Should EA's only place soft orders
Hello,
I am having some EA's programmed that place orders on the brokers trading platform. After being stopped out the EA needs to place more orders. In other words it is designed to manage the current position and if stopped out it should re enter based on certain criteria. It seems that when I get stopped out the EA doesn't realize this and stops working.
My question is: is it better to design EA's with stop loss orders that are held in the "mind" of the EA and only sent to the broker when the price is reached? I think these might be referred to as "soft" orders or "virtual" orders. Should perhaps all orders be soft orders - sent as market orders when prices are hit?
If you have Orders placed with no Stop Loss and your MT4 terminal loses it's connection you risk is limited, at best, by your account size . . .
Thanks - that is definitely a concern. Guess I just have to figure out a better way to get these EA's programmed.
Regards,
B
Thanks - that is definitely a concern. Guess I just have to figure out a better way to get these EA's programmed.
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Hello,
I am having some EA's programmed that place orders on the brokers trading platform. After being stopped out the EA needs to place more orders. In other words it is designed to manage the current position and if stopped out it should re enter based on certain criteria. It seems that when I get stopped out the EA doesn't realize this and stops working.
My question is: is it better to design EA's with stop loss orders that are held in the "mind" of the EA and only sent to the broker when the price is reached? I think these might be referred to as "soft" orders or "virtual" orders. Should perhaps all orders be soft orders - sent as market orders when prices are hit?
Appreciate any one else's experience with this.
Thanks.
B