I am very new to the art of Forex Trading and was wondering about Forex bots. Can you set a bot to buy a currency at the exact opening price (the prices that you see listed under "open" on some historical data sites) and then to sell that currency the second that it goes above this price. Any advice on this would be greatly appreciated. Thanks for your time.
New to forex with robot question.
- Thread starter aubie
- Start date
ilearn2t
Sergeant Major
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- 711
Hello aubie
If you have an knowledge in programming Expert Advisors, you can add a simple code that will allow you to type in any given price thought the inputs window, but to stay within the brokers rules/laws you must not set the price inside their minimum "differ" range.
Good luck
ilearn2t
If you have an knowledge in programming Expert Advisors, you can add a simple code that will allow you to type in any given price thought the inputs window, but to stay within the brokers rules/laws you must not set the price inside their minimum "differ" range.
Good luck
ilearn2t
LoRio
Sergeant
- Messages
- 484
Yes , and id be glad to program that for you -given you use meta trader- cause i need to exercise on my MQL skills a bit.
Couple of issues though.
-Theres the minimum pips allowed for hard stops by brokers , usually at 10 pips up or down from the opening price.
-Theres a minimum time allowed for a robot(EA) to hold a position open.
-Theres the spread itself that forces you to adjust your closing price.
-If you want to avoid the minimum pip range , and not use hard stops your meta trader should be running -ang monitoring - your open trades constantly.
-Will need a "grace range" of 5-6 pips above your target to avoid requotes affecting your profits to the downside.
-What is the negative stop level?The order cant run forever until it becomes profitable like on the Plus500 demo.(unless your capital is really high and your risk is really low).
Which timeframe would you like to use as reference.(which open price of which candle)
What is your risk apetite?
