"Multiple TPs" in MT4
MT4 is not doing any such thing. It is your broker following FIFO rules.
Since 2009, hedging is not permitted for US traders.
NFA Enforces FIFO Rule, Bans Forex Hedging in US Forex Accounts - Trading Heroes (September 12, 2016)
FAQ: FIFO in the Forex Market - BabyPips.com (May 31, 2011)
MT4 is not doing any such thing. It is your broker following FIFO rules.
Since 2009, hedging is not permitted for US traders.
NFA Enforces FIFO Rule, Bans Forex Hedging in US Forex Accounts - Trading Heroes (September 12, 2016)
FAQ: FIFO in the Forex Market - BabyPips.com (May 31, 2011)
MT4 is not doing any such thing. It is your broker following FIFO rules.
Since 2009, hedging is not permitted for US traders.
NFA Enforces FIFO Rule, Bans Forex Hedging in US Forex Accounts - Trading Heroes (September 12, 2016)
FAQ: FIFO in the Forex Market - BabyPips.com (May 31, 2011)
Not sure I understand. My issue doesn't have to do with hedging. All I'm doing is trying to automate partial take profits by dividing my trade up into multiple positions in the same direction.
If I take a 0.30 lot position, I can manually take partial profit here and there by opening the Modify Order screen and closing out, say, 0.10 lots. And if I want to take three 0.10 positions in the same direction, to add up to 0.30 lots total, my broker allows me to do that. My issue is that once I do that, I can't set individual take profit levels on those three positions (i.e. I can't automate the process that it does allow me to do manually). It forces me to place the same take profit price on all three, even if the newer the position the higher the price (therefore ensuring that older positions will close out before newer ones, which, as I understand it, is what FIFO means).
Is that against the FIFO rule as well? I don't understand how. Also, it seems odd to me that my broker's support hasn't mentioned anything about this when I've reached out to them.
Not sure I understand. My issue doesn't have to do with hedging. All I'm doing is trying to automate partial take profits by dividing my trade up into multiple positions in the same direction.
If I take a 0.30 lot position, I can manually take partial profit here and there by opening the Modify Order screen and closing out, say, 0.10 lots. And if I want to take three 0.10 positions in the same direction, to add up to 0.30 lots total, my broker allows me to do that. My issue is that once I do that, I can't set individual take profit levels on those three positions (i.e. I can't automate the process that it does allow me to do manually). It forces me to place the same take profit price on all three, even if the newer the position the higher the price (therefore ensuring that older positions will close out before newer ones, which, as I understand it, is what FIFO means).
Is that against the FIFO rule as well? I don't understand how. Also, it seems odd to me that my broker's support hasn't mentioned anything about this when I've reached out to them.
Mr. Roeder is right.
Hedging does not necessarily mean having a buy and a sell at the same time.
Google the difference between hedging and netting. You should understand why all orders are behaving as a "whole" with your Broker.
So, I can effectively achieve the same result by manually closing out portions of an open trade, but I can't set that up as my plan all along? Got it. That's really dumb.
It's not Dumb; it's Netting. The Stock Market Works that way. (with the Broker I used at least)
You can Always try to open an Offshore Account with another Broker to avoid FIFO Regulations. (at your own Risk)
It's not Dumb; it's Netting. The Stock Market Works that way. (with the Broker I used at least)
You can Always try to open an Offshore Account with another Broker to avoid FIFO Regulations. (at your own Risk)
Netting does not prevent me from setting multiple limit orders to close at different prices when trading stock. I do it all the time on my TD Ameritrade account.
its the tp that is the issue. due to fifo rules you can not do as you want. If you go to new broker that is in the US, you will have the same issue.
The question has been answered, not in the US.
Stop trying to make multiple orders with multiple TPs. Make one order and use partial closes.
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Apologies if this isn't the right place to ask this, but I've had little luck seeking help elsewhere.
I have a demo account and a live account with IG. I used to use a strategy on my demo account that involved setting three take profit levels. Since multiple TPs isn't a feature in MT4, what I would do is open three orders and treat the group as one trade. For instance, say I wanted to trade with 0.30 lots. I'd open three orders at 0.10 lots each, set them all with the same stop loss, but set a different TP level for each order.
This works fine on the demo account. Interestingly, it doesn't work on the live account. If I open three trades using instant execution, and then go to adjust my take profit levels, whenever I adjust the level on one of the orders, MT4 automatically sets the TP on the other two positions to the same price. It doesn't allow me to set them at different levels.
If I create three limit orders, it does allow me to set different TPs on the orders while they are pending, but only while they are pending. As soon as they trigger, MT4 automatically changes the TPs on all three positions to the highest level of the three. Again, it doesn't allow me to set them at different levels. Every time I try modifying one, it automatically modifies the other two to match it. It defeats the purpose of having multiple orders.
Does anyone have any idea why I might be having this issue, and if there's anything I can do about it?
I've talked with my broker about it, suspecting that it may be related to the fact that I'm a US-based trader and they have a separate list of symbols available for US traders (all of which end in .FX - for instance, on my demo account I can trade EURUSD, but on my live account it shows up as EURUSD.FX), but they have been amazingly unhelpful. I've contacted IG support 5 times and each time all they've told me is "if you create another order you can set a different TP," and they hang up or close the chat window before I can respond saying the problem is that isn't working.
Aside from switching brokers, which I'm about to do, does anyone have any insight to offer on this? Have you run into this issue before? Is it broker specific, or will I run into the same problem elsewhere? I can't imagine that it's MT4 related (I've already reinstalled it just to be sure), as again I've been able to adjust different TPs on different orders without issue on my demo account.