Hi,
Occasionally, I am able to set a Take Profit or Stop Loss when I try to modify an order in the MT4 demo by Deltastock, but most of the time, the feature simply does not appear to be working, no matter what I try. Am running it in XP.
Could this be a hiccup that has to do with the demo? Do I need a new PC? Something else?
I’d like your input, please. TIA,
Squirrel
Some brokers have a minimum distance that the SL and TP need to be from the current price (I think… bit of a newb here too ;)).
Double check that you’re entering valid values. For a long position, SL needs to be below the current Bid price, TP needs to be above the current Ask price. The opposite is true for short positions.
If you still have issues, PM me and I can let you have an EA that I wrote to set SL and TP by dragging lines on the chart. When it fails, it gives an error number that lets you know the reason for the failure. It’s not for public release or use on live accounts though because it probably still has bugs.
Try any other broker for demo trading. Hopefully your matter will solve.
This is a bit “harsh” don’t you think??? LOL!!!
Regards,
Dale.
Hello.
As another member has correctly pointed out: some (dare I say MOST if not ALL???) brokers that offer MetaTrader 4 as a trading platform require a minimum distance (in pips) between your stop / limit order prices and the current market price. I believe that this could be your problem.
Also bear in mind that you are trading with variable spreads and you need to take this into account too.
Please also bear in mind that you are being quoted using fractional pip pricing e.g. in the case of EUR/USD your price quote has FIVE decimal places. So if you see something like this “Open price you set must differ from market price by at least 40 pips” don’t be alarmed i.e. that’s actually 4 (as in FOUR) pips and NOT 40 (as in FORTY) pips.
The above being said:
Could you be a bit more specific about the problem i.e. could you post exact details of the problem (or even a screenshot) when (if???) this occurs again and I’ll take a look and see what’s going on. It would be very much appreciated if you could do that.
Regards,
Dale.
Thanks for your input, guys.
It must have been some kind of temporary hiccup. The features are working the way they should today. I am able to amend and set S/L and T/P (and yes, there is a minimum, but it didn’t appear to have anything to do with that). The hiccup may have been due to my PC.
So when they say 40 pips (which they do, indeed), they mean 4? LOL LOL LOL (Yes, that became obvious this morning, actually, when I was able to set the orders).
Does your broker provide web platform? Like my broker FXPRIMUS, I use WebTrader when I’m not using my own computer. It can be used even on Mac and any browser.
Hello again.
Well: “the features” are supposed to work EVERY day let’s be honest!!! LOL!!! But please: any problems??? Let me know (I’m subscribed to this thread now for obvious reasons).
You DO know that Deltastock has just released a new version of their proprietary trading platform i.e. Delta Trading 6??? If not: take a look at my last post in the “Broker Aid Station” forum (Deltastock’s). It’ll “knock your socks off”. LOL!!! Not to mention the fact that you can trade not having to worry about this kind of thing and it’s possible (depending on liquidity) to trade EUR/USD with a 0 (yes ZERO) pip spread i.e. NO spread. And, OF COURSE, I’m here to help if / when required.
Regards,
Dale.
Hi Dale,
Had not realized yet you were representing Deltastock. I’ll give Delta 6 a shot too, thanks. I downloaded what looks like version 4, before.
It can’t rule out that it is this PC that was causing the hiccup. Next time it happens, if it does, I will reboot the PC and see if that solves it.
Squirrel
Hello.
Of COURSE??? What a question??? LOL!!!
Seriously: yes. It’s called “DTWeb”. Just go to deltastock.co.za and you’ll see the little “DTWeb Login” button on the top right hand side of the page (of course: you need to open a demo account as well before attempting to log in and test but you login details are universal i.e. they may be used to log in to all of Deltastock’s trading platforms excepting Deltastock MetaTrader 4).
Regards,
Dale.
Hello again.
No problem.
Version 4??? That’s older than I am!!! LOL!!!
Any problems etc. let me know.
Regards,
Dale.
Give other practice accounts a try before you decide the broker that you want to go live with. I don’t mean to be rude :8: but I think it’s important to find the best ‘home’ for investment, something that you’re comfortable to stay at. Other wise I think Redsquirrel should approach the customer service guy directly on live chat or something to get immediate help.
I’m just going to chip in again briefly…
I’ve been using Oanda demo account with the mt4 platform for a few days now. I was very new to the broker when I first replied to this thread so didn’t want to say anything either way, but having used them for a couple of days now, I feel in a better place to comment. They don’t set any requirements for SL/TP other than having them the correct side of the Bid/Ask price. I’ve been using this for scalping a 5 minute timeframe and it has proved quite useful. I might be scalping a 10 pip range so setting stop loss and take profit values to 5 pips away when the spread is 2 pips would put my SL and TP 12 pips apart, which could put them both outside the channel and make them pretty useless.
The example above is probably not a good way to trade. My point is that it [I]is[/I] possible. In addition, when using Oanda’s own platform, it’s possible to place orders for any number of units in increments of 1 unit. So it’s possible to place an order for $1, which is 0.00001 lots, or any other amount such as 0.01265 lots. mt4 is hard coded to have minimum increments of 0.01 lots so using their mt4 account still has this restriction.
I am not paid by Oanda, affiliated with them, or have any ties to them. I also have not traded on a live account with them.
Edit:
Having re-read this post, it sounds like I’m a bit of an Oanda fanboy. This is most definitely not the case. I do intend to trade live with them, but they have some serious restrictions. They implement the US regulatory framework. By this, I mean that the maximum leverage is 50:1 and they do not allow hedging. I consider this a serious restriction to my trading and am ethically opposed to any company or agency attempting to force the citizens of one country to live according to the laws of another country. However, as I begin my trading path, I believe the benefits of their account will outweigh the shortcomings for me in the near future.
Hello again (again).
You know what??? ACTUALLY (and believe it or not): I couldn’t agree with you more. When I was “just a trader” i.e. a new trader I demo traded at a particular broker for a while, made a little money, thought this was easy, and opened a live account with them. Only THEN (and after a GOOD few months and a LOT of $$$ lost later) did I find out that the demo accounts were “rigged”. And only THEN did I find out that actually: they’re one of the best known “bucketshops” in the business. The point I’m trying to make is: had somebody given ME the advice that YOU’VE just given I would have found a decent and honest and reliable broker BEFORE committing a LOT of $$$ and gotten “royally fleeced”. For me PERSONALLY: I’m just lucky that I “stumbled across” Deltastock (and, well, the rest is history).
And of course: there’s “personal preference” (all other things being equal). I mean: I “live and die” by Delta Trading i.e. I’ve always like the platform (even the previous version i.e. version 5). Many did not like it’s concept and layout. I don’t like MetaTrader 4 myself (and I know that puts me in the minority). But others “live and die” by it. So: “personal preference” I guess. Only ONE piece of advice on THIS subject: it’s of no use trading with a specific broker because of their trading platform. What I’m saying is that it’s of no use if a broker has “the best of the best” trading platform but are “as crooked as they come”.
I’ve said this MANY times (and I just KNOW I’m going to get “knifed” but so be it): Forex Peace Army REALLY IS the “de facto standard” when it comes to broker reviews and ratings (by REAL traders). Yes: there are all SORTS of “stories” floating around about Forex Peace Army but I can GUARANTEE you that even IF such “stories” WERE true some years back (which, after doing my OWN research into the matter, I don’t believe was the case) they’re most CERTAINLY not applicable NOW i.e. Forex Peace Army spends FORTUNES and a LOT of time trying to ensure that only REAL reviews and ratings (by REAL traders) “make it through”. Alright: there’s only SO much admins of such a site can do and sometimes things DO “slip in”. But it’s pretty simple to spot the “virtual broker person” really. Put another way: when a broker is “crooked” you eventually start seeing a “common thread” (of complaints) emerging (as is the case with the “bucketshop” which I had the misfortune of dealing with some years back).
I guess what we’re are BOTH saying is that ANY (new) trader MUST do their “due diligence”. If they don’t and they get “fleeced” well, then, they (mostly) have themselves to blame (we’ll leave the regulators out of this particular discussion because they too could do a better job than they do in my opinion).
Regards,
Dale.
It’s all working well now. Will install DT6 tomorrow and give that a go, too.
Thanks for the feedback, guys!
Contact your broker to solve the issue.I have been using TFOT for last 2 years now and they are really good in solving the issues.
LOL!!!
That’s exactly what RedSquirrel has been doing!!!
Let me guess though: we’re all now supposed to ask “who is TFOT”??? Right???
Sorry. Couldn’t resist!!! LOL!!!
So (RedSquirrel)??? What do you think (of Delta Trading 6) and how is it going???
Regards,
Dale.
Hi Dale,
Yes, some of those other responses are making me LOL too. A friend recommended DeltaStock to me. I had tried demos elsewhere, but not in MT yet.
So far, I prefer MT4 over DT6, and yep, all is going well and working out well. I was possibly trying to set those levels in a rapidly moving market, earlier.
Have a good weekend.
Squirrel
perhaps, your metatrader need to be updated sir…
Only your broker that can solve your problems. I’m using metatrader4 of liteforex, so far is ok and fine.