Hello, I'm having trouble finding a Fx broker that is registered in the USA that has a Stops Level of 0. "Stops Level" is the minimum distance from the order price to the level of the Take Profit or Stop Loss. This is getting in the way of nearly every Expert Adviser that I try to use. Does anyone know of a broker I can use?
How can you place a SL of "0"? In forex your SL is activated on the bid (if long) and ask (if short). If the spread between bid and ask is 1 pip then your SL needs to be larger than 1 pip or you would hit SL as soon as you entered.
True enough. Then I should rephrase to say that the Stops Level shouldn't be greater than the normal bid/ask spread. I actually did find a broker with a 0 stops level. But now I'm running into a different problem... I am finding out that brokers in the USA don't use the ECN and therefore trade against their own customers! Are there any brokers in the USA that use ECN?
If you're trying to create a scalping algo I think you're wasting your time. Based upon what I've heard from other traders, if you try to scalp frequently with small targets your broker will close your account. They need to offset your position so scalping isn't easy to offset. They have language in the agreement when you open an account that allows them to close your account for trading that doesn't meet their requirements. I think too many traders complain too much about brokers trading against their own customers. Most retail traders are so small they're totally insignificant to a broker so individual trades aren't monitored. About all a broker can do is widen the spread a bit to hit some stops but that's about it. Obviously that's could be a problem with a very small SL but I don't see how you can trade with a SL less than 5 pips. Few traders can on a 1 minute chart. With futures you can trade with a 1 tick SL but forex is a bit more flexible because of the spread and de-centralized market.
It is a scalping algorithm, but I didn't create it. I'm just going by best backtesting results of EA's I can find online.
If it's successful you'll likely be shut down by the broker. Good luck Backtest results are 100% garbage! .... especially scalping EAs.
Why are backtests garbage? And why would they shut me down if you also say that brokers don't work against me.
If backtests were any good, the EA wouldn't be free on the internet. If it's for sale the results shown are backtest results because the results in a live market would be completely different. Ask the creator why they don't show live results Go to a forex website and ask about it. A broker that trades against their customers loses when you win so if you have a successful scalping EA they'll lose money since they can't offset your positions fast enough. If you're a successful swing trader they can offset your positions so they won't lose when you win. Brokers trade against your position but they don't move the market to make you lose. You lose from your own trading but traders like to blame the broker for the losses. They all think the broker is hunter their tiny trades Brokers have thousands/millions of customers. Do you really think they can watch individual traders so they can hit your SL?
1. The EA's aren't free. 2. How is someone supposed to recreate a backtest in a live market without taking 5-10 years to accomplish this? 3. I actually found one broker that says scalping is allowed.
And why do you think the results are from a backtest? If it's a scalping EA one month of live results should be enough. If the EA is so good, why is the creator selling it rather than trading it? Ask the seller for 2 months of live results. You pick the months. Scalping is allowed but read the details of the agreement. Certain scalping conditions are not. Read about several traders that were shut down with EAs.