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News Trading Broker

  • #81
  • Aug 22, 2006 9:22pm Aug 22, 2006 9:22pm
The Trick is to find a slow updating broker and a Fast Chart


FXCM.CO.UK Mini, is Slow compared to InterbankFX.com Meta V3 chart software , 2-3seconds is the norm which is enough to get in safely after the moves started at the start price, had a 15second delay the other day


Still no time to hesitate, see the direction click .. click and hope.

I do kill all DL's in the hope of speeding up Meta as much as Possible.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #82
  • Aug 22, 2006 9:39pm Aug 22, 2006 9:39pm
Quoting zarni
Human reaction time is about 220 milliseconds. 1/10th or thereabouts is negligible. There are more important factors to consider like what your news source is and how fast your interpret it. I consistently beat the big guys on news with very simple strategy and I trade across the pond (the server is not in the US).

Obviously you can split hairs all you want. But the bottom line is the bandwidth of the pipe doesn't have anything to do with latency.
I'm in no way doubting your expertise in this area but for certain stratgeis i use e.g. arbing spot/future 1ms most certainly makes a difference
  • #83
  • Aug 27, 2006 2:41pm Aug 27, 2006 2:41pm
One additional thing that should be metioned about Interactive Brokers is that they do charge a commission on FX trades. I trade IDEALPRO but they offer an alternative system called IDEAL. Their pip spread is tighter than what I get with FXCM and the commission is about $5.00 roundtrip (I think). That still keeps trading cost less with them than most FX brokers. I've not traded the news with them in a breakout fashion. I've entered with no problem a few minutes before a release when I've correctly anticipated the direction from price action and chart technicals. I've not experienced how well a stop would hold if it went against me. I plan to check into it with other traders on IBs board.

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).
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #84
  • Aug 27, 2006 2:54pm Aug 27, 2006 2:54pm
By "IB" do you mean Interactive Brokers or Interbank Fx. Some are calling them both IB because they don't know about the other.



Quoting bl33p
IB is great IF you get filled. Other than that I'm not too thrilled about it, max 50:1 with no maintenance margin so it's more like 25:1 tradeable, all positions lumped into one and even that clumsily.

BookTrader is great for short term scalping, love it.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #85
  • Edited 9:15pm Aug 27, 2006 8:53pm | Edited 9:15pm
Quoting blueshift
Be careful, as retail brokers tend to spike up/down prices to hit stop losses.
the spread that you see are various orders on the table. Spike up and down is just the various orders being filled and echanged.

a next thing, people stop thinking that ECN widen the spread: market players on the interbank market creates this spread.

think about it, which sensible person without prior knowledge of the report would like to place a limit order on GBP/USD before NFP knowing that they could lose alot of money if get filled.

Just my opinion...dont kill me now.

I am demoing Hotspotfx until i understand the platform and go live with 100K
  • #86
  • Aug 30, 2006 10:01pm Aug 30, 2006 10:01pm
Hi All,

just wanted to tell you my experience

i trade forex with Mg forex and i'm satisfied with their service and order filling,
they always have fixed pips with no sllipage or widenning .


every time i put a stop buy/sell order they have it filled immediately after orders hit.

really the broker role can make or break your trading.



thanks

Forexer
I always knew that someday I would make it big
  • #87
  • Sep 6, 2006 6:10am Sep 6, 2006 6:10am
Hi,

does anybody tried saxotrader or
a broker which uses this platform
for news trading and market orders
before the spike and can share opinions.

http://www.forex-trading-software.co...SaxoTrader.htm

regards, chris.
The trend is your friend, unless itīs about to end Thomas DeMark
  • #88
  • Sep 6, 2006 8:27am Sep 6, 2006 8:27am
Quoting forexer
Hi All,

just wanted to tell you my experience

i trade forex with Mg forex and i'm satisfied with their service and order filling,
they always have fixed pips with no sllipage or widenning .


every time i put a stop buy/sell order they have it filled immediately after orders hit.

really the broker role can make or break your trading.



thanks

Forexer
One question, are you trading live or is it a demo account? The reason I ask is....no matter what they tell you, demo accounts do NOT simulate the actual Live account action.

DC
"There is MORE Happiness in giving than receiving"
  • #89
  • Sep 6, 2006 9:34am Sep 6, 2006 9:34am
for some people trade during news release is important to find a good broker to accept this strategy. I was trade for a long time and this is my opinion about a few broker. Oanda now they has widen spread margin but they not blocked or resist this strategy and your market order will be filled. Northfinance.com, this broker actually good for those trade using technical. they were widen spread from 2 pipis to 3 or 4 during news release. But if you always straddle beware because they will be cancel one of your place order and I few time lost money when the price move 2 way. that means if the price go down before the price spike to go up, and the sell order will be filled first and after the price spike go up the buy orders will be cancell by broker, so sometime you will be lost. FXCM is not to good because the slippage happen during news relase and they always block your place order if you want straddle a few minute before news release.Now I looking a new broker forex.ch from switzealand. A demo account is good for who trade during news release but you must spent a little time to understand the software trading and maby I will move to this broker for future. I suggest to try a demo account firstly and if suitable with you just go on.
  • #90
  • Sep 7, 2006 1:19am Sep 7, 2006 1:19am
Quoting pipmaker
Hi,

does anybody tried saxotrader or
a broker which uses this platform
for news trading and market orders
before the spike and can share opinions.

http://www.forex-trading-software.co...SaxoTrader.htm

regards, chris.

G'day Chris,

I use a white labeled saxo platform...my experience so far is that spreads stay tight right up to the release, if the move is very fast the auto execute function will disable, which means instead of one click to buy/sell at market, you now have to re-enable then click your buy or sell ( so two clicks... and price has moved well away from your first attempt at getting in.)

If you are straddling, it works well, I have allways been filled, with slippage (due to less lquidity during the spike) avaeraging around 5 pips, worst was 10 pips. If you are very fast (within 1 to 2 seconds after the release) you can get in before the spike, depends on your news service.

The platform is stable, no freezes. On some occasions when trying to exit after getting a part of the initial move, I have had trouble getting out... in this situation I have received re-quotes... again two clicks delay for a worse price. Hope this helps some...

Cheers, nifty.
  • #91
  • Sep 7, 2006 1:36am Sep 7, 2006 1:36am
I don't believe in the bad broker idea. This is why I trade before the economic release. If you trade within the rules, you should not have a problem.

I determine market direction as stated in one of my postings and enter my trades pre-volatility. Because it is pre-volatility, the broker has to guarantee the entry order.

Profit or loss - You will get out of the trade. Your job is to minimize your losses and maximize your returns.

Forget the idea of bad brokers. It is not your broker's fault that your strategic trading plan is poor.
  • #92
  • Sep 7, 2006 9:19am Sep 7, 2006 9:19am
Quoting nifty
G'day Chris,

I use a white labeled saxo platform...my experience so far is that spreads stay tight right up to the release, if the move is very fast the auto execute function will disable, which means instead of one click to buy/sell at market, you now have to re-enable then click your buy or sell ( so two clicks... and price has moved well away from your first attempt at getting in.)

If you are straddling, it works well, I have allways been filled, with slippage (due to less lquidity during the spike) avaeraging around 5 pips, worst was 10 pips. If you are very fast (within 1 to 2 seconds after the release) you can get in before the spike, depends on your news service.

The platform is stable, no freezes. On some occasions when trying to exit after getting a part of the initial move, I have had trouble getting out... in this situation I have received re-quotes... again two clicks delay for a worse price. Hope this helps some...

Cheers, nifty.
Many thanks nifty to tell us your experience with saxotrader.
I will have a new look on the platform and test it. You can trade
different trading instruments with this platform and I find this
very usefull, not only for news trading.

Thanks
Regards, Chris.
The trend is your friend, unless itīs about to end Thomas DeMark
  • #93
  • Sep 7, 2006 3:44pm Sep 7, 2006 3:44pm
Quoting ngdaniel
I don't believe in the bad broker idea. This is why I trade before the economic release. If you trade within the rules, you should not have a problem.

I determine market direction as stated in one of my postings and enter my trades pre-volatility. Because it is pre-volatility, the broker has to guarantee the entry order.

Profit or loss - You will get out of the trade. Your job is to minimize your losses and maximize your returns.

Forget the idea of bad brokers. It is not your broker's fault that your strategic trading plan is poor.
Try FXCM and you will believe in the bad broker idea
  • #94
  • Sep 7, 2006 4:14pm Sep 7, 2006 4:14pm
Hi there,

what is your experience with FXSol? Are they good for news trading?

Thanks.
  • #95
  • Sep 7, 2006 4:25pm Sep 7, 2006 4:25pm
Quoting Geldschlucker
Hi there,

what is your experience with FXSol? Are they good for news trading?

Thanks.
I personally use FXSol and find them to be acceptable, but what I use and need may be different than what you need.

Do your homework. Know the fast market rules that the broker uses.

Adapt to the changing conditions that the Market will ALWAYS present.

And DO NOT BLAME YOUR BROKER FOR YOUR FAILURE!!!. Just like you won't give your broker total credit for your Success.

Take personal responsibility for each and every trade. Wins, Losses, Breakeven. Learn from EACH one!!!

And choose your broker(s) on the basis of your personal experience, your own style of trading, and your own preferences.

I personally have live traded with 3 different brokers and have good reason for being where I am at today. And not ONE reason has anything to do with what anybody else says.

Just a few words!

DC
"There is MORE Happiness in giving than receiving"
  • #96
  • Sep 7, 2006 4:36pm Sep 7, 2006 4:36pm
Quoting zarni
Try FXCM and you will believe in the bad broker idea
Read my other postings and you will understand why I don't see what a bad broker is.

In short, the rules for fundamentals trading is that the broker does not guarantee entries during high volatility. On the flip side, this means they must guarantee entries all other times. I enter approximately 5 minutes before a news announcement and stay in for only the first spike.
  • #97
  • Sep 7, 2006 7:56pm Sep 7, 2006 7:56pm
So what if a broker puts you on manual order/ trades? Now is it STILL the traders fault for trading news?
  • #98
  • Sep 7, 2006 8:40pm Sep 7, 2006 8:40pm
Quoting hunter101
So what if a broker puts you on manual order/ trades? Now is it STILL the traders fault for trading news?
If your broker puts you on manual order, it is time to find a new broker. What more can be done?
  • #99
  • Sep 7, 2006 9:43pm Sep 7, 2006 9:43pm
Quoting ngdaniel
Read my other postings and you will understand why I don't see what a bad broker is.

In short, the rules for fundamentals trading is that the broker does not guarantee entries during high volatility. On the flip side, this means they must guarantee entries all other times. I enter approximately 5 minutes before a news announcement and stay in for only the first spike.
Yeah i know what you meant. Was stating this tongue in cheek sort of based on my experiences...I just like to knock fxcm...
  • #100
  • Sep 7, 2006 10:06pm Sep 7, 2006 10:06pm
Quoting ngdaniel
Read my other postings and you will understand why I don't see what a bad broker is.

In short, the rules for fundamentals trading is that the broker does not guarantee entries during high volatility. On the flip side, this means they must guarantee entries all other times. I enter approximately 5 minutes before a news announcement and stay in for only the first spike.
Hi daniel,

wat happens in the case if the trade goes against u... do u have 10,15,20 or more stoploss order ?
Do u count slippage in ur trading as u like to trade b4 the News Events ?

Happy pipping.
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