Hi Everyone, I'm new here and new to Forex. Here is a question for you.
How do you guys manage getting into a trade when a particular currency is moving quickly?
The reason I'm asking is that my robot is having issues getting in the market near the open the price. Orders usually sit in pending status and don't get filled until much later. This is throwing some of my expected profits out the window. It's effectively introducing lag into my system.
I'm seriously considering closing pending orders that don't get filled within the first 5 mins. Of course, my robot trades every 30 mins. With that said, there are situations in which a late entry on a long move is very profitable.
At this point, I've run a few scenarios with different entry ranges and I've noticed that for each pip I'm willing give up the percentage of bad trades increases.
How do you guys mitigate price slippage? Are you using range limit orders? If so, how much of an entry loss are you willing to accept to enter the market during a move? Is it better to enter late than never?
How do you guys manage getting into a trade when a particular currency is moving quickly?
The reason I'm asking is that my robot is having issues getting in the market near the open the price. Orders usually sit in pending status and don't get filled until much later. This is throwing some of my expected profits out the window. It's effectively introducing lag into my system.
I'm seriously considering closing pending orders that don't get filled within the first 5 mins. Of course, my robot trades every 30 mins. With that said, there are situations in which a late entry on a long move is very profitable.
At this point, I've run a few scenarios with different entry ranges and I've noticed that for each pip I'm willing give up the percentage of bad trades increases.
How do you guys mitigate price slippage? Are you using range limit orders? If so, how much of an entry loss are you willing to accept to enter the market during a move? Is it better to enter late than never?