currently I m using etoro platform for trading(and uses metatrader for analysis
)
now days I think that I should trade in metatrader so I open an account in interbankfx.
[B]my problem is that while I open a trade of 0.5 lot at 100x in metatrader, If I set pre Stop loss and take profit then it is ok but if I open trade without setting any SL and TP, so when I wants to modify my open order it shows that “SL or TP must be varying 80 pips of the current market price”
[/B]
Pls tell me what is the problem:confused:, plsssssssssssssss
There is a quite simple explanation - every broker has a stop level which is usually somewhere between 2x and 4x the spread. It simply means he will not accept new orders unless it is that number of pips from the bid/ask. You can confirm this by trying to place an entry order close to the market price - you will get the same error.
What you described there is a market maker. The requirement to be a certain distance from the market price when setting stops and targets is a limitation from a dealing desk. It’s usually 5-10 pips depending on your broker.
However if you open an account with an ECN broker, you will not have such limits on your trading. You can place your entry, stop, target any distance from the current market price that you desire.
The metatrader platform shows price as 5 decimal places, 1.23456, when a pip is calculated as the 4th number in the price, in the price above #5. So a movement of 1 pip takes the price to 1.23465, 10 pipettes. So if you put the figure as 300, this is 30 pips, the price will move 1.23456 + 300 = 1.23756. I have used TP (Take proft) but the SL is the same distance back.
