Ok i figure i probably won’t be laughed out of Newbie Island with a newbie question.
When i want to input an order on the MT4 platform i sometimes get this error message:
“open price you set must differ from market price by at least 4 pips”
This is in the case of trading the GBP/USD when the Bid is 1.9959 Ask is 1.9963 and i try to open a pending buy order with a stop at the price of 1.9965, S.L at 1.9945 and TP at 1.9975. I don’t understand why the open price that i am choosing (in this case 1.9965) should differ from the Ask by four pips? This can’t be due to slippage because i can execute a Instant Execution order without this error.
Any ideas?
U want an instant execution in this case. A pending order is when you want to buy or sell the currecny at a price other then the one it is at. swing traders usually use it, but it can work in other ways. Anyways have a good one!
I wanted a pending execution because i had a specific price in mind but also i wanted the stop in place. I can only watch the charts on occasion and when in i go to work i can’t watch them, thus the stop.
Odd that it would give you this message.
well you can put a stop in instant execution too. If you want to place a pending order that close though you need the non-dealing desk. Otherwise ur outta luck. Maybe I’m still not getting it. get back to me on this one.
Thanks for the reply Shadow. My mistake about the stop loss, yes in the MT4 you can place them even on an Instant Execution order. However my feelings about the pending order still stand. You mention i would need a non dealing desk for this, do you mean choose a retail forex broker that has no dealing desk and all orders were instantly executed into “the feed”? I was under the impression that i have to deal with a dealing desk no matter which broker i deal with. Only institutional clients have the option of bypassing a dealing desk.
I don’t know how many brokers have it, but it actually just came out maybe a few months a ago or maybe less. check out different brokers and see which offer it, but also check out the pros and cons. I decided not to use it, but many have. search the forums about it too, you’ll get some information there about the brokers. If you need anything else on it, just reply again, best eh!