Place/manage pending order when market is closed - page 2
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That would only be in the case of a Dealing Desk, and if the broker allows you access to them. If the pending orders are directly submitted to the liquidity providers, then you can only access them when the liquidity provider is "open for business".
It is not a question if "possibility". It is a about the policies adopted by the broker, trading software, exchanges, liquidity providers, etc.
Your original question was posted on this forum about MetaTrader and related to the brokers, and services provided via the software implemented by MetaQuotes.
And so, the answer to your question within that context is, and I repeat — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
Again here we have two different thoughts causing confusion. You can certainly make plans to go there (the thoughts are staying locally at your place until they open again), but you can not submit your order to the restaurant directly until they open.
Exactly.
But submitting would to the market (market order) and not to the server (pending order).
Pending order : a set of instructions sent to the server for a future order to be submitted to the market under the conditions defined.
It is not about entering the restaurant when it's close but making plans to go there provided that it will be open.
No, it is not possible!
It is multifaceted. It is dependant on the policies adopted by multiple parties, one of which may be the policies implemented by the software.
Not that I am aware.
You misunderstood the answer given by @ChocolateStarfishie.
It is implied that pending orders are akin to "making a reservation", and so, if the restaurant is closed you can't make any reservations.
You do understand what an analogy is, right?
That would only be in the case of a Dealing Desk, and if the broker allows you access to them. If the pending orders are directly submitted to the liquidity providers, then you can only access them when the liquidity provider is "open for business".
It is not a question if "possibility". It is a about the policies adopted by the broker, trading software, exchanges, liquidity providers, etc.
Your original question was posted on this forum about MetaTrader and related to the brokers, and services provided via the software implemented by MetaQuotes.
And so, the answer to your question within that context is, and I repeat — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
You do understand what an analogy is, right?
Sure. Something that cannot be done when comparing cTrader and MT4/5 regarding pending orders :)
That would only be in the case of a Dealing Desk, and if the broker allows you access to them. If the pending orders are directly submitted to the liquidity providers, then you can only access them when the liquidity provider is "open for business".
Not necessarily. You're going to far. There is still an intermediary platform, I guess?
MT4/5 servers do not allow pending pending orders to be stored/managed when market is closed, while cTrader servers allow. This is now clear to me.
However, I see that you prefer to use all the possible excuses rather than assuming this huge limitation from MT4/5. That's an option.
Anyway, if you think that, after all, traders can benefit from this, I am happy for you.
You misunderstood the answer given by @ChocolateStarfishie.
It is implied that pending orders are akin to "making a reservation", and so, if the restaurant is closed you can't make any reservations.
Wrong..
The restaurant is the market. And pending orders are just intentions/instructions ( whatever you want to call it, in fact ). However, they are not submitted to the market !!!
It has become evident to me the outcome of this discussion: MT4/5 has a huge limitation by not allowing pending orders to be created/modified when market is closed.
While you can keep on denying the evidence, this is now clear to me. If it makes sense to you that's okay. Just don't expect me to buy the idea.
THIS.
OP: The thing that seems to be confusing is how cTrader and Metatrader differ. Metatrader is always going to try and talk to the server (and going to the broker as pending or market is irrelevant as it all passes through the broker which is closed). This is why you'd need an EA with Metatrader to hold the order locally until market opens.
cTrader is a much newer piece of software and seems to work differently than Metatrader 4 (from 2005) and Metatrader 5 (from 2010). Metatrader always tries to talk to the server, cTrader (no personal experience with cTrader) seems to either have servers that support after hours submissions, or more likely it just holds the order locally and since your computer is on (because how else would you be looking at the orders) it just submits them when the market opens.
I get the feeling everyone is correct, it's just the exact scenario that differs and we're all kind of talking about slightly different things. If you place a pending order with cTrader tonight, keep your computer off when the market opens, and then look on your brokers website when the market opens, I don't think the order will appear as its being held locally on your system. It just appears to be the remote server since your computer is on when the market opens.
I see. That's maybe the thing in fact.
"Metatrader is always going to try and talk to the server"
How about the TSL then? If not alredy in the server, those are lot of requests in a small amount of time..
"or more likely it just holds the order locally and since your computer is on"
No, it is holding/stored by the server in fact, like the TSL for instance.
If MT4/5 doesn't support this it is okay for me.
That is not okay for me is to hear that managing pending orders when the marker is closed does not make any or that it is an impossibility, when some other (many) apps allow this.
Wrong..
The restaurant is the market. And pending orders are just intentions/instructions ( whatever you want to call it, in fact ). However, they are not submitted to the market !!!
It has become evident to me the outcome of this discussion: MT4/5 has a huge limitation by not allowing pending orders to be created/modified when market is closed.
While you can keep on denying the evidence, this is now clear to me. If it makes sense to you that's okay. Just don't expect me to buy the idea.
Ok! If that is what you want to acknowledge from this whole thread, then that is fine by me! It does not affect me in the least!
Wrong..
The restaurant is the market. And pending orders are just intentions/instructions ( whatever you want to call it, in fact ). However, they are not submitted to the market !!!
It has become evident to me the outcome of this discussion: MT4/5 has a huge limitation by not allowing pending orders to be created/modified when market is closed.
While you can keep on denying the evidence, this is now clear to me. If it makes sense to you that's okay. Just don't expect me to buy the idea.
This is just how the pieces of software differ. You can make Metatrader do what you want, you just need a plugin or "expert advisor" to hold the order until market open. Software in 2005 was a lot different than it is these days, back then it was more 'hacky' and you were given a blank slate that you installed what you want. These days software is feature rich out of the box. For the most part Metatrader hasn't changed, actually I can't think of a single change since I started trading in 2005 and Metatrader was brand new software.
cTrader doesn't give an error for pending order submits or edits on the weekend. How it accomplishes this is either by talking to the server which allows it, or it stores locally until market open. I'm not sure which but if I had to guess it's probably the latter or it's broker dependent.
Metatrader gives an error if you submit a pending order. It's trying to talk to the server. Server closed, error.
Metatrader gives an error if you edit a pending order that's on the server. Again, trying to talk to server. Server closed, error.
Metatrader, with an appropriate plugin, can take your edits and hold them on your own computer until market open. No more error, same result as cTrader as long as your computer is on, possibly implemented differently.
Pending orders aren't submitted to the market but as far as the computers and servers are concerned they're one and the same. They differ to you and me, but for the computer an order is an order. If that order goes to the server and sits, or the order goes to the server and is forwarded to market doesn't make a difference.
I see. That's maybe the thing in fact.
"Metatrader is always going to try and talk to the server"
How about the TSL then? If not alredy in the server, those are lot of requests in a small amount of time..
"or more likely it just holds the order locally and since your computer is on"
No, it is holding/stored by the server in fact, like the TSL for instance.
If MT4/5 doesn't support this it is okay for me.
That is not okay for me is to hear that managing pending orders when the marker is closed does not make any or that it is an impossibility, when some other (many) apps allow this.
A TSL on Metatrader is done locally. It only goes to the broker if the price is hit. A TSL on Metatrader won't work if your computer is off. This is the fundamental difference in the software, Metatrader does a lot of things locally while cTrader depends more on the remote server. Both pieces of software can accomplish the same end result, it's just the implemtation of how it's done will be different.
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