Hey traders,
Wanted to share something that just occurred, hopefully it will be a reminder to those more experienced folks, and a lesson to those just starting.
Will keep it brief.
Shortly after the FOMC release, I was planning on scalping the EURUSD.
I had a long AUDUSD trade open, and also long GBPJPY.
Now, when the release hit the wires, volatility flooded the market (as expected)
However, when the release hit the wires, my trading station software hit the wall (not as expected)
My limit had been breached by nearly 10P on my AUDUSD trade, yet I wasn’t filled (slippage is common).
But, then the tool just wouldn’t respond at all. Tried closing the position manually, and everything froze (CPU was running just fine). The position moved into negative territory quickly, and after restarting trading station- everything was not right.
I couldn’t get any data loaded into my summary tab, open positions, orders, and account summary. All the #'s were off. So, defcon 3 mode kicked in.
Pulled up a chat, but, as moderately expected it got me no where.
So there I sat, completely unaware as to what was happening with my account balance.
Or, so it seems.
THIS IS WHY IT’S CRITICAL TO HAVE A BACK UP PLAN.
Opened up my handy-dandy ipad- got into my FXCM Mobile TS app, and boom, I was back in the game after a minor data-hiccup which lasted a few minutes.
Looks like there was a data issue, as my original limit order was eventually filled and the proceeds credited to my account. So, kudos to FXCM for that.
Moral of the story:
Consider setting emergency stops and limits around news events just in case
Always have a backup method to check on your positions
Be aware of the trading desk Tele # @ your broker in case you need to manually call in and close out trades
Keep calm
I’ve traded many NFP releases via TS with FXCM and have never had this issue before, so it is clearly a one-off.