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Direct MessagesDate/Time: Mon, 20 May 2024 20:34:49 +0000
Post From: Force market close of the position.
| [2020-05-28 21:05:43] |
| User940666 - Posts: 6 |
|
Dear Support, thank you for explaining to me.Now I understand that the issue comes from the exchange. It makes perfect sense for unique stop orders which are supposed to get you into a position. It also makes perfect sense that target/limit order work the way they do now. However, that's unfortunate in case of OCO stop-losses. I know that your platform is highly customer-oriented and extremely customizeable, so please let me explain why I think this issue is worth paying attention to and suggest a potential solution. 1. When the position is in the negative, your eyes are concentrated between the current price and OCO stop-loss order. You may not even have the target/limit order visible on the screen. Sometimes you come up with an idea that you want to be out of the position instantly at best possible price. It may be sudden news came out on the squawk, rapid change of the order flow, etc. 2. So you want to be out for a loss, which is expected to be less then if the stop-loss order is hit at it's current position. 3. To my mind it feels very natural to move the OCO stop-loss order above/below current price expecting execution at market, begging to get you out of the trade. At times like this you do not have time to scroll the chart, grab the limit order, etc. 4. As of now, when you move live account's stop-loss above/below market, you get a message log opened up which confuses even more and steals essential time to think on how to behave next. 5. By the time you realize what happened, you are out for a full stop-size with potential slippage (happened to me twice today, couple of times before). Suggestion: a feature for the update, possibly configured in settings, called something like "Force OCO sell-stop". What it should do, is when exchange provides the reply that we are discussing, the platform would automatically send a market order to the exchange, getting the user out of the position. It is possible, that only user and platform would know this was actually a stop-loss order. I am sure the operation will not take much time because the TT routing through Sierra is taking no time. Finally, what I suggest is actually the way it works in Sim trading, which people like me use to familiarize with the platform and get to know how it operates. Because what I explained feels natural when trading from chart, some other platforms have this as default, but Sierra is the best and I am sure we will find a solution. Thank you for your time. Alex. |