I too I wish the real world works like this but… it’s tough. There are some who will make a fortune out of this and most will go broke and will owe more.
In your specific example that might be the case but in general I would disagree.
I personally only use pending orders to trade and only make moves in the market once a day.
Pending orders is a great tool, just as any other order type, especially for the people who cant watch the market 24/7 as they have to sleep and work.
Trust me, I have toyed with several different strategies but whatever floats your boat is good enough by me until you come to the realization that pending orders are not worth it [B][I]in the long term[/I][/B] .
Again I think you are completely wrong.
Pending orders is not a trading strategy it is just an order type. You cannot make a statement saying pending orders make you lose money in the long term…
Well if you don’t understand how pending orders make you lose money despite thursday’s events and my USDCHF example to clarify, then i’m afraid you never would. Let us agree to disagree.
Using pending orders a losing strategy…? I’m trying to see it from the perspective that you are coming from when writing this but I simply can’t. Setting a stop loss on a trade is a pending order… Setting a Take profit on a trade is a pending order…setting a sell limit order at a resistance line is a pending order…
All of these are fundamental to trading. Not sure how one can argue that using pending orders will lose you more money then not using them. The ONLY situation I could foresee that your statement would be true would be to set a pending order up… Then keep it there despite a major breaking event occurred that goes against the original assumption required to justify the pending order to begin with.
Pending orders are a tool… Not using them makes as much sense as throwing out a hammer from your tool box.
Don’t worry folks. Disregard that point if you don’t understand it. I have no need to explain any more. Those who would understand have understood. But yes, I think outside the box often and that’s the reason why a couple of months back, in anticipation of Thurday’s surprise announcement, I made a post on here about the SNB floor, changed my trading strategy and got guarantees from my current broker (Pepperstone) and former broker (Oanda) about what happens to my money if they go insolvent. I’m not surprised that both were relatively unscathed.
Anyway, here’s a heads up from me: The SNB would peg their currency again, to possibly the USD this time, in the next 3 years so beware.
[QUOTE=“aceofpips;677778”] Don’t worry folks. Disregard that point if you don’t understand it. I have no need to explain any more. Those who would understand have understood. But yes, I think outside the box often and that’s the reason why a couple of months back, in anticipation of Thurday’s surprise announcement, I made a post on here about the SNB floor, changed my trading strategy and got guarantees from my current broker (Pepperstone) and former broker (Oanda) about what happens to my money if they go insolvent. I’m not surprised that both were relatively unscathed. Anyway, here’s a heads up from me: The SNB would peg their currency again, to possibly the USD this time, in the next 3 years so beware.[/QUOTE] so you manually close and open every single trade you make…?
Don’t bother trying to argue with him he is clearly to ignorant to see what he is saying is gibberish.
Stop loss and Take profit are not pending orders!!!
Pending orders are buy limit, buy stop, sell limit, sell stop and are used for initiating trades, not closing them!
But yes, I manually open all my trades
[QUOTE=“aceofpips;677781”] Stop loss and Take profit are not pending orders!!! Pending orders are buy limit, buy stop, sell limit, sell stop and are used for initiating trades, not closing them! But yes, I manually open all my trades[/QUOTE] A stop loss on a long is nothing more then a “buy limit” pending order… And it’s take profit is nothing more then a “sell limit” pending order. They are exactly the same as a “sell limit” or “buy limit” pending order that gives you a trade entry. In other words, you are using pending orders.
http://www.metatrader5.com/en/terminal/help/trading/general_concept/order_types
[QUOTE=“aceofpips;677783”] And they say i’m ignorant Please read and learn: Types of Orders - MetaTrader 5 Help[/QUOTE]
http://www.metatrader5.com/en/terminal/help/trading/general_concept/order_types
Yes you clearly are in this subject… See what heading the “buy stop loss” etc falls under … PENDING ORDER
http://www.metatrader5.com/en/terminal/help/trading/general_concept/order_types
We posted the same link.
Types of orders - Market order, Pending order, Stop loss, Take profit
Types of pending orders - buy limit, buy stop, sell limit, sell stop, buy stop limit, sell stop limit
Do you need me to explain further?
Sorry there’s no buy stop loss on that list. You need to learn to read. I may be ignorant in this case but that is only because you are illiterate.
[QUOTE=“rindoan;677780”] Don’t bother trying to argue with him he is clearly to ignorant to see what he is saying is gibberish.[/QUOTE] I see that now. Lol thanks.
Ace you are arguing semantics. You keep doing you 
Please do elaborate on how a stop loss is not considered a pending order unless you manually exit your trades as well and in that case how would that have saved you from the SNB move?
I’m not arguing semantics. Right from when I said, do not use pending orders, I knew what I was saying because I have never considered stop loss to be a pending order. So, I am pretty much expatiating on what I said at the beginning, which is theoretically correct.
Now, if for whatever reason, you guys do not have a solid education and have always believed a SL to be a pending order, then that is not my issue if you do not understand what I meant at the beginning. You’ve got to read in order to communicate. A while back, a friend of mine on here was referring to EURUSD as the loonie and making zero communication since USDCAD is the loonie. Come on guys, you have got to read in order to communicate. The babypips school is free and wikipedia and investopedia are also free. Your confusion due to your ignorance is not my responsibility.
I see Rindoan has lost the plot about what I said about pending orders and is now asking how manually exiting trades would have saved the SNB move. To that, I say re-read my posts with the knowledge that pending orders only initiate trades and not close them.
When you set a stop loss order you either set a stop buy or sell order that is transferred into a market order once that level is hit or you set a stop limit buy or sell order that is transferred into a limit order once the target is hit.
You attempt to belittle people by random statements about Wikipedia etc however you are in fact just embarrassing yourself and your lack of understanding.