Disliked{quote} "And you need to choose a volatile yet cheap pair like XAUUSD"?? Well, doing enough research on brokers is key to attaining some level of success on news event trading. Look out for brokers with fixed spreads and you confirm during events they do actually have fixed spread accounts and not just because they said so. I had a situation where buy and sell stops were even over 30 pips apart and when the news came in both buy/sell orders were triggered. I sat and watched the spreads widen filling up the orders before plunging south! That was...Ignored
Spreads depend on the event. CPI has higher spreads than NFP or FOMC, for example.