May be a bit harsh but when I went to set up some limit orders today had to be more than 50 pips either way from where we were now to me thats extreme. Asked the question it was a safety limitation! For who us or them…
Still made a few dollars but could have been a hell of a lot more as it all went in the right way
No not gonna name or shame just yet in case thats the norm due to “volatility”
Which broker were you with and what was the pair/commodity you were trading?
popular broker all major pairs shame really the limits were placed at 1st support and resistance levels which took all the running out of the trades is that the norm for busy trading goes to show they not like you make money them money makers
I tried to enter the market at $1303 and did not get filled until $1295 (Gold) which meant I was unable to make any profits in that gap, which at my lot size meant I missed out on over £700. I am working with a new broker who has excellent service in executing orders, I have given my input to them and I have used a demo account with them for a while. I have had no issues with placing orders, spillage or stop losses so I am thinking to completely change to them as my broker.
Hi Seajah,
having to place pending orders at some distance from the current market price is normal.
However having to do so at a distance of 50 pips definitely isn’t; that’s way too far and will naturally restrict your profit potential severely.
When I placed my first pending order with my current broker, MT4 displayed a note at the bottom of the trade window that popped up, saying “[I]Open price you set must differ from market price by at least 20 pips[/I]”.
Naturally I was (unpleasantly) surprised … until I realized that my broker’s quotes were 5-digit, not 4-digit, meaning MT4 misinterpreted 2.0 pips as 20 pips.
I suspect that you might be having the same issue … have a closer look at your setup, and if it turns out that your broker really works with a 50-pip gap (not a 5.0 gap) bid him farewell and switch your account to somebody who treats his customers fairly.
Cheers,
Paladin
This was def 50 pips and I must point out only on day of NFP although now I notice normal limit orders are also at least 20 pips either side of the spot price. The standard leverage seems to be 400:1 so I guess thats why I found it so difficult to get on. The very friendly and helpful guys there had told me different so you just got to be so careful. I’m not saying they are rogues but the system is stacked in their favour.
So I moved and am treading very carefully now.
I am going to try Oanda on a demo account to see how their system works.
I do know leverage is no more than 50.1 yet to find out if thats good or bad. Although they give you $100,000 in demo mode so first thing is to strip that down to 10K to be more realistic.
Any one else using them.
Cheers
I’ve never checked out Oanda.
I’m with Pepperstone; they offer leverages from 1:1 to 1:400, account currencies are USD/EUR/AUD/JPY; 2 account types: spread only & spread+commission (ECN); gap for pending orders is 2 pips (20 pipettes).
Demo accounts are valid for a month and have starting balances from 3k to 5m (lol).
I’m very happy with them so far; they have their technical issues (occasional slippage etc, which broker hasn’t?) but reimburse justified claims without much fuss and in a speedy fashion; customer service is excellent: friendly, fast, and competent.
Cheers,
Paladin
P.S.: I am in no way associated with Pepperstone and gain nothing from speaking well about them. I’m merely a satisfied customer who is happy to let others know that (in my opinion) they are an honest and reliable forex broker.
P.P.S. / Edit: They don’t accept US customers.
Thank you I will have a look
Cheers