Please Answer This Question ;-)

Beginner Questions
#1

Hi everyone! Or, anyone!

I was hoping to get an answer to a question that I have been forgetting to ask for awhile now. As an example, The question is:

If a person wanted to short the EUR/USD in looking at the prospective down trend. Does a person set their s/l t/p each day. Meaning do you close your trade at the end of each day or???

That for some reason has me all confused. And perhaps I’m retarded, but I have a tough time even figuring out how to set the stop loss and the t/p on my mbt account. I was given a link to a great webenir that seems to explain everything. However, I for some reason, can not see what the fella is doing… at least not well enough to put it to use. And my eyesight is fine. Any help would be greatly appreciated. Thank you so much!!!

#2

The answer to your question is yes! Just kidding that all depends on your broker. Some brokers will cancle all pending orders at close of business others will have “good until cancle.” And others will let you decide what to do. Personally I do not like my orders canceled at the end of the day. I feel that if I like that trade then I don’t want to change it and if it gets canceled then I may lose the trade I wanted.

If you do not know which one your broker offers then call them up and ask.

#3

The broker I use actually closes my position at the end of the day and then reopens at the market the next day.

It will all equal out in the end but you do [I]not [/I]have to re-enter any of your stops and limit orders. They will stay until the market takes you out or you choose to cancel.

The tricky thing with this type of platform is that even though you may have made some pips over night, the market may be pulling back slightly when you look at your position.
This means your P&L (profit & loss) may indicate a slight loss. But what this is actually doing is differentiating between your current P&L from the time the [B]market opened[/B] and your actual P&L which will include any P&L from the time you actually [B]opened the position[/B] which may have been yesterday or even weeks ago.

Hope this helps. :cool:

#4

Hi Marie brokers have various ways of handling the close of one day & the
opening of another.

As the Forex market is 24hrs/day a time has to be set when all intraday
trades are settled, this is usually 2200hrs GMT (1700hrs NY time) or just before.

The software in fact closes your position then re-opens it, after
calculating any +ve or -ve interest, if your broker allows this.

This is virtually instantaneous, your position then carries on as if
nothing has happened.

The best course of action for you now would be to read the babypips
school, here’s the link.

School of Pipsology - - Beginner’s Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

:wishes:

#5

I appreciate your information. Thank you for taking the time to answer my question.

I should actually apply this disclaimer to all of my posts using my signature! LOL

Marie’s Post Disclaimer:

I have actually been through most of the S.O.P and I think its a great resource for information. Full of everything a person could need to go out there and be successful. At the same time I happen to know that there are some individuals in this world, like myself, that have a difficult time applying the information learned, and putting it into action. That’s all I’m trying to do whenever I ask a question that has already been “answered” by way of The .S.O.P. Any information I ask for is only done so to confirm or clarify.

Thank you!

#6

Maybe if you started your posts with

I have read the babypips school but…

then members who reply to your posts would know at what stage you are at.

Of course we all learn at different rates so it is not unusual to have
questions from members who have been through the school but still
need clarification on certain points.

:wishes:

#7

Your idea is WAY better.
Hope you have a great weekend. ~Anne Marie