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Problem with my broker regarding the news trading!

  • #41
  • Dec 14, 2006 7:24am Dec 14, 2006 7:24am
Didnt want to name brokers and get banned, so check mail, I pmed you.. Thanks.
  • #42
  • Dec 14, 2006 11:46am Dec 14, 2006 11:46am
I have been using a currenex platform for news and my two last fills have been horrible. The last trade 8-9 seconds to be filled and I put my order before the spike, so ....
I think it's due to no liquidity for you at that time in real forex. And about the first post on this thread: if you trade the news in a retail trader and always win you are causing losings to them.
An example: EUR/USD is at 1.3200/03 before the news. 10 seconds before the spike the price is 1.3190/1.3210. You have access to a good news service that allows you to know if the price will go up or down to at least 30 pips. For example: you put a buy order at 1.3210 and close it at 1.3230 after 45 seconds. Your earnings are probably losings for them because they don't really put your trade in the interbank market. They have no time and no market liquidity to get that entry price for sure.
Maybe if you don't close your trade in a few minutes and wait for more time they could manage your trade with real interbank trades for the average of all opened trades or whatever they do.
Currenex is insuperable at any time, but when news releases I recomend you to use another one if you have a good news service and want to take advantage of it. After a few seconds of the release yes, currenex is the best platform. That is my experience.
Just my opinion.
  • #43
  • Dec 14, 2006 12:13pm Dec 14, 2006 12:13pm
Totally agree with you jon.
If I'm using a retail broker and that I win then I have to stop because the broker is losing.
If I'm using a retail broker and that I lose then I have to stop because I'm losing.
If I'm using a currenex platform I will lose because of horrible fills.


And by the way I think that retail brokers should inscribe "no news traders here, unless if you are a losing one" to be honest! just kidding
  • #44
  • Dec 14, 2006 6:45pm Dec 14, 2006 6:45pm
Quoting OwenT
Totally agree with you jon.
If I'm using a currenex platform I will lose because of horrible fills.
I disagree. 15 seconds prior to the release, my eyes are glued to the screen for the pair I am trading. As soon as my trade executes, I can see my entry price.

In the last two month, I've been slipped maybe twice but still made money. I got slipped yesterday on the Nzd/Usd release adn still made 11 pips.

My slippage has been so minimal, I will not even complain about it.

It all depends on who the clearer of the trades are and their liquidity , and currenex has no control over this, the bank does.
  • #45
  • Dec 15, 2006 12:06am Dec 15, 2006 12:06am
Are you placing your order a few seconds before the news or just after the news fxmasterjedi?
  • #46
  • Dec 15, 2006 12:23am Dec 15, 2006 12:23am
and btw fxmasterjedi, I was just Ironic because if jon is right that means that I can simply stop trading...and I dont want to do that. I still hope I can find a broker that fits my system of trading even if I'm not always filled or if I got some slippage problems.
  • #47
  • Dec 15, 2006 2:23am Dec 15, 2006 2:23am
Hi,

would you tell me more about currenex. is there any mimimum deposit or other criteria for opening a trading account with them? i wanna trade news as well. does currenex allow news trading and execute the trades in a sec.?

please guide me on that .

thanks

Quoting StockKJay
Dude.. pardon me for saying but.. why dont you trade with Currenex or FXall or someone that welcomes 24 lots?

Seems like you are just trying to suck Oanda dry. They are an MM, they can do what they want in this unregulated market. Dont complain about it. Go to a currenex whitelabel.
  • #48
  • Dec 15, 2006 2:45am Dec 15, 2006 2:45am
hi,

hope you are well

would you please guide me on requirements to open an account with currenex?

thanks



Quoting fxmasterjedi
BTW,

I am currently seeing anywhere b/t 0-3 pip spreads (I have floating spreads) on the Gbp/Usd at news time, and I am direct through Currenex.
  • #49
  • Dec 16, 2006 8:27am Dec 16, 2006 8:27am
Quoting mananshah
hi,

hope you are well

would you please guide me on requirements to open an account with currenex?

thanks
most brokers providing currenex will require at least $50k for margin with a min trade size of 250-500k. The more you trade the less brokerage you'll have to pay. You can probably get as low as $15 per $1m if you're monthly volume exceeds half a yard. I however very much doubt you'll have much sucess trying to trades news the same way you do with retail brokers (i.e. getting in before the price gaps) unless youhave the proper setup
  • #50
  • Edited 10:23am Dec 16, 2006 10:17am | Edited 10:23am
1. This is a true statement. My institutional broker requires $75KUSD

2. I pay $10USD per turn/per lot to get STP (straight thru processing) on the retail side and it's worth every penny.

3. If someone has the proper set-ups like I do, then you will have success using an institutional broker, so why say you doubt success? I made a 35 pip limit on the retail side and institutional side yesterday. And someone in my group made 50 pip limit on the initial spike using Oanda of all brokers.

Unless you've been in the news trading game in the past 6-8 months you make assumptions that are not true about getting executed. I have not problem getting executed 4-5 times on the retail side and I have the ability to show how much slippage I will allow maximum per trade. Yesterday, I was willing to give 10 b/c this move was going 40+ pips on a deviation that was enough to move the market

Quoting sccz97
1. most brokers providing currenex will require at least $50k for margin with a min trade size of 250-500k.
2. The more you trade the less brokerage you'll have to pay. You can probably get as low as $15 per $1m if you're monthly volume exceeds half a yard.
3. I however very much doubt you'll have much sucess trying to trades news the same way you do with retail brokers (i.e. getting in before the price gaps) unless youhave the proper setup
  • #51
  • Dec 16, 2006 5:59pm Dec 16, 2006 5:59pm
Quoting mananshah
Hi,

would you tell me more about currenex. is there any mimimum deposit or other criteria for opening a trading account with them? i wanna trade news as well. does currenex allow news trading and execute the trades in a sec.?

please guide me on that .

thanks
Follow MasterJedis posts. He knows more than I do.

Minimum was often 25k, is 50k now most places.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #52
  • Dec 16, 2006 6:04pm Dec 16, 2006 6:04pm
Watch out for your good friends here GG, you might get yourself banned.... again... LOL.

Quoting fxmasterjedi
This is a true statement.
Yeah, I know. True for sure.


Haha, all jokes dude, all jokes.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #53
  • Dec 17, 2006 5:01am Dec 17, 2006 5:01am
Quoting fxmasterjedi
Unless you've been in the news trading game in the past 6-8 months you make assumptions that are not true about getting executed. I have not problem getting executed 4-5 times on the retail side and I have the ability to show how much slippage I will allow maximum per trade. Yesterday, I was willing to give 10 b/c this move was going 40+ pips on a deviation that was enough to move the market
You obv misunderstood my statement. The only reason any of you who trade on retail platforms like oanda, acn, ibfx etc get fills around news is pot luck and not skill at all. If you can consistently get fills for over 10m notional across every figure on currenex, globex or otherwise, then you can say that you have a consistently performing and profitable strategy. Trading figures has been around for a lot longer than 6-8 months and has been just one of a number of strategies my company has been using for well over 3 years. My boss has been doing this for the last 10 years although the process was a lot different.

I'm not trying to rain on anyone's parade, but if you're only getting random fills with your retail broker I wish you well but please realise that this wont last for you. As you no doubt will have seen the change in behaviour in the retail mkt wrt spreads, sudden outages etc due to the sudden influx of retail news traders. Your best bet is to make as much money as you can out of it the next few months and then hop onto the next 'IN' strategy as you will not be able to compete with the institutions playing the same game with the money to house servers within the same building as the exchanges and ecns. Good luck to you all
  • #54
  • Dec 18, 2006 1:36pm Dec 18, 2006 1:36pm
What is the current spread that "O" broker is imposing on news traders?
  • #55
  • Dec 19, 2006 12:27am Dec 19, 2006 12:27am
depending on which currency pair you're trading but on GBP/USD it's 15 pips most of the time.
  • #56
  • Dec 19, 2006 3:18am Dec 19, 2006 3:18am
I don't consider 4 out of 5 trades "random", and I'm not paying anymore than 3 pips spread on the Gbp/Usd to trade the Gbp/Usd.

I am also trading Currenex at a big institution, and no complaints there either.

Quoting sccz97
I'm not trying to rain on anyone's parade, but if you're only getting random fills with your retail broker I wish you well but please realise that this wont last for you. As you no doubt will have seen the change in behaviour in the retail mkt wrt spreads, sudden outages etc due to the sudden influx of retail news traders. Your best bet is to make as much money as you can out of it the next few months and then hop onto the next 'IN' strategy as you will not be able to compete with the institutions playing the same game with the money to house servers within the same building as the exchanges and ecns. Good luck to you all
  • #57
  • Dec 19, 2006 5:26am Dec 19, 2006 5:26am
Quoting fxmasterjedi
I don't consider 4 out of 5 trades "random", and I'm not paying anymore than 3 pips spread on the Gbp/Usd to trade the Gbp/Usd.

I am also trading Currenex at a big institution, and no complaints there either.
currenex is a great platform and I have no complaints with it as I use my own fix app. However, the number of times cnx has gone down in the last few months is dissappointing. I'm talking about the ppl attempting to straddle on retail platforms that do not work as the real mkt does.
  • #58
  • Dec 19, 2006 7:04am Dec 19, 2006 7:04am
I agree with your statement. We are working on an API for our currenex instit platform right now.

Trigger was not hit on the Currenex platforms so no trade.

BTW, I just did 12 pips on the CAD release using the Amazing EA. No losses since going live, except for NZD that took me in prior to release and then made money on actual release.

Quoting sccz97
currenex is a great platform and I have no complaints with it as I use my own fix app. However, the number of times cnx has gone down in the last few months is dissappointing. I'm talking about the ppl attempting to straddle on retail platforms that do not work as the real mkt does.
  • #59
  • Dec 20, 2006 2:58am Dec 20, 2006 2:58am
hi,

thanks for sharing your view for currenex.. would you please let me know which is the best broker to hold currenex account with? which one you guys use for currenex.]


i look forward to hearing form you soon

thanks




Quoting sccz97
currenex is a great platform and I have no complaints with it as I use my own fix app. However, the number of times cnx has gone down in the last few months is dissappointing. I'm talking about the ppl attempting to straddle on retail platforms that do not work as the real mkt does.
  • #60
  • Dec 20, 2006 3:59am Dec 20, 2006 3:59am
I have a question.

If Oanda or a broker closes a client's account, do they just close the account and give his money back, or do they take all of his money?
When I buy it, it moves down. When I sell it, it moves up.
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