General Discussion
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Should we trade during Non Farm Payrolls?
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Should we trade during Non Farm Payrolls?
Forex traders are always looking out for any information that could have an impact on the foreign exchange market. Non-farm payroll figures are one such event, as they can potentially cause significant movements in currency prices and this is something many people follow closely every month!
How do you trade during Non Farm Payroll?
The trading landscape during Non Farm Payroll can be daunting for some traders, with many strategies being used. Some people are just looking at price action scalping or momentum trades that take place in the direction of initial big move while others use more formal approaches like technical analysis and chart reading to identify opportunities on trade setups created by algorithm-based programs. Some even just pushing their luck as this is the time of the month where get rich quick mentality attacks traders mind.
Personally, I trade after the news. I don’t trade during it. I look for pullbacks and retracement after looking at the general trend. Again, it’s a preference thing. Always remember, trade at your own risk.
How’s your NFP trades by the way?
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6 Replies
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Great insight there!! I do agree that it’s a preference thing. I however choose not to trade during NFP, I feel like the risk is too high for me
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I’m on the 10k Turtle trial account (btw, I’m glad TWE has this feature which most props don’t offer). As much as I’m impressed by trading conditions at Go Markets, I noticed that the MT4 platform was “frozen” for some time around the NFP news release.
Fortunately, it did not cause any problem for my swing trades (besides being in the right direction, I also set SL/TP levels).
Still, “freezing” is a bothersome issue as I’m sure everyone realizes. If/when this occurs, how does TWE deal with it? And what does TWE advise its traders to do?
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Yes Go Markets overall is great conditions this is why we have worked with them for the last 4 years.
Freezing can happen around big events like NFP on all brokers because all the algorithms kick in and start hammering brokers.
We have considered this for our traders and discussed at a number of times. What it comes down to is that we don’t have control over the trading conditions on the broker, the same as the broker doesn’t have control over their liquidity providers.
If a funded trader loses because of something that happens on the broker, we also lose. So it’s in our best interest to try and get the situation rectified if something happens to a trade. Sometimes we can get trades adjusted where it is in the brokers control and sometimes we can’t.
Also keep in mind MT4 is 20 years old, MT5 can be more stable and have better execution in most cases.
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Perhaps, I’ll try to stay away from trading during NFP as many do. Unless, of course, I already have a position on and it would be better to just let it run its course.
Actually, I choose to trade FX pairs which would not be affected by high-impact news scheduled for a particular day.
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Good choice in staying away from pairs that have news that day 👍
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Yes that’s the best thing to do. When you’re not sure, better stay away. We have a saying “Opportunity lost is better than Capital loss”
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