Hello everyone, I just received this news important enough to deserve a new post.
Automatic trading with ProOrder is now available for the “Limited Risk” accounts for Italy (since yesterday), Spain (will be activated today), Sweden (by tomorrow) and UK (most likely for next week).
For the record, here are the constraints related to automatic trading with limited risk accounts:
- Stops followers: Stop followers are not allowed on limited-risk accounts
- Guaranteed Stops: All ProOrder protection stops are automatically converted to guaranteed stops. On this type of stop, the level of execution is guaranteed, even if the course evolves brutally against you. Special pricing applies (only if the stop is triggered)
- Attached Stops: A protective stop must be attached when opening a position or placing a purchase / sale order. In the code, the SET STOP pLOSS statement (for example) must not be in a condition (IF / ENDIF)
- Distances of stops: It is not possible to move a protection stop away from the position (ie SET STOP pLOSS x, where x variable requires never to increase x after the stop, but it can of course be brought closer to Condition to respect the minimum difference between the price and the new stoploss value)
- Hedging: Limited risk accounts do not allow you to be both long and short on the same value. Therefore, it is not possible:
To have a strategy LONG and another SHORT if these strategies are launched on instruments with a common underlying (eg France 40 and France 40 mini)
To set 2 limits of opposite direction on the same value
To place a stop in the opposite direction to a position, between the position and its protective stop
In addition :
The minimum stop distances are greater than the so-called “expert” accounts (current normal account), the information of this distance can be found in the instrument’s manual trading information (expressed in points or percentage for actions ).
Since the follower stop will not work, the SET STOP TRAILING instruction will be inoperative, so I advise you to use the coded trailing stop you find in the blog part of the site (many strategies already use it in the code library and in the forums).
The stoploss can be far from the entry price, far enough, but you must take into account your margin required to place it (of course you can not lose more than the size of your money account, so be vigilant at Level of the stoploss).
Feel free to ask any question, I’ll try to answer the best I can, I have a flu 🙂
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