I have come full circle; Started out trading Forex and then went to futures and now back to Forex. I now find Forex easier to trade than futures for the same reasons you mentioned.
Yes, I used scaling on my AUD trade last week. I plan on using it more as my trading progresses. Right now I am process of defining and testing entry rules which is causing me to look for the perfect entry. The other part of the equation is to determine what my "full position" size will be. From there I can then manage my risk by scaling into 1st position, 2nd position all the way up to the full position size. Then I can start looking for the right area instead of the perfect entry.
The broker I am using does not support SC. Thinking of changing. I am currently using a combination of MT4 for charting and their legacy software, which is horrible, to enter trades. I would like to use just MT4 but it requires me to open another account. The only other software choice is to use NT. But to @xelaar point; the OCO is on the client side which means if I get disconnected I run the risk of having a naked position. Normally this is not a problem if I were day trading, but since I am holding overnight it becomes a larger risk.
Does your broker use client side OCO orders or server side?
nosce te ipsum
Trade what the market is doing; NOT what you think its going to do.
The following user says Thank You to Silver Dragon for this post:
From what I have checked no Forex brokers Sierra supports offer server based OCO. Nor futures, except CTS.
I don't think you can have Ninja with server OCO for Forex either. I would use MT4 instead, all except trailing is server based and it is quite robust if you pepper it with some short-cut scripts and trade management EAs.
I have not signed up yet although I do meet the criteria. I looked at Big Tick for the same reason, but still, just have not gotten to it. After 6 years I have not seen a condition where it matters for me in a short term trade. That does not mean it won't happen, and overnight, yes, I have been nailed hard. But I have order desks on speed dial and never trade without a phone. And it happens so rarely for me, just have a very stable connection I guess? I do have a dedicated line for trading separate from our wifi and cable tv, comes as it's own bill.
But this came up the other day when I had to call the trade desk about something else, where an order I had did not cancel. This is the email that followed;
Thank you for your interest in FXCM. Here is the link to the VPS signup. Remember, you can use other platforms on the VPS other than MT4 and the cost is waived if you maintain a 5k+ balance
FXCM's Trading Station platform has server side OCO orders. We also offer the NinjaTrader platform which has platform side OCO orders. However, you can still log into Trading Station using an FXCM NinjaTrader login and place OCO orders on the account that way. MT4 does not have OCO orders, but again you can use an FXCM MT4 account login to access Trading Station to place OCO orders on the account.
If you have questions about our services at FXCM please send me a Private Message.
The following user says Thank You to Jason Rogers for this post: