Hi
I’m now getting to the point where I have some confidence in my trades. I would like to start to open trades by setting entry points and walking away. I’m using FXCM and you can’t set your stop and loss unless the trade is active. Am I correct on this? Any advice?
Thanks
If you are using MT4, you can preset them no problem.
Just highlight the pending trade, and open the “modify” option.
Add stops and limits at will:)
FXCM Trading post doesn’t use MT4.
Does anyone use this platform and know how to set an entry point with stops and limits? You used to be able to do it but I think they have removed that feature.
With IBFX, that’s a stop order. Trade will enter when x price is hit and it will place your stop and TP.
My advice would be if your broker doesn’t have that option find another broker. No, reason a broker shouldn’t offer this.
Right click on chart -> market order -> advanced button -> modify your sl and tp
hope this helps!
you can also set up pending orders to act as a stop or to close part of a trade to lock in profit.
Sounds like you want to setup an “entry” order. Within that order dialogue box along with selecting whether it’s a buy or sell order and the price to trigger at, is the advanced button as TL mentioned. When clicked it expands the dialogue box and there are 2 radio buttons with “Stop” & “Limit” beside them. You set the price for both of them…“Stop” is more or less obvious, but “Limit” is equivalent to take profit. Then click Ok.
Hey neighbor, Its been a long time since I’ve seen you posting in this neck of the woods. I’m glad to see you’re still banging away at FX
Thanks Shr1k, That’s what I’m going to have to do…
D-pips what’s up?!?!? Yup I’m still around. I took an initial beating last year, I needed to step away and take a break. I came back slower and more methodical this time (not trying to become rich off of each trade) Did some more studying and got back in the game. Good to see you’re still around, I hope your trades have been good to you.