How are orders posted for RETAIL forex trades on the order books for market markers at brokers and/or Liquidity Providers? I need to clarify and would like to hear any experience of the contrary from institutional traders or pro scalpers.
For example:
Let's say we have an active open Buy Order at 1.12500 with a 1.12250 StopLoss and 1.12750 TakeProfit.
The 1.12250 SL is posted on the system as 1.12250 Sell Stop (which immediately becomes a market order when the Bid hits 1.12250 and filled at next available Bid).
And the 1.12750 TP is posted as 1.12750 Sell Limit (which is executed at limit or better).
Are there any brokers or LPs that do not conform to these standards?
Am I mistaken in assuming that the standing orders for StopLoss and TakeProfits are publicly posted in the case of an order through an LP, or at least sitting on a broker's order flow terminal in the case of a market maker.
The reason for the question is that I usually leave SL and TP blank with hidden execution. However I was thinking about posting superficial TP levels to give the LP/marketmaker a corresponding standing close order to work with. Even though the standing close order could be 100 or 200 pips away from the current market, at least there would be a live Stop or Limit level on their system, which they have to post for others to see (even if only internal to a market maker), which psychologically is more powerful than not having any corresponding standing close order at all. Since, as long as the order is on the system it's a commitment to fill as a Stop/Market or Limit if price goes there anytime as long as the order is still live.
Any experiences from those monitoring LP or Broker terminals regarding the above? Can anyone confirm or deny the order posting sequence above in bold please?
Any additional comments regarding this?
For example:
Let's say we have an active open Buy Order at 1.12500 with a 1.12250 StopLoss and 1.12750 TakeProfit.
The 1.12250 SL is posted on the system as 1.12250 Sell Stop (which immediately becomes a market order when the Bid hits 1.12250 and filled at next available Bid).
And the 1.12750 TP is posted as 1.12750 Sell Limit (which is executed at limit or better).
Are there any brokers or LPs that do not conform to these standards?
Am I mistaken in assuming that the standing orders for StopLoss and TakeProfits are publicly posted in the case of an order through an LP, or at least sitting on a broker's order flow terminal in the case of a market maker.
The reason for the question is that I usually leave SL and TP blank with hidden execution. However I was thinking about posting superficial TP levels to give the LP/marketmaker a corresponding standing close order to work with. Even though the standing close order could be 100 or 200 pips away from the current market, at least there would be a live Stop or Limit level on their system, which they have to post for others to see (even if only internal to a market maker), which psychologically is more powerful than not having any corresponding standing close order at all. Since, as long as the order is on the system it's a commitment to fill as a Stop/Market or Limit if price goes there anytime as long as the order is still live.
Any experiences from those monitoring LP or Broker terminals regarding the above? Can anyone confirm or deny the order posting sequence above in bold please?
Any additional comments regarding this?