Need help guys! Lost 36k yesterday as the auscad spread widened to 200pips. I don't see no news no event i dont understand=- its bizzare horrendous . My account is locked out due to negative balance and to regain my account Finfx trading is asking me to add fund to my account. I dont to what to do -- my position were hedged & i was fairly profitable. My broker scammed me by widening the spread on purpose as i was getting profitable. Where the hell should one trade? I traded with Pepperstone one of the best & regulated...... they screwd me to 25 grand but they at least gave reasons. Now Finfx trading did the same but they are not even replying to my email... all i have is autoresponders.. . Forex is dogdy shady and there is no way for us traders to know that its the markets or the brokers that stabbing us.
I don't see any major economic news yesterday or today that would have majorly affected AUD/CAD. Here's a few tips/thoughts. 1. Stop trading with shit brokers and maybe consider exiting forex all together. 2. Stop trading these thin pairs and crosses, the majors are less likely for this to happen 3. What time of day are you trading? Seems odd this would keep happening to you. 4. Are you trading through major economic releases?
I just looked at Oanda's historical spread history for AUD/CAD and the most it's been in a week is 13.8 pips. If you experienced 200 (and not FOS) you took one right up the pooper.
That's crazy, at what price were you filled? I'm seeing a high of.9924 and a low of .9859 for AUD/CAD Yesterday on 11/21/16 Call your broker ASAP. Take screenshots on your computer of your fills. Get on this and keep on them until you get squared away.
As far as I know - and seen - the spread widens like that only during very high impact news events. If there was no such thing then it was definitely abnormal.
Ahhhh this is why I dont quit the day job, 1 freak spread and it's all gone. Totally sucks, they likely dont pass your trades to the market, so your profits are there losses so they took you out intentionally, no way they'll respond. FXCM are olay for fx broker, but real futures account next time.
Hello babydoll. I am here to provide some guidance and help. I have traded the Aus-Cad last year a tiny bit to scalp it. I don't do it anymore because I consider it to be ass but I can share my experience and knowledge on how to make money in that product. This is a picture of the AUS-CAD currency spread: Regarding News Events If you copped a 200-tick spread widening it means that you were in it for multiple days. This is generally considered gambling for a number of reasons. There are key Top Tier Economic Data that comes out every now and then and you must be aware of them. Just look at all this data that you held through and gambled on. What you did was gambling and had nothing to do with your broker. A broker cannot screw you this hard. You were unaware of what you are doing, but at least you are learning from mistakes now to move forward in the game. A list of the key data you potentially held through; Tuesday 15th November - RBA (Reserve Bank of Australia) Monetary Policy Minutes Released - This can move the Aussie Bonds and the Aussie dollar at a seconds notice, and have no impact on the Canadian Dollar. Thursday 17th November - Canadian Manufacturing Sales m/m - Not the most important piece of data, but note-worthy enough to keep track of. Were you aware of this? It was expected -0.2% but came out +0.3% Thursday 17th November - Australian Monthly Employment Change - Unemployment rate expected 5.7%, came out 5.6%. Jobs expected +20k came out +10k. Friday 18th November - Canadian Core CPI - Expected 0.3% came out softer at 0.2%. CPI is just about as Tier 1 as you can get when it comes to a currency move. First world central bankers are literally telling us how they are targeting inflation in all of their policy. To ignore the CPI is like driving blind-folded on a motorway. In just one week, I have identified four high tier data which have influence on each countries currency. If you hold multi-day positions like this you are gambling on the trend. It is not a risk/reward trade anymore when a position requires to hold through all these live events. You must be aware of all the data coming out for the current day and current week; so make sure www.ForexFactory.com is your Home Page and take note of all the red flags. Trading the Aus-Cad Your time-frame was too wide. You copped a blow-out. Welcome to the club. I have copped many of these over my life time and will cop many more. It is depressing but thats investing and trading. However, there is an important aspect to taking hits on blow-outs... you must be making coins every day in-between to justify taking those hits. I just changed the time-frame of the AUS-CAD to 5-minutes and it did not matter in this mammoth trade. This spread just screwed everyone out of money no matter what you did. This is why it is important to; 1. Have a trading plan, and 2. Have multiple products to trade so you can be selective and not put all your eggs into one basket By 'trading plan', I don't mean you need to be some sort of genius or wizard when it comes to predicting market behaviour. What I mean is, if you're going to trade it and you're still offside by the end of the next U.S. session, you should be exiting at market and be done with it. You have salt on your wounds, and it sucks big time, but you have to take time off and come back for the next session. This is how the game is played. This is how you prevent yourself from burning big holes in your account. And this is the reason why so many people come in, get chewed up and then spat on the floor in the game of trading. Now for some golden points; you should not be holding that spread during the Asia session because this is primarily when the Asian + Australian punters will send the currency one way. If I were to do it again, I would look to scalp ranges in the European and American session. My time-frame would be in there, and I would be out by the very end of the American session and NOT be holding into the next Asian session. And of course, you should not be trading this spread when there is Tier 1 data for Australia or Canada out for that day. Institutions and Banks will send this f*cker one way and there will be no money to be made in between. Finally, and most importantly, your broker is probably not giving you good prices on the spread. Realistically, if you day-traded that spread you might be profitable between 5 to 10 ticks a day on average over the course of a month. If your broker is giving you a spread of 2-3 ticks each way from the current price, you are literally giving away more than half your edge just because you aren't in front of the screen yourself. The only way to make money from this, is to start committing one self properly to the game. Every day you be there and every day you pay attention. You can average, build a position, and work around stretches in the spread, but you must not be gambling around Tier 1 data and you must not be holding into the following Asia session when the Aussie currency is prone to going one way. Feel free to ask any more questions.
The spread on Oanda never goes much above 15 even through "events" so 200 pips is fucking robbery. I hold minute to multi month positions in FX all the time. This shouldn't happen to that extent. Yes they widen the spread during big events, No it shouldn't have been 200 pips in that instance. Maybe 20 , but not 200. Broker is a fraud, Try to get your money back and don't ever do biz there again. Attached below are recent spreads for AUDCAD through Oanda. Biggest spread as of late was around 15 pips. The lesson here is know who you are doing business with, and look at the spreads history to see what kind of widening happens during high impact events. Make sure you either get out before events or are in with enough wiggle room with your uncle point relatively far away from the market. Currency futures offer better bang for buck,tighter spreads and a central order book on globex. So you may want to stick to those or I would recommend Oanda.
The range on the AUDCAD was 618 PIPs - there is no way the spread widened to one third of the entire day range. I know of a trader on Saxo last week that got a horrible fill several hundred PIPs outside of the price range - they were able to resolve what happened and put the money back into his account the same day. I suggest making this a full time priority job getting your money back. I trade Fx, majors and the more liquid exotics depending on the volume, swap rates, etc.I hold them for days, weeks, months - someone suggest holding for a few days is asking for trouble - that's non sense. I use commissioned orders to get the tighter spread and only execute orders around the New York close -this is when the pros are most active and price prints have the most weighting. I also use feeds from several of the major Fx brokers to make sure my brokers quotes are in synch. Good luck getting your money back. Forex is not dodgy- but you got to know the game and trade the right size - no one trade should take out more than 2% of your capital, I don't risk more than 1% max per trade.