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Stop Loss and Take profit question

  • #1
  • First Post: Dec 12, 2006 10:33am Dec 12, 2006 10:33am
I am very new to Forex and just set up a demo account. The question is when the market (USDJPY)is at 117.00 I want have an instant execution at that price and want to put stop loss at 116.50 and take profit at 0.30. when I hit buy it give a Invalid S/L or T/P message. Is there a tutorial where it shows how to enter those values. Help would be appreciated.
Find an Edge. Only way to succeed in this business.
  • #2
  • Dec 12, 2006 10:43am Dec 12, 2006 10:43am
Quoting jattputt
I am very new to Forex and just set up a demo account. The question is when the market (USDJPY)is at 117.00 I want have an instant execution at that price and want to put stop loss at 116.50 and take profit at 0.30. when I hit buy it give a Invalid S/L or T/P message. Is there a tutorial where it shows how to enter those values. Help would be appreciated.
Your broker should have a help section that will tell you how to set up different kinds of orders.

To execute what you describe above I would set up a limit order to buy at 117.00 and link that order that if executed triggers an OCO (One Cancels Other) order that will exit the trade at either the take profit point or stop loss point which ever comes first.

Monaco
  • #3
  • Dec 12, 2006 10:44am Dec 12, 2006 10:44am
Presumably you want a take profit at 117.30.
  • #4
  • Dec 12, 2006 11:30am Dec 12, 2006 11:30am
Quoting notouch
Presumably you want a take profit at 117.30.
Thanks a lot notouch, I think I got my answer.
Find an Edge. Only way to succeed in this business.
  • #5
  • Dec 12, 2006 3:32pm Dec 12, 2006 3:32pm
I'm new here as well so slap me if I'm wrong but... wouldn't you be risking 50 pips to possibly gain 30 pips?? Not a very good risk/reward senario.
  • #6
  • Dec 12, 2006 4:12pm Dec 12, 2006 4:12pm
Quoting BookerT
I'm new here as well so slap me if I'm wrong but... wouldn't you be risking 50 pips to possibly gain 30 pips?? Not a very good risk/reward senario.
You are correct this would not be an advisable trade to take from a risk/reward basis.

Monaco
  • #7
  • Last Post: Dec 12, 2006 5:06pm Dec 12, 2006 5:06pm
Quoting Monaco
You are correct this would not be an advisable trade to take from a risk/reward basis.

Monaco
Thanks once again. I was just trying to set the trade parameters right to get it working. I will keep you advice in mind next time. This is my first day at forexfactory and I can see already that you guys are great when it comes to helping new guys like me.
Find an Edge. Only way to succeed in this business.
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