Traders at My Forex Funds are encouraged to be successful in their careers. The main priority that they expect from their clients is that they are disciplined individuals who properly manage risk and focus on long-term consistency. Their headquarters are located in a region of Canada called Great Lakes.
My Forex Funds News Trading Update
My Forex Funds has an update regarding News Trading. During the last months, the firm has been filtering their spreads during news time, so they don’t blow out to meet liquidity to avoid complaints (unreasonable complaints but still complaints).
Unfortunately, when traders filter spread, it leads to predatory behavior. The predatory behavior (arbitrage) has become quite significant, so unfortunately, the firm has decided to remove the spread filters on news days. The spread will replicate where liquidity is at during that time. The firm advises traders to proceed cautiously if they plan on trading news.
My Forex Funds also shared that they have an additional filter bin process that will prevent predatory behavior. This will also allow the firm to re-filter spreads to be more comfortable with its client base. The firm announced it would be ready sometime around the end of this month.
Please note that it is the first month of 2023, and the firm has the following advice for the traders:
- News releases hold a lot of significance this month. Many institutions are currently not pricing heavily in the market as they wait to see the fundamental direction. With My Forex Funds removing the spread filter, it is advisable to avoid the news for this month if you are not a fundamental trader. It is because liquidity is thin, and the spread is likely to be wide during this time.
- To those holding trades, please be aware of your stops during the news, as conditions may widen.
So, Good luck with your trading! Keep these points in mind.