Take Profit/Stop Loss - page 2

FRANCISCO LIMJAP DE GUZMAN  
Alain Verleyen:

I am afraid we will not get relevant information on this forum which is mainly about client side (Terminal). We don't have much information about server side.

It's a market order. (Most people on this forum are mainly experimented on Forex). That's why on other markets with less liquidity it's recommended to use limit orders.

What are you trading ?


I trade emini S&P using MT5 EA.


Fernando Carreiro  
fdeguzman: I trade emini S&P using MT5 EA.

If you are using MT5, why did you post your question in the MT4 section?

You will just end up getting the wrong answers, as was the case of mine which was specific about how MT4 works and not how MT5 works!

So, disregard my answers as they don't pertain to your case. I will let @Alain Verleyen provide more details as he has more experience with MT5 in other non-forex markets than I do!

Alain Verleyen  
Fernando Carreiro:

Since this question was placed in the MT4/MQL4 section, the OP does not have much of a choice when it comes to the T/P or S/L being hit!

Please correct me if I am wrong, but on MT4 Servers, any Pending order is always converted into a Market order when triggered and after that, once the T/P and S/L is hit, it is simply closed with slippage (be it negative or positive). The trader simply does not have any control of how the T/P or S/L is to be treated (except on "Instant Execution" where a limited level of slippage control is possible).

I didn't pay attention I was answering a topic from MT4/mql4 section. I thought it was MT5 as otherwise doesn't make sense.

EDIT: confirmed after reading other posts.

Alain Verleyen  
fdeguzman:
Positions protected in the queue meant that if there are 5 orders resting at my TP price, when my TP hits the broker my order will be the sixth in line.  If the price touches my TP price, I will be the 6th order to be served.
I read somewhere that is a way of guaranteeing that your order is already in the queue even before the market hits my TP.  Once the market gets close to my TP, those with very fast latency gets in line first.  I do not have a fast connection.  So sending my TP now which is far from being hit guarantees my position in the queue.

Yes, as I said I have no information about orders queue.

If you want a guaranteed TP use a limit order, standard TP are subject to negative slippage.

And please don't hijack an unrelated topic when you have a question. As Fernando said, this topic is about MT4/mql4 which is very different in that regard.

FRANCISCO LIMJAP DE GUZMAN  
Alain Verleyen:

Yes, as I said I have no information about orders queue.

If you want a guaranteed TP use a limit order, standard TP are subject to negative slippage.

And please don't hijack an unrelated topic when you have a question. As Fernando said, this topic is about MT4/mql4 which is very different in that regard.

Hijacking was not intentional.

Alain Verleyen  
fdeguzman:
Hijacking was not intentional.

I know. No worries.