Can traders in the US not set partial TP/SL on same pair?

Beginner Questions
1

Just wondering. I’m pretty new, using FXCM.

2

Jason in 3, 2, 1…

(he will answer you, you just put up the Batman signal)

3

Hi Kashix,

Welcome to the forum!

Yes, traders in the US can set multiple take profit and stop loss orders for the same currency pair. However, in order to comply with US regulations regarding first-in, first-out (FIFO) trading, the orders cannot be attached to a specific trade ticket. Rather, the take profit and stop loss orders will always close the oldest trade in that currency pair first, before closing newer trades.

Suppose you’re long 100k EUR/USD and at 1.3000. You can create multiple take profit and stop loss orders to partially close this position by using the steps below.

  1. On the Trading Station menu go to Trading > Orders > Simple OCO.

  1. In the Simple OCO window, uncheck the box where it says “Sync Rates”.

  1. Choose the Amount of your net position that you want to partially close with this Take Profit/Stop Loss. In this example, I have chosen 40k.

  2. Set both Order 1 and Order 2 to “Sell”. (Since you are long EUR/USD in this example, your Stop Loss and Take Profit orders will both be orders to sell.)

  3. Set the Rate for Order 1 to be your Stop Loss. In this example, I’ve chosen a stop at 1.29000.

  4. Set the Rate for Order 2 to be your Take Profit. In this example, I’ve chosen a take profit at 1.31000.

  5. Hit Ok and you will then see your Stop Loss/Take Profit appear in the Orders window.

  1. Repeat steps 1 to 7 to create more Stop Loss/Take Profit orders to partially close your EUR/USD position.

If you have any additional questions about your FXCM platform, feel free to ask me in the Broker Aid Station.

Jason