iv been demo trading since the start of the year and im now looking to go live! however, i use a ‘set and forget’ system and have been demo trading with fxcm’s marketscope 2.0 platform. the problem is that when i place trades, the spread is calculated into my position so when i set my entry, tp and sl, the entry is triggered before the price actually hits (because they calculate the spread like that!)
can anybody reccomend a UK broker that doesnt charge the spread in this way? i just want my trades to open and close at the exact figures i enter into the platform… do any brokers charge a spread directly to the equity account rather than the way FXCM do it.
pls let me know guys, im looking to go live in august. Best wishes to all.
i initiate my trades at 13.00 BST. 2day i wanted to go long on EUR/GBP if price hit 0.8299(0). however, my long position was initiated even though the highest price on the chart since i placed my trades was 0.8297(6). This is because the broker charge the spread as part of my trade. therefore if the spread is 2.2, the trade will be initiated at 0.82796(8) even though i want to only enter if the price hits 0.8299(0).
what im asking is, are there any brokers that charge the spread differently, so that the settings of my trade (entry, tp and sl) are only set off if they are hit at the exact price set and not the price set +/- spread?
hope the question is better understood and thanks for the response.
Not that I am aware of. You cannot avoid the spread…by definition, your trade was triggered when the Ask price hit your BuyStop. There is no other way for this system to work.
Of course, you could simply make an allowance for the spread next time but even that can bite you if you trade around news times as spreads can widen substantially.
The other side of it is, as I see it, a fault in the trading software that does not show the ask price in the regular chart, if it did lil pip would see why his pending order was executed. I have never understood the reason for this , unless it is to give the broker an extra edge. I believe trading software should have the option to show the ask price as the highest point the candle reaches.
MT4 does show the ask line(if activated), it just doesn’t chart it, probably for practical reasons. I can’t see how you would display a candle with both prices on it.
I know you are up to speed on MQL4, so you know it is no problem to log or chart the spreads via an indicator.
Well i meant on a trading chart, the highest price of the candle is always the highest bid price, for the purposes of analytics it could have an option to show the highest price as the highest ask price
FXCM’s Marketscope does have the option to look at both bid and ask price, so I imagine if the OP looked at the ask price, it would have penetrated their 0.8299 level
i understand how the spread is charged, however due to lack of experience i guess i was hoping that other brokers may take the spread differently. i guess it would be helpful for me if the brokers would just deduct the spread out of your equity account as and when your trade gets triggered… altho the wonderful baby pips school does say that you pay spread as you enter a long and when you close a short…
I’m hopeless at explaining things but here goes nothing…
I think that’s probably something to do with most brokers display the bid price, so if you buy when it looks like its at 140.00, you’ve bought at the ask price which could be 140.05, so looking at the bid price, you’re instantly 5 pips down. Yet with selling, you’re selling at the bid price so sell at 145.00 and your chart will be displaying the price as 145.00, so when you close that trade, it might look to you like you’re closing it at 144.50, but the ask price will be 144.55, but either way you will be paying the spread at some time.
