My broker increased the minimum distance to place buy stop order to 10 pips away from current price. For example, if i want to buy stop at 1.2010,i can only place buy stop order when price is below 1.2000. Sometimes price does not move below 1.2000 for me to place a buy stop order and i will miss the trade if it breaks higher in a fast manner.
I am thinking of using EA to buy when price hits 1.2010, but i wonder if EA will be slower than a normal buy stop order? i.e. will there be more slippage?
If EA is slower than a normal buy stop order, then my only choice left is to move to a new broker that does not have such ridiculous requirement of wide distance to place stop order.
Thank you all.
A stop becomes a market order when hit. Exactly the same.
Humans use stops and limits because they can't watch the chart 24/7. EAs can, thus they don't have to use them.
It's not the same as the order is already on the server. So it depends of internet latency.