Hi, Wonder if anybody trading on the currenex platform would advise on this. Is slippage of around 3-5 pips on the release of numbers a common thing on the platform? I'm thinking that it's a normal thing on platforms like currenex. I'm using the Currenex platform through Man Financial. Appreciates your advise.
around news releases ... I'd say that 3-5 via manfx is pretty good. Come back again when you experience 20+ pip slippage. Ppl on this forum keep worshipping currenex and other ECNs. Admittedly, yes they are a lot better than most retail shops but as you're competing against other traders for the liquidity, do you really think you're going to be faster than professional traders? 3-5 is really nothing, be prepared for widening spreads and even greater slippage on these mainstream ECNs as more and more ppl (as can be seen by the threads on this forum) seem to be trying to trade around news.
Davn, yup slippage is normal on CurreneX, in fact to be expected. 3-5 is good, I have had up 9 and have heard it goes higher. Now what you should not see is a crazy widening of the spread before news, on CurreneX maybe 2 pips max on the EUR. And this is why news trading is so dangerous, if you have 15 pip slippage and the initial move is 20 pips, and then it retraces, how can you expect to catch a move like this? Not a good strategy, this is not really trading it is more like gambling. One more thing, are your spreads at interbank rates or is Man tacking on pips to the interbank spread? The ever venomous VIPER
Thanks for your replies sccz97 and TradeViper. That means that I should get ready to watch out... TV, Man Fin Singapore charge me 2 pips per 100k expensive I agree, but for not I am not able to hit 200 mil let alone 1 yard. Spreads are interbank I think now at 12:22 GMT EUR 79-80 GBP 67-68 JPY 36-37 AUD 61-62 EURJPY 57-58 CHF 48-49 Minus off the big numbers.
Can't edit it anymore. The above that mention 200 mil is wrong, the correct one is actually... I'm not able to hit 5 mil a day let alone some sort of hundred millions in a month.
Look at todays price action and you will see what I mean by news trading is dangerous, in 15 min you went from 82 to 62 on the hotspot feed, and then an immediate bounce back, this is very dangerous trading/gambling. Also you said 2 wide on 100 k, is that 2 total or 2 wide per side. In other words, on interbank price of 79/80 would your price be 81/82 or 80/81. Just wondering what the retail looks like these days. The ever inquisitive VIPER
The prices will be same as interbank I suppose, can't compare as I have only one broker at the moment. The 2 pips round trade commission will only be reflected in the statement. say long euro at 1.2880 and close at 1.2950, statement will reflect 1.2879 entry and close at 1.2949. Hope I got your question right.
I suppose you are wondering if Man charges me a commission on the trades as well as adding say 1 pip to the bid ask spread. If I understood you correctly. Nope, there's no other charges besides having 1 pip on entry and exit deducted from the final closing price.
LOL is that not a charge then? Frightening thing about the FX market now is that people scream about spread during volatile times.......if the spread is wide and your unhappy then put a price in where you would want to deal..that narrows your spread...if you dont want to get involved on your own price then why should others make you a market during those times they are at as much risk as you are even on small....if other clients cant hit your price then your really not int he game with your broker.. A free market movement means spreads cannot be fixed..but you have the opportunity to place a bid or offer where you want!...on other brokers they say fixed 3 pips spread in Eur/usd..trying to hit it during volatile moves is more than likely difficult and will you ever see the narrower spreads ? probably not..