Creating a buy and sell stop order
-
I am trying to implement a break out forex strategy but slippage is so big, up to 20 pips, that it's really stuffing up my strategy. The issue may be avoidable by placing pending buy and sell stop orders. In other words, say the USDJPY current bid price is 150.500, if I place a buy stop at 150.505 and a sell stop at 150.495, when the price either goes up or down the broker should honour that price as it's a stop order rather than a market order. However, FXDreema doesn't seem to allow this and I am wondering if anyone has had this challenge previously.
-
Slippage can happen on pending orders, it has more to do with choosing a broker that has less. Slippage happens when the broker has fewer options to buy/sell a position, which is why it happens less when markets are in full swing (when liquidity is available)
-
I am with ICMarkets, supposedly one of the most reliable brokers out there. I am also trading in the UK pm session when volume is good. The issue is that with a market order the broker can let it slide but with a stop order the broker should be more likely to open at the price you want to enter in.
-
I have found the answer. To ensure the EA opens stop not limit orders, make sure you select Ask pending buy and Bid for pending sell.
-
Thank you for sharing.
