With entry orders in live money systems if you enter and order and put a trail on it will it close the position immediately when the price hits it?
For example I am long on GBP/USD at 1.5478 if I put the trail stop to 15 pips if it ever hits that 1.5493 mark it will automatically close the position and give me my pips?
Another question, If I do this during the day many times would my only hurdle in pip accumulation be (aside from losing) the spread?
Essentialy all I am asking is…does the live system with real money run like the demo accounts as far as being able to set how m,uch you want and when to stop your losses. Or would this be considered scalping?
For the most part, yes it is exactly the same as demos. A stop or trailing stop you place, if hit, will close the trade.
Now I’ll add a little clause to that. What I said above is not general for ANY broker. If you’re with the wrong broker, you may experience slow order filling. A term coined as ‘slippage’ will come into play. That’s when price changes before your order fills and you’re given a requote, or in your case here, the trade could be closed at a price other than your stop.
In fast moving markets, for example around major news releases, markets generally are quite fast moving. Slippage in these situations can happen and is quite normal.
In short, yes your orders will be filled according to the stops you place. Be wary of your broker however and make sure it’s reputed otherwise you’ll see more requotes and slippage than you’d like.
It absoluty does are there any you would personally recommend for a college student with about 500$ to start with? i currently am on fxcm demo but i have reAd they no longer allow hedging and stop points? I have used oanda as well but its like a game boy where fxcm is a psp. Ive averaged to maintain around +45 pips per dAy for the past 22 days and figure i should try it for reAl pm’s or replies welcome
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