Fast Market at NFP?

D

DerferMark

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?
 
Quote from Surdo:

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

el surdo
More...

Well considering it was a SELL order I'd say it was pretty smart - do you see where EURUSD is trading now???
 
Then stop complaining and realize EVERY Fx Broker is a bucket shop during major economic releases.


Good Trading!
 
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.
 
Quote from traderguy23:

i thought you were supposed to use market orders during news releases?
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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
 
Quote from 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
More...

Why is using a market order a recipe for a wipeout?
 
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