Elite tier
News Desk
News Desk puts you in an open position minutes before a scheduled release. First you apply a written desk rule: go flat, reduce to half, or hold. Then the release prints through the stop and you mark the price the stop order really fills at. It teaches that a stop is an instruction, not a guaranteed price.
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What it teaches
What a stop order is worth when price jumps over it.
- A stop order becomes a market order once triggered, and fills at the next available price.
- When price jumps over a stop, the fill is where the market reopens, and a short pays the spread on top.
- Reducing size is a choice between the two extremes.
- Deciding before the release by a written rule, not during it.
How a round plays
- A simulated position is open. Read the facts: the impact of the release, minutes to go, and whether the stop still leaves risk open.
- Apply the desk rule on screen and choose: flat, reduce to half, or hold. The rule decides, not a feeling about the number.
- The release then prints through the stop. Mark the price the stop order fills at.
- The chart shows bid prices. A long is closed by selling at the bid. A short is closed by buying at the ask, which is the bid plus the widened spread.
- A run is six positions with two calls each and takes about five minutes.
How it is graded
Two calls per position. The decision is graded against the desk rule for that impact, time to the release and stop status. The fill is graded against the simulated fill price. Holding through and happening to profit does not score better than following the rule.
The honest note
The spreads and slippage here are simulated and simplified to show the mechanism. Real figures vary by venue, pair and release, and no number in the game is a quote from any dealer.