Probably The Dumbest Question Ever

[Cuzy16]

In my practice Account I bought the USD/EUR and then sold it about 5 minutes.

So if I buy a trade and then sell it is my buy trade still active? Or I mean How do I close TOTALLY out of a trade? Or how do I get into the action and totally OUT of the action altogether?

If I buy then sell am I totally closed out of the market?


Also, can I SELL a trade before I ever bought it? And if I sell a trade and then buy it later does that mean I am out of the market?

I am so confused here!


HELP!!!!

Thank You,

Chris

[Pipcrawler]

In my practice Account I bought the USD/EUR and then sold it about 5 minutes.

So if I buy a trade and then sell it is my buy trade still active? Or I mean How do I close TOTALLY out of a trade? Or how do I get into the action and totally OUT of the action altogether?

If I buy then sell am I totally closed out of the market?


Also, can I SELL a trade before I ever bought it? And if I sell a trade and then buy it later does that mean I am out of the market?

I am so confused here!


HELP!!!!

Thank You,

Chris

Greetings Chris,

Have you been through our Forex Preschool??

It sounds like you are very new to trading, and I think if you read through this section first, it should answer many of your questions! If you're still confused please ask

[Cuzy16]

Yeah, new as in 5 days. I'm in 6th grade.


I reread preschool real fast and still doesn't answer my questions unless I'm just dumb.

I appreciate your reply but can you offer any more info?

I just would like to know hwo to close out of a sell or buy? So I just buy when I sold initially? Or sell when I bought initially?

How do I end my trading so I can ZZZZZ in peace?


Thank You!

[rwcjunglist]

What demo account are you using? Some brokers like Oanda give you an option to close your trade simply by offering a "close" button. Others you have to do the opposite of your initial trade. If you bought, you have to sell. If you sold, you have to buy.

You can "sell a trade", before buying, its called going short.

You might want to review the concept of Long and Short here:
How You Make Money Trading Forex - Pre-School: Forex Basics - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

[Cuzy16]

I am using Oanda (trying to figure out how to draw pivot points now!)

Thanks for your reply. I really appreciate your help!


On Oanda, where is this 'close' button you are referring too?

[tymen1]

If you buy and sell later you have done a round trip and you are now totally out of the market - it is called going long

If you sell (yes, you can do this!) then buy later you have done a round trip and you are now totally out of the market - it is called going short

Beware, however, if you have set a stop loss. This stop loss will still be active and if you do nothing about it, your computer will automatically buy or sell if the price reaches that point.

So check your chart(s) to see the stop loss if you have one (and it is unwise to go without one) and then click the mouse to cancel the stop loss order.

Regards, Tymen Wortel, Perth, Western Australia.

[PipHunterE]

Cuzy16, that's super cool that you are learning this business at your age. Rock on!

One tip for you on pivots: Make sure you are using 5pm U.S. Eastern Time as the beginning of a new trading day, and 4:59 as the closing period of the day. In the trading world there seems to be some confusion as to when to calculate pivots, and New York "close" is the period you want. Some mistakenly use midnight (including what is set forth by my charting software company lol), and that isn't the correct calculation. Also remember to adjust for daylight savings time as appropriate.

Best regards.

[rwcjunglist]

I think he ment hes in the baby pips 6th grade.... not real 6th grade. But if you are really in 6th grade, much props to ya!!

To close a trade on oanda, go to your trades, click the trade you want to close. It'll bring up the ticket, at the top pick close, then click submit at the bottom.

I was a little off, its not an actual close button but an option then you click submit.

[elang]

I've seen dumber; you're ok dude

[Cuzy16]

Awesome, thanks guys. I really do appreciate the help.

And yeah, I was in 6th grade on babypips but now in 7th.

I wish I started this in real 6th grade but with what money? That's a ton of tables to bus.

Thanks again guys.

- Chris