Hi. I am wondering what would happen if you start a sell/buy trade and leave it there without setting a stop loss order. Will the trade stop itself by the end of forex week? Or it would continue operating until I stop it myself ? Thanks.
The reason I ask is that I want to use this strategy to wait for a long term uptrend/downtrend (maybe 1 or 2 months before closing the trade). Is it feasible? Do all brokers allow this?
If it is a currency trade then, without a SL order, it will stay open for as long as either it hits a target order or you otherwise manually close it. The third alternative is that the trade goes against you so far that your account balance no longer covers the margin requirement and your broker automatically closes your position.
You should remember that your open positions are marked to market in real time and whatever gains or losses are accruing on your position are set against your equity. If your equity balance gets too low to cover the open losses then you will need to add additional funds to maintain your position.
Another factor is that open positions incur carry costs/profits when they are open overnight. In some cases this is a gain and in others it is a cost. It is worth checking this if you intend holding positions for very long periods.
This is critical to understand! A lot of beginners believe that the deposit used to open their position is at risk when that is not the case as @anon46773462 states.
KC
Not much more to say here, @anon46773462 pretty well covered everything.
I would like to add an example of the last point though. When I first started trading I opened a practice account and bought 10,000 AUDUSD. I had no idea about these fees at the time. In short, I was buying a currency (AUD) with a higher interest rate than the one I was selling (USD), so I was being charged the difference, which worked out to about $0.54 per day. Combine this with the fact that the USD kept getting stronger, by the time I remembered opening that trade 6 months later I was hundreds of dollars in the red!
That’s really helpful. Thank you for clearing out my head.
its a very good summary with more information , thanks for the nice post.
yea, it will keep open until it hits SL or TP,or if you set a time when you want the trade to expire,
If you have not used an order then you have to close it manually. and then, pay overnight charges.
I have also lost track of mine so I can understand 
If you want to go long term then you will be better off setting a wide stop loss to protect your trade. Failure to do that and your money will go up in smoke.