Not for the 1st time Interest Rate Announcements have crept up and taken me out!
I manage a very small live account, having taken the plunge from the demo and I am showing slow steady progress with my trading strategy.
Then we get Swiss and UK inflation announcements on the same day and it tears my account up!
My open profit ballooned this morning, until the Swiss rate hike and then I crashed.
Very silly of me not to be conscious of the announcements today. I will make sue next time!
I think I might simply close my trades prior to future announcements.
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Trading before news is gambling. Better safe than sorry. Don’t follow the hype of trading high impact news events.
@SMIfx I’m sure you’re right, but it took out some of my stops, of trades that we’re doing very nicely.
Now it’s all settling down, prices are reverting back towards where they were. Frustrating.
Why did it tear your account up? Didn’t you have a stop loss or did slippage catch you out?
I had stops in place, but they all got hit at once. The markets moved so quickly that there was slippage and closed past my stocks.
I may have exaggerated a little on ‘tearing my account up,’ it just took me by surprise I suppose.
Since you look at the forum on BP why not also look at the BP calendar as a morning routine? It is actually a good calendar and easy to use and shows all the major upcoming events.
A good habit to get into 
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My unrealised gains got hit hard too. It was the SNB release which did the damage for me and I’m not 100% sure why. The actual rate increase was as anticipated by the market. I have to suppose it was the SNB’s hawkish comments?
Sometimes placing a bet wither way can be good tactic when there’s going to be an interest rate anouncement, cos there is often big breakout follwoed by a return to starting price
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The Swiss been strong all week and in the Asian session this morning we know why now
Closing trades and reversing would have done exceptionally well this morning. With a tight stop it would have been a master stroke.
It’s what we live for!!
With so many central bank announcements this week, it makes trading very challenging.
The yen intervention today doesn’t make it easier.
In fairness to BoJ they have been talking about it all week - the breach of the 145 level was the cue to go - it will take a lot of courage to buy USD/JPY if/when price reaches up there in the near future.
Then, too, when eventually they signal intervention is at an end will it be a re-run of the SNB fiasco in 2015.
Think I’ll give Yen a miss for a while 
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Ah that sucks then. Are you intraday trading, day trading, or longer term? If the former certainly best being well clear around interest rate announcements.
I have recently moved towards longer term trading.
I’m trading mainly off the 1D charts. Trying to trade throughout the day whilst working a job is difficult.
I guess the spike yesterday spooked my inner intradayer!
Ride the Waves!
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Although trading during volatile times can be quite nerve-racking, its just as important to monitor market events as it is to trade to protect through a stop loss or take profit. However, when the market drops in a large magnitude its difficult to calculate how much of a loss your trade will suffer.
In cases like this, many traders prefer the use of a guaranteed stop-loss (GSLO) if their broker offers it. A guaranteed stop-loss order is a type of order that ensures your position is closed out at the price you specify, regardless of market volatility, slippage or gapping.
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Yes - although costs a little more it is worth it for guys learning and especially for less liquid pairs/instruments - or if taking on a Central Bank.
One thing perhaps a learner should understand - price can ‘gap’ thru a SL when liquidity is low or when price moves fast on news - therefore say in an open buy price can fall below the SL and the SL will not be triggered - price simply gapped thru the SL buy order.
This seldom happens on Demo accounts - though could be wrong about that?
I have finally got round to adding the central bank interest rates calendar to my trade dashboard spreadsheet. It was my own schoolboy error by not paying attention sooner.
I aim to be out of pairs comprising the currencies with announcement due at least the night before. The next central bank rate announcements are RBA 04/10 and RBNZ 05/10.
You DO NOT have to trade news to be successful