Suppose, I opened a trade on Monday on a specific bid price and ask price. Now the market trend matches with my bid price but Today I could not matches with the ask price. Will I have to close the trade? or I can keep the trade open so that when the market trend matches with the ask price the transaction happens automatically? Can anyone please explain?
Do you mean that you have placed an order which has not (yet) triggered? If that is what you mean then in theory the order will remain open until such time as it triggers (if it ever does), unless you placed a time limit on the order at the point of placing. However in practice I would personally want to check that the underlying market conditions which supported my original trade idea remain in place.
For instance, I might leave an order open should Price stall around a particular level, anticipating a bounce or a break, so would be happy to leave the order a few days should Price genuinely stall. However, if Price moved away from that level, moved around a bit, then came back close, that new movement might invalidate the original trade idea, at which point I would cancel the order and wait for the next genuine setup.
Apologies if I have entirely missed your meaning! Just did tea for the kids so a little frazzled.
ST
Thanks. Your answer was really helpful. 
With Swap free accounts you can remain open position for a long time . swap give you loss or profit on over night hold positions. It is up to a trader how much time he needs to close his positions. I try to close on the same day . Or use stop loss and take profit in trading to close it automatically.
The question is like asking: when I start walking, when should I stop?
The answer is: it depends where you are going.
I know that it gets more technical than that, but asking oneself the purpose of one’s trade (or target) is part of the strategy. If your trade was set up to fill a target in six months, your staying in that trade over such periods would be in line with your strategy; it is not so much a case of being allowed to stay in a trade for ‘x’ amount of time but of wanting to…
I hope that this makes sense…
Yes, it is good idea to make use of the Swap free trading accounts as they will certainly help us to keep the trades open for a long period of time and as such we will be able to get more profits from our trades easily
If that one’s a pending order (not yet triggered) then you could keep it open for as long as your trade idea remains valid. If the fundamentals or technicals have already changed, which might be a possibility as time goes by, then you might be better off coming up with a new trade idea or adjusting your entry. Hope this helps!
There is no fixed rule about how many hours to spend for keeping floating condition in certain transaction because different trader has different consideration about it. For long-term traders, it is possible to hold position for more than a day, more than a week and it is possible for more than a month if it is necessary. But there are traders who don’t like to hold position for more than a day. So, it’s back to trader’s psychology to hold position.
A trade should stay open till it reach the profits you are satisfied with and than you can protect your profits with adjusting your stop loss. There shouldn’t be any time frame for closing a trade.
I second that, Rambo35…