I could test with my account but I figure asking might save me some trouble. If I opened 2 entry orders with different stops and limits, would that work? FIFO will close the first one first but should only change the accounting aspect of things, correct? Also, if I use a market order and then place a stop and limit by right clicking, is that different than an entry orders stop and limit? I believe the market orders stop and limit will close ALL positions on the same pair. Can someone please confirm? Thanks.
Hi Kashix,
Since FXCM US accounts (unlike FXCM accounts in other countries) must comply with US FIFO regulations, when your stop or limit orders are triggered, they will close out the older trades in a given currency pair before closing out new ones.
Our Trading Station platform will still allow you to create Stop and Limit orders along with your Entry or Market orders. You will see these Stop/Limit pairings appear as OCO (One Cancels the Other) orders in the Orders window of your platform. If the Stop in an OCO pairing gets executed, then the corresponding Limit will automatically be cancelled and vice versa.
I encourage you to test this functionality out on an FXCM US demo before using it on your live account.
US traders with MT4 accounts can use our free Multiple Stops and Take Profits app.
My question is this. If I were to place 2 entry orders at the same price, one with a 50 stop and 50 target, and the other with a 50 stop and 100 target, wouldn’t that work?
Totally. In that way you split your trade in half.
Yes, that would work just as Arbitrager on Acid said. However, if you would like to place multiple stops and limits for a single entry order, then you can use the information in my previous post.