Quoting StockKJayDislikedDof, if news trading died two years ago volume indicators wouldn't show 100/1 or greater trading differentials during economic announcements. So in my mind the remark is useless. Because it isn't accurate! News trading CHANGED two years ago, not "died"!?. The innovative people seek new ways of trading, the rest whine about not being able to get free money anymore. With the right broker as Money has said, you can still straddle and make "free" money. What would have happened during Bernankes speech today if you put a +10 -10 straddle on?? Probably a gain of 10-15 pips. Free money? Or is there another term for that?
Phil says he has GFT and Gain Capital. Both those brokers treat limits and stops during news pathetic. You can't straddle and you cant trade with a news service with them. They will requote you and do what it takes to survive and make money. I don't have a problem with that. Phil isn't a news trader though.. so why is he even trying to influence peoples thoughts on news? I just dont want someone who isn't a news trader and uses average mm retail outlets lecturing me about news trading dying.
Phil's whole statement is not useless... I quoted that single line. The post was awesome until he tapped into news trading. Of course it is dead if you use retail mm trash.
I admire your friend, I have too many problems as it is with just my two basketballs.Ignored
If they were regulated, legally.
They'd be caught when two, or three annoucements, speechs being my most blatant example, because no brokers can shady a speech to quickly, as it can rally at anytime, it doesn't matter at what point the comments sends off the launch to buy, or sell. Banks loves speechs, so i'd love to see a non regulated commodity broker interfer with uneven leveraged accounts during a news rally.
I myself haven't trade the EUR/USD for quite abit, too many whipsaws lately, the rumors have been killing the interest and demand to move it past my expectations, i am waiting for things to settle back into 'ranging trends'. Rightnow, the EUR/USD isnot my favor pair and brokers could also use this now more than ever since the whipssaw are too fast to be recorded manully, i've been burned twice on this after a winning period of 5 - 7 months. FED Hikes can kiss my ***.
There's always next month, i agree with you, there's no reason to bite on news trading. Phil seems like a broker, of atleast. A potential one to say the least. Say it isn't so?