Forex Broker/SB dealer: Trailing Stops

[Gumping]

Hi All!

Working on a forex method that looks promising. However, I really need to program in trailing stop losses since positions would be held overnight and I can't watch them while I'm asleep. Anybody know of a Forex broker or SB dealer that allows this?
Problem happens when the market moves up overnight, then comes back down before I view my trade the next day: my stop loss is still at the level I left it at last night, and I've been stopped out at a loss. However, if I had a stop-loss that trailed the market I could have made a nice profit.

Thanks in advance

Regards

 

[lurkerlurker]

Hi All!

Working on a forex method that looks promising. However, I really need to program in trailing stop losses since positions would be held overnight and I can't watch them while I'm asleep. Anybody know of a Forex broker or SB dealer that allows this?
Problem happens when the market moves up overnight, then comes back down before I view my trade the next day: my stop loss is still at the level I left it at last night, and I've been stopped out at a loss. However, if I had a stop-loss that trailed the market I could have made a nice profit.

Thanks in advance

Regards

If you are happy to trade full lots, get an account with FuturesBetting and ask for the NinjaTrader platform - it has automated trading capabilities, including trailing stops. Retail SBs don't offer this - I can't comment on FX brokers...

 

[shadowninja]

What's "full lots" mean?

I get round this with IG by setting limits (ie if it hits 30 points profit, it closes the position).

 

[jkplay]

What's "full lots" mean?

I get round this with IG by setting limits (ie if it hits 30 points profit, it closes the position).

A full lot is the size of 1 whole contract as it is traded on the exchange.

In currency a lot is 100,000 of the first named currency.

For futures the contract sizes vary but for example to trade FTSE100 with futuresbetting there is a minimum of £10 per point, the equivalent of 1 full lot.

So from my understanding with futuresbetting you can only trade a minimum of £10pp and this will go up in £10's as you look to increase size (a FTSE examle) on a 1.5 point spread.

All spreadbetting firms offer what you can look at as 'micro lot's' and this is why they don't hedge everything. If you bet £2pp on the FTSE they can't go to the futures market to hedge £2pp, as you can only trade lots in the underlying market. And as somebody else sells £2pp they think 'great, no need to hedge' and they will hedge once the matching process is done and they have exposure they need to hedge.

Thats why futures betting is DMA because as you are only betting in whole lots that order goes straight to the market instead going into the market makers exposure.

To answer the question in the first post, GFT offer trailing stops for spreadbetting and you don't need to bet in whole lots, also Saxo Bank offer trailing stops for margined fx although you will be charged for doing less than 100,000.

Hope that helps you out

http://www.trade2win.com/boards/showthread.php?t=27370

JK

 

[shadowninja]

Thanks for taking time to explain. Much appreciated.