashing MB Trading but writing about my direct experience with them.
I really wonder how good of an internet connection everyon is using. If you have many platforms running on your computer via wireless, your order may get delayed to to your connection. Any thoughts?
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