collapse

Author Topic: FNG (forex news gun) doesn't work alternative  (Read 12643 times)

Offline Paulh

  • Newbie
  • *
  • Posts: 1
FNG (forex news gun) doesn't work alternative
« on: January 31, 2017, 03:00:17 PM »
Hello

I am looking for alternative software for trading news events. I am only found news spike trader (nst). Do you know anything else?

Thanks in advance

Offline odysseus11

  • Hero Member
  • *****
  • Posts: 3451
  • Forex Fusion
Re: FNG (forex news gun) doesn't work alternative
« Reply #1 on: March 04, 2017, 09:18:57 PM »
Paul I attempted to trade news spikes on MT4 for a very long time using a number of manual and automated tools.

The "Secret News Weapon" EA worked great for a few months. I made a bucketload of money with it.
The results remind me of when "Million Dollar Pips" First came out. Then, too, I made a bunch of cash for about 2 months.

Heres how they are both alike:

They both exploited weaknesses of MT4 brokers.

To be more specific, they took advantage of MT4 brokers who B-booked trades, allowing for "instant executions". Essentially what this means is that trades never went upstream to the actual market. They stayed in the broker sandbox. IN the broker sandbox, they play all kinds of execution games, but both MDP EA and secret news weapon at news time made SO much money for traders that brokers couldnt fight it. And B-book broker volume makes the broker have to eventually pay OUT cash to traders, and they wrent having any of THAT let me tell you. What they actually did to fight back was simply stop B-booking. They now by DEFAULT send trade volume upstream - which add alot of additional latency time to the executions. What it also does is it removes the potential for the broker to capitalize on the fact that these traders are nearly always ultimate losers, but it protects the broker from things like MDP or SNW.

This was a long winded explanation of the following underlying truth:
NO WAY to reliably trade news spikes on an MT4 broker. You will be filled at the tip of the spike EVERY TIME. If the price move keeps going, great. You will profit. But you are just as likely to see a pullback and massive DD first, so your profit is likely to be minimal even then, and if the initial spike was an incorrect knee-jerk and the actual reaction is opposite once the market digests it, then double whammy, and massive loss.

My advice - DONT EVEN TRY IT.


http://www.forexfusion.com
stop gambling. start trading.

Offline julius

  • Newbie
  • *
  • Posts: 1
Re: FNG (forex news gun) doesn't work alternative
« Reply #2 on: June 06, 2018, 02:45:55 PM »
I tried fundamentaltrader, secretnewsweapon and macrospike. MacroSpike is the best in my opinion, because they are taking the concept of trading the news further and have a scientific approach that factors in the fundamental landscape. Furtermore, there are more strategies than just buying/selling on deviation.

https://macrospike.com/macrotrader/

Offline bran50

  • Newbie
  • *
  • Posts: 1
Re: FNG (forex news gun) doesn't work alternative
« Reply #3 on: June 21, 2018, 04:54:14 PM »
I hold the opinion that you get what you pay for. FNG was a free service and could not deliver quality and realiability at zero cost. I think the secret news weapon is still good, but it is a bit unflexible. it is more or less just transmitting signals, no trade management, no community, no strategies... thanks julius for pointing out macrospike, i might give them a test drive.

brano

Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 549
Re: FNG (forex news gun) doesn't work alternative
« Reply #4 on: June 21, 2018, 05:05:50 PM »
cTrader seems to do better on this than MT4, as they claim. But this is just my impression, no research.

Offline pakeha

  • Jr. Member
  • **
  • Posts: 8
Re: FNG (forex news gun) doesn't work alternative
« Reply #5 on: June 28, 2018, 04:11:08 AM »
Paul

It depends on the news trading strategy that you are using. 

If you want to trade the deviation from the expectation then you need software that provides a "lightning fast" response to the news release.  This means that the vendor will need access to a high-end news feed(s), otherwise forget it.

If you want to trade a straddle (put a buy and sell order ahead of the news event) then you must have software that provides a floating straddle, where the straddle moves up and down with price prior to the news release.  This avoids the issue of being spiked out of the trade prior to the news release when a fixed straddle is used. 

The news event retracement trades are a more hit and miss and definitely not the place to start news trading.

Of course the key thing to remember when trading news events is that they are not all the same.  They all have their own patterns and behaviours - you have to get to know each one.  To start, and make money, trade news events where there is only one announcement for that pair at the event time; and secondly trade news events where the price will only move one way (up or down) with little or no tail - CPI news events are a great example and a good place to start news trading. 

Hope that helps

 

browse forum

* Recent Posts

Re: Outsidethebox HK Signals & PAMM funds by SJWkiller
[Yesterday at 05:24:40 PM]


Re: Pegasus FX by nwboater
[Yesterday at 01:52:31 PM]


Re: Your favourite car? by 2cuteEssence
[Yesterday at 11:12:10 AM]


Re: The Most Common Forex Myths by Loperte
[Yesterday at 09:32:09 AM]


Re: Pegasus FX by Pegasus FX
[Yesterday at 07:55:47 AM]


Re: Pegasus FX by nwboater
[Yesterday at 01:59:30 AM]


Re: Pegasus FX by Pegasus FX
[Yesterday at 01:31:24 AM]


Re: Outsidethebox HK Signals & PAMM funds by reinerh
[April 19, 2019, 05:48:27 PM]


Re: Outsidethebox HK Signals & PAMM funds by fxtyrant
[April 19, 2019, 04:10:22 PM]


Re: Outsidethebox HK Signals & PAMM funds by Nasdaq100
[April 19, 2019, 03:44:18 PM]