FXCM OCO question | Forex Factory

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FXCM OCO question

  • #1
  • First Post: Aug 19, 2009 8:21pm Aug 19, 2009 8:21pm
the kind folks at FXCM cannot seem to help me - other than to point to the same video over and over again which does not answer my question - anyone here want to take a shot?

Pre-July 31st I'd enter this way:

let's say current market is 1.6520

Buy limit order of GBP/USD @1.6578 with a price target of 1.6618 and a stop loss of 1.6518

AND I'd also enter

Sell limit order of GBP/USD @1.6508 with price target of 1.6468 and a stop loss of 1.6568

Now they want me to enter 6 different entry orders with no if than type order flows?!?!

PLEASE HELP!!!
  • #2
  • Aug 20, 2009 8:32am Aug 20, 2009 8:32am
It would seem to me that your OCO is not truly that. By the time your sell order triggers you are already in a long positin (theoretically). You cannot be in two opposing positions on the same pair at the same time.

Even the "potential" to be in opposing orders is frowned upon by the new NFA regs. Apperantly tiggering one order does not necessarily cancel the other. especially when the market is moving quickly. What it sounds like to me is that you'd enter a long...then close the long when you really wanted to enter the short, thus taking profit on the long.

You probably want to enter the short with twice as many lots as the long so you'd have a position left to continue the short trade.

Make sense?
  • #3
  • Aug 20, 2009 9:17am Aug 20, 2009 9:17am
Quoting Pennypacker
the kind folks at FXCM cannot seem to help me - other than to point to the same video over and over again which does not answer my question - anyone here want to take a shot?

Pre-July 31st I'd enter this way:

let's say current market is 1.6520

Buy limit order of GBP/USD @1.6578 with a price target of 1.6618 and a stop loss of 1.6518

AND I'd also enter

Sell limit order of GBP/USD @1.6508 with price target of 1.6468 and a stop loss of 1.6568

Now they want me to enter 6 different entry orders with no if than type order flows?!?!

PLEASE...
to avoid this problem tell them you wanna open account with there U.K. branch.
  • #4
  • Aug 20, 2009 11:09am Aug 20, 2009 11:09am
Quoting traderfx
to avoid this problem tell them you wanna open account with there U.K. branch.
Yes, if you want to attach stops and limits to waiting entry orders, it is best to go through FXCM UK. You can still opt-in to have your account moved from FXCM US to FXCM UK.

Being able to set up an OCO order dependent on the entry order first being executed will most likely not be added until at least early October.

-Jason
  • #5
  • Last Post: Aug 20, 2009 2:15pm Aug 20, 2009 2:15pm
ask Carlos Mencia he will give you the best honest answer on why you haven't figured it out yet

Quoting Pennypacker
the kind folks at FXCM cannot seem to help me - other than to point to the same video over and over again which does not answer my question - anyone here want to take a shot?

Pre-July 31st I'd enter this way:

let's say current market is 1.6520

Buy limit order of GBP/USD @1.6578 with a price target of 1.6618 and a stop loss of 1.6518

AND I'd also enter

Sell limit order of GBP/USD @1.6508 with price target of 1.6468 and a stop loss of 1.6568

Now they want me to enter 6 different entry orders with no if than type order flows?!?!

PLEASE...
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