Are ECN brokers better in every way over STP/NDD brokers?
I ask because I read an article that said “Market Execution” (which I think is ECN) cannot enter TP and SL amounts during the entry of the trade (this includes EA’s). The article said that a TP or SL can only be entered AFTER the position has been established.
Is this true?
Currently I use an EA that I wrote to trade with. That EA sets the TP when the trade is entered. I’m a swing trader and hold until TP is achieved so the SL is not an issue for me. But my EA will have to be recoded if I switched to an ECN broker and the above is true.
Also… Are there ANY other pros or cons to ECN over STP/NDD? I’ve read around that spreads are thinner with ECN but I have not seen it personally. I’ve noticed that spreads (on Indicies anyway) seem to be about the same – .50 for SP500.
FYI – I only trade index products, so if you could apply your answers to Index CFD’s instead of pairs, I would appreciate it.