I’ve decided, after extensive research, to learn and trade on AAAFX metatrader 4. I have a couple questions, though.
ECN brokers feel like a myth at this point. Are there any real ones out there, 100% confirmed, that work in the US? AAAFX has no dealing desk, but still…
When I try to set sell/buy limits on my trades, I am often told that I am not allowed to set the limit less than 40 pips (On EUR/USD) to over 200 pips (AUD/NZD) from the market price. While I could understand the practice to a degree, this feels like a ridiculously high limit to be placing. Is this normal…?
These limitations will vary from broker to broker. However, MT4 has a nack of stating 40pips when it really means 40points which is equal to 4 pips. Just check again and make sure, and if in doubt open up a few MT4 accounts just in demo to see the differences. For example I am quoted 20pips with EUR/USD when it is actually 2pips (20 points).