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Chapter 5, Part V. Order types in FOREX - Q&A

Discussion in 'Complete Trading Education- Forex Military School' started by mrVynes, Mar 7, 2012.

  1. mrVynes

    mrVynes Private

    Feb 29, 2012
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    It seems that s/l and t/p are part of the order, i.e data brokers or market makers have access to and can act upon. What is to keep me from writing a script for s/l and t/p to be executed client side? And just to make the bigegr picture a little clearer, would it actually be of some benefit to me?

    Nachoga likes this.
  2. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
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    If your broker regularly seems to be hunting your stops by spikes that just kiss them, there are 2 likely explanations.

    1. They really are a bucketshop and you need to change brokers.

    2. Your stops are a little too close and regular market volatility is getting them.

    One option. Put a SL another 30 or 40 pips out and manually close your trades. The reason for that 30 or 40 pip "emergency SL" is that you could lose your connection or step away from your computer the moment some massive surprise hits the market. If you trade without stops, such an event could wipe out your account.
    Nachoga likes this.
  3. Marky$

    Marky$ Private, 1st Class

    May 10, 2012
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    Hi Commander in Pips,

    Being encouraged by your reply to my last post, I'd like to add my humble pips to rise the MS unquestionable value. :)

    In the STOP ORDER paragraph, there is said: "... and your trading software will automatically execute...". To be more exact, your software has nothing to do once you have sent your Stop Order to the broker server. It takes care for your order. And you can turn your computer off and go to the beach like in LIMIT ORDER case. But it's not so important like in Trailing Stop Order case.

    I think that Pipruits like me should be aware that turning your computer off when you've put a Trailing Stop Order could be very painful when you come back from the beach. :)
    At least at MT4 platform, because this order is executed by client platform, not by server.
    So, to not being astonished after coming back from the beach: Where is my profit? Why I lost, but price went in my direction for 150 pips before it had reversed and I had the Trailing Stop set at 50 pips?

    Remember Pipruits: It doesn't matter whether you go to the beach or to your Mom just for dinner, if you have put the Trailing Stop order you must left your computer turned on with running transaction software and Internet connection!
    #3 Marky$, Dec 26, 2012
    Last edited: Dec 26, 2012
  4. Hamza Samiullah

    Hamza Samiullah Corporal

    Jan 21, 2017
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    very informative...
    Nachoga likes this.

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