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Position duration?

  • #1
  • First Post: Nov 25, 2018 4:35pm Nov 25, 2018 4:35pm
Hello ppl,

Simple question...how long you can have an open position on live account??
Does it depends on broker and platform?

Thnx!
  • #2
  • Nov 25, 2018 6:03pm Nov 25, 2018 6:03pm
As long as you want. Brokers have no rule for that except for those who have a swap free account.
It happened to me to leave a position opened for 3 years on some account. Actually I forgot it and they only told me about it when I asked them to close the account. Of course, it was a non leveraged position.
But you have to know that carry traders are considered as toxic by retail brokers.
Don't give up on your dreams. Keep sleeping.
  • #3
  • Nov 26, 2018 9:27am Nov 26, 2018 9:27am
Forex brokers usually don't have limits about how long a position can be opened. You will, however, incur swap as time passes, so you should take that into consideration.
  • #4
  • Nov 26, 2018 3:51pm Nov 26, 2018 3:51pm
Quoting duba84
Hello ppl, Simple question...how long you can have an open position on live account?? Does it depends on broker and platform? Thnx!

It does depend on broker, platform and contract traded, but most trades you can keep with indefinitely if you wanted to. You generally have to pay carry fees for long positions and receive them for shorts.
  • #5
  • Nov 26, 2018 11:34pm Nov 26, 2018 11:34pm
Quoting duba84
Hello ppl, Simple question...how long you can have an open position on live account?? Does it depends on broker and platform? Thnx!
No, it’s depending on the trading opportunity. If I get scalping trading opportunity then I open my trade only for few hours. Besides, if I get long term trading opportunity like swing entry point; then I open my trade with a long term view.
  • #6
  • Dec 6, 2018 7:57am Dec 6, 2018 7:57am
It depends, above all else, on your strategy. And the swap you incur with your particular broker.
  • #7
  • Dec 16, 2018 2:36am Dec 16, 2018 2:36am
Based on my experience, if you using scalping it's only 5 minute or max 10 minute to stay...whatever it's profit or lose you have to close it.
  • #8
  • Dec 27, 2018 9:37pm Dec 27, 2018 9:37pm
Quoting duba84
Hello ppl, Simple question...how long you can have an open position on live account?? Does it depends on broker and platform? Thnx!
Never hold for more than 3 consecutive days AND NEVER HOLD OVER THE WEEKEND, and use stops to prevent unnecessary losses!... market volatility driven by currency imbalances on the dealer's side of the market produce abrupt moves which stun and shock the 95% who gain once, and lose twice, consistently. Greed is not your friend here neither is leverage! Traders close positions usually after two days, and so the market must find value to determine the next move in price!
Discouragement is the language of the devil. Results over hype.
  • #9
  • Dec 27, 2018 10:11pm Dec 27, 2018 10:11pm
Quoting duba84
Hello ppl, Simple question...how long you can have an open position on live account?? Does it depends on broker and platform? Thnx!
It depends on the nature of market as well as my trading system. Like, when I open a swing position then I need to open that trade for a couple of days.
  • #10
  • Dec 28, 2018 12:43am Dec 28, 2018 12:43am
Quoting callmechief
{quote} Never hold for more than 3 consecutive days AND NEVER HOLD OVER THE WEEKEND, and use stops to prevent unnecessary losses!... market volatility driven by currency imbalances on the dealer's side of the market produce abrupt moves which stun and shock the 95% who gain once, and lose twice, consistently. Greed is not your friend here neither is leverage! Traders close positions usually after two days, and so the market must find value to determine the next move in price!
Where do you pull out this number "3 consecutive days"? That makes no sense. You hold as long as it is necessary for your target to be reached if it makes sense to hold. Or are you in a position for almost 3 days and then you say out of nowhere "Oh, I gotta close it now, it is time because it has been 3 days!" ? It sounds like you do not watch price action at all?
  • #11
  • Edited 3:28pm Dec 28, 2018 2:06pm | Edited 3:28pm
Quoting BasicConcept
{quote} Where do you pull out this number "3 consecutive days"? That makes no sense. You hold as long as it is necessary for your target to be reached if it makes sense to hold. Or are you in a position for almost 3 days and then you say out of nowhere "Oh, I gotta close it now, it is time because it has been 3 days!" ? It sounds like you do not watch price action at all?
I appreciate the feedback. When you are snagged in the wrong direction of a trade- and trading on a leveraged account, as the majority of retail traders do... you simply cannot hold bad trades for longer than 3 days. Sure you may know someone who has.. but that’s just one person! When we talk about trend trading, the dealing desk who makes the market for you- either through a ECN or a Direct-Dealing system, they cannot rise after the third consecutive day- without some seriously aggressive moves-depending on volumes that they are handling. They have to shed contracts in order to remain profitable!

Here is a markup of what I am describing...
If you have questions, send me a DM!
Attached Image (click to enlarge)
Click to Enlarge Name: 3days.JPG Size: 138 KB
Discouragement is the language of the devil. Results over hype.
  • #12
  • Dec 29, 2018 12:54am Dec 29, 2018 12:54am
Quoting callmechief
{quote} I appreciate the feedback. When you are snagged in the wrong direction of a trade- and trading on a leveraged account, as the majority of retail traders do... you simply cannot hold bad trades for longer than 3 days. Sure you may know someone who has.. but that’s just one person! When we talk about trend trading, the dealing desk who makes the market for you- either through a ECN or a Direct-Dealing system, they cannot rise after the third consecutive day- without some seriously aggressive moves-depending on volumes that they are handling....
If you are referring to Steve Mauro and his silly course, then I suggest that you are taking a better look at some charts and you will quickly realize that this is not always the case and if it was so, trends would always end after "three days". I put this under quotation mark because you can only do that on hindsight.

Second, you have a Stop Loss and without it you should not trade anyway.

Third, let us assume that happens exactly how you describe and a trader buys at the pullback at point C for whatever reason. And it goes against him after that ever since (assuming he has no stop loss because it seems that is how you trade as you refer it to "holding" into negative). After three days he will close -80% of his account at the bottom of the move and then it reverses back up again.

I don't know, but whatever you are suggesting to rookies here has been debunked and I suggest putting a much better focus on the chart and look at where supply and demand is and study orderflow so that you can work with a SL and hold for more than three days if necessary.
  • #13
  • Dec 29, 2018 5:33am Dec 29, 2018 5:33am
Quoting callmechief
{quote} Never hold for more than 3 consecutive days AND NEVER HOLD OVER THE WEEKEND, and use stops to prevent unnecessary losses!... market volatility driven by currency imbalances on the dealer's side of the market produce abrupt moves which stun and shock the 95% who gain once, and lose twice, consistently. Greed is not your friend here neither is leverage! Traders close positions usually after two days, and so the market must find value to determine the next move in price!
Position traders would argue with you big time.
Necessity knows no law except to conquer
  • #14
  • Edited Dec 30, 2018 10:38am Dec 29, 2018 8:31pm | Edited Dec 30, 2018 10:38am
Quoting BasicConcept
{quote} If you are referring to Steve Mauro and his silly course, then I suggest that you are taking a better look at some charts and you will quickly realize that this is not always the case and if it was so, trends would always end after "three days". I put this under quotation mark because you can only do that on hindsight. Second, you have a Stop Loss and without it you should not trade anyway. Third, let us assume that happens exactly how you describe and a trader buys at the pullback at point C for whatever reason. And it goes against him...
I am not sure I know who you're talking about...
I was mentored by a retired forex market maker, who handled retail trading orders, and facilitated trading to the little players, with their over-leveraged 1:1000 accounts.
You have your convictions, and I have facts.

PS- If they did the exact same thing every day, you would catch on... but the reality is, they handle different volumes, and different conditions on a daily basis. Regardless of 3 days of trend, or 300 days, their fundamentals stay the same... It's not like they have a big bag of strategies and randomly pull out what they're going to do for the trade day! So you must learn to become highly selective, as data explosions go on around you...
Discouragement is the language of the devil. Results over hype.
  • #15
  • Jan 4, 2019 3:16pm Jan 4, 2019 3:16pm
Quoting callmechief
{quote} Never hold for more than 3 consecutive days AND NEVER HOLD OVER THE WEEKEND, and use stops to prevent unnecessary losses!... market volatility driven by currency imbalances on the dealer's side of the market produce abrupt moves which stun and shock the 95% who gain once, and lose twice, consistently. Greed is not your friend here neither is leverage! Traders close positions usually after two days, and so the market must find value to determine the next move in price!
While this is mostly true, "Never" is a very strong word.
To each their own I guess. I've had consistent success holding far more than 3 consecutive days.
However I do try to avoid weekends, but if I have to hold, I hold.
market is a device for transferring money from the impatient to the patient
  • #16
  • Jan 4, 2019 6:35pm Jan 4, 2019 6:35pm
Quoting bs4
{quote} While this is mostly true, "Never" is a very strong word. To each their own I guess. I've had consistent success holding far more than 3 consecutive days. However I do try to avoid weekends, but if I have to hold, I hold.
No one is forcing you to hold, but your own greed, or fear when you're holding negative positions. Never underestimate the volatility of Forex, and NEVER HOLD OVER THE WEEKEND. There is too much money to be made during the week, to leave your money to chance over the weekend...
Discouragement is the language of the devil. Results over hype.
  • #17
  • Jan 4, 2019 6:53pm Jan 4, 2019 6:53pm
Quoting callmechief
{quote} No one is forcing you to hold, but your own greed, or fear when you're holding negative positions. Never underestimate the volatility of Forex, and NEVER HOLD OVER THE WEEKEND. There is too much money to be made during the week, to leave your money to chance over the weekend...
How was your trading performance in 2018?
Percentage wise and dollar wise?
market is a device for transferring money from the impatient to the patient
  • #18
  • Jan 30, 2019 5:27am Jan 30, 2019 5:27am
Quoting JimmieKip
Based on my experience, if you using scalping it's only 5 minute or max 10 minute to stay...whatever it's profit or lose you have to close it.
Luckily; I don’t use this kind of suicide trading strategy! Even, I don’t make extra pressure to close my trades! I always wait for my SL or TP level.
  • #19
  • Jan 31, 2019 10:43pm Jan 31, 2019 10:43pm
You can hold an open position as long as you want. There is no such limited time restriction. However, brokers charge swap charges when the positions are kept open overnight. A swap is debited or credited into the trading account based on the position type one is having.
The general formula to calculate swap charges are:-
Swap = No. of Lots* Swap Points* Contract Size* Minimum Price Fluctuations* Days
  • #20
  • Feb 1, 2019 12:35am Feb 1, 2019 12:35am
It all depends on your strategy and psychological preferences. Some traders are interested in detailed analysis, so they choose mid-term or swing trading. At the same time, some of the traders could operate in rapidly changing market conditions, so they prefer daytrading and even scalping.
There is no "right" duration of the trade, it all depends on you.
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