To the community,
First off I am very new so I apologize if I have put this query in the wrong section. I imagine a moderator will move it though if it is grossly misplaced.
The context: a pending long position on the EURUSD triggered, and now open (random example)
My question is about moving a stop loss, first, manually by myself, then automated, based on preferred timing.
1) What is the fastest time it would take to move a SL, just once, towards the original pending entry price, and what is the maximum distance (in pips) it must remain from the market at that move? Let's say I am in a volatile trade and I want to get my SL as quickly as possible to the original entry price in order to break even (because I believe that the bullish move will retrace below my entry if we follow my example). Can this be done in seconds? Or have I missed some fundamental principle all together?
2) If so, can I build an EA to automate this? e.g. once a pending order is triggered the SL is moved to that orginal triggered price within a second(s) (this assumes that the market has raced off towards the upside several pips away from the entry).
Any help or guidance would be greatly appreciated.
1) What is the fastest time it would take to move a SL. Can this be done in seconds? Or have I missed some fundamental principle all together?
what is the maximum distance (in pips) it must remain from the market at that move?
2) If so, can I build an EA to automate this?
So in answer to the above this is very helpful, thank you. So if I have understood correctly, the speed at which I can move a SL during a live position is similar to the speed at which it takes to place an order. That is, the same limitations faced by placing an order (as you mention from 1-3), are the same for moving a SL during a live position. This makes sense.
I am very curious about the 'server queue' you mention. It seems to me that this would play a major role in determining slippage. If you are at the front of the 'queue'you get first dibs on entering/exiting the market when you so choose.
So if I can also confirm, you have said that trying to move a SL during the first few seconds of a major news release would most probably take minutes, meanwhile the market is moving, and could go completely the opposite way to my entry, and I do not have a SL set during those crucial minutes because I have chosen to take it out of the market and change it, thus joining the server queue. Is this a correct interpretation?
In regards to your 4 options about the EA, I will most probably go for option 4 and pay a freelance. At the moment though, I am trying to resolve my conceptual issues so that I don't go to the freelancer with an pointless task. So hopefully my questions here are ok!
Thank you for all your help so far!