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Trading the news with SNW and your broker

Discussion in 'Forex Company Comparisons' started by West Coast Pips, Mar 21, 2010.

  1. West Coast Pips

    West Coast Pips Sergeant

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    Hi everyone

    I got in to forex about 5 years ago. I have invested a lot of money and effort getting into forex and am now a very active trader.

    I read a lot of websites daily about economic news and climates. I study charts in depth, research about forex in general and a whole lot more.

    I began trading several years ago with just mini lots. I was basing my trades on technical analysis. I made money, I lost money, that is to be expected. About a year later I was fascinated how price action could move so much when news came out. So I developed a style for trading the news years ago & I made a little bit of money. That style of trading was soon to wear thin as brokers would no longer fill you with limit positions around news releases (basically straddling which I do not recommend at all these days).

    I then came across an auto clicker out of Canada that would trigger a buy or sell on your chosen currency pair for certain news releases as they came out. I was doing reasonably well with my broker FXCM at the time. For a few months I would great fills and good profit. However, brokers everywhere became more and more loathe to people trading the news and making profit in mere seconds.

    The Canadian auto clicker I was using went bust so I had to research another news auto clicker that was out there. I came across one called RSS. I used this maybe for only a couple of months as I did not like the interface (and still don't). I was lucky to stumble across SNW (Secret News Weapon). I have now been using this neat piece of software for a few years.

    However, whilst I may well have the best news trading software out there (in my opinion) my broker FXCM UK has gotten tighter and tighter with getting me fills when news comes out. FXCM UK gives you the option of being able to get in the market, even at news time, 100% when you use their 'at best feature.' I was always reluctant to use this as I could foresee uncontrollable slippage. The other option to get into a market trade is to use their 'market range' feature. I use this all the time just to make sure I will not get a crazy fill. Even when I set my market range as high as a big 25 pips I am mostly rejected for all major news releases with FXCM. Frustrating when you have spent so much time and energy into trading this way.

    I actually tried using their 'at best' entry option for a market trade when NFP numbers came out a few months ago using only 1 mini lot. I was slipped a good 60-70 pips which is terrible. On top of that your order can take several seconds to fill.

    I have literally opened accounts with about 20 different brokers worldwide. A lot of them made false promises about being able to trade the news with them. I funded many different accounts, tried to make a trade around a significant news release and either got terrible slippage, requote or rejection. In January 2010 I was the victim of a broker scam despite doing copious research on the company and lost thousands.

    I know a lot of you will say there is much reduced liquidity in the market at the time news being released. I agree wholeheartedly. To name some other brokers I have been through: Alpari UK, Tadawul, Activtrades, CMS, Prime4x, IFC, etc, etc. All of them are terrible to trade the news with.

    I know a trader's mentality is not to share with anyone else a good broker they have come across that they can successfully trade the news with. After all you need to research the hell out of a broker to make sure you will be trading successfully AND safely when it comes to news releases. I have shared my stories trading with FXCM UK who is still my main broker despite being rejected most of the time come news releases. Is anyone prepared to share with us a broker that he or she is doing well with trading the news?

    Thank you
     
  2. mohd.abdul.waqar

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    have u tried MB Trading?
     
  3. Swiftx

    Swiftx Recruit

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    Latency

    Hey your threads are very interesting as our stories are pretty similar.

    we are also using SNW and have just moved to a broker which at small lot sizers are performing very well. However we have heard that they are not a true ECN as advertised.

    We have concentrated on our latency between SNW and the broker and wondered if you have perused this route and with the other brokers you have tried should as Activtrades how quick you placed your order?

    Regards.
     
  4. adleee84

    adleee84 Private

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    hi guys,

    roboforex claimed that their ecn-fix account is free from slippage. sadly, they have changed their trading condition to floating spread, no longer fixed spread. anyone tried before?

     
  5. Pharaoh

    Pharaoh Colonel

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    Simply put - any REAL ECN can't have a fixed spread. ECN means direct connection to real LPs. Real LPs have variable spreads.
     
    mbelukh likes this.
  6. adleee84

    adleee84 Private

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    thanks Pharaoh. Do you mind sharing what broker you used for news trading? i heard oanda and MBtrading are good.

     
  7. Pharaoh

    Pharaoh Colonel

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    Personally, I prefer to trade technicals on long term trends. I did some news trading, but that was a very long time ago.
     
  8. AndreaS3

    AndreaS3 Suspicious Person

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    Hi,
    I have been trading the news for a while now and I would like to team up with you to share
    experience, strategies and broker.
    Would you mind to chat privately through Skype. My ID is xxxxxx.xxxxx
     
  9. Pharaoh

    Pharaoh Colonel

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    And why you don't want to say the name of the broker publicly? Are you an IB? Are you an employee? Is the broker so badly rated that everyone would laugh?
     

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