I am new to this (12 months) and have been using mt4 to practice however, due to Oanda joining the prop firms I have started to try use TV for placing orders.
I placed a sell order GBPAUD 2024-02-20 07:41:51 (UTC+10) (4:41pm NY time) which was filled at 1.92630 and SL placed at 1.92686. If I go over to “Account History” I get the following message:
“Close short position for symbol FX:GBPAUD at price 1.92701 for 272656 shares. Position AVG Price was 1.926300, currency: AUD, rate: 0.654193, last updated rate on 2024-02-19T21:00:55Z, point value: 1.000000”
But my SL wasn’t hit but the order was triggered and lost 1% for some reason. I took screenshots but I cant seem to attach them.
If anyone can shed some light on this it would be greatly appreciated.
You know this type of questions are the reason Oanda has a customer support team right?
Anyway if you are trading GBPAUD, having your stop at 1.92686 and getting it closed at 1.92701 is normal behaviour, as this pair normally has at least a 2-3 pip spread.
Here’s Oanda’s historical spreads.
After today’s close of market and before tomorrow’s open, GbpAud spread was an average of 18 pips, with a max spread of 45 pips. A stop loss order placed 5.6 pips away during market close will be triggered.
Screenshot of your spreads attached. Times are in my time zone (Pacific California time). Most markets are closed (illiquid) during 1400-1500 my time, 5pm-6pm Eastern time.
If the trade is locked in and spread has been accounted for, if the spread then increases, say from 2.5 to 8, can I get stopped out because of the increase to 8 or is the spread already locked in because the trade was taken at 2.5?
The spread is dynamic.
If you are confident in the direction, increase your stoploss to what you are willing to lose if it goes against you.
Avoid entries at news releases and session opens (Europe, Asia and US).
Also use Stop Limit orders NOT market orders for stop and target orders.
Market orders will get you in/ out at the best price.
Limit orders will only get you in/ out at your price hence don’t enter before news or session opens. Too Much Volatility and price can blow through…
Ya you’ll be stopped out. Oanda is trying to match orders so if you put a stop order in, they’ll try to get your deal done. If you dont want to be ‘stopped out’ then dont give them an order to execute.
