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Originally Posted by Airelon
"Just surfing the net" - yeah - I get that constantly. And god forbid my wife walk by when I'm typing anything. That, for some reason - isn't "work".
You know what, I think I figured out what I was doing wrong. Still getting used to Forex platforms / orders. Just different enough for me to assume I should have entered the order in one manner. I'm assuming a lot from my stock / futures trading platforms (I use optionsXpress and Scottrade). In the advanced tab - I've been wanting "Limit" orders for limit entries, and wondering if therein lay my problem. Let me play with it a bit more today ...
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Yeah I am ready for the day when there are enough people working from home that there are like little neighborhood offices that you can go when you want to get away from people that aren't working;-)
Let me start my explanation here with a disclaimer that anyone who is reading this and is not an experienced futures or equities trader should disregard this conversation and watch the videos to learn how order entry works. For Airelon and anyone else who is experienced in the market the way this particular FX platform is setup can be a little confusing and I need to use terminology that beginners are not ready for yet and do not need to explain it to him.
If you want to be executed on a market order only at that price or better then what you do is set the "at market points" in the market order box to zero. The "at market points" allows you to set the amount of slippage that you are willing to accept on a market order so setting that box to zero essentially makes the market order a limit.
The "stop" and "limit" order lines that you see in the advanced tabs are not used to enter the market. These are conditional OCO orders which are used to close out the position. So basically they are conditional in the sense that they do not become active until a trade is opened and then once the trade is opened if one is hit the other is canceled. All orders on this platform are GTC.
If you want to enter an order to be executed away from the market then you use the "entry" button. This will allow you to place an order conditional on the market moving to a certain level, however these are executed as stop orders in the traditional sense. As you will notice there you can also place a stop loss and take profit order which are conditional on the entry price being hit.
If you decide that you may want to trade FX live then FXCM has a couple of options for pro traders one of which is strategy runner which you may be familiar with from the futures side. So anyhow if you play around with this one and decide that you would prefer a more traditional order entry setup then I can get you hooked up with the pro platform just let me know.
Let me know if that does not make sense or if there is anything else that needs clarifying.
Best,
Dave