Entry Order "spread" | Forex Factory

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Entry Order "spread"

  • #1
  • First Post: Nov 5, 2006 2:52pm Nov 5, 2006 2:52pm
Hi all,

I'm currently using FXCM, and when I go to place an Entry order, it usually does not allow an Entry order within 10-15 pips of the current price.

Volility seems to have no bearing, no matter at what time the "spread" is there.

One of my primary strategies involves placing an entry order at a price that is only 5-10 pips above a current posistion, and that's primarily why this is an issue for me, so I find myself having to manually enter the posistion and of course, i'd prefer not to as it means I have to be glued to the screen, or set up alerts using another package which is not ideal at all.

Is this status quo with all brokers?
To be one with the market, you must first be one with yourself.
  • #2
  • Nov 6, 2006 6:06pm Nov 6, 2006 6:06pm
I've recently started using their no dealing desk platform because of this. They don't have any restrictions on entry orders with this one.

Quoting Unforeseen
Hi all,

I'm currently using FXCM, and when I go to place an Entry order, it usually does not allow an Entry order within 10-15 pips of the current price.

Volility seems to have no bearing, no matter at what time the "spread" is there.

One of my primary strategies involves placing an entry order at a price that is only 5-10 pips above a current posistion, and that's primarily why this is an issue for me, so I find myself having to manually enter the posistion and of course, i'd prefer not to as it means I have to be glued to the screen, or set up alerts using another package which is not ideal at all.

Is this status quo with all brokers?
  • #3
  • Nov 8, 2006 8:23pm Nov 8, 2006 8:23pm
Quoting ignatius
I've recently started using their no dealing desk platform because of this. They don't have any restrictions on entry orders with this one.
Great, thanks for the tip
To be one with the market, you must first be one with yourself.
  • #4
  • Last Post: Nov 8, 2006 9:07pm Nov 8, 2006 9:07pm
Quoting Unforeseen
Hi all,

I'm currently using FXCM, and when I go to place an Entry order, it usually does not allow an Entry order within 10-15 pips of the current price.

Volility seems to have no bearing, no matter at what time the "spread" is there.

One of my primary strategies involves placing an entry order at a price that is only 5-10 pips above a current posistion, and that's primarily why this is an issue for me, so I find myself having to manually enter the posistion and of course, i'd prefer not to as it means I have to be glued to the screen, or set up alerts using another package which is not ideal at all.

Is this status quo with all brokers?
Hello unforeseen ~

I thought I might help shed some light on this for you.

This is something that you will have an issue with on any deal desk broker. The concept of a deal desk is that the desk wants to be able to see nearby customer orders before they move their prices so that they know how much they have to buy or sell at any bid or offer when they put their quote somewhere. This also gives them the benefit of being able to figure out how they can move their quotes up and down to sweep people in and out of positions in a manner that makes them the most money. By preventing you from entering orders within a certain number of pips of the market (except a market order), it prevents you from being able to place an order that catches them off-guard while moving their quote around.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

The only platforms that wouldn’t have this requirement would be a non-dealing-desk, STP/ECN platform that does trade against you.

Hope this helps....
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