Modify an Order Help!

jamesmean
191
jamesmean  

Hello,


With the trading system that I am using, as with some brokers, they do not allow you to place a trade (demo/live) if it as a target profit is less than ten pips. However, I figured I can have the EA place a trade with no limit and no stop loss (or a very high one); and then immediately place a modified order to make it the limits and stops that I want it to be.


So, my EA would place a trade and make the limit 1000 pips. Then as soon as the order is placed, the EA will modify it and make the new limit 5 pips.


I was wondering if this was possible and where would I put this modified order function in the program. I assume it would come after the OrderSend function.


Can anyone help me out?


Thanks


James

Enrico Lambino
5925
Enrico Lambino  
What you're planning is not possible, since OrderModify() function is still under minimum distance restrictions. You may place virtual stops, but that's another story. Better to switch to a broker that has the lowest spread and minimum distance, and of course, supports scalping.
jamesmean
191
jamesmean  

Oh I see, I didn't know that.


I am with a broker that supports scalping, but they still have that minimum distance of 10pips. Would it be possible to put s "stop" or maybe a trailing stop once the currency pair moves 5 pips in the direction you want it to go (I'm trying to see if that's what you meant by a virtual stop)? For instance, as soon as the price moves at least 5 pips, a trailing stop order can replace the initial stop. Is something like that allowed with metatrader?


Thanks

chris benjamin
67
chris benjamin  

A virtual stop is where you don't show the broker your SL, you program your EA to close your order when price moves against you a certain distance. It is commonly called a hidden stop loss.

Chris