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How do you trade news?

  • #441
  • Aug 6, 2006 10:46am Aug 6, 2006 10:46am
Quoting trucco
Man, I agree with you.

Maybe is a case, but since 3 weeks ago trading the news for me was fine, now also my broker started to make stop hunting , freezing and crap like that..

I think that since 3 weeks we passed from one milion on the world trading the news to 10 milions...



Good eastern ......
News trading has existed since trading was invented, and it will always be popular, because its the most obvious approach. It will exist with or without these threads.


Pablo.
Pablo
  • #442
  • Aug 6, 2006 12:36pm Aug 6, 2006 12:36pm
So far someone has said "trading the news is for noobs". Another suggested that the chat room traders and their personal accounts are moving the currency markets and creating volatility.

Come on guys !!! Your Killin' me ! ! !

How many times have you read articles stating the currency market is the largest in the world measured in the TRILLIONS ! ! ! ????

You really think noobs are moving this market with their oanda minis????

When do markets move the most and fastest????
---After data releases and news events........

Who is moving the markets????
--- Goverments, Banks, Funds and Insitutions..........

Are these heavyweights noobs????
----don't answer that. it is a rhetorical question...............


We are not even fleas on the currency market dog............
We are bacteria on the fleas on that dog !
Profit is where readiness meets Opportunity
  • #443
  • Edited 2:20pm Aug 6, 2006 12:59pm | Edited 2:20pm
Quoting ptejerina
News trading has existed since trading was invented, and it will always be popular, because its the most obvious approach. It will exist with or without these threads.


Pablo.
yes man, but maybe you dont realize that there more and more people everyday starting forex. we are talking about milions a months.
So proportions and quantity are changing....
lets dont talk about the past

So if you think this fashion of all playing the news is not affecting everybody, lets start to ONLY play the news..
All of us only palying the news..no more normal trading.
Let see what will happend
I think we already saw the reesult in the last 3 weeks.
  • #444
  • Aug 6, 2006 1:01pm Aug 6, 2006 1:01pm
Quoting FXopportunist
So far someone has said "trading the news is for noobs". Another suggested that the chat room traders and their personal accounts are moving the currency markets and creating volatility.

Come on guys !!! Your Killin' me ! ! !

How many times have you read articles stating the currency market is the largest in the world measured in the TRILLIONS ! ! ! ????

You really think noobs are moving this market with their oanda minis????

When do markets move the most and fastest????
---After data releases and news events........

Who is moving the markets????
--- Goverments, Banks, Funds and Insitutions..........

Are these heavyweights noobs????
----don't answer that. it is a rhetorical question...............


We are not even fleas on the currency market dog............
We are bacteria on the fleas on that dog !
I know. It cracks me up. The more that people cry and whine about news trading just shows that there are more and more people losing money because they tried to predict what the market was going to do and lost miserably or something like that.
Mr. Trend
  • #445
  • Aug 7, 2006 4:21am Aug 7, 2006 4:21am
Quoting MoneyMa$ter
BurgerKing,

Several days ago, I asked you who was your broker and received no response. The reason I asked you is because in this forum, we try to help each other become better traders.

FXCM is one of the more disliked brokers, but like anything else, it depends on who you talk to. Seems like those trading mini lots hate FXCM while those trading standard lots have no problems.

Go to the thread below. It's a detailed discussion of traders on Forex Factory and how we ranked brokers. I think you'll find it useful.


http://www.forexfactory.com/forexfor...ead.php?t=5747

PM me if you have problems getting to the thread.
Sorry if I was not able to respond back there. I participate in a lot of forums, I sometimes missed visiting one.. I appologize once again.

I am relatively "new" to live trading; I just experienced 2 live NFP trades.

I have a very bad experience with FXCM. They literally delayed execution of my "entry order" and ended up entering the trade 40+pips above my entry price. In the confusion, I set my "stop" 3 pips below this entry price and got stopped out for a 3 pip loss. I thought I was a winner and called them up to clear up the mess. They said I lost 3 pips not win 40 due to "market volatility". The representative even claim they can enter me at any price and at any time during market volatility.. WHAT? This is totally not acceptable! So I am packing up.

BTW. When I told them how other traders where able to trade using "market orders" with other brokers, the representative was defensive telling me that FXCM is here to stay while others may run in a day or two.. LOL! FXCM is like running away with my money right now in the form of CHEATING!
  • #446
  • Aug 7, 2006 4:59am Aug 7, 2006 4:59am
Quoting BurgerKing
Sorry if I was not able to respond back there. I participate in a lot of forums, I sometimes missed visiting one.. I appologize once again.

I am relatively "new" to live trading; I just experienced 2 live NFP trades.

I have a very bad experience with FXCM. They literally delayed execution of my "entry order" and ended up entering the trade 40+pips above my entry price. In the confusion, I set my "stop" 3 pips below this entry price and got stopped out for a 3 pip loss. I thought I was a winner and called them up to clear up the mess. They said I lost 3 pips not win 40 due to "market volatility". The representative even claim they can enter me at any price and at any time during market volatility.. WHAT? This is totally not acceptable! So I am packing up.

BTW. When I told them how other traders where able to trade using "market orders" with other brokers, the representative was defensive telling me that FXCM is here to stay while others may run in a day or two.. LOL! FXCM is like running away with my money right now in the form of CHEATING!
Same answer from my broker...
  • #447
  • Aug 7, 2006 6:34am Aug 7, 2006 6:34am
Dear All;

Trading the news is very profitable and the return is too huge in a matter of minutes, that's why I like it very much. The following are my notices during news trading:

1- The candle at which the news emerge doesn't always retraces, so entry based on the close of this candle could be a late entry. " some trading systems do that"
2- Trading the news is best made by the breakout techniques. If you have other trading systems you work with, then shift to breakout at the news then I'm sure whatever system you are using will respond and give your required signal.
3- Automated trailing stop is too important until getting into a safe region, then remove ur trailing stop until you reach your profit target. This is made to avoid extreme market volatility and also the mis-carriage of orders by most brokers at the news time.
4- If you are not sure about a suspected move, then I suggest that you causiously make two opposite orders on two separate opposing pairs, like GBP/USD and USD/CHF. If you are long the first, then short the second. By this, you can make yourself sure that one order will be initiated and you are not missing the big move. The only drawback of such idea is market whipsaws at the beggining of the news candle. So, becareful !!
5- The day following the news is usually trading in the news direction, so if you didn't reach your profit level at the news day, leave your position open for the next day, watchout your stop level!!

I'd be more than happy to discuss such thoughts with you.

Yours;

Ahmad
  • #448
  • Aug 7, 2006 6:55am Aug 7, 2006 6:55am
Quoting trucco
Same answer from my broker...
As sad as it seems, that is the answer from a lot of brokers. The general concensus seems to be that ECN's are the way to go if you can, otherwise it's hard to find a news broker (though OAndA seems to be doing well). As rude of an awakening as it can be, but it's true as everything else, "you have to pay to play".
  • #449
  • Edited 7:25am Aug 7, 2006 7:12am | Edited 7:25am
after talking with a few folks I realize that most forex brokers dont even send your orders to the real Interbank market. They only send them out when the way you are trading is a wining direction. Eg, long on GBP on a bad usd NFP.
two reasons for this:

1. They cant find enough sellers to support your buying, hence the spike in the candle. (which is not generated solely by the big boys)

2. They realize you will win and they cant afford it. So they send you to the interbank market.

most time when u have a stop loss, it's the brokers pocket that gets your cash.

why?

because they (or their software) realized the position you are about to take may never give you a profit hence, they allowed your order (easy fills) and never send it to interbank market...just exchange across their dealing desk.

so folks like me who trades 20, 50 and 60 lots will find it difficult to get fills as no one is really selling at that point, unless they are selling to get out of a position that is going against them...eg: getting out of a short position when the eco data says long

when u get SL, you suffer, they win.

Just remember guys, the reason you cant get filled during news time is because no one is willing to trade against eco data that can move the market 100 pips.

a next thing: the real interbank market trades 100k lots and higher on avg.

(Link removed by Moderator.)
  • #450
  • Edited 8:21am Aug 7, 2006 8:01am | Edited 8:21am
I forgot to mention. FXCM told me that if I am into "news trading", I should get their special trading account propFX. Its like trading directly to some 17 interbank dealers......

Enticing but no thanks. I dont want to put more money into FXCM only to be fooled once again with more cheats!

Stay away from FXCM.
  • #451
  • Aug 7, 2006 9:13am Aug 7, 2006 9:13am
Burgerking,

I got nailed by fxcm for a 52 pip slippage on a GBP news release about a week ago...I think it was their employment numbers last week....I barely made it out of the position they stuck me with... with profit. Another time a 17 pip slip......

The order was in process for several minutes and when they finally filled it it was 52 pips off the entry order rate. I basically told them unfair and they said the same thing as they told you...we can fill you at 'next best' during market volatility...that entry prices are only guranteed during 'normal market conditions'

News happens all the time on FX.... Its like running in traffic trying to avoid a news release....virtually impossible...it can be done but you're missing out on tons of opportunities.

Therefore I'm of the opinion that a retail fx solution will ultimately die to the way side as and ecn will be the only outlet for professional traders, especially if you plan on trading news, and why not, that is one of this markets most attractive and unique opportunities to profit....

At this point the slippage i've had REALLY SCARES ME.... i mean... I cannot trust my entry orders to fill?? How about stops and limits?? Can the dealing desk just F#@! me whenever they feel that they will lose out too much by filling my order.... These are all very real troublesome thoughts for a person who puts capital at risk to make profit.... You MUST have full confidence in your systems... My fxcm experience as of the last 45 days has deteriorated into a mud pit of bad fills and order shenangans....

The told me about their propfx system... and yes this is a real system not a scam because it is based on Currenex... It completely by passes the fxcm dealing desk...

The thing about propfx is that you cannot do breakout orders... I think Stop Entry type... i.e. you put a buy order in above the rate to catch a move up... if you bid over ask on prop you are automatically filled... its a real ecn platform... therefore no more straddles.... so its a give or take and I dunno what I'm gonna do at this point anymore... serious kink in my plans....

I mean I have no problem dodging some news just to play my swing plays... But this whole entry order being filled at 50 pips off the rate has me very spooked as to the reliability of fxcm's systems and my entry orders.... freaks me out........which is an untradable mindset imo....

Vince
  • #452
  • Aug 7, 2006 9:53am Aug 7, 2006 9:53am
Quoting fl_tradin
Burgerking,

I got nailed by fxcm for a 52 pip slippage on a GBP news release about a week ago...I think it was their employment numbers last week....I barely made it out of the position they stuck me with... with profit. Another time a 17 pip slip......

The order was in process for several minutes and when they finally filled it it was 52 pips off the entry order rate. I basically told them unfair and they said the same thing as they told you...we can fill you at 'next best' during market volatility...that entry prices are only guranteed during 'normal market conditions'

.....But this whole entry order being filled at 50 pips off the rate has me very spooked as to the reliability of fxcm's systems and my entry orders.... freaks me out........
Vince
Sorry for the outcome but........why are you trading through fxcm, given the endless horror stories like yours that are repeated ad nauseum in this forum?

Read the thread on rating brokers and you will hear about good and bad brokers. FXCM stands out as the worse, particularly for those trading mins within the last several months. Usually those trading standard lots with FXCM for sometime have the fewest complaints.

But you must accept responsibility for your current position. You've paid your "dues" now, so welcolme to the club. From here on out, it's up to you to do your homework for your system. And include reading this forum as part of your homework.
  • #453
  • Aug 7, 2006 10:08am Aug 7, 2006 10:08am
At this point it is for a lack of better alternative and while in limbo demo'ing and hunting i'd rather have an account that I can trade on....

This is a tough time indeed and requires careful thought before i take my next step....

vince
  • #454
  • Aug 7, 2006 11:09am Aug 7, 2006 11:09am
Quoting trucco
yes man, but maybe you dont realize that there more and more people everyday starting forex. we are talking about milions a months.
So proportions and quantity are changing....
lets dont talk about the past

So if you think this fashion of all playing the news is not affecting everybody, lets start to ONLY play the news..
All of us only palying the news..no more normal trading.
Let see what will happend
I think we already saw the reesult in the last 3 weeks.
Trucco,

I agree the number of new customers should be creating problems for the brokers. But I don't think our little threads are the cause for this.

Pablo.
Pablo
  • #455
  • Aug 7, 2006 6:46pm Aug 7, 2006 6:46pm
1) Unit Labor costs

2) FOMC announcement

Let's take the broker discussions to threads that deal with that topic.

I want to concentrate on TRADING for tomorrow. The name of this thread is:How do you trade the news? So that is what I am asking.

Are you going to trade the ULC's, or wait until the FOMC?

With respect, but wanting to discuss trading and not brokers

DC
"There is MORE Happiness in giving than receiving"
  • #456
  • Aug 7, 2006 7:14pm Aug 7, 2006 7:14pm
Quoting MoneyMa$ter
Sorry for the outcome but........why are you trading through fxcm, given the endless horror stories like yours that are repeated ad nauseum in this forum?

Read the thread on rating brokers and you will hear about good and bad brokers. FXCM stands out as the worse, particularly for those trading mins within the last several months. Usually those trading standard lots with FXCM for sometime have the fewest complaints.

But you must accept responsibility for your current position. You've paid your "dues" now, so welcolme to the club. From here on out, it's up to you to do your homework for your system. And include reading this forum as part of your homework.
I've learned my lesson - about $2000 worth of unrealized NFP profit that is.

I have narrowed down my choices to a few: NorthFinance, OANDA, IBFX and perhaps Forex.com <- ??? (feel free to comment/add to the list, please I need your expertise)

Once I have a new broker funded, I'll slam the door on FXCM.
  • #457
  • Aug 7, 2006 7:35pm Aug 7, 2006 7:35pm
Quoting BurgerKing
"NorthFinance, OANDA, IBFX and perhaps Forex.com <- ??? (feel free to comment/add to the list, please I need your expertise)"
BurgerKing

FXsol should be added to your list. I know many good traders who use them. I have been hedge trading with them for a couple of month's and have moved my GFT funds to them, (They will actually assist with this)

My experience has been good with them. But remember, this is per request...information only. Each trader is responsible for educating himself about their broker to see if the brokers rules match your own trading style.


DC
"There is MORE Happiness in giving than receiving"
  • #458
  • Aug 7, 2006 10:20pm Aug 7, 2006 10:20pm
Quoting drcole1
1) Unit Labor costs

2) FOMC announcement

So that is what I am asking.

Are you going to trade the ULC's, or wait until the FOMC?

DC
FOMC. 2 paws or not 2 paws....
  • #459
  • Aug 7, 2006 11:53pm Aug 7, 2006 11:53pm
Alright, FOMC announcement tommarow!

K, this whole thread should be up and going EVERYDAY for major news economic announcements.

the FOMC is expected to be at 5.25%, like last month, yet there is not much info i can find on this report. My question is, where can i get detailed reports on past examples of this report? Also, if anyone is trading this, what triggers do you have that is either going long against the USD or short with the USD, and which currency pair? Is there a site to get detailed reports on new announncements?

Also, the unit labor costs and nonfarm productivity is coming out tommarow. This is a biggy too, which can generate from 10-20 pips, or even more. it is expected to come out as 3.6%, since i dont trade life yet, i am testing this. If the trigger comes about 4.6% and up i would go short on the ERD/USD, if its 2.6% i would go long, whta do you think? Anyones input would be great.

FOMC will be huge! inputs plz
  • #460
  • Aug 8, 2006 8:59am Aug 8, 2006 8:59am
For sure I am getting in later on the news release. Let me ask a question....anyone has the best method to trade the news? Lately it has been spiking up.50, 60 pips in less than one minute ...and when u enter your market order it is already too late...u get a later price...what should i do?

Thansk...
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