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News Trading Broker

  • #21
  • Aug 6, 2006 3:11am Aug 6, 2006 3:11am
Quoting jessieblue
For now, but the number of news traders is increasing because of threads like these.
Again, there is a difference between news traders and 2 orders traders.

These are not news traders. Putting 2 orders or whatever, hopping to be executed and go for 100 pips... that's not news traders. If the order wasn't executed, come here and complain that you have a bad broker. Catch 100 pips and you think what a good news trader you are. For some people it's working like this. How long? We will see.

Get the bloomberg terminal, get the news fast, think what the news say, take action based on the news... then call yourself news trader, or anybody else.
Try hard, think fast, die young
  • #22
  • Aug 6, 2006 4:25am Aug 6, 2006 4:25am
Quoting forexplayer
Do you have a web link to them? Thanks.

www.interactivebrokers.com
  • #23
  • Aug 6, 2006 1:04pm Aug 6, 2006 1:04pm
Quoting dof
Again, there is a difference between news traders and 2 orders traders.

These are not news traders. Putting 2 orders or whatever, hopping to be executed and go for 100 pips... that's not news traders. If the order wasn't executed, come here and complain that you have a bad broker. Catch 100 pips and you think what a good news trader you are. For some people it's working like this. How long? We will see.

Get the bloomberg terminal, get the news fast, think what the news say, take action based on the news... then call yourself news trader, or anybody else.
I love it. Thank you for clearing up the official requirements for a trader to deserve a particular moniker.

I for one will not purchasing a ridiculously expensive news service, forcing myself to make a split second decision under pressure and then trying to get filled on a market order in heavy volatility just to earn your seal of approval.


Trade what consistently makes money for you !!!!!!
If you are successful, call yourself whatever you want.....................
Profit is where readiness meets Opportunity
  • #24
  • Aug 6, 2006 1:41pm Aug 6, 2006 1:41pm
Quoting FXopportunist
I love it. Thank you for clearing up the official requirements for a trader to deserve a particular moniker.

I for one will not purchasing a ridiculously expensive news service, forcing myself to make a split second decision under pressure and then trying to get filled on a market order in heavy volatility just to earn your seal of approval.


Trade what consistently makes money for you !!!!!!
If you are successful, call yourself whatever you want.....................
There are limits, if you are successfull, you are successfull, that's it. You can't call yourself what ever you want. You can't call yoursellf god, or something else. Money is not everything, and being able to make money on forex doesn't make somebody special, he's just a guy that makes money on forex.

If you call it "a ridiculously expensive news service" that means (in my opinion) that you are not successfull enough. For somebody that wants to be a news trader I think it's necesary to have a good news feed. For somebody that puts 2 orders (buy and sell) it's not necesary, but that person is not a news trader.

I agree, trade whatever is profitable for you.
Try hard, think fast, die young
  • #25
  • Aug 6, 2006 2:30pm Aug 6, 2006 2:30pm
Quoting dof
There are limits, if you are successfull, you are successfull, that's it. You can't call yourself what ever you want. You can't call yoursellf god, or something else. Money is not everything, and being able to make money on forex doesn't make somebody special, he's just a guy that makes money on forex.

If you call it "a ridiculously expensive news service" that means (in my opinion) that you are not successfull enough. For somebody that wants to be a news trader I think it's necesary to have a good news feed. For somebody that puts 2 orders (buy and sell) it's not necesary, but that person is not a news trader.

I agree, trade whatever is profitable for you.

DOF, when it comes to trading, MAKING MONEY IS EVERYTHING !

If you make money in forex, statistacally you are somebody special.

As for news services - It is "ridiculously expensive" DOF. If it is chump change for you then I am truly happy for your good fortune B U T, no matter how much money I accumulate I try not to lose track of the value of a dollar. While frame of reference may be somewhat subjective, $750.00 dollars a month just to send you information is not. It is just plain robbery. PERIOD.

I'm not saying this is you, but some people get really angered by the success of someone that they feel is not "as smart" as they are. It may be unfair that lessor analysts could profit with the old market straddle technique, but hey, There are a finite amount of opportunities in the trading week and I sure as heck don't want to miss out because of pride.

The fact is pre data straddles have paid clean lately. That is good for all traders. However, the reality is, it does not always go like that. Anyone whom has been doing this for awhile knows this. I have taken a hit both ways on a whipsaw and it smarts pretty good. So defines the burden for the straddle trader.

Straddlers must adapt and adjust their strategies too. It is no free lunch. I try to remain cool, observant and look for problematic fundementals leading up to the data that could lend itself to whipsaws. Sometimes you lose in one direction only to win it back and then some in the other. I have even had winners on both sides of a whipsaw and then even got part of the subsequent move!!!! That was awsome feeling.

My point is, there is an art to every strategy. Just because someone doesn't do it your way doesn't mean they are not news traders. I have no desire to argue definitions but I SAY, if you trade during the news-you are a news trader. Pretty simple logic.

If you NEVER straddle, hey that's cool.
I have tried to get a good fill on a market order during a major data announcment. It has seldom worked out. That is why I went to entry orders in the first place. I have never looked back.

If you are gettin it done your way, AWSOME ! TOO COOL !
But please!!!! . Dont' tell me what kind of trader I am.
Profit is where readiness meets Opportunity
  • #26
  • Aug 6, 2006 2:43pm Aug 6, 2006 2:43pm
That's your opinion and i respect it.

I think you have to be there with a reason, not just to be there.

Happy trading.
Try hard, think fast, die young
  • #27
  • Aug 7, 2006 11:50am Aug 7, 2006 11:50am
Bump, any ENC news brokers for little forex noobs that will respect our tiny account?
  • #28
  • Edited 2:39pm Aug 15, 2006 2:11pm | Edited 2:39pm
Quoting Bounty_Two
Hello, I can recommend Interactive Brokers. They offer an ECN where your order will be represented. Unlike with Oanda (Oanda isn't a broker, but a market maker), you are not forced to use artificial bid/ask prices. Instead, you can improve bid or ask levels and wait for others to meet your offer. Even if you only plan to use market orders, the spread is rather narrow. During NFP release I didn't notice it widen to more than 3 pips, while the usual spread is 1.5 pips (minimum 0.5).
I have to correct my previous statement: Today during PPI at 1430 CET I saw the spread widen to as much as eight pips. I had a stop limit order with a limit 2 pips above activation price which was overrun by the market without being filled.
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  • #29
  • Aug 15, 2006 3:49pm Aug 15, 2006 3:49pm
Thanx bounty! that helps alot. Well, oanda widen its pips to 15, so i think every brokage is doing it, there can be lots of reasons for it, but what is certain is that this can drive our profits down. But alas, 8 pips isnt much to enter a trade that goes over 50+ pips in 2 minutes, which was the CPI today, but it jumped right back up REAL fast.

Once again thanx bounty for your post.
  • #30
  • Aug 15, 2006 4:21pm Aug 15, 2006 4:21pm
Is it just the market makers who are widening the spreads or are the ECN's showing wider spreads too????

What are the ECN traders seeing out there??
Profit is where readiness meets Opportunity
  • #31
  • Aug 15, 2006 5:05pm Aug 15, 2006 5:05pm
Quoting FXopportunist
Is it just the market makers who are widening the spreads or are the ECN's showing wider spreads too????

What are the ECN traders seeing out there??
The ecn's spreads widen too, but I have never seen a spread of 30 or more pips from an ecn. The problem with an ecn during news times is that you may never get filled until the market moves drastically with the risk being too high to enter at that point.
  • #32
  • Aug 16, 2006 1:01am Aug 16, 2006 1:01am
Quoting FXopportunist
Is it just the market makers who are widening the spreads or are the ECN's showing wider spreads too????

What are the ECN traders seeing out there??
See my previous post with the attached screenshot! Interactive Brokers is an ECN ("electronic communication network", the term is not limited to forex, since ECNs were used for stocks before, think of Island ECN) broker. So it's not the broker itself who widens the spread, but the market participants (retail traders and professional liquidity providers like BearSterns, JPMorgan).

I'll try to post another screenshot for today's CPI release.
  • #33
  • Aug 16, 2006 8:31am Aug 16, 2006 8:31am
I'm not having a problem with widening spreads. I'm having a problem getting filled. I've been experiencing a lot of slippage the past month, which hasn't been the case in previous months. I'm not sure whether it's related to market conditions or what.
  • #34
  • Aug 16, 2006 8:39am Aug 16, 2006 8:39am
... at Interactive Brokers, 1430 CET. One minute before the release I had entered a straddle with stop trigger +- 5pips, stop limit +- 10 pips, each with a 10 pip trailing stop attached. Went long at 1.2798 at 14:29:58 CET, then got stopped out at 1.2790 at 14:29:59 CET (one second later). Strange thing is that my data feed doesn't show a lower bid than 1.27905 for that time, but I guess the data feed couldn't catch all fluctuations. Price went above 1.2840 later, so I missed a nice move. Since this was my first attempt on such a tight straddle I only took a small position, but I'm still disappointed.
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  • #35
  • Aug 16, 2006 8:52am Aug 16, 2006 8:52am
I am trading with MB Trading. Today at around 8:29 am est I put on a buy stop order for 1.8938. The price moved through my stop order and so I tried to cancel my live order, but to my surprise I was actually filled while trying to cancel the order. This was a great fill at 1.8980 which is only 42 pips away from where I had my original buy stop at. Awesome execution.
  • #36
  • Aug 16, 2006 9:07am Aug 16, 2006 9:07am
Quoting compujock
Same here. Can anyone with a live MB account shed some light on this? I would really like to know what the spreads for eur and gbp were on mb this morning in and around NFP. And how reliable the fills are at the beginning of the initial spike.
it is most often 1pip spread from what i've seen during news..
  • #37
  • Aug 16, 2006 9:09am Aug 16, 2006 9:09am
Quoting nd1377
I am trading with MB Trading. Today at around 8:29 am est I put on a buy stop order for 1.8938. The price moved through my stop order and so I tried to cancel my live order, but to my surprise I was actually filled while trying to cancel the order. This was a great fill at 1.8980 which is only 42 pips away from where I had my original buy stop at. Awesome execution.
welcome to the wonderful world of news trading.

You did collect a pretty profit, despite, I assume (30+ pips?)

If it's any consolation to you, I had a hedged trade at FX Sol and went to close the losing hedge to let the other one run wild and free at 1.8932 I pushed the button...with an INSTANT execution, I was closed at...1.8955...we're talking milliseconds here.

I wasn't upset, though...I figured slippage would be part of the game, but a 23 pip difference (around $800 or so) is not fun to think about. But, I collected a LARGE run up towards 1.9000 with the profitable portion which made this trade a successful one as my main goal was achieved.
  • #38
  • Aug 16, 2006 9:10am Aug 16, 2006 9:10am
Quoting zarni
it is most often 1pip spread from what i've seen during news..
The spread may be 1 pip but getting your order executed is the problem during news.
  • #39
  • Aug 16, 2006 9:16am Aug 16, 2006 9:16am
Quoting nd1377
The spread may be 1 pip but getting your order executed is the problem during news.
It is ECN...the orders execute instantaneously. 0 slippage
  • #40
  • Aug 16, 2006 9:16am Aug 16, 2006 9:16am
Quoting mrmikal
welcome to the wonderful world of news trading.

....

If it's any consolation to you, I had a hedged trade at FX Sol and went to close the losing hedge to let the other one run wild and free at 1.8932 I pushed the button...with an INSTANT execution, I was closed at...1.8955...we're talking milliseconds here.

I wasn't upset, though...I figured slippage would be part of the game, but a 23 pip difference (around $800 or so) is not fun to think about. But, I collected a LARGE run up towards 1.9000 with the profitable portion which made this trade a successful one as my main goal was achieved.
Great post MrM....show the young turks the attitude necessary to win in this business we call FOREX. Adapt, improvise, dominate.
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