Online trading company Admirals will introduce a minor change to its trading terms, which should not affect more than 1% of its clients.
Beginning December 6, 2021, the required distance between the current price and new pending stop and limit orders on all FX and CFD instruments, including Take Profit and Stop Loss orders, must be equal to 1 typical spread or greater.
For example:
For the DAX40 CFD you must place a minimum distance of 1 point (or more), and for the EUR/USD, the stop needs a minimum distance of 0.8 pips.
All previously placed pending orders, including Stop Loss and Take Profit orders, are not affected by this change. These shall be executed according to conditions of the order, Admirals’ Order execution policy, and Admirals’ terms of service as described on its website.
The company emphasizes that this change does not affect traders’ ability to close their trades by market orders whenever their trading strategy requires them to do so. This includes circumstances when a position’s exit price is under 1 typical spread from the position’s open price.
If a trader is using any Expert Advisors (EAs) or other position management automation tools which could place or modify pending orders near the current market price, the trader would need tp adjust their settings in accordance with this change.