Unless you guys are using guaranteed stops with certain forex brokers (do those actually work?), it's nuts to think you can take a guess before 8:30 and limit your losses to 20 pips. The last report caused a 50 point gap in EUR/USD on globex at least -- be careful
this is a once a month trade. normally we would never trade like this as the market defnitely whips around and we would get stopped out. if it doesnt work we look like goats. we will see. but again if you have ever visited us we NEVER take positions into numbers...just this one.
U are giving bad advice to wannabe newbies. I am pretty sure that u are not a consistently profitable trader that makes enough to support a good lifestyle. If u were u wouldnt give such poor advice... nor would u be wasting your time posting and promoting here. U can not consistenly make money.. breakout trading news events for a living. PERIOD. Most of the time the numbers will be inline or slightly off and the market would have already discounted them. So what ends up happening is pure chop and wiggles that take out stops. Yes once in a while u will get a huge directional move.. but look at the history of any news events including unemployment data. How do u know the numbers will be inline or completely off? Its only when the numbers are totally off.. do u usually get a strong directional move.. and trust me that is far from the norm. Looking at the past 3 unemployment datas and making a trading strategy based on them... is how pikers trade.. no edge there just pure luck. --MIKE
The problem is not stop slippage, the problem is that your stop is very likely to get hit in the whipsaw news spike. Nothing you can say will convince me that trying to lead a major economic event is a prudent trade - it is gambling pure and simple. By the way, you are doing a shitty job with your constant little "commercial" about guaranteed stops - most FX brokers offer that now on spot pairs, at least the decent ones do. If this is the type of trading mentality that you folks endorse, one thing is for sure - you'll soon be another defunct FX Broker - I hope for the sake of your customers that you have customer-segregated accounts!
mike, this is not the way we trade on a daily basis but the risk reward ONCE A MONTH, again...ONCE A MONTH to us is worth it. We have made good money on these reports and just wanted to share it with the community. if you disagree you disagree but to question us the way you have is purely unprofessional. If you read the past posts this is not a roll the dice play. It is based on technicals and fundamentals. the fact that the analysts are always wrong on this number is another edge. If it doesnt work it doesnt work but the risk reward to us is worth it. Feel free to email your sheets to us...very curious to see how profitable you are.
God, do you even read what you write???!!!! If you "NEVER" do it then why are you doing it this time? Even if you get lucky enough for it to work, you will still be a goat.
Every trader needs a little luck every once in a while. But it is the risk reward that is attractive in this ONCE a MONTH situation. If we didnt have GUARANTEED STOPS we would never do this. Having it.... is some edge as all traders need.
This thread is a cartoon... 20pips is nothing into the EMP; you either have the winning daily lottery ticket or 50pip loss, if lucky. No way is FXCM going to guarantee your 20pip stop. From what I hear they remove stops before big releases. I'll imagine you've a good chance of getting stopped in the scant minutes between entering the trade and the release. I'm short the atm GBP/usd straddle; nice, fat premium on that play. In any event, hope it works out for you. No need to add insult to injury after the response you've received on this forum.
I know it is hard to believe but they actually do guarantee stops....they just dont let you place stop entry orders anymore, which they used to. I cant imagine any futures dealer letting you do that!