Hi everyone, this is my first time posting outside of the noobie island so I hope you all don’t rip me to shreads.
I’m Japanese and all of my FX experience has been with Japanese brokers, but I’ve been thinking of moving my account out of the country within the coming year.
My problem is that a friend who was looking up non-Japanese brokers for me said that some broker (I think it was FXCM that he mentioned) had problems with Japanese clients that were using EAs that tried to partially close trades (with MT4 I think). Something about FXCM (or MT4) not allowing partial closes.
I’m not too familiar with MT4 (working on that) or FXCM. Can someone elaborate on whether not allowing partial closes is a problem with FXCM in particular or something across the industry and what sort of EAs I should look out for?
I can’t say for fxcm but generally speaking partial closes are very common. As far as robot go MT4 is the way to go. The things to consider is what type of robot it is, ie. scalping, hedging ets. Open demo accounts for different brokers and play around with them. Just realize that demo feeds are always perfect and unlike live ones they don’t suffer any slippage which could very well affect the performance of your robot. Also check out the broker website, some allow scalping, some allow conditional scalping, some don’t like scalping at all. USA brokers won’t allow hedging. Stuff like that is important to the success of your robot.
No, there is no problems with taking partial profits. I believe MT4 allows you to close partial profits as an order, or you can place an order in the opposite direction for the amount you wish to close out.
I’m glad to hear that this isn’t a common problem with MT4 or brokers in general. I’ll check up on FXCM in particular to see if it’s something on their part.
The FXCM MT4 platform doesn’t support partial closes at the moment unfortunately. What we recommend to traders is to open multiple tickets instead of having the entire amount in one ticket, that way the partial amounts can be individually closed. This setup should be programmed into the EA as well.
Our programming services team can reach out to your EA developer to help with configuring the order management to work on the FXCM MT4 platform.
Please let me know if you have any additional questions.
