Hey Justin,
is there a faster way for me to open up a straddle order so i can scalp, or do i have to do an API if so how do I do it?
Coz i just got killed this morning trying to open a position. it took me 2 minutes to open a position with efx forex client. and the market basically moved on me too fast. Although the forex client is simple enough but i need it to be split second.
thanks
In terms of straddling the market, it depends on whether you are doing it for a news spike or not. I highly recommend NOT trading right on a news announcement. The market can get extremely wild if the news announcement is big enough, and the banks can be conflicting with each other, crossed markets, wider markets, you pick. Anything can happen. Now, if you are talking about placing some quick trades that handle your entry and exit, especially if it isn’t right on the news announcement (the market can still move plenty after the initial spike of the news), then it is very easy to do it with the forex pro. If you want an order to buy if it gets over a price or sell when it gets under a price, you actually place two quick orders. I’ve gotten good at doing it in less than 2 seconds. Let me give you the example of Stop limit + Trailing stop. Be sure to have the Pro set in Stats/Preferences to have the Clear Order Screen box Unchecked.
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></o> So let’s say that the EURUSD is at 1.3200 and you want to go long over 1.3210 or short under 1.3190. I choose Stop Limit + Trailing stop, and I have my default trailing stop set to 10 pips in Stats/Preferences. That field is automatically filled in when I choose Trailing Stop in the exit column. Now, in the entry side, once I choose Stop Limit, I put 1.3210 in the stop field. The limit will automatically be as many pips above 1.3210 as I set in my Default Stop/Limit Differential setting in Stats. So if I have that set at 5, the limit will be 1.3215. I can also change that limit price once the stop is in place if I want. But basically, I now have a 1.3210 stop (triggers the buy order) with a 1.3215 limit (highest price I will pay in a fast market) with a 10 pip trailing stop. I hit Buy. Now, all of the fields stay the same because I have the Clear Order Screen option unchecked. I simply change my stop to 1.3190 and click the little red button to the left of the stop and limit fields. This means that I am about to enter a sell order, so the limit sets 5 pips under the stop (instead of over when the button was green). With two clicks, I have the other order ready to go, and I hit short. Now, either trade will execute if the market heads either direction, and once I’m in, I have a 10 pip trailing stop to protect me.
Our platform is very much designed for active traders who want fast executions with tight quotes and a lot of order management types. I do agree, however, that trading right on news announcements is hazardous and is basically “trader’s risk” for trying. But in terms of active daytraders in the forex markets who want to enter and exit a lot with no limitations, that is exactly what we are about.
Regards, <o
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