Question about ECN Foex brokers

[mhq]

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

 

[Enivid]

Yeah, you missed it. The orders are not "executed hours later", market orders are executed within a second or two.

If you are talking about pending orders, then you can apply SL/TP to them even on ECN broker. The limitation you mentioned only concerns market orders (instant execution).

 

[mhq]

Yeah, you missed it. The orders are not "executed hours later", market orders are executed within a second or two.

If you are talking about pending orders, then you can apply SL/TP to them even on ECN broker. The limitation you mentioned only concerns market orders (instant execution).

Thank you Envid, yes I was talking about pending orders.
So say EURUSD is currently at 1.37, I can put a buy stop at 1,3750 a stop loss at 1,3650 and a take profit at 1,38 and leave MT4 alone even with a ECN broker?

 

[Enivid]

Thank you Envid, yes I was talking about pending orders.
So say EURUSD is currently at 1.37, I can put a buy stop at 1,3750 a stop loss at 1,3650 and a take profit at 1,38 and leave MT4 alone even with a ECN broker?

Yes, you should be able to do that unless they have some ridiculously high minimum stop levels.

 

[mhq]

Yes, you should be able to do that unless they have some ridiculously high minimum stop levels.

Thanks again.
Is there any advantage having a NON-ECN broker which you wouldn't have with ECN?
The first maybe ECN does not allow hedging.

 

[Enivid]

Instant execution with SL/TP on market orders is possible on non-ECN brokers.
You can also have fixed spreads on non-ECN brokers. And no commission too.

Hedging does not depend on ECN/non-ECN status.

 

[Dmitriy Enrst]

I started trading with scalping strategy, like many beginners. And I still prefer this trading strategy. Because of that I chose Market Pro account of FreshForex. It provides a good order execution. Then they have launched ECN-account, I tried it. To my mind it's the best choice for scalping. There is no any requote and spreads. And fast order execution.

 

[Steve Lock]

I started trading with scalping strategy, like many beginners. And I still prefer this trading strategy. Because of that I chose Market Pro account of FreshForex. It provides a good order execution. Then they have launched ECN-account, I tried it. To my mind it's the best choice for scalping. There is no any requote and spreads. And fast order execution.

FreshForex is a STP broker with a MT4 bridge software, so it can provides market execution without any problems.