closing trades on MT4

[hn19]

Has anyone had problem with closing trades on MT4?

[dandroid001]

Yes! IG MT4 is terrible. I keep clicking to close and by the time the order is close, my profit became loss! 

I don't find this issue with other brokers though.

Edited March 17, 2020 by dandroid001

[dandroid001]

And I have problem getting them on the phone!

[Caseynotes]

6 hours ago, hn19 said:

Has anyone had problem with closing trades on MT4?

No, but then that might be because I have orders in the market ready and waiting instead of relying on a 'at market' order that is always the last in the queue to get executed and so suffers most from slippage and requotes.

Also if you are comparing mt4 between brokers realise none have ever experienced volatility like this since 1987 and you weren't trading on it then.

[forex_sniper]

1 hour ago, Caseynotes said:

No, but then that might be because I have orders in the market ready and waiting instead of relying on a 'at market' order that is always the last in the queue to get executed and so suffers most from slippage and requotes.

Also if you are comparing mt4 between brokers realise none have ever experienced volatility like this since 1987 and you weren't trading on it then.

Do note that these ppl are clicking on the close button and not putting order at market..that could be way above or below the current mkt price...so the reaaction shld be instantaneous compared with one that  place orders in the mkt inadvance. ..where the price has not been hit. and It would be grossly unjustified...if someone place an order for a price which  is way off the mkt..and given priory in the order queue compared to one who click instantly. That would be like  letting the mkt slip either way  to let price hit those who put in order in the queue but way before the current price first   while those who click the close button instantaneously take last priority. It does not make sense.
Also those who mentioned that they have no problems with other brokers are actually experiencing the situation now and not last time..In other words..if the market is volatile..it wld affect all brokers...but why on ig..users encounter this problem...and for other brokers...its plain sailing...this is weird.
 

[Caseynotes]

4 minutes ago, forex_sniper said:

Do note that these ppl are clicking on the close button and not putting order at market..that could be way above or below the current mkt price...so the reaaction shld be instantaneous compared with one that  place orders in the mkt inadvance. ..where the price has not been hit. and It would be grossly unjustified...if someone place an order for a price which  is way off the mkt..and given priory in the order queue compared to one who click instantly. That would be like  letting the mkt slip either way  to let price hit those who put in order in the queue but way before the current price first   while those who click the close button instantaneously take last priority. It does not make sense.
Also those who mentioned that they have no problems with other brokers are actually experiencing the situation now and not last time..In other words..if the market is volatile..it wld affect all brokers...but why on ig..users encounter this problem...and for other brokers...its plain sailing...this is weird.
 

to close a buy trade you need to sell the buy contract, if you are hitting the close button you are putting a sell order in 'at market'. 

All orders are processed on a first come first served basis, your 'at market' order will be the last in the queue. Pending orders will always be executed before market orders, that is how the system has always worked and is set by the exchange and applies to every broker.

Look at other forums and see all brokers are currently having the same liquidity, slippage and requote problems because these last 6 - 7 days have been exceptional.

 

[forex_sniper]

14 minutes ago, Caseynotes said:

to close a buy trade you need to sell the buy contract, if you are hitting the close button you are putting a sell order in 'at market'. 

All orders are processed on a first come first served basis, your 'at market' order will be the last in the queue. Pending orders will always be executed before market orders, that is how the system has always worked and is set by the exchange and applies to every broker.

Just curious..if someone placed a sell order in advance which is 50 pips away from what is the current mkt price. Assuming currently there is no sell order is placed for the current price.... When i click the sell button right now...will my order be filled at the curent price?

[EdFuk]

I'm getting the same problem, which also occurred yesterday. Not great in my eyes, especially as I'm still at the evaluation phase.

Is there any way around this, I'll accept what they give me?

[Caseynotes]

9 minutes ago, forex_sniper said:

Just curious..if someone placed a sell order in advance which is 50 pips away from what is the current mkt price. Assuming currently there is no sell order is placed for the current price.... When i click the sell button right now...will my order be filled at the curent price?

If you look at the exchange's price ladder you will see probably hundreds or thousands of lots in orders at every price level waiting for price to hit the level and fill the orders.

Normally price glides through levels and all orders get filled but these are exceptional times and the big guys are buying or selling blocks of prices so price jumps multiple levels, this is slippage and gives rise for the need to requote.

All of those orders on the price ladder will get filled before your at market order, it would have to be an extremely quite market for there to be no orders resting at a level, times like this are the exact opposite.

If you are not really sure how the system works you need to be very careful.

 

[Caseynotes]

25 minutes ago, EdFuk said:

I'm getting the same problem, which also occurred yesterday. Not great in my eyes, especially as I'm still at the evaluation phase.

Is there any way around this, I'll accept what they give me?

the problem being as we have seen in these exceptional markets price is flying about 100 points and more in a split second, when price is that far away from the original quote people would complain bitterly if they did get auto filled at any price.

as said on other threads this is similar to a news release where a surprise causes large spikes, you can generally only get on by using pending orders and it's the same for getting out. if you are looking to get in or out on a spiking market using market orders you are going to get into trouble.

watch the levels and set orders for opening and closing trades is the safest way to play it.

[EdFuk]

@Caseynotes thanks for you reply. I would understand that if that were the case however this is for the AUD/NZD which doesn’t appear to be moving around that quickly  - nothing too out of the ordinary anyway.

I’d like to close 50% of the position can you do that with a pending order in MT4?

 

 

 

 

 

[Caseynotes]

4 minutes ago, EdFuk said:

@Caseynotes thanks for you reply. I would understand that if that were the case however this is for the AUD/NZD which doesn’t appear to be moving around that quickly  - nothing too out of the ordinary anyway.

I’d like to close 50% of the position can you do that with a pending order in MT4?

 

 

 

 

 

yes, see this thread;

 

[EdFuk]

36 minutes ago, Caseynotes said:

yes, see this thread;

 

Thanks @Caseynotes I’ll have a go in a bit. 

[Caseynotes]

3 minutes ago, EdFuk said:

Thanks @Caseynotes I’ll have a go in a bit. 

using the trade panel for entry with stop loss means you are never in the market without a stop loss in place and you can use the slider to change it's position.

If you have a buy entry of 1 lot and want to place a pending order to scale out 50% just change the lot size to 0.5 on the trade panel then click stop sell on the order ladder at the level you want to exit the 0.5 lots.

The trade panel is set to non-hedging by default but check when adding the mini-terminal to the chart in it's imputs tab.

[EdFuk]

Thanks @Caseynotes.

So just to get this right I need to make sure that NonHedgingMode is set to False?

Many thanks,

Ed

Edited March 18, 2020 by EdFuk

[Caseynotes]

1 minute ago, EdFuk said:

Thanks @Caseynotes.

So just to get this right I need to make sure that NonHedgingMode is set to False?

Many thanks,

Ed

sorry good point, I wasn't paying close enough attention to the pic. Hedging mode is when two opposite trades continue to run, to scale out you want nonhedging mode so the 2 trades net off leaving just the 1 trade still running so the input to allow that is Nonhedging mode = True. 

Sorry for the confusion.  

[EdFuk]

Yeah I thought so - double negatives and all that! NonNonNonHedgingMode = True 🙃

I've looked at using the mini terminal before but it kept crashing so parked it. Coming back to it now it keeps either freezing or crashing. After a quick search i saw you were having trouble with it too Did you manage to sort it or get around the issues?

For me if I change the lot size using the numbers at the top of the terminal it crashes and if I hover over the ladder on the right it initially shows me a level but then just freezes.

 

Is there an update maybe?

Cheers,

Ed

 

 

[Caseynotes]

3 minutes ago, EdFuk said:

Yeah I thought so - double negatives and all that! NonNonNonHedgingMode = True 🙃

I've looked at using the mini terminal before but it kept crashing so parked it. Coming back to it now it keeps either freezing or crashing. After a quick search i saw you were having trouble with it too Did you manage to sort it or get around the issues?

For me if I change the lot size using the numbers at the top of the terminal it crashes and if I hover over the ladder on the right it initially shows me a level but then just freezes.

 

Is there an update maybe?

Cheers,

Ed

 

 

The problem I found was using it on an 'offline' renko chart, since putting it on a separate normal time frame chart I've not had any problems at all.

Offline charts don't take well to a lot of EAs and heavy resource using indicators such as Dynamic zone and Adaptive indys. 

[dmedin]

On 17/03/2020 at 07:01, Caseynotes said:

No, but then that might be because I have orders in the market ready

Aren't you fancy!

So your orders execute at predetermined price levels, irrespective of the candle stick formation leading up to that price? 

[EdFuk]

8 minutes ago, Caseynotes said:

The problem I found was using it on an 'offline' renko chart, since putting it on a separate normal time frame chart I've not had any problems at all.

Offline charts don't take well to a lot of EAs and heavy resource using indicators such as Dynamic zone and Adaptive indys. 

I'm on a normal candle stick chart and online. Just crashes as soon as I change to the required lot size. Do you know the person to contact regarding this, not that I'm expecting much help!

 

E

[Caseynotes]

1 minute ago, dmedin said:

Aren't you fancy!

So your orders execute at predetermined price levels, irrespective of the candle stick formation leading up to that price? 

yes you can set up the orders to trigger as price goes through important levels which means you are far more likely to get filled without slippage or requotes because your pending order is in front of the queue of any at market orders. Of course you can pull the order at any time before it's triggered if the setup doesn't look right.

It's similar to how you would trade a news event by putting a stop order above and below current price and then pulling whichever one doesn't get triggered.

In normal markets though at market orders usually work fine.

[dmedin]

3 minutes ago, Caseynotes said:

It's similar to how you would trade a news event by putting a stop order above and below current price and then pulling whichever one doesn't get triggered.

👍

[Caseynotes]

1 minute ago, EdFuk said:

I'm on a normal candle stick chart and online. Just crashes as soon as I change to the required lot size. Do you know the person to contact regarding this, not that I'm expecting much help!

 

E

I have mine running on a normal candlestick M15 chart and change the lot size regularly without any problem. I would try deleting all the apps and reload the app pack from your download folder and then try again on a newly opened chart. let us know how you get on.  

[EdFuk]

Cheers Casey. I will try, It's probably something to do with having other indicators open etc. I've just loaded it with a chart with no indicators etc and it appeared to be working OK although it did crash eventually but I got a lot further.

Also, you mentioned that a pending order placed using the mini-terminal is further up the queue. Is the pending order actually placed with the broker when you make it or is it kept internally on the software until it's triggered. If that is the case then I surely that then gets handled like a market order?

I'm struggling to actually place the market order. I've clicked on the Buy ladder (as I'm in short trade) and it gives me a Buy Limit then it popped up with a dragable box for either a SL or TP. I just select TP of 0 as I wasn't expecting it to appear being in a Non Hedging Mode. Any help is appreciated? See pic below

Sorry for the questions I'm a newbie! Although it's quite good seeing this trading environment while I'm still demo trading. hopefully be able to put some processes in place now to stand me in good stead later down the line.

[Caseynotes]

31 minutes ago, EdFuk said:

Cheers Casey. I will try, It's probably something to do with having other indicators open etc. I've just loaded it with a chart with no indicators etc and it appeared to be working OK although it did crash eventually but I got a lot further.

Also, you mentioned that a pending order placed using the mini-terminal is further up the queue. Is the pending order actually placed with the broker when you make it or is it kept internally on the software until it's triggered. If that is the case then I surely that then gets handled like a market order?

I'm struggling to actually place the market order. I've clicked on the Buy ladder (as I'm in short trade) and it gives me a Buy Limit then it popped up with a dragable box for either a SL or TP. I just select TP of 0 as I wasn't expecting it to appear being in a Non Hedging Mode. Any help is appreciated? See pic below

Sorry for the questions I'm a newbie! Although it's quite good seeing this trading environment while I'm still demo trading. hopefully be able to put some processes in place now to stand me in good stead later down the line.

no problem, so in the pic below I entered a long 0.2 lots (green) with a TP 20 (purple) and a SL 6 (red).

I then changed the trade panel to 0.1 lots and double clicked a sell pending order on the order ladder (orange) midway to the take profit , so in nonhedging mode if triggered this will leave a single long at 0.1 lots.

so yes it is a proper pending order lodged with the broker (same as the TP and SL) and not a market order. If the stop loss is triggered before the pending order you will need to close the pending order manually.

[EdFuk]

Bingo! Well half way there anyway. I was too close to the Ask price which is why it wasn't placing the order. So let's see if they fill the order. 🤞 I didn't realise you could close part of a position this way so that's a real help.

 

Many thanks,

 

Ed

[EdFuk]

Update - Well there's some good news and some bad news. Good news is that the pending buy limit order was filled which is a good start however it just seemed to open a new order and is now running rather than closing part of the original order.

 

I made sure that NonHedgingMode was set to True.

and this is what the trading window looks like. What have I done wrong?

Ed

[Caseynotes]

14 minutes ago, EdFuk said:

Update - Well there's some good news and some bad news. Good news is that the pending buy limit order was filled which is a good start however it just seemed to open a new order and is now running rather than closing part of the original order.

 

I made sure that NonHedgingMode was set to True.

and this is what the trading window looks like. What have I done wrong?

Ed

make sure the EA input tab is also set to nonhedging. right click on the chart, select Expert Adviser from the popup , click Properties and turn nonhedging mode to true.

[EdFuk]

Yes I just checked that but it was selected...

 

Is there a way of setting this up from the standard MT4 order ticket window?

[EdFuk]

@Caseynotes Any more thoughts on why the pending Buy Limit order didn't close part of the position even though I was in NonHedging mode? Is there a way of setting this up from the standard MT4 order ticket window?

 

 

[Caseynotes]

Hi, yes, I would try the reverse check boxes to see what affect that had so switch to nonhedging = False. Loads have been reporting the demo on both the web and mt4 have been acting up which is not a surprise as they will always buckle under strain long before the live platforms will. I would also switch to the live account and try a min size trade to see if that was different.

I've not used the mt4 order tab or the demo platform for years so won't comment. If I want to test a new strategy I always use the live with min bet size.