Hi all, in the EA section of this site I read the following sentence:
"With an ECN broker, you cannot set SL/TP on position opening. You have to open a position first without SL/TP and only then modify it, adding stop-loss and/or take-profit level."
How an ECN broker may be better than non-ECN with such a limitation? I mean, if I have to open a position prior to entering SL and TP it simply means I cannot trade on a high timeframe (say H4 or D) but maybe even lower in fast market conditions.
Say you want to go long on a pair, your order is executed hours later, maybe when you sleep, or you simply are not in front of your monitor.
Under this conditions, my feeling is that ECN are better only for scalpers (because of no SL-hunting) but not for position traders esepecially on higher timeframes.
Am I correct? Did I miss something?
Thanks in advance
"With an ECN broker, you cannot set SL/TP on position opening. You have to open a position first without SL/TP and only then modify it, adding stop-loss and/or take-profit level."
How an ECN broker may be better than non-ECN with such a limitation? I mean, if I have to open a position prior to entering SL and TP it simply means I cannot trade on a high timeframe (say H4 or D) but maybe even lower in fast market conditions.
Say you want to go long on a pair, your order is executed hours later, maybe when you sleep, or you simply are not in front of your monitor.
Under this conditions, my feeling is that ECN are better only for scalpers (because of no SL-hunting) but not for position traders esepecially on higher timeframes.
Am I correct? Did I miss something?
Thanks in advance