Hi there im having a bit of a mare with mt4
Often I’m putting in correct buy/sell stop orders with correct tp and sl on but I’m still getting an incorrect parameters message.
Does anyone know if this is a common problem and if so how to get round it
Thanks in advance
Tom
How about a screenshot of the order entry price settings?
A sell stop order is telling MT to sell (open a short) if the price falls to the level you specify. Think of it somewhat like a limit order. In that screenshot you’re trying to set your sell stop above the current price. That won’t work. What kind of trade are you trying to get in there?
As far as I know, a sell stop order is entered at a price below the current market price. Most investors use it when they want to limit a loss or to protect a profit on an asset that they own.
Yes, that’s true. But it’s not the same as the limit order because it includes a stop price that then triggers the allowance of a market order.
Exactly! I used it once with turnkeyforex to initiate a short sell, and the proces was rather smooth! It works great for limiting losses and managing already accumulated profits. For instance, I have bought an asset for $45 and don’t wish to risk more than $5 loss per trade. So, I placed a sell stop order just below $40, say $39.50. The benefit of this is that when the market price falls to the $39.50 level, the sell stop order gets triggered and the asset is sold at the next available market price.
Yes, I got a much better handle on it. It was just so confusing. After I looked at it I was placing the trade incorrectly. I later found I had an issue, it appears, if I was placing my pending order price too close to the market price, or my stop loss or tp too close to market.
Thanks everyone. I think I’m starting to get a handle on this trading deal!!! I actually made a little profit off of one of my market trades. I really feel like I’m getting somewhere.
