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Thread: "Open price must differ from market price by at least 10 pips"

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    Exclamation "Open price must differ from market price by at least 10 pips"

    Hi!

    I noticed while trying to put stop or limit orders in the last few weeks that it doesn't allow me unless the price has at least a 10 pips difference from the current price.

    I was wondering why is that policy in place? Most brokers allow at least 3 or 4 pips; this is pretty much standard for the industry. Why do you set it so high?

    I know some of you will reply that the price will move in the next few hours, but let's take this example: I like to trade when the London market opens, but unfortunately it's at 2 AM for me. What I do is set an alarm at 2 AM, wake up, set my trades and go back to sleep. The problem is when the current price is too close (less than 10 pips), I need to wait in front of my computer for the next hours, losing precious hours of sleep.

    I think putting at least 10 pips is unnecessary and I'm probably not the only client that would appreciate to see that changed.

    What's your opinion on this?

    Thank you!
    psyko79

  2. #2
    Denis Peganov, FXOpen Development Director cool user FXOpen Manager's Avatar
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    Quote Originally Posted by psyko79 View Post
    Hi!

    I noticed while trying to put stop or limit orders in the last few weeks that it doesn't allow me unless the price has at least a 10 pips difference from the current price.

    I was wondering why is that policy in place? Most brokers allow at least 3 or 4 pips; this is pretty much standard for the industry. Why do you set it so high?

    I know some of you will reply that the price will move in the next few hours, but let's take this example: I like to trade when the London market opens, but unfortunately it's at 2 AM for me. What I do is set an alarm at 2 AM, wake up, set my trades and go back to sleep. The problem is when the current price is too close (less than 10 pips), I need to wait in front of my computer for the next hours, losing precious hours of sleep.

    I think putting at least 10 pips is unnecessary and I'm probably not the only client that would appreciate to see that changed.

    What's your opinion on this?

    Thank you!
    psyko79
    By my opinion 10 pips is a very small range even.
    If you like to trade 3-4 pips, you can use manual orders execution, in other cases minimum of 10 pips is quite fair.

    Denis Peganov
    Development Director
    FXOPEN NZ LIMITED
    E-mail: denis.peganov@fxopen.org
    http://www.fxopen.com/

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