This is my first post. I’ve been playing around with demo accounts from Dukascopy, ATC Traders, and IC Markets. So far I’m loving IC Markets and Dukascopy. ATC is a bit out of my league as it needs $5000 to open and account. I want to start with something like $500 to start.
I’ve been using a java program called Forex News Gun from the guys at Forex Peace Army (not sure if it is their program or not). I’ve been having some spectacular success with this program executing trades automatically for me upon news release. However, I have only ever used demo accounts. I have a feeling that once I use a real account things might be different in terms of slippage. Can anyone tell me if that is the case. Also which broker’s live account is better for news trading? Dukascopy or IC Markets? (Or any other suggestions).
Lastly, I don’t exclusively trade news. I also trade price action on M1 charts (with the help of Heinki Ashi bars) and usually hold positions from between 2mins to 15mins. Is this called scalping, or intraday, or short swing?
Thanks in advance for you input.
Good luck to all :41:
Hi, I’ve also done a bit of testing with forex news gun. I’ve even done several comparisons between forex news gun, snw elite and aurora speedster and fx news gun has won several times against the more expensive auto clicks. The problem your going to run into is that brokers always make things simple in demo, your slippage will be low, your stops will be honored and there will most likely be no broker manipulation. Once you start trading live things might be ok for a month or two but eventually they will start manipulating your account. Ive been news trading for years now and I only just recently figured out how to avoid all of their tricks. The best broker that i’ve found so far for trading news is smart trade fx and I say their the best mainly because they lasted the longest, 3 months, before they began freezing my platform and giving me large amounts of slippage. Its to be expected tho if you plan on trading news for any length of time. Anyway hope that helped.
Thanks for your reply, but shouldn’t an ECN broker not care about what profit you make? I was talking about slippage due to actual market conditions, not broker manipulation. Now you got me confused. Could an ECN broker manipulate my trades too? WTF! Why would they care to do that? They are not taking the other end of the trade.
Yes an ECN broker shouldn’t care about what profit you make. The problem is there are a lot of market maker brokers trying to make themselves appear to be ECN brokers because they know that’s what traders are looking for now. A market maker can simply remove the dealing desk so they can make the claim to be ECN to get you to join then continue to manipulate your account in the same manner as before. I’ve traded with many so called ECN brokers, Smart trade fx included, and eventually they all purposely tried to make me lose money. Again it is possible to make money trading news but most fail at it because it takes a lot of extra effort.
I would say once you’ve done your research and found a broker you think is good just open a small live account and start testing. Remember just because you see no dealing desk doesn’t mean the broker is safe. I’d also recommend joining a news trading room and asking others who have already done a lot of research which brokers they would recommend. There are also safer ways to trade news, just PM me and i can tell you the method I use. What gave me an edge was doing lots of research. I’ve found several news releases most traders dont know about and so I get much better fills because there’s little competition to get into the market.
Thanks for your reply. I am unable to PM you because I am very new with too few posts (same as you). However, I’m sure that will change soon for both of us. I will PM once that happens. Thanks again.
I test many times news trading on demo before apply it on live trading. News trading is profitable but not forget all risk management and secure tools to use in it. It is not free trading . In all types of trading trader has to remain conscious all the time about market conditions.
Very true UMOFX AIR, i’ve talked to many traders who think news trading is a license to print money, that is until they go live. Reality then hits like a brick.
Learned a nice new thing today. After the ECB’s comments sent the Euro tumbling there was a good deal of up and down volatility for about 90 mins. I managed to “scalp” about 4 pips every couples of mins (long and short) on 5 EURXXX, XXXEUR pairs. Very happy with myself. But again, only a demo account, but I think this kind of trading might suffer from far less slippage on a live account.
Why not post those findings here? I also trade exclusively news, following the babypips news tutorial… Would like to hear your strategies as well as news broker recommendations…
I agree, lets share findings, strategies, and broker recommendations pertaining to news. So far I’ve played news on IC Markets and FXCM. I like both, although I got a freeze of prices for 30 seconds after todays NFP release on IC Markets. I’m not sure what to make of this.
Hi miliardo, Its nice to see another trader who focuses on news. I’ve spent many hours researching and documenting my news trading tests and to be honest I don’t mind helping people and guiding but I cant see just giving all of my hard work away. I couldn’t even see selling it. I believe there are some people that are willing to put in the work to become successful and others that wont. I’m just here to point people in the right direction and help where I can.
I asked to be messaged on here to see if that individual was serious about trading news or simply tire kicking. I dont mind helping but I prefer to see that the person is willing to put in the effort to be successful.
Hi Zaghloul, I cant be certain but sounds like broker manipulation to me. If your platform just froze for no apparent reason or didnt let you exit your trade thats very dangerous and i’d start looking for a new broker. One of my worst experiences was when a broker froze my platform during an Australian interest rate decision and didn’t unfreeze it until the market reversed and my winning trade turned into a loser. It sucks but it does happen frequently with mt4 brokers.
Hi empireambition, I appreciate you trying to help, but some of us don’t have enough posts and permissions to send you PM. I have enabled in profile options the possibility for registered users to send me emails, you can enable that too in options and we can discuss that way for now…