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Problem with my platform

Discussion in 'Beginners Bootcamp' started by Philip Benveniste, Apr 23, 2010.

  1. Philip Benveniste

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    :) Hi to all of you out there,

    my name is Philip and i'm trading for almost a year now in avafx.
    I was using after spike retracement strategy for dear Crazy Cat (who i'm thanking him), as it is very useful, until i became member of the autoclick program of Felix. I can surely say, that i'm far beyond satisfied with the performance of that program.

    The problem is that some times (when trading news) my platform does not execute the market order and particularly today in both UK GDP & CANADA CORE CPI. It reveals an error tab saying " REACTION TIME HAS EXPIRED. REJECTED ORDER TO BUY...WAS CANCELED BY THE SYSTEM DUE TO MARKET PRICE CHANGE".

    You can also see that error in the attached file.

    Please guys & gals, help me out here, my ..s is on fire!:eek:oh:!!

    Your's faithfully,

    Philip
     

    Attached Files:

  2. West Coast Pips

    West Coast Pips Sergeant

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    Hey Philip

    What is the exact name of the software you are using? You must remember MANY brokers simply despise people spike trading. This type of trading just does not go down well with many brokers. Liquidity drops significantly before news releases and many platforms just shut down. Many MT4 platforms have a bug in them to prevent people from news trading with auto click software. You are maybe going to have to move away from AvaFX and just test out your software with other brokers. You may get lucky but it is hard work finding a broker that will fill you even SOME of the time. Good luck!
     
  3. Philip Benveniste

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    Hi, and thanks for your reply. I'm using Secret News Weapon, and my platform in Avafx is not MT4. Not all of the times this happens. It usually happens in news that have substantial impact (UK GDP preliminary, or e.g. CAD CPI).
    I would greatly appreciate it, if you could recommend - pinpoint another broker, so I can give a try.

    Best Regards,
    Philip
     
  4. Boko Maru

    Boko Maru Sergeant

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    Hi Philip...basically I'll just echo what the other poster said. I don't know Avafx, but if they are a market maker, then they lose money every time you make it. So given that, it should come as no surprise they will try to defeat your spike trading. This is very common, and you'll find this same situation at virtually every market maker. They aren't just going to give you free money when they have to take the losing side of the trade.

    The other option is an ECN broker, where they make their money from charging a commission on your trades, not by taking the opposite side of the trade like market makers. The problem with ECN's though, is that the spread will widen considerably at news, making it much more difficult to be profitable.

    In short, you can make money spike trading, but it isn't nearly as easy as it seems. If it was, everyone here would be a billionaire :)

    Re. brokers, if someone has found a good broker for getting filled at news, they aren't going to broadcast that info on an open forum unless they're pretty stupid. The quickest way to ruin a good thing like that is having 1000 guys all of a sudden start using SNW at the same broker. Brokers WILL take note of that and will defeat those efforts; it's happened many times before. So re. finding a good news trading broker, you have to do that work yourself...sorry, but it's like a rite of passage all successful spike traders have to go through...
     
  5. West Coast Pips

    West Coast Pips Sergeant

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    I agree with Boko about finding a broker that will fill you, even some of the times, at news time and spike trading. It has taken me years of solid research and testing to get some success news trading as I do now. I must say I am far from getting filled 100% of the time when trading news with my broker. Even when I do get filled with my variable spread broker, I do get slipped every time. Sometimes the slippage is so bad I get filled at the end of the spikes and end up incurring a loss.

    Just test as many brokers as you pragmatically can; this is what I did. I have gone through literally 20 different live brokers in an effort to come to some level of success. Ask them several questions, like:

    1. Do they have fixed or variable spreads
    2. Do they allow scalping or trading the news. Just be upfront with your trading style. You will then iron out those brokers you do not want to invest more time with.
    3. What their leverage is.
    4. If they allow you to open an account with them depending on where you reside.
    5. If they do allow news trading ask if you will get slippage, rejections or requotes.
    6. How safe is it to trade with the broker in question. I.e. who are they regulated by, CFTC, NFA, FSA, CYSEC, etc.
    7. Are your funds segregated with the broker.

    Hope that helps.
     

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