FIX API Trader not only allows you to use your favorite MT4 Expert Advisors for Trading via FIX API but also to trade in the manual mode and semi-automatic, pre-set (algorithmic) mode. It is a huge advantage for news traders.
When trading on news the MT4 platform is practically useful for several reasons:
- In the first data transmission protocol from the terminal to the MT4 server is to say the least is not perfect;
- in the second order goes a long technological chain (Mt4 terminal – MT4 server -MT4 bridge – Liquidity provider) till reaches a liquidity provider;
- the broker can easily intervene in the order execution process.
Furthermore, a lot of brokers fear of losses on the news, simply suspend feed. I do not claim that brokers who provides FIX API Accounts are ideal and honest, but it is still the most reliable way to trade news.
Fix api trader allows you to trade news with preset parameters.
If you use market orders, you can preset Stop Loss, Take profit, Trailing stop.
In one click you can send order to the market, move Stop Loss (SL) or take Profit (TP) to breakeven level if it is possible. If you want to move SL to breakeven level, just press MSLBE button. If you want to move TP to breakeven level, just press MTPBE button.
Almost all broker who provides FIX API, allows you to use limit orders: FOK or (and) IOC or(and) GTC or(and) DAY
What does 'Fill Or Kill - FOK' mean
Fill or kill (FOK) is a type of time-in-force designation used in securities trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most likely to be used by active traders and is usually for a large quantity of stock. The order must be filled in its entirety or canceled (killed).
What is an 'Immediate Or Cancel Order - IOC'
An immediate or cancel order (IOC) is an order to buy or sell a security that must be executed immediately, and any portion of the order that cannot be immediately filled is cancelled. An IOC order is one of several "duration orders" that investors can use to specify how long the order remains active in the market and under what conditions the order is cancelled.
What is a 'Day Order'
A day order is an order to buy or sell a security that automatically expires if not executed on the day the order was placed. If it is not filled, it is canceled, and it is not filled if the limit or stop order price was not met during the trading session. It is one of several different order duration types that determines how long the order is in the market before it is canceled.
What is 'Good 'Till Canceled - GTC'
A good 'til canceled (GTC) order can be placed by an investor to buy or sell a security at a specified price that remains active until it is either rescinded by the investor or the trade is executed. GTC orders offer an alternative to placing a sequence of day orders, which expire at the end of each trading day. Rather than leave orders open ended, which poses the risk of being forgotten by investors until an eventual execution, GTC orders are commonly set to expire of 30 to 90 days after the trades are entered.
You also can use stop orders.
Software allows you to adjust Risk
In the Risk field please specify the balance percent you want to risk from your current balance (should be input in Account Balance field) and your initial S/L value.
Brokers with FIX API for News trading
I can recommend 2 brokers for news trading:
Lmax.com (minimal deposit fpor fix api account: $10, 000; minimal comissions $300)
Forexfs.com (minimal deposit for fix api account $3,000)