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Script to hide Stop Losses from broker

  • #1
  • First Post: Oct 27, 2006 4:52pm Oct 27, 2006 4:52pm
Is there an MT4 script that will hide your stop loss(es) from your broker?
Binary Options Trader
  • #2
  • Oct 27, 2006 5:14pm Oct 27, 2006 5:14pm
why would you want to do that? your stop won't executed unless they can see it!
  • #3
  • Oct 27, 2006 6:18pm Oct 27, 2006 6:18pm
Quoting nitman
why would you want to do that? your stop won't executed unless they can see it!
You could execute them on your own. No reason why not. Each tick, check your own defined stop loss, if it meets, close the trade.
  • #4
  • Oct 27, 2006 7:04pm Oct 27, 2006 7:04pm
Quoting Yoda_Glenn
Is there an MT4 script that will hide your stop loss(es) from your broker?
Would it help?

Are you trading so many lots that the broker is specifically after your personal stops?

The reason I'm asking is, if you keep setting your stops the same way you do now, there is still just as much likelyhood of them being hit still since you are probably placing your stops in the same place as all the other sheep out there.

The banks/ institutions etc run prices to those areas as a strategy. They know where the common thoughts are on stop placement. They do it to scalp the momentum that occurs from all those stops being triggered.

It's not done to make your trades fail. It's done to make other trades begin ...and accelerate the price. They take their profits quickly and then go and have lunch while the rest of us curse at our brokers for stealing our money.
Bundy's status today: "Waiting..."
  • #5
  • Oct 27, 2006 9:22pm Oct 27, 2006 9:22pm
Quoting bundyraider
Would it help?

Are you trading so many lots that the broker is specifically after your personal stops?

The reason I'm asking is, if you keep setting your stops the same way you do now, there is still just as much likelyhood of them being hit still since you are probably placing your stops in the same place as all the other sheep out there.

The banks/ institutions etc run prices to those areas as a strategy. They know where the common thoughts are on stop placement. They do it to scalp the momentum that occurs from all those stops being triggered.

It's not done to make your trades fail. It's done to make other trades begin ...and accelerate the price. They take their profits quickly and then go and have lunch while the rest of us curse at our brokers for stealing our money.
Hmmmm, I never thought of it that way, thanks.
Binary Options Trader
  • #6
  • Oct 27, 2006 10:38pm Oct 27, 2006 10:38pm
Don't lose faith in your ability to get around the problem.

Remember, if you find a method that works historically, it was based on those stop hunts being present every now and then. They don't magically get covered up in history!

It's not as big an issue as you go higher in the time frames. Also, some pairs seem to get it less often.

It'll just take a little time to learn the markets hurdles and stop placement is one of the biggest. It pissed me off for a long time. And still gets me occasionally.

Keep at it bro!
Bundy's status today: "Waiting..."
  • #7
  • Oct 28, 2006 12:24am Oct 28, 2006 12:24am
Unless you trade tons of lots, you won't be personnaly chased by brokers, as bundyraider said, they chase the stops placed by the whole herd, and not only you.

so you only have to place your stoploss a bit far from where you think other people would put it.
Trading is a long and a short story.
  • #8
  • Oct 28, 2006 12:31am Oct 28, 2006 12:31am
If you did create a script to sell or buy at a certain price to exit an open position think about how dangerous it would be to use. If the market moved quickly it would be the same as trading the news. You might get requotes or be frozen out. You could also have computer or internet problems or the broker could have a feed problem just when you need to close. Any of these could be very costly. I've always considered it a fatal flaw when I see an EA that does not place the stop on the brokers end at the same time it places an order.
  • #9
  • Oct 28, 2006 8:34am Oct 28, 2006 8:34am
A couple of the EAs i'm testing do not show S/L or T/P and base their exits on either a user defined Total Profit on a pair, or a crossing of MA's, MACD setting or similar. Any of the issues stated in prior posts on connectivity are valid with these types of trade-close setups. In one respect, with the proper EA, one could trade the Bird Watching model, allow the EA to take only trades in the direction of the general long term trend of a pair without bother of a stop loss hoping, yes hoping, that it will continue in that direction...not exactly my cup of tea, but you know there are those out there doing it and profiting from such an arrangement.

The other comment i will make is it is at times unsettling to see 00 in the S/L and the T/P areas...you feel really out of the loop on what the bot is up to. Unless you have the appropriate visual indicators on your charts along with the EA there is not much peace of mind in it all.

Happy weekend all.
Thom
  • #10
  • Oct 28, 2006 9:34am Oct 28, 2006 9:34am
Quoting bundyraider
Would it help?

Are you trading so many lots that the broker is specifically after your personal stops?

The reason I'm asking is, if you keep setting your stops the same way you do now, there is still just as much likelyhood of them being hit still since you are probably placing your stops in the same place as all the other sheep out there.

The banks/ institutions etc run prices to those areas as a strategy. They know where the common thoughts are on stop placement. They do it to scalp the momentum that occurs from all those stops being triggered.

It's not done to make your trades fail. It's done to make other trades begin ...and accelerate the price. They take their profits quickly and then go and have lunch while the rest of us curse at our brokers for stealing our money.
You are one of the cool who knows how things work

I agree
  • #11
  • Oct 28, 2006 10:35am Oct 28, 2006 10:35am
There is also a useful EA by Stockwet for setting stops. I do not have it here, but I am sure someone can post a link to it. It might be what you are looking for.

Labrat407
  • #12
  • Oct 28, 2006 6:19pm Oct 28, 2006 6:19pm
Quoting Labrat407
There is also a useful EA by Stockwet for setting stops. I do not have it here, but I am sure someone can post a link to it. It might be what you are looking for.

Labrat407
It's right here - http://www.forexfactory.com/forexfor...ead.php?t=9553. You could probably pull out the SL code and create your own EA that just manages the SL. I run my critical EA's on a VPS server to minimize problems I might run into with my home connection.
  • #13
  • Last Post: Oct 28, 2006 7:13pm Oct 28, 2006 7:13pm
Hi,

Just curious, how many lots you'd have to tade for a broker to chase you like that would it have to be a yards or 9.
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