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Specific FXDD question

  • #1
  • First Post: Jun 21, 2006 6:33pm Jun 21, 2006 6:33pm
Hello. I'm looking for anyone who currently uses FXDD. I have a specific question about how they typically handle news announcements. Do they shut down trading, widen spreads, or what? I'd appreciate anyone answering who has experience with them.

Thanks.

stockwet
  • #2
  • Jun 21, 2006 6:53pm Jun 21, 2006 6:53pm
Hi, I currently have an account with FXDD. They do not shut down trading and they do not widen spreads from my experience. However, it's almost impossible to get filled on a move immediately after an announcement. If you trade on MetaTrader with them, you will get a message that says "Price Changed", so by the time you close the screen and try to make another order, the move is already finished. You have to either be in before the announcement or set a Stop Buy or Sell order right before the announcement to straddle the announcement. But, if you straddle the announcement be careful of whiplash - this is where the price will move quickly in one direction and take out your stops and then in another direction and take out your stops there as well.

If you want a good broker for news trading, the best one I've tried so far is Oanda.

Otherwise, I like FXDD, they are a pretty good broker from what I've experienced so far.





Quoting stockwet
Hello. I'm looking for anyone who currently uses FXDD. I have a specific question about how they typically handle news announcements. Do they shut down trading, widen spreads, or what? I'd appreciate anyone answering who has experience with them.

Thanks.

stockwet
  • #3
  • Jun 21, 2006 6:57pm Jun 21, 2006 6:57pm
Quoting hugobossv8
Hi, I currently have an account with FXDD. They do not shut down trading and they do not widen spreads from my experience. However, it's almost impossible to get filled on a move immediately after an announcement. If you trade on MetaTrader with them, you will get a message that says "Price Changed", so by the time you close the screen and try to make another order, the move is already finished. You have to either be in before the announcement or set a Stop Buy or Sell order right before the announcement to straddle the announcement. But, if you straddle the announcement be careful of whiplash - this is where the price will move quickly in one direction and take out your stops and then in another direction and take out your stops there as well.

If you want a good broker for news trading, the best one I've tried so far is Oanda.

Otherwise, I like FXDD, they are a pretty good broker from what I've experienced so far.
I also use FXDD. I totally agree with the FXDD comments above. Trying to trade during NFP can be frustrating. It helps to place orders before the announcement.
  • #4
  • Jun 21, 2006 7:09pm Jun 21, 2006 7:09pm
Thanks. These are helpful comments. I usually place a buy or sell stop order before the announcement. I just wanted to make sure they accept orders.

Would either of you be willing to send me your FXDD demo server file so that I can setup a demo account? Just go into your Meta Trader 4 directory, then the config directory. Look for a FXDD demo file with an .SRV extension. It would be helpful. Thanks again.

stockwet
  • #5
  • Jun 21, 2006 8:20pm Jun 21, 2006 8:20pm
one thing that i found positive about fxdd is that it leads some brokers. on the last announcement i saw the move on fxdd took a position in my broker and it moved 3 secs later. i use it as my demo for now.
  • #6
  • Jul 17, 2006 7:10am Jul 17, 2006 7:10am
Most of the time we complain about what brokers do wrong, and I am one of those who has complained mightily about FXCM. I have recently moved to FXDD and tonight there was a true disaster. The platform was saying operation failed when I tried to place orders, so I kept trying. Eventually I called to have my trade placed over the telephone. The platform then failed entirely and when it came back up, the 4 "operation failed" trades all showed up along with the trade placed over the telephone x3. I now had 7 positions instead of one. Also a trade which I had placed long all of a sudden was showing up short and 2 trades which I thought I had closed with a small profit (at any rate those trades had disappeared from the platform) were back on the platform and not closed.

Having had experience with FXCM, where you have to have an argument to get them to sort out a mess of their platform's doing, I was astounded to have the problem acknowledged and an immediate solution offered.

It is so nice to be dealing with a broker who accepts responsibility when a problem occurs with the platform so that there is no need to argue to arrive at an equitable solution.

FXDD will keep my business and my recommendation to others looking for a reputable broker.
  • #7
  • Jul 17, 2006 2:07pm Jul 17, 2006 2:07pm
i pretty much agree with the comments above for FXDD as ive been using it for sometime, they are simply great, better than any ive experienced including FXCM, OANDA, SAXO, Interbank. the only bad thing about them is that they dont have a live support
  • #8
  • Jul 18, 2006 12:36am Jul 18, 2006 12:36am
Would they let you close the orders at any time when trading news? O a n d a is not allowing traders to close positions during the first 5-10 minutes because according to them they're loosing money. Any problems with FXDD in those regards? They don't ask you to trade with stop losses do they?
  • #9
  • Jul 18, 2006 12:38am Jul 18, 2006 12:38am
Quoting ProdiG
one thing that i found positive about fxdd is that it leads some brokers. on the last announcement i saw the move on fxdd took a position in my broker and it moved 3 secs later. i use it as my demo for now.
ProdiG,

Who's your broker??
  • #10
  • Jul 18, 2006 8:08am Jul 18, 2006 8:08am
ive never had any such problem and theres no such policy
  • #11
  • Jul 18, 2006 1:26pm Jul 18, 2006 1:26pm
Quoting saunga2nd3
ProdiG,

Who's your broker??
it was interbankfx. moved to oanda and fxdd since.
  • #12
  • Jul 19, 2006 8:10am Jul 19, 2006 8:10am
This is on the demo MT4 platform: On this morning's CPI release, I had a sell stop and buy stop in both about 15 pips away from the current price, about 20 seconds before the release. CPI came out, price spiked down to about 20 pips below my sell stop of 1.2480. I got a fill at 1.2480 and exited at about 1.246something....I know that this was not a large move, not the NFP, and not the FOMC 'talking'. What impressed me was the fact that my sell price was filled right where I wanted it to be, through the spike. I don't trade this way. This was more or less a 'test' of FXDD. It's 'all good' so far...
  • #13
  • Jul 19, 2006 9:38am Jul 19, 2006 9:38am
well i do this normally on big news, and did it on NFP and it went well.. 20 pips on both side... there was a time when it didnt happened, only once in 2 years on FXDD and they credited the loss to my account. the customer is very good and more specifically honest and fair uptill now
  • #14
  • Jul 19, 2006 11:35am Jul 19, 2006 11:35am
That's good to hear with FXDD....Account should be open soon...
  • #15
  • Jul 22, 2006 1:15am Jul 22, 2006 1:15am
For live MT4 platform (FXDD,InterbankFX, StrategyBuilderFX ,etc) traders,

What is the pip spreads of the ALL currency pairs listed in MT4?

Thanks.
CCI decipherer
  • #16
  • Jul 22, 2006 2:52am Jul 22, 2006 2:52am
Quoting sogt725
For live MT4 platform (FXDD,InterbankFX, StrategyBuilderFX ,etc) traders,

What is the pip spreads of the ALL currency pairs listed in MT4?

Thanks.
I do not think that pip spread has anything to do with the platform, but rather with the broker. One thing that I find a little disconcerting with FXDD is that the pip spread increases during periods of low volatility. Sometimes it can increase by up to 2 to 3 pips over the usual.
  • #17
  • Jul 22, 2006 8:34am Jul 22, 2006 8:34am
HI all,

Trading live w. FXDD for a month and did about 30 trades. Here's my exp.:

The good:
- small spread, 2 on E/U & U/J, 3 on G/U & U/F.
- no such crazy policy as no exit of positions in the first 5-10 minutes during post-news spike.
- orders are filled.
- Reps generally are friendly and willing and albe to resolve problems.

The bad:
- during news releases, my orders, market or stop entry, were filled, but sometimes w. huge SLIPPAGE, from 10 (minor news like Trade Balance) to 35 pips (NFP, FOMC), which can create risky positions that were not intended.
- Meta Trader 4 will freeze or malfunction occasionally, during post news reactions, making it impossible to adjust stops or exit positions. Hence the need to call the Rep.
- Been stopped out exactly at or one pip shy of the low of the day on 4 long positions. Bad luck? Stop hungting? You tell me.

Hope this helps.

PM
  • #18
  • Jul 22, 2006 8:41am Jul 22, 2006 8:41am
Thanks Pipsman,

I only need to know the usual pip spread during normal trading hours not the int. rate/FOMC or NFP.

I would like to trade the Eur/Yen & Gbp/Yen.

Could u kindly tell me the spread on above 2 & the rest like :
Aud/Usd, Usd/Cad, Eur/Gbp, Eur/Chf, Gbp/Chf & Eur/Aud.

What I see the spreads on demo is such but I need to ask for your observation on such spreads on the live Account on non-moving low volatility & normal volatility minus news. Thanks.
CCI decipherer
  • #19
  • Jul 22, 2006 8:54am Jul 22, 2006 8:54am
Not happy w. FXDD's big slippage. Keep hearing rave comments on Oanda. Would like to know people's experience with it for news trading, preferably trading w. a live acct. Specifically:

- Does spread expand during the post news frenzy? If yes, by how much, on E/U and G/U?

- Do stop entry orders (straddle prior to news release) or market orders upon release get filled? What kind of sippage in filled price?!

- One member mentioned Oanda's no exit policy during the first 5-10 minutes of the news release. How does it work? You send in your order to close your position, Oanda will reject it? Or simply no fill - no response? Five minutes could be eternal - well turning a profitable trade into a big loss! How do people cope?

Thanks for any first-hand experience.

PM
  • #20
  • Jul 22, 2006 9:08am Jul 22, 2006 9:08am
No prob, S725.
Looking at MT4 and almost 100% sure they're the same when the market is open:

E/J, U/C, A/U, E/G, E/F:4
G/J 9
G/F 10
E/A 9

During quiet hrs, spread on crosses can expand.

Regards,

PM
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