Hi,
I have some questions for those of you who often/consistently trade exotic pairs (not the extreme one, but more like, EUR/NZD, GBP/CAD, GBP/AUD, EUR/AUD etc) and I appreciate your response.
1) Which broker do you trade your exotic pairs with? Are you happy with them and are they honest (no suspicious stop-hunt)? Any recommendations? I am thinking MIG and GFT. I know GFT is not good for trading news but I don't. Do they stop-hunt? Oanda is good, got some odd pairs (they got like EUR/HUF, USD/DKK, but somehow they don't have GBP/AUD, EUR/CAD?)
2) When the market price is getting close to your stop loss (say within 10 pips), because the exotic pairs are usually less liquid and possess wider spreads (usually 6 - 8 pips spread) than the major pairs, from your actual experience are they easier targets (compared to the major pairs) for stop hunting by your broker (or by the market itself at thin-market time)? Are exotic pairs more easily and more frequently to be "stop-hunt" because of their wide spreads and lesser liquidity?
One of my concern in trading exotic pairs is the liquidity and the "wide spread" of those pairs. I understand that trading exotic pairs usually require a farther away stop loss and since I am not a day trader my stops are also farther away (75 pips+)
3) How's the entry and exit like (in a normal market)? Would they be more prone to slippage than the major pairs?
Thanks to all who will respond.
I have some questions for those of you who often/consistently trade exotic pairs (not the extreme one, but more like, EUR/NZD, GBP/CAD, GBP/AUD, EUR/AUD etc) and I appreciate your response.
1) Which broker do you trade your exotic pairs with? Are you happy with them and are they honest (no suspicious stop-hunt)? Any recommendations? I am thinking MIG and GFT. I know GFT is not good for trading news but I don't. Do they stop-hunt? Oanda is good, got some odd pairs (they got like EUR/HUF, USD/DKK, but somehow they don't have GBP/AUD, EUR/CAD?)
2) When the market price is getting close to your stop loss (say within 10 pips), because the exotic pairs are usually less liquid and possess wider spreads (usually 6 - 8 pips spread) than the major pairs, from your actual experience are they easier targets (compared to the major pairs) for stop hunting by your broker (or by the market itself at thin-market time)? Are exotic pairs more easily and more frequently to be "stop-hunt" because of their wide spreads and lesser liquidity?
One of my concern in trading exotic pairs is the liquidity and the "wide spread" of those pairs. I understand that trading exotic pairs usually require a farther away stop loss and since I am not a day trader my stops are also farther away (75 pips+)
3) How's the entry and exit like (in a normal market)? Would they be more prone to slippage than the major pairs?
Thanks to all who will respond.