IG Index and stop loss orders

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johnmbradford
32
johnmbradford  
I'm told that my EA uses a virtual stop loss, but IG Index won't accept that.  What is a virtual stop loss?
Anthony Garot
1821
Anthony Garot  
johnmbradford:
I'm told that my EA uses a virtual stop loss, but IG Index won't accept that.  What is a virtual stop loss?

I suspect that a "virtual stop loss" is a level that is monitored within the EA rather than placing the stop loss on the broker's server.

Trailing stops are like that. See VTSO.

Manual traders often use mental stop losses so that the level is not known to the broker or other traders. Your EA may be doing something like this, too. You could find out by contacting the author of the EA.

johnmbradford
32
johnmbradford  
Anthony Garot:

I suspect that a "virtual stop loss" is a level that is monitored within the EA rather than placing the stop loss on the broker's server.

Trailing stops are like that. See VTSO.

Manual traders often use mental stop losses so that the level is not known to the broker or other traders. Your EA may be doing something like this, too. You could find out by contacting the author of the EA.

Anthony Garot:

I suspect that a "virtual stop loss" is a level that is monitored within the EA rather than placing the stop loss on the broker's server.

Trailing stops are like that. See VTSO.

Manual traders often use mental stop losses so that the level is not known to the broker or other traders. Your EA may be doing something like this, too. You could find out by contacting the author of the EA.

Thank you and yes, the author did confirm that.
johnmbradford
32
johnmbradford  
johnmbradford:
Thank you and yes, the author did confirm that.
I've amended my account status with my broker and now it all works fine, thanks for your help
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