Protective stops order on entry bar is very necessary.
This protective stop will be applied on the bar of entry, rather than waiting until the close of the bar like most orders.
Without this stops order, trades would be a disaster some time. The loss may be more greater than the average.Attachments in this forum are visible only for registered users.
I do agree with tomas262.
If we don’t set stop order on entry bar, when we enter a long position at open price, and a negative bar happened. The strategy could only exit long position next bar at open, even the range of the bar that we entered recently is very very huge. You would suffer a great loss.
I not sure about forex trading. Multicharts/TS have “setstoploss” , “setprofitarget”. The SetStopLoss function allows you to generate orders and exit on the same bar as the bar of entry, this is especially useful when working with longer during bars, (e.g. 30-min, 60-min, daily, weekly, monthly).Attachments in this forum are visible only for registered users.
You can´t set a StopLoss on MT4 along with the order when using a market order – this simply is not possible on a ECN broker which most MT4 brokers are these days. This only works with STOP / LIMIT orders in MT4, there you can attach the SL to the main order already and SQ does exactly that absolutely fine. However, SQ, when entering via a market order, set´s the StopLoss too just a second later in a separate modification to the initial order that was just opened, it will not wait until the next bar! It´s all functioning absolutely fine and as intended, nothing to worry about. I trade several strategies that were generated by SQ via MT4 and that use market orders, each time the order is opened, the EA attaches a StopLoss to it half a second later, which is exactly how this is supposed to work and the only way this can work. The EA will not wait to set the SL until the next bar. If it does that, you are doing something wrong:)
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