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    This blog consists of contributions from FXCM staff, executives and people that have a relationship with FXCM. In spirit of a blog, the posts are conversational and opinionated. However, they are not official FXCM policy and not double-checked for facts. The authors are providing information that they believe to be true or opinions they hold. To verify information or check official FXCM policy, please contact FXCM through the firm's official website, www.fxcm.com.

    • « Macroeconomic News Moves the Market | Home | DailyFX Forex Radio - Non-Farm Payrolls »

    At Best Orders – Finally! I can get out!

    By Tim Shea | July 5, 2007

    We’ve all been there. You’re in a trade, the market does something unexpected, you need to get out, and you can’t. You get some message about the market moving, or some dealer taking his sweet time just to give you a horrible new price… and you can’t get out. All you want to do is get out! I’ll take a worse price, just get me out before things get worse!

    At Best Orders + No Dealing Desk = problem solved. With NDD, there aren’t any dealers, just the prices from the banks. But when the market really gets moving, I’d still sometimes get messages like “price has expired”. Now, with At Best Orders, I don’t anymore. I just hit OK, the order goes to the bank, and I get the best price… and I get out. That’s all I want.

    Like today. I’ve been watching this great support line on the USD/CAD, as well as a great SSI signal to go short:at-best-1.bmp

     

    I get the great break overnight, it drives down below 1.05, then promptly reverses. I’m not awake, so I miss getting out, but I’m still bearish, as the price settles just below my entry:

    Forex Chart

     

    Then the Income and PCE numbers come out of the

    US, and I watch as the USD/CAD reverses right around on me, and I need to get out. The market’s moving fast, liquidity is a bit thin. If this had happened a month ago, I probably couldn’t get out until the move against me was mostly over, getting “price expired” all the time. Now, I click OK, order goes through, I get the best price and I’m out. It’s so nice!

     


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