Finally a REAL ECN MT4 broker? - page 20
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Mp -- stops, money losing and genoa salami !
If one simply sits down and understands that in forex, stocks, commodities or any other tradeable instrument, there are no "absolutes" that can become stereotypes, just as in life.
Unfortunately, the majority of people who attempt to become retail traders are usually not old enough to really HAVE experienced life, and so they cannot see this simple situation.
STOP hunting DOES exist, but its more of a "general" situation than one directed at one particular trader. Take for example a rising price that approaches a major resistance level ---- many traders (ant that means a LOT) will place BUY STOPS on the other side of that line, only to find the price goes just high enough past the resistance point to grab their BUY stops and reverse down for three days.
STOP LOSSES were my biggest complaint in the world when I finally found myself close enough to good to be able to start posting, and by the simple expedient of increasing the stop loss, suddenly newbs made money.
We are presently in a market that is best described as "whippy" and if one chooses a longer term trade (for me, anything over the 5 minute chart), you will and MUST experience drawdowns --- what places me into a very small group of traders is that i DO NOT USE STOP LOSSES, but having said that, please understand that I work with a huge equity base and I KNOW how the market works, so I nullify the effects of how the price moves up and then down and then back up during a 24 hour period by not giving a point where the trade becomes a LOSS !
of course, this is not to be done by anyone without a few years experience and the capital to survive the daily drawdowns, or you will be in deep trouble very fast.
If SCALPING, there is absolutely no reason for stop losses as i have not met a scalper worth their salt that doesnt have their trades come home --- good scalpers simply understand trend, direction and time and use it to their advantage.
but back to stop losses --- set too tightly and you will be stopped out simply because SO MANY OTHER TRADERS have set their SL's at, or about, the same place, so the mass of the market simply takes them out
The ONLY cure to this problem is KNOWING how the market works, how the mm's TRADE the price, up and down, and a firm knowledge of WHERE THE PRICE IS GOING, a situation that NO NEWB can command, and few with less than 2 or so years of experience can either. Mastery of forex is NOT the latest EA or the newest "system", but rather cold hard experience which only comes with TIME ----
Last year, for giggles, I opened a demo at $500 to prove a point to most of my students. It took ONE YEAR of very part time trading (basically whenever i remembered I was working with it), but by then the equity had grown to $10,000. Now Igor is gonna huff and puff but the MT4 docs are there to back up my claims and BTW, I used NO STOPLOSSES for the whole year. Presently (and because of this wonderful market) we make up to 2400 one lot pips per 24 hour period, with a low momentum day coming in at approx 1000.
Its just not really hard, but like anything else, you have to WANT to know and then spend the TIME to know --- its a wold all its own, but it sure pays better than most.
enjoy and trade well, but loosen your stop losses if you MUST use them, remembering that a stop loss creates a REAL MONEY LOSS, which you invariably find would have been profit, "if only . . . . . . . . !"
mp
Entry with market price with TP
If I am not mistaking, we can not make entry with market price at the same time setting TP and SL.
Is there any way I can do it?
We have Institutional Rollovers and Regular. Regular Rollovers can be checked in symbol specification:
The symbol specification window can be called by pressing of "Properties" Market Watch window.
Institutional Rollovers is aplicable for account holders with trading volumes starting from 1 Billion per month.What a joke! Any party trading over billion a month with an unregulated broker is a fool that will not have the money to trade that volume for very long!!
Hide pending orders from broker
Is there an EA that can help me to set a number of pending orders, without sending them to the broker?
This means that when the buy/sell limit gets triggered, the EA will send an order "market execution" to the broker, while setting the take profit and stop loss at the same time.
The reason why I want this function is that I want to be able to set a pending order that is less then 70 points from market price, which is the limit for doing GBP/JPY pending orders at alpari UK. I don't like this limitation and I hope someone else has thought of doing this before.
I am also looking for a script that will execute one of the pending orders, while canceling the other as soon as the first pending order gets executed.
I guess I have to start learning coding mt4 scripts soon..
Is there an EA that can help me to set a number of pending orders, without sending them to the broker?
This means that when the buy/sell limit gets triggered, the EA will send an order "market execution" to the broker, while setting the take profit and stop loss at the same time.
The reason why I want this function is that I want to be able to set a pending order that is less then 70 points from market price, which is the limit for doing GBP/JPY pending orders at alpari UK. I don't like this limitation and I hope someone else has thought of doing this before.
I am also looking for a script that will execute one of the pending orders, while canceling the other as soon as the first pending order gets executed.
I guess I have to start learning coding mt4 scripts soon..I find it strange my request was moved to be buried in this gigantic thread. Why?
How do you feel about Ikon GM now? That said, I have it from a source inside Dukascopy that they will be going live with their MT4 to ECN solution in January. I have been waiting on that for a long time! Regulated by FINMA, there's no room for manipulations!
Dukascopy and MT4. Now that's a solution for all you MT4 traders.
I still only trust Interactive Brokers and Dukas.
I used NO STOPLOSSES for the whole year. Presently (and because of this wonderful market) we make up to 2400 one lot pips per 24 hour period, with a low momentum day coming in at approx 1000.
mpNow Igor is gonna huff and puff
I hope so.
The EA are looking for already exists.
Hello,
Dedicate your efforts to make good trades.
Use the best tool you have at your disposal.
Spend some time learning how it works.
We've all had the idea to create our own tools, because we did not find what we needed.
And it is advice I give to many people, I see that they lose all their time looking for something effective.
It is better to concentrate on what's important, and for a trader, it is important to trade.
It happens that many people are caught in an endless loop, to the search for the Holy Grail.
I also, in my early days as a trader, lost many months looking for tools to help me.
And not find them. I had to make myself, and sometimes outsourced to coding professionals.
Now there are good tools to facilitate their work.
Look at this thread.
https://www.forex-tsd.com/forum/commercial-talks/13997-veryeasy-the-ea-that-provides-easy-to-use-metatrader-4
This EA in its advanced version, is the best tool that exists at this time for Metatrader.
Provides a fully functioning hidden from the eyes of the broker, for all types of operations.
And a complete management of Pending Orders with the features you request.
What is ECN technology!
What is the difference between ECN and standart brokerage company accounts?
What is the difference between ECN and standart brokerage company accounts?
You have ECN, STP and market maker brokers. There's already a lot explained about all of them, just use search or google "difference between market maker stp ecn "