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News Trading Broker

  • #101
  • Sep 7, 2006 10:25pm Sep 7, 2006 10:25pm
Quoting kevfx
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.
Your question is a comfort level question. You must decide what you are comfortable with losing on a trade. I've had stop loss orders of 50 - 100 pips upon entry. If it moves against me and does not trigger me out, I wait until the candle retraces so I can manually get out close to my entry to minimize my losses.

Hope this helps.
  • #102
  • Sep 8, 2006 6:08am Sep 8, 2006 6:08am
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.
Hi,
You sure about saxo ?
saxo didnt execute the entry long order @1.1116...they blocked my demo, and then executed it at 1.1136...

And when 1.1116 was touched , the spike wasn't yet started...so a better price then the end of the spike was for sure available.

So I dont think they are so different from others...
They are adjusting as well...
But is true, until 2 months ago is was better.

So if it was in real it would have been only loss...

What about saxo life ?
  • #103
  • Sep 9, 2006 6:47am Sep 9, 2006 6:47am
Quoting trucco
Hi,
You sure about saxo ?
saxo didnt execute the entry long order @1.1116...they blocked my demo, and then executed it at 1.1136...

And when 1.1116 was touched , the spike wasn't yet started...so a better price then the end of the spike was for sure available.

So I dont think they are so different from others...
They are adjusting as well...
But is true, until 2 months ago is was better.

So if it was in real it would have been only loss...

What about saxo life ?
G'day Trucco,
Demos and Live account have different data feeds and (often different servers) you cannot compare them. I traded CAD Employment change with a live account (saxo white label), this was my experience... Straddle +/- 10, placed 15 secs before releas due when bid was 111.065.
Buy on stop bid @ 111.16... filled @ 111.29. Spread was 5 pips + 8 pips slippage. Initial spike went to 111.385.. I tried to exit @ 111.38 has price hesitated, but platform would not execute, took approx 2 seconds before I could get the platform to re-enable, and was able to exit @ 111.33 for a 4 pip net profit. Maybe you are right trucco... first time I have had trouble getting out... perhaps things are changing.
Cheers, nifty.
  • #104
  • Sep 9, 2006 8:10am Sep 9, 2006 8:10am
Quoting nifty
G'day Trucco,
Demos and Live account have different data feeds and (often different servers) you cannot compare them. I traded CAD Employment change with a live account (saxo white label), this was my experience... Straddle +/- 10, placed 15 secs before releas due when bid was 111.065.
Buy on stop bid @ 111.16... filled @ 111.29. Spread was 5 pips + 8 pips slippage. Initial spike went to 111.385.. I tried to exit @ 111.38 has price hesitated, but platform would not execute, took approx 2 seconds before I could get the platform to re-enable, and was able to exit @ 111.33 for a 4 pip net profit. Maybe you are right trucco... first time I have had trouble getting out... perhaps things are changing.
Cheers, nifty.

Hi nifty
Thats what I mean.
I never had problems with saxo before, but since 1 months or more I feel things have changed , indeed I play with little amounts the news now...
and fortunatly, because I must say that in the last period, all news trading finished in 0 or loss....
  • #105
  • Sep 13, 2006 8:28am Sep 13, 2006 8:28am
Here is my experience with Forex.com this morning training GBP unemployment. I attempted to place a stradde with 10 pips two minutes prior to release. It keep giving a me a red box stating order has been canceled or error with order, or something to this effect. Two minutes out. Is this what everyone means by being put on manual execution? Shall I look elsewhere?
  • #106
  • Sep 13, 2006 8:29am Sep 13, 2006 8:29am
Quoting PTOURNIS
Here is my experience with Forex.com this morning training GBP unemployment. I attempted to place a stradde with 10 pips two minutes prior to release. It keep giving a me a red box stating order has been canceled or error with order, or something to this effect. Two minutes out. Is this what everyone means by being put on manual execution? Shall I look elsewhere?
looks elsewhere
  • #107
  • Sep 13, 2006 4:15pm Sep 13, 2006 4:15pm
Today I tried to trade GBP/USD on unemployment numbers. There were some wicked price jumps at the IDEALPRO ECN. If you look at the attachment, you'll see the spread developing through the news release from bottom to top.

First it's rather tight, moving between 1.8754 - 1.8761, sometimes as small as 1 pip. Then, for a fraction of a second, price drops more than 10 pips to 1.8744x1.8746, which is still tight, but way below the previous quote [quote time 10:30:00, yellow highlighted line]. The next quote, within the same second, is near the old level again, 1.8759x1.8762.

This had the strange effect on my trading that I went long at 1.8760 pre release, then the downspike triggered my stop limit exit order, but the stop was filled at1.8760, too.

With my counter trade I had even less luck: short at 1.8756, stopped out at 1.8769. Due to a mistake, I didn't use a stop limit order here, but only a stop market order which got filled at the top.

I'm curious wether Interactive Brokers will keep up their own ECN when CME starts spot forex next year...
Attached Image
  • #108
  • Sep 25, 2006 5:55am Sep 25, 2006 5:55am
I'm psoting this to brign this thread alive after merlin closed my active thread ( it was the same topic as this). Here is the thread http://www.forexfactory.com/forexfor...ead.php?t=8279

So let's continue the discussion here.
  • #109
  • Sep 25, 2006 5:56am Sep 25, 2006 5:56am
I'm leaning toward northfinance, it seems to get good reviews from news traders.

However the discussion about NF regulation just popped up. You can read more about it here:

http://www.forexfactory.com/forexfor...ead.php?t=8300

Frankly IMO, if they do the job I couldn't care less if they're regulated or not, but others may not like that. According to forum members here NF seems to be a good news broker.

But NF has one big problem lately - its servers. They keep crashing around US news time, so they're practically useless for news trading.

Do they still do that? I haven't been around the last few days.
  • #110
  • Sep 25, 2006 7:30am Sep 25, 2006 7:30am
Quoting fxkingg
I'm leaning toward northfinance, it seems to get good reviews from news traders.

However the discussion about NF regulation just popped up. You can read more about it here:

http://www.forexfactory.com/forexfor...ead.php?t=8300

Frankly IMO, if they do the job I couldn't care less if they're regulated or not, but others may not like that. According to forum members here NF seems to be a good news broker.

But NF has one big problem lately - its servers. They keep crashing around US news time, so they're practically useless for news trading.

Do they still do that? I haven't been around the last few days.
NF is offshore broker so they don't need any regulation from authorities if they don't want. I heard their server is normal again.
ThinkForex
  • #111
  • Sep 25, 2006 7:34am Sep 25, 2006 7:34am
Quoting fxkingg
I'm leaning toward northfinance, it seems to get good reviews from news traders.

However the discussion about NF regulation just popped up. You can read more about it here:

http://www.forexfactory.com/forexfor...ead.php?t=8300

Frankly IMO, if they do the job I couldn't care less if they're regulated or not, but others may not like that. According to forum members here NF seems to be a good news broker.

But NF has one big problem lately - its servers. They keep crashing around US news time, so they're practically useless for news trading.

Do they still do that? I haven't been around the last few days.

Servers dont crash at news time. Some brokers intentionally freeze their platform so that no one can trade just after news announcement. Then they blame it on servers crashing. Sort of finding a excuse.
  • #112
  • Sep 25, 2006 7:52am Sep 25, 2006 7:52am
Quoting PipStar
Servers dont crash at news time. Some brokers intentionally freeze their platform so that no one can trade just after news announcement. Then they blame it on servers crashing. Sort of finding a excuse.
have you ever noticed that this site crashes around news times too? is this a conspiracy, or server overload?
Relax and be happy.
  • #113
  • Sep 25, 2006 9:13am Sep 25, 2006 9:13am
Merlin with all respect, I understand that you gues at the forexfactory don't want to cash out enough money to get a reliable enough server to maintain 99.9% uptime. On the other side, a broker who don't want to spend those money is nothing but unserious. Getting a server who can handle the traffic around news time should not be that hard. Im saying this because I have indepth knowledge of server building and maintanece. So it's preaty simple, either the broker don't want to spend cash on reliable and redundant servers wich make them a lousy buisness parter, or they don't want you to trade.

Either way it's just as bad.
  • #114
  • Sep 26, 2006 4:42am Sep 26, 2006 4:42am
Quoting Nybegynner
Merlin with all respect, I understand that you gues at the forexfactory don't want to cash out enough money to get a reliable enough server to maintain 99.9% uptime. On the other side, a broker who don't want to spend those money is nothing but unserious. Getting a server who can handle the traffic around news time should not be that hard. Im saying this because I have indepth knowledge of server building and maintanece. So it's preaty simple, either the broker don't want to spend cash on reliable and redundant servers wich make them a lousy buisness parter, or they don't want you to trade.

Either way it's just as bad.

I could not have said it any better.
The forex factory is a free website for me so I can put up with not being able to access some pages at news time. It doesnt affect my trading.

On the other hand, the broker is someone that I pay (through the spread plus some more through their well planned slippage), therefore I am less likely to accept the games they play at news time through supposedly server crashes to which they have full control. They could fix it if they wished but then again, if brokers can earn money (or not lose any) through server crashes, why fix it?
  • #115
  • Sep 29, 2006 4:54pm Sep 29, 2006 4:54pm
i am having problems with my broker also(FXSOL) for similar reasons. keep me posted.
  • #116
  • Sep 29, 2006 10:03pm Sep 29, 2006 10:03pm
After reading a bunch of posts here, I can see there is a basic misunderstanding of how trades can be worked by brokers and what they can do.

First of all, every broker looks at newstraders as the lowest of the low. It's a lot of work to deal with us-they can get hurt financially and usually a very contensious relationship develops between the newstraders and the brokers. The only time that a broker has the potential to lose money is during the time when the news is released-at all other times they are garunteed to make money, with very little work.

Think about it from their point of view. A broker is like a store that has no inventory. When they get an order for something, they have to get it from someplace else before they can sell it to us. (By sell, I mean sell us a long or short position).

In order to make money when alot of orders are coming in at once (or not lose), a broker has to aggragate all the orders, meaning he has to find the difference between many buy and sell orders, in a few different currencies. Let's say he has a net position of 1000 lots of buys in the EUR. He has to get a price from someplace else to cover those positions and during that time-your platform can be frozen, or a message may come up that says "waiting for price", because he has to actually go out and buy what it is that you want. The fact is-brokers are not only allowed to do this, it's actually their function! Yes-they are our "market maker". Do you know what that means? THEY are setting the price for US. The price is NOT set by a centralized market in Forex, it is set by the BROKER.

There is alot more I can tell you about this-if you want to know more-let me know. Here is one more bit of info that you may not have been aware of-technically, a broker is allowed to hold your order for 2 DAYS before he is required to fill it! (1 day for the USD/CAD)
  • #117
  • Sep 29, 2006 10:07pm Sep 29, 2006 10:07pm
Quoting NewstraderFX
After reading a bunch of posts here, I can see there is a basic misunderstanding of how trades can be worked by brokers and what they can do.

First of all, every broker looks at newstraders as the lowest of the low. It's a lot of work to deal with us-they can get hurt financially and usually a very contensious relationship develops between the newstraders and the brokers. The only time that a broker has the potential to lose money is during the time when the news is released-at all other times they are garunteed to make money, with very little work.

Think about it from their point of view. A broker is like a store that has no inventory. When they get an order for something, they have to get it from someplace else before they can sell it to us. (By sell, I mean sell us a long or short position).

In order to make money when alot of orders are coming in at once (or not lose), a broker has to aggragate all the orders, meaning he has to find the difference between many buy and sell orders, in a few different currencies. Let's say he has a net position of 1000 lots of buys in the EUR. He has to get a price from someplace else to cover those positions and during that time-your platform can be frozen, or a message may come up that says "waiting for price", because he has to actually go out and buy what it is that you want. The fact is-brokers are not only allowed to do this, it's actually their function! Yes-they are our "market maker". Do you know what that means? THEY are setting the price for US. The price is NOT set by a centralized market in Forex, it is set by the BROKER.

There is alot more I can tell you about this-if you want to know more-let me know. Here is one more bit of info that you may not have been aware of-technically, a broker is allowed to hold your order for 2 DAYS before he is required to fill it! (1 day for the USD/CAD)
I'd say most people know that already. The point is it is unacceptable for servers to be down. Requotes and slippage is fine but "crashed" servers is just plain absurd.
  • #118
  • Edited 10:32am Sep 30, 2006 10:09am | Edited 10:32am
I'll agree with that servers being down is unacceptable-but I don't agree that most people know this already. I urge everyone to read their broker's websites. If you are trading with a broker that "garuntees a fill on all orders", that in itself is proof to me that the trader has no idea what is going on and should immediately stop trading around the news. A garuntee of a fill means that your order will be held while the broker searches for a price, gets it, marks it up, then sells it to you, with no ability on your part to cancel the order. The worst brokers will hold your order until the market actually goes against your original position before giving it to you.

If you are trading with a broker who during a volitile market sometimes does not fill your "at-market order" because the price has moved, or who offers you the option of accepting a different price and cancelling your order if you do not accept it and this gets you pissed off-see above. You have no idea of what is happening in a volitile market, because in this case, you are being protected from slippage and being filled at the top of a market that has now reversed against your original position.

Nobody but nobody has any idea that a broker has 2 DAYS to fill your order. Any broker who works as per the above paragraph (not garunteeing a fill) is de facto an honest broker who is trying to give you the best price available. I can tell you for a fact DB works this way and I have avoided losses numerous times. Have I made all of the pips available if the fill had been perfect? No. But if you are looking for perfect fills and think you have some kind of "right" to get them-again see above.

So who is the best broker to actually trade with during newstimes i.e. volitile markets? Good question. If you are trading in these dangerous markets the safest way to do it is with a broker who has 2 different types of orders; one that does not garuntee a fill and one that does and in BOTH cases does so at the BEST price available. I'll explain.

You only want to enter a volitile market with an order that does not garuntee a fill. This protects you from slippage and being filled at the top of a market that has now gone against your original position. Once you do get in, you need an order that is garunteed to fill i.e. gets you out-slippage may occur with this 2nd order but again, it's the safest way to trade in this kind of market and if you're unwilling to accept that...don't trade during the news.
  • #119
  • Oct 2, 2006 6:47pm Oct 2, 2006 6:47pm
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.
well , first off nifty says that he uses a white label platform through saxo ,, I do as well , and up to 30 min ago and for the last 4 months its been great trading the news .. , i have only been slipped once in like 50 trades including NFPR ,,, life has been good and other than the ocacional whipsaw , as i straddle the market , iv been happy ,
excpecailly when i came to realize that what i had with my broker was rare ..
but that has changed .. guess i was not the only one making some money , anyway nifty , do you have whats called nonslip order,s being implemented .. ?
sounds good , hey guys , no slip . thing was there was no slip before they decided to bring them in .. here,s the catch , minimum distance to stop is now 20 to 25 pips not including the spread ... can we say , got-cha ... so basically a 30 pip straddle is the min on the lb .. i feel violated
hemp
  • #120
  • Oct 23, 2006 8:53am Oct 23, 2006 8:53am
Quoting yhboey
.... I heard their server is normal again.
Yep, their connection is perfect again, coz as they told me they installed new servers inc.proxy, and increased their security levels...
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