Noob questions, limit orders

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Hi all,

Just going through the MQL4 book.

It says that limit orders become market orders when the price is hit.

So does this mean there are no actual limit orders in MT4?

Thanks in advance.

 
Your pending orders are held on the broker's server. And becomes an Open_Position when the Price is hit. I don't know what you mean by "actual limit orders".
 
ubzen:
Your pending orders are held on the broker's server. And becomes an Open_Position when the Price is hit. I don't know what you mean by "actual limit orders".


Thank you for your reply.

Buy limit order i mean an order placed that will be filled at the price or better, so no slippage.

The MQL4 book says the order becomes a market order when the price is hit.

"BuyLimit is a pending order to buy assets for a security at a price lower than the current one. The order will be executed (modified into market order Buy) if the Ask price reaches or falls below the price set in the pending order."

 
jayhay: Buy limit order i mean an order placed that will be filled at the price or better, so no slippage.

Yeah, if the price gaps down-ward you'll get to buy lower than your asking price. I don't use pending orders but allot of people on this site have noted thats how it works by definition. Oh, almost forgot .. it doesn't work in the Strategy_Tester. Same goes for StopLoss and TakeProfit Orders. They'll execute at the price you specify and ignore any gaps including weekend gaps.

Is there anything else I can help you with ;)

 
ubzen:

Yeah, if the price gaps down-ward you'll get to buy lower than your asking price. I don't use pending orders but allot of people on this site have noted thats how it works by definition. Oh, almost forgot .. it doesn't work in the Strategy_Tester. Same goes for StopLoss and TakeProfit Orders. They'll execute at the price you specify and ignore any gaps including weekend gaps.

Is there anything else I can help you with ;)


I think when the book author says "market order buy" he really means it will become an open position.

Its a bit confusing in MT because the an open position is still called an "order".

Another question if I may.

I am playing around with a demo account from FXCM.

I can right click in the symbol chart and choose "Buy Limit" at the price where I click.

I opened a demo account Oanda too but it doesnt work on thier version.

The builds are the same and ive checked the options dialog, all the same.

Any ideas?

 

Does the Oanda version give you the Trading option. Also, it appears to be dependent upon where you place the click so that might alter the options provided.

If those do-not work, try contacting Oanda and ask if they allow these pending orders.

 
ubzen:

Does the Oanda version give you the Trading option. Also, it appears to be dependent upon the types of orders you have currently opened. So if you have no_open_positions, that might alter the options provided.

If those do-not work, try contacting Oanda and ask if they allow these pending orders.


Thanks for you help mate.

 
jayhay: Thanks for you help mate.
Did it work ... was it under Trading? I'm just Curious.
 
ubzen:
Did it work ... was it under Trading? I'm just Curious.


I messed up a little, the Oanda version was the same as FXCM, it was the version from IamFX that was different. I thought it was Oanda too but when i checked it was okay.

The IamFX one doesnt work at all actually, even when I right click on the symbol and "Create Order" the "Symbol" drop down combo on the order dialog is empty.

Not really bothered at this point though, now that you cleared up the limit/market order confusion I going to start coding a basic system in MQL4 and go from there, many more questions to come no doubt.

Cheers

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