Fast Market at NFP?

Discussion in 'Forex Brokers' started by DerferMark, Mar 9, 2007.

  1. Did I get screwed by my broker this morning or by the fast market?

    Times below are central. I placed a mkt sell order just 20 sec. after release of NFP data. I had to wait 38 sec. to find out that I was filled and at a price 15 pips worse than was being bid at the time of my order.

    2007.03.09 07:30:20: instant order sell 6.00 EURUSD at 1.3142 sl: 0.0000 tp: 0.0000

    2007.03.09 07:30:32: request was accepted by server

    2007.03.09 07:30:58: request in process

    2007.03.09 07:30:58: order was opened : #206634632 sell 6.00 EURUSD at 1.3127 sl: 0.0000 tp: 0.0000

    Just wondered is this normal for most brokers in a fast market or am I being screwed? I use FXDD. Their spreads are normally 2 pips on the EURUSD but at time of news releases it is typically 3-4 pips (or actually 5 pip spread this morning). Is this typical?

    Did anyone else make a similar trade this morning and what was your experience?
  2. Surdo


    You used a MARKET order during the release!
    That was not too smart now, was it?

    el surdo
  3. virgin


    That's standard dealing practice in the forex world, welcome
  4. Well considering it was a SELL order I'd say it was pretty smart - do you see where EURUSD is trading now???
  5. Surdo


    Then stop complaining and realize EVERY Fx Broker is a bucket shop during major economic releases.

    Good Trading!
  6. i thought you were supposed to use market orders during news releases?
  7. Never ever use a market order during a fast market esp after news. You have no way of controlling your risk and if all bids are pulled you could be filled a long way from the 'real' price. Trade using a limit order.
  8. Surdo


    You better know what you are doing to trade any market during NFP, and using a market order is a recipe for a wipeout!

    el surdo
  9. Why is using a market order a recipe for a wipeout?
  10. how can you control your entry price and hence your risk?
    #10     Mar 9, 2007