I am currently one week plus into trading and I have encountered this very weird question that keeps lurking in my head as I go on pressing the buttons on Metatrader4.
Sometimes when I punch in the TP, SL and price, and when i choose to long it, I click Buy Stop, it says that my SL or TP is wrong, so I change it to Buy Limit, within 1 second, the pending order successfully placed music plays, other times I do not even need to change it. I juggle between this two, I usually click on Buy Stop first, if it doesn’t work, I click Buy Limit and it usually does the trick. Likewise for short positions.
Seriously, what is the difference between Buy Stop, Sell Stop, Buy Limit and Sell Limit? I have tried my best ot research online and to read other people’s post and articles on it but I still do not understand it.
Anyone with me on this? Could someone please help a newbie here by enlightening him with simple, clear and short answer?
Add : I think it occurred a few times, when even before the trade got triggered, it already ended by touching the SL. Sometimes even if it touches it, it doesn’t cancel the pending order. I believe this has some relations with regards to the type of “Purchase” requested.
Please help all sifus!