Trading NFP Numbers with Guaranteed Stops

[ronvegas]

Help me find a Broker!

I'm pretty new to trading Forex, but I thought I was on to a good thing trading Fundamental Announcements with FXCM with their guaranteed orders, fixed spreads and no locking out prior to FA's. Then alas, after 6th August they no longer guaranteed orders due to the volatility in the market.
I've searched round the Internet to find a guaranteed broker, with no great success all-round. The best contenders I've found where:
CMC with guaranteed stops for a 2-pip premium - But no guaranteed entry.
GCI guaranteed stops & entry, but order must be placed one minute before price is reached.

After speaking with FXCM and being told they are without doubt the biggest and best, I thought I might be OK to carry on regardless of Guarantees - but after reading some of the scare stories here I don't know anymore?
Everybody seems to have some pro's and con's to all brokers ( and reading here it would seem some serious cons with FXCM! )

Reading one of the threads that ACM (Advanced Currency Markets) still guarantees orders in volatile time...does anyone have anything further to add about trading with these guys?

What about trading Forex futures, say with IB. Does this reflect such market moves as with Spot, and are orders guaranteed?

Please help me find a suitable broker or way to trade NFP Numbers with the best order guarantees!

Thanks.

 

[DESKPRO]

For whats it worth I have traded the NFP with FXCM the last three months and everytime my entry and stops have been filled by them.

 

[ronvegas]

For whats it worth I have traded the NFP with FXCM the last three months and everytime my entry and stops have been filled by them.

Did you get your exact fills Friday?


They do seem to come over as the best, but some of the stories on here about major slippage issues have really got me worried, particularly since the no guarantees policy after Aug 6th.

Do you only trade with FXCM?

 

[DESKPRO]

Yes got exact fills alas it was an entry and then got stopped for loss of 30pips on the EUR/ $ but that is what I had programmed it to do....the previous month I got filled on entry made profit of 150pips.

 

[Hayek]

No fx spot dealers guarantee stops under any circumstance now. Your success all depends on your dealer's mercy. Go to MoneyTec or EliteTrader to read more posts before you bet your fate on NFP.

 

[steven21]

Hi,

If your broker guarantee stops, open both short and long positions just before the news with stops. You are guaranteed to make a profit. Bet all your $ on it! :cheesy:

 

[JonnyT]

No you are not even if they do...

The NFA announcements often cause very wild swings in both directions.

JonnyT

 

[blueingreen]

I think that the guaranteed stops story has its origins in the times, when average market volatility has been greater, and NFP was not the ONLY serious market mover, with substantial gaps present every time, like in the last months, What's more, a few years ago forex was a new market to the masses, so for the new brokers these stops were a way to lure more customers in.
Two things have changed since then - the forex shops have mushroomed in the aftermath of the stock bubble, and since about four months or so, the major money centre banks have decided they've had enough of losses induced by customers' orders ahead of the numbers, so they voluntarily have increased the slippage in fast markets.
The moral is, that in practise nobody trades right after the numbers, and therefore the market starts off several seconds afterwards - and maybe a big figure away. As the result, you can easily add a normal day's range to the gap after the release, and therefore I strongly recommend to trade after the number is out, because whatever the market does then, it is guaranteed that it will not sit like a dead cat - something we see all too often nowadays...

And to wrap up - guaranteed fills in gapping markets are not part of the reality - if you get them, enjoy them as long as you can but try to measure yourself against normal market swings in order to learn something you can rely on in the future.

 

[DESKPRO]

No you are not even if they do...

The NFA announcements often cause very wild swings in both directions.

JonnyT

I agree.. it appears that this tends to happen if the NFP has hit expectations or near expectations.. if the figure is a hugh disappointment or big bonus it seems to shoot off in either direction.. in my short experience its the latter when you are likely to make a profit without being stopped.

 

[Sambar]

Try ac-markets.com they guarantee you will be filled even in a gap market

Regards
Sam