Pending order problem

I have trying to set pending order 5 second before high impact news but most cases brokers didn’t allow to do that even volumes before order are quite normal and spread isn’t too big to my stop losses but I can do normal buy/sell stop orders before news. I also use demo account so where is the problem?

Why would you want to do that? News trading is almost certain to fail.

I thought that I can get appropriate answer from here… :19:

On news trading, it is quite risky especially if you are just starting out as a trader… trading on fundamentals can take a while to understand…

Probably you are putting your entry price too close to the current price. Many brokers do not allow placing Pending Orders closer than 30-50 pips to price so try increasing the difference between your entry price and current market price, this will help.

Thanks for help. I thought also that I placed pending order too close from the current price. I don’t use bucket shops so I don’t have those 30-50 limits.

You have to take into account that with many brokers spreads widen quite dramatically whenever high-impact news are about to be released.

So it could well be that a pending order which would be perfectly all right under normal market conditions will be rejected so close before a major news release simply because the spread has widened so much that your minimum distance is not within permitted parameters anymore.

By the way, I think Programmer was referring to 30-50 points, not pips.
I am using a broker with 5-digit quotes, and when I place a pending order, the info text on the bottom of the order window states the minimum distance to be 20 pips, when it fact it is 20 points, i.e. 2 pips.
That’s an MT4 bug; looks like MetaQuotes has never bothered adapting their software to 5-digit brokers.

Cheers,
P.


There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)