Can anyone direct me to a USA FOREX broker with a platform that will allow me to enter positions in the following manner: I would like for the following orders to remain active until any individual trade's T/P is hit... Buy 100,000 USD/JPY at 100.500 Sell 200,000 USD/JPY at 100.400 Buy 200,000 USD/JPY at 100.500 Sell 200,000 USD/JPY at 100.400 Etc., etc., etc., In other words, do you know of any that will allow me to perpetually keep these pending orders in place until the T/P is hit without having to continually re-enter them every time that the opposing order is placed?
Fxcm with uk rules, will let you switch on hedging, so you can have long and short positions at the same time, same pair. Don't see them cancelling orders, no idea if your fifo rules over there will change this. Jason Rodgers where are you ( he searches forums and responds )
Hi D. H., Hedging is the term most often used in retail forex to refer to the ability to simultaneously hold both long (buy) and short (sell) positions in the same currency pair in a single account without these trades canceling each other out. While hedging is allowed outside the US (and therefore available to FXCM clients living outside the US), CFTC regulations prohibit any broker from offering hedging functionality to US residents. That said, if you have multiple strategies, and one of them requires you to go long a particular currency pair while another strategy requires you to go short that same pair, I have a solution for you and other traders in the US. With FXCM it's possible to have two (or more) accounts joined under a single login. I do this myself to run multiple strategies. Both accounts and the trades in them are visible when you log into Trading Station. You then have the option of holding your long (buy) USD/JPY positions in one account while holding your short (sell) USD/JPY positions in the other.
I'm not trying to hold these conflicting positions simultaneously. I only need them as pending orders so that if the price falls 10 pips then my long position is closed and my short position is executed. Then my s/l is 10 pips which, if realized, would execute a long position with a 10 pip s/l etc etc etc. I know I could just continually do this manually but I'm wondering if I could just set it so that once I make the first pending order, this reversal process automatically continues at my broker until the t/p is hit. The order would look something like: 1st order: long 100k usdjpy at 100.10 2nd order: short 200,000 usdjpy at 100.00 (effectively a 100k short position) 3rd order (only to activate as pending once 2nd order is executed): long 200,000 usdjpy at 100.10 4th order (only to activate as pending order once 3rd order is executed): short 200,000 usdjpy at 100.00 And then these pending orders remain perpetual until the t/p is hit. Then they are cancelled. Is there a US forex broker that is capable of setting up this custom order style or am I stuck doing this manually?
US or non-US, this custom order style is unique, so I doubt you'll find a forex platform that offers such trading functionality by default. That said, as you have clarified, this is not hedging, so there is nothing to prevent a US trader like yourself from implementing this strategy with a US broker. However, it would require a custom solution which has to be programmed. FXCM supports several trading platforms with the ability to execute custom order types that are programmed including Trading Station Desktop, MT4 and NinjaTrader. Alternatively such custom order types could be executed through one of our application programming interfaces such as ForexConnect, FIX or Java API. If you would like to program this strategy yourself, you can find free resources and documentation at FxProgrammers.com and FxCodeBase.com. If you would like us to program this strategy for you, then you can request a quote from our Programming Services.
Are you trying to beat odds with this simple strategy? Except SL you will need to cover spreads as well so turning into profit will become harder and harder as you gradually burn your account with useless trades. Any of those Martingale and Quasi-Martingale strategies where only stake-management is involved are doomed to fail
Have tried to read all your posts but I still don't get it at all. How's about contact your broker for that setup?