Mt 4 seem not to recognise these parameters, which normally would work well on other platforms.
On market execution its not possible to attach a stop loss to the order before entering the market.
I thought would be quite simple to place a sell stop order for a buy , so that it would act as a stop loss, and set a sell limit so that it would act as a take profit.
basically step (1) For buy: placing sell stop first,(2) reopening the order window and placing a buy market order.
It does not happen, and when the price reaches the sell stop it just sells !!
The opposite is true with a Buy stop for a short sell, on the way up the price will not stop, but will open a new order to buy, and will not act as a stop loss.
Any way around it ?
how to place a stop loss at the time of entering the market in Mt4?
Have heard about of some HYMX tool something, offered by some brokers with accounts more tahn 2,000 usd, but could not find any more details.
Of course re-opening the order window and then placing a Buy Market order after first having placed a Sell Stop (or vice versa) will open another position. MT4 will, correctly, treat this as two different trades.
There is no way to place an S/L and T/P with a market order when working with an ECN broker.
You’ll have to modify the order you’ve just opened to manually fill in S/L and T/P points … which is a bit cumbersome, but not really a big deal, just 10 seconds of extra work.
When placing any type of Pending order, you can include S/L and T/P right away, no problem; so, in the example you’ve described above (placing a Sell Stop) you can just fill in S/L and T/P points, together with the price at which to execute the Sell Stop (or any other Pending order type).
I don’t know whether there are any EAs out there to modify a market order you’ve just placed, to add S/L and T/P points; in any case, such an EA would not be very effective, since you’d either have to decide on a fixed span between opening price, S/L and T/P (not advisable, since S/L and T/P should reflect current market conditions and not be based on position size), or you’d have to edit the EA every time, prior to executing it (which in effect is the same effort as modifying the trade itself).
Thanks Oliver
Yes you are right about setting a pending order and have already tested it on demo, however some times for scalping purposes
<<<<ex: For a Buy > Pending Order : Placing a Buy Stop above current market price, / stop loss below the Buy Stop>>
i dont really want to wait until the price will reach my Buy Stop and I’d rather jump into the trade before that level with a market order. But that is how MT4 has been set up i guess.
On instant execution its much better, but instant execution is somehow related to the dealing desk therefore i dont use it.
If at times i adjust the Buy stop to be as close as possible to the increasing price, to be triggered earlier, the platform will say “Invalid” s/l or t/p.
At least a couple of times, if not more, per month, whitin those 7/8 seconds from the time of Placing a s/l after putting the order in, spikes get me… mostly on the way down on Eur-Usd
Yeah, I hear you.
That’s the only disadvantage of working with an ECN broker.
Any STP broker will have [I]Instant Execution[/I] on his MT4, but with an ECN broker’s [I]Market Execution[/I] there is no way to do it effectively.
On the (very rare) occasions that I scalp (more for fun than for profits, hehe) I’ve found it easier to just observe the trade live and close the position manually, rather than placing S/L and T/P.
Come to think of it, when scalping it should be ok to have fixed S/L and T/P levels (say 3 and 6, for example) … which means an EA which will immediately modify the opened trade to add S/L = market minus 3 and T/P = market plus 6 will be able to do it much faster than a person could do it.
An EA should be able to modify an opened order in under a second.
So maybe it is worthwhile to check out the MQL Forum for such an EA; if it’s not available it should not be hard to code.
That’s nothing to smile about!!! With Delta Trading (you know: ‘professional grade’ trading platform and all that) you can instruct the platform to EITHER let the new orders be NEW POSITIONS or to act at SLs or TPs!!! And that’s just for starters (shameless punt of course).
HOWEVER: the ‘issue’ described will only happen if you’re trading with a MetaTrader 4 Broker who allows hedging. Try that with a broker that does NOT allow hedging and you end up with your new orders being cancelled if price reaches either of them and your position will be left open to move against you to its heart’s content (or make more profit if you’re lucky enough for it to carry on moving in your direction).
There is some crowd out there (I should write their name down the next time they spam me) that supplies (at a cost IF you don’t trade with one of the brokers that they are IBs for) a very nice piece of software (I think it’s EA based and I HATE to admit that it’s a nice piece of software) but it allows for ALL KINDS of things to be done (including what the thread starter is looking for). I just cannot remember their name right now but if it comes to me I’ll post the details here (although SOMEWHERE in this multitude of threads and posts I have indeed posted a link to their website but finding it will be another story ENTIRELY).
Yes, if you’re unlucky enough to be a US citizen, you’ll face this problem.
Thank God Obama and his thugs have no influence on non-US brokers.
Fixing up an EA which only adds S/L and T/P points to a recently opened trade should be child’s play for somebody who knows coding, like Buckscoder or Jedster (from your Adam thread, Dale).
It would nevertheless be interesting to get the EA you’ve mentioned.
i was yesterday looking for one EA’s to place stop loss and limits … but anyway i ended up finding one that i might use as well. Close all position on Time, if in profit, and close all PL
I would like to drag it onto the pair and close all position opened by a mq4 called RHC, coz this expert buy and close no stop.
Is there one close all expert that manage to close all opened, no matter if in profit or not?
I have looked at previous threads and found some to be honest… Might be just me not being able to make it work cos i dont know how to change the parameters.
try ForexImpact. They have a script that manages trailing stop etc etc without revealing them to your broker. It is an mt4 add in. Will try to look up the link.
Market Maker Platform, hehe.