Got burned using market orders during last week’s FOMC announcement - Swissquote executed my EUR/USD trade 17 pips worse than expected. Their platform has advanced order types, but I’m not sure which combination works best. For those trading high-impact news, do you use guaranteed stop losses? Limit entries with price tolerance thresholds? How do you balance execution speed against slippage risks when volatility spikes?
Limit orders only during news. 5 pip tolerance.
Optimal setup for Swissquote’s MT5:
- Pre-news: Set entry limits 15-20 pips away from current price
- Enable ‘Fill or Kill’ to avoid partial executions
- Use volume alerts - if liquidity drops below $5M per minute, avoid entries
Guaranteed stops are costly (0.5-1 pip fee) but useful for JPY pairs during BoJ interventions. Test different thresholds during low-impact events first.
I stick to limit orders and widen my acceptable range during big news. Yeah, might miss some entries, but better than nasty slippage.
Their ‘Advanced Order Protection’ helps - it automatically rejects trades if the price moves too fast. Saved me during the last NFP release.
Market orders risky during news. Use limits.
After similar slippage issues, I now combine two orders:
- Primary entry with 3-pip limit
- Secondary ‘chase’ order 8 pips away in case of runaway moves
This captures mid-sized moves without excessive risk. For CHF pairs, I use guaranteed stops - worth the fee during SNB surprises. Backtested this on 2023 ECB events - 68% fill rate vs 43% with pure market orders.