Positive Broker Experience (For A Change) | Forex Factory

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Positive Broker Experience (For A Change)

  • #1
  • First Post: Jul 28, 2006 1:02pm Jul 28, 2006 1:02pm
Well, I must say, my broker (IFX) didn't let me down today. It was my first time attempting to trade the news, and around 2 minutes before the GDP numbers were released, I placed two entry stops on GBPUSD, short at 1.8542, long at 1.8565. After the release of the data, the system went blank for a while, then out popped a message... "your order has been executed at 1.8565". Wow, no slippage! Anyway, I got out 2 minutes later at 1.8633 for a quick 68 pip profit. Not a bad way to end the week hehe. Anyway just wanted to share my experience, hope we all made some pips today! Have a good weekend everyone!
  • #2
  • Jul 28, 2006 1:07pm Jul 28, 2006 1:07pm
Quoting natgo
Well, I must say, my broker (IFX) didn't let me down today. It was my first time attempting to trade the news, and around 2 minutes before the GDP numbers were released, I placed two entry stops on GBPUSD, short at 1.8542, long at 1.8565. After the release of the data, the system went blank for a while, then out popped a message... "your order has been executed at 1.8565". Wow, no slippage! Anyway, I got out 2 minutes later at 1.8633 for a quick 68 pip profit. Not a bad way to end the week hehe. Anyway just wanted to share my experience, hope we all made some pips today! Have a good weekend everyone!
I want to share my positive experience too. I did the same thing as above a few times and it worked fine, untill two weeks ago when I got huge slippage and lost a big part of my hard earned account. That's with a reputable brooker that has great ratings on every site or brooker forum. I want to thank my brooker for teaching me an important lesson. Trading is for people willing to put in the work and not for those who think free money grows on trees. So, again, a verry positive learning experience.
  • #3
  • Jul 28, 2006 1:53pm Jul 28, 2006 1:53pm
I am happy you had a winning trade. But, the system going blank is not a positive thing. They can manipulate the feed anyway they want to ensure their profit. For example, if they notice their traders are profitting by straddling AND it is costing them money..... expect a whipsaw.

Your brokers computer functioned well and filled your order. What the hell are they doing when the screen blanks out like that?? It's not a software glitch and there is not soooo many traders online that the system gets clogged. Technical traders avoid these times anyway. imo the screen goes blank so they can provide a feed that gives them a profit and extremely lowers their risk to loss.

Sorry to rant, but don't fall in love with a broker.... use a broker and monitor their performance. If they become unsatisfactory, find a new one. I have seen plenty of rants about "bad brokers" when in reality the trader did something stupid. Expect them to be fair, expect them to get paid for their service and , most important, expect them to pay you when you take out profits. Good luck. This game is hard to win even when it's played fairly. Played unfairly, the trader does not have a chance.

sw
  • #4
  • Jul 28, 2006 3:34pm Jul 28, 2006 3:34pm
What so good about it?

I thought every order will get filled if you place it before the news event as a limit order. Its quite normal..

Its only when we try to trade at market order during news that you get slippages/requotes..
fxtrada.com
  • #5
  • Jul 28, 2006 10:29pm Jul 28, 2006 10:29pm
Hey guys,

Just wanted to say thanks for injecting a bit of rationality into my head. I do normally trade only technicals and stay away from major news releases, and yes, i know that forex trading (as well as any other kind of trading) is a tough business where the odds are stacked against us (since my day job is as a prop equities trader). It's just been a bad last couple of weeks, and I just had to share my elation at something that actually worked out (though in theory it could have gotten me even more in the hole). Bottom line is I'm glad I made some pips. Was it the right way to trade? Probably not. Will I do it again? Maybe, maybe not. But thanks guys for reminding me about some of the stuff that these brokers pull on us. Rest assured that I will be the first one to report here again if something bad happens. Thanks again for the words of caution, and good weekend to everyone!
  • #6
  • Jul 29, 2006 12:15am Jul 29, 2006 12:15am
Quoting lifetime_trader
What so good about it?

I thought every order will get filled if you place it before the news event as a limit order. Its quite normal..

Its only when we try to trade at market order during news that you get slippages/requotes..
That's not always true. Fast moving market could create big gap and your limit order not always gets filled. That's the case for hotspotfx as I know.
  • #7
  • Jul 29, 2006 6:39am Jul 29, 2006 6:39am
Quoting fx_trendy
That's not always true. Fast moving market could create big gap and your limit order not always gets filled. That's the case for hotspotfx as I know.
I have been trading Forex for six months now, and I trade news regularly with Limit orders. I never got one slippage till now.

Can anyone confirm this for me:

First slippage only occurs if there is a gap in chart, that is when trading was never done in that price, and the next candle right after news opened up with a gap. Now if your limit order is within your gap than your order gets filled at the opening price of the candle higher. But if there is a candle formation in your price area, you get filled at your price.

Second slippage occurs when you are trying to enter at market price, and by the time your buy order has reached market, the price has move significantly higher.




Can you guys share your experiences regarding getting filled during news.
fxtrada.com
  • #8
  • Jul 29, 2006 6:45am Jul 29, 2006 6:45am
Quoting lifetime_trader
I have been trading Forex for six months now, and I trade news regularly with Limit orders. I never got one slippage till now.

Can anyone confirm this for me:

First slippage only occurs if there is a gap in chart, that is when trading was never done in that price, and the opened up with a gap. Now if your limit order is within your ap than your order gets filled at the opening price of the candle. But if there is a candle formation in your price area, you get filled at your price.

Seccond slippage occurs when you are trying to enter at market price, and by the time your buy order has reached market, the price has move significantly higher.
If you only trade for six months, what you're saying here probably comes from books. Let me give you the short version from experience: Slips occur when the broker choses.
  • #9
  • Jul 29, 2006 7:04am Jul 29, 2006 7:04am
Quoting jessieblue
If you only trade for six months, what you're saying here probably comes from books. Let me give you the short version from experience: Slips occur when the broker choses.
Well I have traded each and every news event (NFP, CPI, PPI, GDP etc. all), and regularly; I have not got any slippage; what you are saying is worrying as well as shocking.

Like as I said in my post above, if those two scenarios occured than slippage is ok, but otherwise you do get your order filled.

How often did you get these slippages? Like everytime you tried to trade? You placed limit orders?
fxtrada.com
  • #10
  • Jul 29, 2006 8:39am Jul 29, 2006 8:39am
Quoting lifetime_trader
Well I have traded each and every news event (NFP, CPI, PPI, GDP etc. all), and regularly; I have not got any slippage; what you are saying is worrying as well as shocking.

Like as I said in my post above, if those two scenarios occured than slippage is ok, but otherwise you do get your order filled.

How often did you get these slippages? Like everytime you tried to trade? You placed limit orders?
u're doing demo trade or live trade?
  • #11
  • Jul 29, 2006 9:55am Jul 29, 2006 9:55am
Quoting juwaini
u're doing demo trade or live trade?
I'm curious myself. On a demo you always get filled, it makes you think Oh, it should work on real accounts too, but on real accounts, you are in for a surprise.
  • #12
  • Last Post: Jul 29, 2006 10:34am Jul 29, 2006 10:34am
I am doing live, but my lot size is small; not mini lots. I make around 300USD/-300USD per news trade on average.
fxtrada.com
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