How long can I leave my open positions?? Please enlighten me on this anyone
There is no time limit. Until the trade is closed by tp or sl or manually by you it can stay open for days, weeks.
I have had open position and closed it after 6 weeks.
It depends on the trading instrument. If you are using a derivative like a spread bet or CFD you will have an overnight charges of up to 3%(depending on broker). If you have exchanged cash with your broker through an order then they will be no overnight charges.
A cash exchange has no limit but technically derivatives have an end date but they tend to get rolled over unless you are close to a margin call etc.
Which instrument are you using to trade ?
I understand, if you are based in the US , you cant use CFD’s or spread betting.
You can leave it open as long as you want to! Whenever you’re making a profit, you should close it!
That depends on your strategy and your personal preference, there is no rule about it.
A young lady wrote an on-line diary, it got such a huge following that one of the brokers gave her 1000.00 account for free in return for continuing her story.
Her father was a horse racing gambler and he stumbled on FX, he called her-
“you’ll never believe it, there is a new world of out there, it’s a two horse race, always only two horses”.
Her interest perked up even more when he announced " better than that, the race has no finish line, you can check out any time you want, apparently some guys check out when their horse is losing, hard to believe but it’s true.
Then there are other guys who wait, their horse was losing but it pulls up and they check out as soon as it reaches neck and neck, it’s unreal the level of control".
The girl couldn’t believe such a world exists, " can you check out when your horse is winning?" was her immediate question.
“Of course you can” replied her dad.