Closing my position

[Johnnysportster]

I've been on a Forex.com practice account for about 1year now, and am planning to go live fairly soon. One concern I have is that the brokers seem to close my position early. I normally put a 25 pip stop loss and 25 pip take profit on my order. On most occasions wether win or lose the brokers seem to close my position when it reaches 15 pips.
Can anyone offer an explaination?

 

[SvenFoster]

your spread is 10pips.

 

[tomorton]

your spread is 10pips.

The implication of this is that your overhead per trade is 40%: a 10 pip spread might be competitive with other brokers but is way too high for positions with such a limited horizon in each direction. A longer time frame is the usual remedy here, as long as the entry, exit and stop are supported by the TA - its not feasible to just decide to go long because the market is up and sit tight until your 100 pips roll in.

 

[trader3cnd]

Which pair are you trading? Who is your broker? 10 pip spread sounds too high for most common pairs.

 

[SvenFoster]

10pip spread was a slightly tongue in cheek response as the post had no real details in like pairs traded and has lots of occurances of the word "seems".

 

[trader3cnd]

10pip spread was a slightly tongue in cheek response as the post had no real details in like pairs traded and has lots of occurances of the word "seems".

Yep, it sounds strange at least for the profit part. If you place a limit order for 25 pips you will get 25 pips if the bid hits that. Something does not make sense here.

 

[Johnnysportster]

In relpy to previous answers. I was going long on GBP/USD I currently have 10692.00 in my practice account with forex.com

 

[Black Swan]

I've been on a Forex.com practice account for about 1year now, and am planning to go live fairly soon. One concern I have is that the brokers seem to close my position early. I normally put a 25 pip stop loss and 25 pip take profit on my order. On most occasions wether win or lose the brokers seem to close my position when it reaches 15 pips.
Can anyone offer an explaination?

That *problem* will not happen when/if you go live, if it does switch to fxcm/alpari/IB/Autobahn/Dukas....

 

[awe]

Does this seem to happen at the same time each day or just when you reach 15 pips +/- ?

If it happens at the same time it's likely your broker doesn't have you set to automatically roll your positions over when their position-end-of-day is reached, not sure if that's the right term for it, but when I first started I noticed that IG were closing my trades at 8pm every day, much to my frustration.

HTH

 

[Black Swan]

Does this seem to happen at the same time each day or just when you reach 15 pips +/- ?

If it happens at the same time it's likely your broker doesn't have you set to automatically roll your positions over when their position-end-of-day is reached, not sure if that's the right term for it, but when I first started I noticed that IG were closing my trades at 8pm every day, much to my frustration.

HTH

What always staggers me in situations like this is why folk don't get in touch with the broker or SB firm? Early days I'd hammer their free phone numbers to ask questions..

 

[Johnnysportster]

That *problem* will not happen when/if you go live, if it does switch to fxcm/alpari/IB/Autobahn/Dukas....

Thanks. That's nice to know.

 

[shadowninja]

Yep, switch brokers. I dunno, what happened to lulling punters in with a false sense of security by making them feel like trading gods on a demo platform and encouraging them to deposit £10k?