I have noticed that with FXPro the spreads often go crazy after NY closes. This usually closes my trades. I have seen spreads on majors go to 70+ pips.
I would like to know if you can suggest brokers whose spreads will not widen this much. I have used FXPro’s fixed spreads as well. However, when the spread widened and I contacted them, they just said the spreads may be more due to volatility.
How do you account for the spread when you place your stops so that you can sleep well when taking longer term trades?
For those of you who swing trade and leave your trades for a few days or longer with a stop loss of around 100 pips or less, can you recommend a broker that won’t suddenly widen spreads until my trades are closed.
Wider spreads for the couple of hours after NY close are to be expected but 70 pips on Majors seems nuts! And not worth staying live overnight. But was that in a normal trading period or recently? I mean between say 22 December and 6 January markets are so thin that liquidity providers, and by extension brokers swell the spreads (I for one do something else during that time). Otherwise I use IG with no serious complaints but not that happy to dare recommend them. Best wishes.
I’ve traded on and off with FXPro for about 10 years. I’ve noticed several odd occurrences but thought it is my trading and not the brokers fault. I still believe I need to improve my trading but also looking to trade higher timeframes which I haven’t done because of the issue described above. I noticed it over several months at different times of year. Also, AU spreads go really wide twice a week after NY close. I think on Tuesday and Wednesday.
I will give another broker a try. Thanks for the broker mentions.