Hello again!!
I need help here.
for example if i enter the market (in my Real Forex Account) at lets say Short USD/CAD at 1.32360 and i set my TAKE PROFIT at 1.32300. Suppose the trend did not go as expected and i decide to cancel the ORDER at lets say 1.32330. will i get the 30 pip profit? or make a loss?
Someone please explain to me.
Thank you
[QUOTE=“nelsonsalim;719508”]Hello again!! I need help here. for example if i enter the market (in my Real Forex Account) at lets say Short USD/CAD at 1.32360 and i set my TAKE PROFIT at 1.32300. Suppose the trend did not go as expected and i decide to cancel the ORDER at lets say 1.32330. will i get the 30 pip profit? or make a loss? Someone please explain to me. Thank you[/QUOTE]
Well for starters, there isn’t 30-pips in this equation. For the currency pair in question, the forth decimal place is 1-pip, your quotes go to 5-decimal places & that final figure is a pipette which is 1/10th of a pip. See this section of the BabyPips School of of Pipsology (go through it if you’ve not already done so). So in your question, you are only looking to make 6-pips.
You can cancel your trade at any given time, your trading platform will indicate whether your trade is in profit or not. In your example, you are shorting a position & you’d be 3-pips up so as long as your spread wasn’t 3+ pips then you’d be in profit.
thanks baz