Horrible wide stops

[Bin57again]

Hi
I really detest my current online service. I'm with IG Markets. They have these crazy wide minimum stops (e.g. 30 or 40 points) so that your risk is way more than you want for your initial stop loss and/or your trailing stop.
Can anyone suggest a good service where the stops are much less e.g. less than 10 points?
Cheers, Bin

 

[skc]

You might want to tell us what instrument you are trading so people can respond accordingly.

With my IG account on the ASX200 cash, it's 4pt minimum stop (or 15pts with guaranteed stop).

Also, if you are trading intraday you can always close the position yourself.

 

[Bin57again]

Monitoring stops intraday is not really practicable for me. I want to be able to open a position, set my stop and then forget about it.
I trade for the bigger multiples (e.g. 4R and above) so I like to set tight stops.

 

[skyQuake]

Monitoring stops intraday is not really practicable for me. I want to be able to open a position, set my stop and then forget about it.
I trade for the bigger multiples (e.g. 4R and above) so I like to set tight stops.

Still haven't told us what insturment you're trading.

IG cash is quite good with 4pt stops, 2pt spread.
However overnight spreads can jump 40pts easy because the underly futs are REALLY thin.

 

[skc]

Monitoring stops intraday is not really practicable for me. I want to be able to open a position, set my stop and then forget about it.
I trade for the bigger multiples (e.g. 4R and above) so I like to set tight stops.

You know there is a way around the wide stops ... set a limit order as a new ticket in the opposite direction and your position will be closed out.

Try it with a demo account.

 

[Bobby]

You know there is a way around the wide stops ... set a limit order as a new ticket in the opposite direction and your position will be closed out.

.

Good info Skc , not sure if you need to tick the force open box to do this ?

 

[skc]

Good info Skc , not sure if you need to tick the force open box to do this ?

You leave the force open box unticked.

Force open means force another new position open. So you will have 2 positions (1 long and 1 short) instead of the original position being closed out.

Again, try it on their demo account to get familiar.

 

[Bobby]

You leave the force open box unticked.

Force open means force another new position open. So you will have 2 positions (1 long and 1 short) instead of the original position being closed out.

.

Thanks got it !

 

[Bin57again]

OK - As an example, USD/CHF is 20 pips minimum stop. I'm looking at the 1hr chart.
At the moment, the pair is narrowing on the Bolls. I am looking to go short if the current narrowing is a consolidation. Fair amount of evidence of selling pressure in the last few bars.
It's 10.11pm and I feel like going to bed soon. My problem is, I don't want to risk 20 pips on the trade, otherwise my target is 60 or 80 pips. Now, if I could risk 10 pips then I might be tempted. SKC's suggestion re monitoring is fine during the day but I don't want to stay up through the night. I also find psychologically, I trade better if I take the trade, set my stop and my target and move on.
So, anyone know if there are providers who offer narrower stops?
Cheers.

 

[skyQuake]

OK - As an example, USD/CHF is 20 pips minimum stop. I'm looking at the 1hr chart.
At the moment, the pair is narrowing on the Bolls. I am looking to go short if the current narrowing is a consolidation. Fair amount of evidence of selling pressure in the last few bars.
It's 10.11pm and I feel like going to bed soon. My problem is, I don't want to risk 20 pips on the trade, otherwise my target is 60 or 80 pips. Now, if I could risk 10 pips then I might be tempted. SKC's suggestion re monitoring is fine during the day but I don't want to stay up through the night. I also find psychologically, I trade better if I take the trade, set my stop and my target and move on.
So, anyone know if there are providers who offer narrower stops?
Cheers.

You're using a limited risk acct, aka cash cow acct

You are paying 4pt spread (reasonable), but the Guarantee stop adds on another 3pts. Min stop distance is doubled from 10pts from a normal acct to 20pts on a limited risk acct. If you average 50% 27 pip winners and 50% 13 pip losers you will break even...
BAD ODDS. Get a normal acct or quit IG. Limited risk acct will bleed you dry.

 

[skc]

You're using a limited risk acct, aka cash cow acct

You are paying 4pt spread (reasonable), but the Guarantee stop adds on another 3pts. Min stop distance is doubled from 10pts from a normal acct to 20pts on a limited risk acct. If you average 50% 27 pip winners and 50% 13 pip losers you will break even...
BAD ODDS. Get a normal acct or quit IG. Limited risk acct will bleed you dry.

Definitely not suited for short term small range trades.

With FX try GoMarkets. Some threads around here so read up.

 

[Bin57again]

Thanks SkyQuake, good advice. Cheers.