The trade clearly should have taken profit in my sleep. This isn’t the first time they (TT) have done this. Is the prop firm or tradelocker responsible?
If you are not the type to swing trade or hold trades overnight over a few days, close out all positions before you go to sleep. Or set alerts near your TP so you can wake up and close it manually. There is always another set-up. There is also the issue of spread. Make sure you calculate overnight roll-over rates and the changes that may occur during volatile periods. If you took those into account, then focus on the first part of my comment.
Always check the Spread and set your TP accordingly.
Spreads my friend…next time take TP at least 20 points below.
Micah said:
Spreads my friend…next time take TP at least 20 points below.
Yupp this is the way. I mostly put TP like 5-10 pips below actual TP.
Spread, bro. The best solution is if you are near your TP price, close it manually in high volatility times.
Not spread, simply volatility. Your TP (a sell stop order) did not get filled as price moved down too quickly.
Program an MT4 EA to keep track of your TP level. If it reaches your TP price, set your EA to close the trade at market price. That way you won’t be killed by spread or a dishonest broker.
Adi said:
Program an MT4 EA to keep track of your TP level. If it reaches your TP price, set your EA to close the trade at market price. That way you won’t be killed by spread or a dishonest broker.
Wait, how do you do that?
I’m trying to be less greedy and put TP where it will hit for sure.
Depends on what the spread was at that specific time. If spreads were low, then do talk to the prop firm or broker.
I always set my TP just a bit lower than my actual TP. Sometimes spreads screw you over, and sometimes if the market’s moving strong in your direction, you can get a bit more profit out of it because sometimes it can take a second for the servers to trigger your TP. (Look out for spreads and broker servers; they can lag sometimes).