Hi all! Excited to be part of this community. Have completed the BabyPips school and found it a wonderful refresher after not trading for quite a few years.
As I work on my approach I was wondering the following. I live on a sailboat and sometimes lose internet.
If I open an order to buy or sell and set a stop loss that resides on my brokers server can I also run an OCO trailing stop loss on my laptop with the realization that I may lose internet and would like the hard stop loss at my broker to be my failsafe?
i think it depends on what platform and which broker you use, im sure mt4 only lets you place a hard stop loss and only a trailing once the order is active. i may be wrong so someone might be able to confirm or correct me.
But i use the ctrader platform and its possible to set this all up prior to placing your order, you can set a hard SL and then also set it to move to break even plus pips in profit after so many pips profit, and also tp levels along the way.
You got any more info. about yourself that you don’t mind sharing??? Don’t really know why but I’m getting the impression that you are not exactly new to this. Traded stocks and stuff before???
You have good intuition. Many years ago I was a trader on a broker dealer desk running softdollar equity trades for large hedge funds. It was fun but stressful. With that background I thought I could enter the forex game. After losing about 11% of my account I decided to stop, slow down and put together a trading plan that I am comfy with. Slowly getting there. Baby steps at the age of 57.
Well as I said: no idea what prompted me to ask. But glad I did.
Fifty three here (fifty four this month actually). So you’re in good company.
But I would never live with myself if I never said this to you:
Do you not think that with your background and experience: Equities and Commodities would serve you WELL better??? FOREX is a mugs game (as he ducks the incoming arrows). Sorry for being so blunt. I just feel that I’m speaking with somebody who could possibly understand this (as opposed to your average wanna get rich quick with $100 and 1 000 000:1 leverage type of person). As you well know: your posts have not gone unnoticed.
I am still quite active trading equities. A habit I will never lose! I travel a fair amount and currency exchange is a part of life for me so I wanted to dip my toe in. The leverage doesn’t attract me but global economics does so it is a natural progression.
The first thing I did with my broker was lower my leverage. No sense being silly.
You live on sailboat here ? From which country you really are - please do tell me. As for your case I still think that you really need some backup internet here for anything else done totally. Please explain whole situation to me;) Just use another ISP.
Currently we are in a Marina in the USA. The marina has WiFi which normally is quite good but goes down occasionally. We have a WiFi extender that works very well and we have used it while at anchor as long as we can get a password.
I am also a bit jealous on you because I am not living on a boat.If you have trading experience, then I think that you will easily fit into Forex. If you have never traded before, try it first on a demo. You can also test your brokers platform there. See how it executes SL when there is no internet
Basically traders need to work with technically updated platform that can ensure timely trade execution services, especially when it is the matter of using pending orders in your trading voyage. Each trader must try to give special attention on using broker according to his basic needs otherwise it may create further problems for him.
