The following is just interesting reading for you. Above I promised you that
I’d elaborate on this subject here.
Why did the brokers change their policy regarding honoring stops &
entry orders? Well, here is the short version of the story. Some really
smart guy (whose name we won’t mention here) came up with a truly
genius trading strategy that proved to be an Amazing System for
capturing humongous profits off of Fundamental Announcement
moves. The technique was a killer method that worked for him like
something other traders could only dream. This wise guy began
wondering why nobody else seemed to have discovered the principle
behind this marvelous trading method. This brilliant person turned into
a bonehead when he decided to let his altruistic personality that cares
about other people convince him to write this technique down to share
with other people so that they too can experience fantastic explosions in
their profits. Rather than keeping this amazing system to himself so
that he could use it for years and years he wrote a book titled
“Explosive Profits” (the original edition) and unleashed this dynamite
out into the world. The people who got their hands on this document
quickly proclaimed him to be a saint, blessing him, even prayed for him
when he got injured. They made huge amounts of money very quickly
and they were grateful to this guy. More and more people learned of
this amazing Forex system, and more and more people were making
money, but the Forex brokers started getting nervous because
apparently they were loosing money because of this new technique
people were using. In September of 2004 there were a couple of
Fundamental Announcements that moved the markets HUNDREDS of
pips in the matter of just a few minutes (actually seconds), which of
course was good for the traders using the “Explosive Profits”
technique (we were happy), but the Forex brokers got very scared and
even lost their tempers… so they revised their policies regarding how
they honor stop, entry and limit orders around the times of big FAs.
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