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trading during NFP

  • #1
  • First Post: Jul 7, 2006 9:24am Jul 7, 2006 9:24am
i'm on a mini account with fxcm.just after the NFP news awhile ago. i jumped in and trade. luckily i easily get through. but getting out was not! was trading eur/usd did bought at 2818 and did try to close my trade at 2855. but fxcm won't let me! i always get "waiting for dealers answer" i kept cancelling and closing again and again my position to no avail.. until i can see my profits slip away..instead of 2855,, was able to close it at 2833 that was around 8:50am EST.. waited for 20mins or so before i can finally close my trades

did anybody else experience such on their mini account with fxcm?

it was not like this before..i 've been with them for 3years now.. i can always get in and out in NFP anytime..but its not so lately,,even in not NFP..
  • #2
  • Jul 7, 2006 9:28am Jul 7, 2006 9:28am
Quoting BlewOutMyAccount
i'm on a mini account with fxcm.just after the NFP news awhile ago. i jumped in and trade. luckily i easily get through. but getting out was not! was trading eur/usd did bought at 2818 and did try to close my trade at 2855. but fxcm won't let me! i always get "waiting for dealers answer" i kept cancelling and closing again and again my position to no avail.. until i can see my profits slip away..instead of 2855,, was able to close it at 2833 that was around 8:50am EST.. waited for 20mins or so before i can finally close my trades

did anybody else experience such on their mini account with fxcm?

it was not like this before..i 've been with them for 3years now.. i can always get in and out in NFP anytime..but its not so lately,,even in not NFP..
There is a thread about this somewhere about having to wait for a dealer to approve your trade.

That's crazy that a broker would do this. Now that this has happened, are you still going to use them? I wouldn't...
Mr. Trend
  • #3
  • Jul 7, 2006 9:30am Jul 7, 2006 9:30am
Quoting Mr Trend
There is a thread about this somewhere about having to wait for a dealer to approve your trade.

That's crazy that a broker would do this. Now that this has happened, are you still going to use them? I wouldn't...
Here's the thread on fxcm you were mentioning.

http://www.forexfactory.com/forexfor...ead.php?t=5919
  • #4
  • Jul 7, 2006 10:02am Jul 7, 2006 10:02am
You guys should be aware that most brokers shift to manual execution during news volatility.

It is pretty obvious that such important news as NFP create a lot of havoc in the market with prices spiking, retracing, re-spiking and so forth...

there is no broker that could possibly guarantee fills under news.

Looking at the 5min chart, you probably must have tried to close your position around 8.38am, 8 minutes after NFP release.

THIS IS PRETTY WEIRD. there is no way the market is still that volatile 8 minutes after news release.

call them up and ask them what went wrong and why did that happen.
  • #5
  • Jul 7, 2006 10:11am Jul 7, 2006 10:11am
It seems this becoming the norm for this broker. Another thing that is

happening if you try & enter @ a price the response will be the price has
moved, but on the platform the price stays the same. What they are doing
is fading the price because they know you are about to gain some quick
pips so they want take the trade. When they finally do let you in, guess
what, its @ a worse price. Time to call their hand on this. When you do
they are going to say its your computer that is cauding the problem. NOT.
Give them a call & see what happens. It this does work report them.
  • #6
  • Jul 7, 2006 10:14am Jul 7, 2006 10:14am
Man I would drop that broker like a hot potato.....AND let them know where to shove it on the way out..................
I would also report them, I would also let tem know that with the closure of my account.
Same Whore .... Different Dress
  • #7
  • Jul 7, 2006 10:18am Jul 7, 2006 10:18am
Hi Blewoutmyaccount,
if I were you, i would close my account immediately, and open another one with another company.

good luck
Trading is a long and a short story.
  • #8
  • Jul 7, 2006 10:20am Jul 7, 2006 10:20am
Quoting ItalianSharp
Looking at the 5min chart, you probably must have tried to close your position around 8.38am, 8 minutes after NFP release.


THIS IS PRETTY WEIRD. there is no way the market is still that volatile 8 minutes after news release.

call them up and ask them what went wrong and why did that happen.
yupz! your correct there.. my charts are 5min and 1min. that's why i know that it has peaked and pivoting.

the quotes are changing normally that time..just imagine the frustration not to close at those peak levels and just see your profits beeing eaten away..got only half of profit of where i closed.

and somehow, i saw another window popped up briefly.. more like a countdown timer.more like a delay counter! before i finally could close my positions (at a lower price )
  • #9
  • Jul 7, 2006 10:22am Jul 7, 2006 10:22am
This is nothing compared to their behavior during the last NFP report. My station was frozen for an hour.

I don't see how anyone serious about trading news announcements could tolerate FXCM's behavior. I tried them for 3 months and they were truly pathetic. Have you ever tried to do a limit order within 5 or 6 minutes of a major news release? Good luck... Unless your order is about 300 pips away from the actual price, you get an error. It happened on every major news release I "attempted" to trade with FXCM. That, combined with their propensity for hitting the trade station freeze button is why they lost my business and will not be gaining it back. They did try to sell me on their PropFX platform when I closed my account (and told them exactly why I was closing it), but once bitten...
  • #10
  • Jul 7, 2006 10:25am Jul 7, 2006 10:25am
Threadstarter its just being plain stupid to still have your account with FXCM after all the revelations with proof made in this wonderful website.

I dont feel sorry for you, sorry.
  • #11
  • Jul 7, 2006 10:32am Jul 7, 2006 10:32am
i'm not sure why people still use fxcm with all the bad literature out there on them. they are terrible. i'm not sure how they stay in business. it must be from newbies that don't do their research and hop on with them in the beginning because they spend an ungodly amount on advertising. we should all make an effort to shut them down.
Life is too short to have anything but delusional notions about yourself.
  • #12
  • Jul 7, 2006 10:35am Jul 7, 2006 10:35am
Quoting hoss
. i'm not sure how they stay in business.
They make money from the losses people make in the market.

They never invest the money in market, they force their clients into losses and take the money.

And than they advertise and hunt for new victims.
  • #13
  • Jul 7, 2006 11:22am Jul 7, 2006 11:22am
I'm not going to stand up for any particular broker, but I personally think anyone who trades news with a retail broker is just nuts. Brokers have no desire to try to trade concurrently with volatility unless they're taking full standard lots. Mini accounts be damned during NFP. There are just too many mistakes that can be made during NFP and people crying all day long about slippage...most brokers would rather prevent you from trading during the mad rush altogether. Any broker that does let you trade NFP will requote you to death unless you're entries and exits are reasonably far away from the current price (or put in the form of some easily identifiable stop-entry/exit).

I would personally trade with an ECN during NFP if that's what you're looking to do.

Seriously...NFP = no retail mini account trading...period...whether or not you were able to get in and out in the past is inconsequential because it's like betting on black at the roulette table. You'll get lucky a chunk of the time and think that was the way things were supposed to be...you'll even get lucky 13 times in a row...but come that 14th time, you're going to bitch and moan like your life depended on it.

Seriously...NFP or any volatility, I'd go with open pricing, trade between the spread, ECN type capability.
  • #14
  • Jul 7, 2006 11:47am Jul 7, 2006 11:47am
Quoting BlewOutMyAccount
i'm on a mini account with fxcm.just after the NFP news awhile ago. i jumped in and trade. luckily i easily get through. but getting out was not! was trading eur/usd did bought at 2818 and did try to close my trade at 2855. but fxcm won't let me! i always get "waiting for dealers answer" i kept cancelling and closing again and again my position to no avail.. until i can see my profits slip away..instead of 2855,, was able to close it at 2833 that was around 8:50am EST.. waited for 20mins or so before i can finally close my trades

did anybody else experience such on their mini account with fxcm?

it was not like this before..i 've been with them for 3years now.. i can always get in and out in NFP anytime..but its not so lately,,even in not NFP..
Consider yourself lucky! I didn't even get the chance to open a trade... Do you always get the message or only during highly volatile periods?

I'm already looking for replacement or a supplementary broker. I'll be checking out this website and other places on the net for a broker to trade the news. Your suggestions are welcome and thanks in advance.

FXCM got me into FOREX a few months ago and I think it's time to move on. Maybe I'll be still using FXCM for particular trades.

And yes I agree. There are already enough FXCM bashing threads.
  • #15
  • Jul 7, 2006 11:57am Jul 7, 2006 11:57am
Quoting Purple
...after all the revelations with proof made in this wonderful website. I dont feel sorry for you, sorry.
Unfortunately, I have to agree with Purple. There's a ton of info regarding FXCM in this forum. If you think you can't afford education resulting from research, you will find out how expensive experience can be.
  • #16
  • Jul 7, 2006 11:58am Jul 7, 2006 11:58am
Why not try Oanda. I grid trade in 10 pip slots with 19 pip TP. I had no problem with fills, profit takes or limit orders today during NFP. I have completed more than 650 trades with Oanda since April and have only had slippage once and then of just 2 pips .
  • #17
  • Jul 7, 2006 2:33pm Jul 7, 2006 2:33pm
This thread is very similar to the Manual Execution Poll Thread so I dont want to double post, you can read my comments concerning my fxcm experiences, my plan of attack for the future, and an unbiased attempt at trying to understnad what is happening to what was a decent broker for me several months ago.. (fxcm)

mrmikal,

You are right my friend.... I am really seening that a retail account is a handicap during volatile news events as I have been recently demoing the ECN platform called PropFX..... It is not the typing of platform for the novice, no way.... but....it did NOT go down during nfp....

mrmikal do you use and ECN and which one?

If i need multiple account types to trade various market conditions then so be it.... gotta do what i gotta do ... to do what i love to do... which is trade

Vince
  • #18
  • Jul 7, 2006 2:34pm Jul 7, 2006 2:34pm
Quoting mrmikal
I'm not going to stand up for any particular broker, but I personally think anyone who trades news with a retail broker is just nuts. Brokers have no desire to try to trade concurrently with volatility unless they're taking full standard lots. Mini accounts be damned during NFP. There are just too many mistakes that can be made during NFP and people crying all day long about slippage...most brokers would rather prevent you from trading during the mad rush altogether. Any broker that does let you trade NFP will requote you to death unless you're entries and exits are reasonably far away from the current price (or put in the form of some easily identifiable stop-entry/exit).

I would personally trade with an ECN during NFP if that's what you're looking to do.

Seriously...NFP = no retail mini account trading...period...whether or not you were able to get in and out in the past is inconsequential because it's like betting on black at the roulette table. You'll get lucky a chunk of the time and think that was the way things were supposed to be...you'll even get lucky 13 times in a row...but come that 14th time, you're going to bitch and moan like your life depended on it.

Seriously...NFP or any volatility, I'd go with open pricing, trade between the spread, ECN type capability.
I just asked in another thread. Could this problem be happening mostly with the MT4 platform. Any non MT4 platform having the same problem ? OR Is there any MT4 players that do not have reqoutes or slippage problems. ?

Thanks
Highway
  • #19
  • Jul 7, 2006 2:38pm Jul 7, 2006 2:38pm
I just read at the beginning of this thread by 'blewoutmyaccount' that fxcm was not always like this

And he/she is right, when i started on them in November 2005 I had marvelous execution even though nfp

Now it seems any major volatility is causing issues with the platform.... and it has become really bad the last 3 to 4 months....

is fxcm falling apart from the insides???

who knows...
  • #20
  • Jul 7, 2006 2:40pm Jul 7, 2006 2:40pm
Quoting fl_tradin
I just read at the beginning of this thread by 'blewoutmyaccount' that fxcm was not always like this

And he/she is right, when i started on them in November 2005 I had marvelous execution even though nfp

Now it seems any major volatility is causing issues with the platform.... and it has become really bad the last 3 to 4 months....

is fxcm falling apart from the insides???

who knows...
Aren't they related to REFCOfx somehow??
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