Stupid Eur/USD Trade

[atorchio]

Quote from marky1:

you are long, getting out higher than where you bought, how can the word stop even come into that order ?????? You're taking profit not a loss - what is wrong with you?

Don't waste your time!

I wonder how can his broker understand him...

 

[wep56]

Quote from atorchio:

I couldn't have said it better: yes, you don't know what you are talking about.

Are there any real traders here or just these jokers??? If you guys have never heard of a stop loss order, then I would like to know what you are trading and with who??
Anyone trading FX with Forex.com? Limit orders, market orders and STOP LOSS orders are all available.

 

[Lucrum]

Quote from marky1:

Yeah a stop loss is an exit but I don't think you can actually put in a stop loss. You put in a stop (limit or market) your broker doesn't really care if you are getting in or out of a position. You had in a stop (to you it's a stop loss but to your broker it's just a stop order) some people use them to enter.

Your right of course.
A stop order that when elected becomes a market order can and often is used to both exit positions AND enter positions.
If you already ready had a position then it's often referred to as a "stop loss" order. But it's the exact same order as far as your platform/broker/execution goes whether it's used to limit a loss ("stop loss") protect profit ("trailing stop") or enter into a position ("entry stop").
A stop limit can be used exactly the same way only difference is when elected it becomes a limit order which may or may not get executed. Which is why many traders would not use them
as a "stop loss". It doesn't mean that you could not use them that way.

 

[marky1]

wep, if I am a joker explain one thing to me because you are pissing me off now. If you are long 1 s&p and you get out higher than you got in, how on earth can you call the order you use to get out a stop, as you just did. PLEASE EXPLAIN THAT TO ME then we can see who the joker's are. For your info I trade FTSE 100, EUROSTOXX, T-NOTES, BUNDS and GILTS and trade between 800-4000 r/t's a day, hence I know what a stop is and isn't.

 

[wep56]

Quote from atorchio:

Don't waste your time!

I wonder how can his broker understand him...

WTF are you talking about?? Man you and your buddys are definately confused. Go back and read it again. Not that difficult to understand. Maybe a little over your head but still very simple.

 

[marky1]

Answer the question

 

[atorchio]

Read your broker's Trading Handbook here:

http://www.forex.com/forex_trading_handbook.html#9

Does it say that your stop loss order is canceled if the position is otherwise closed? NO

So this means the stop loss order - I admit the broker's terminology is misleading - can be used to OPEN a position as well as closing it.

To achieve what you wanted, you should use an OCO, as explained is the same Handbook here:

http://www.forex.com/forex_trading_handbook.html#oco

 

[wep56]

Quote from marky1:

wep, if I am a joker explain one thing to me because you are pissing me off now. If you are long 1 s&p and you get out higher than you got in, how on earth can you call the order you use to get out a stop, as you just did. PLEASE EXPLAIN THAT TO ME then we can see who the joker's are. For your info I trade FTSE 100, EUROSTOXX, T-NOTES, BUNDS and GILTS and trade between 800-4000 r/t's a day, hence I know what a stop is and isn't.

The most correct way to phrase that would be limit order. I agree. However alot of brokers have a habbit of placing the word "STOP" there also. It's not me using this terminology it's the damn broker. I know what a limit order is.

 

[marky1]

No you are wrong, stop would not be included in that order. No way - sorry but wrong wrong wrong. If you are selling above market you can only use a limit order - how could the word "stop" possibly come into it. think about it.

 

[wep56]

Quote from atorchio:

Read your broker's Trading Handbook here:

http://www.forex.com/forex_trading_handbook.html#9

Does it say that your stop loss order is canceled if the position is otherwise closed? NO

So this means the stop loss order - I admit the broker's terminology is misleading - can be used to OPEN a position as well as closing it.

To achieve what you wanted, you should use an OCO, as explained is the same Handbook here:

http://www.forex.com/forex_trading_handbook.html#oco

I'm not some newB that needs to read some brokers trading handbook that every broker would have a different opinion about. If a position is already filled an OCO order would only be used to cancel a stop loss order if a target price is hit. The target price and the stop loss price would both be part of the equation in an open position.
As I clearly stated at the beginning of this thread, I exited the trade manually so an OCO order would not have been relevant without a target price.
In twelve years of trading I have never heard of a position being opened with a stop loss order while flat. All of the live brokers that I have used know that a stop loss order is cancelled when a position is closed. Even without an OCO.