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  • #1
  • First Post: Aug 26, 2007 12:53am Aug 26, 2007 12:53am
Hi,

Recently, I had started up a demo with MBT, but I encounter the following problem:

1) I placed a market order, but after that how do I place a stoploss order to it.

2) I also used the Market+TTO but how to change the value of the Stoploss and limit order value???

Can someone give me a clue please.

Regards
  • #2
  • Edited 2:03am Aug 26, 2007 1:24am | Edited 2:03am
For setting up your Stop Loss in Navigator, make sure that you have the currency pair selected that you want to setup the stop loss for. Then select "Stop Market" from the "Type" dropdown box, and set your stop price accordingly.

If your open position is a LONG/BUY position, then click the "Short" button (or it might say "Sell" - my Navigator is offline due to it being Saturday, so I can't check which it exactly says), if your open position is a SHORT/SELL position, click the "Cover" button. Your SL order will then be placed into your Open Orders window.

If you ever need to change/edit the stop loss price on that, you can do so by right clicking on it to edit the order.

For the TTO, you need to cancel your existing TTO from the Open Orders window and just create a new one (unfortunately, you can't edit/change it like I had mentioned above with the SL position).

I should mention ... you need to create your new TTO via the TTO template, since I don't believe it's available by itself in the "Type" dropdown box (but again, I can't double-check that right now with Navigator down).

On the FX Board1 window, under the currency pairs, right click on the area where there's the order template. Select "TTO" from the menu. The TTO template will replace the one there. You need to use that to place your new TTO for the already open position.

When the market opens tomorrow (Sunday) and Navigator comes back online, I'll double-check the above where needed.
  • #3
  • Aug 26, 2007 2:35am Aug 26, 2007 2:35am
One more thing I want to mention ...

You might want to sign up for a Demo account under EFX and then register to watch their archived Webinars on how to setup/place orders in Navigator.

Here's the link to the Webinar page: http://efxgroup.com/events.php

EFX is an affiliated introducing firm for MBT, so you're basically still doing business with MBT, but you may get better customer service and tutorials on how to use the platform, etc. going through EFX.
  • #4
  • Aug 26, 2007 3:17am Aug 26, 2007 3:17am
Quoting leighsww
For setting up your Stop Loss in Navigator, make sure that you have the currency pair selected that you want to setup the stop loss for. Then select "Stop Market" from the "Type" dropdown box, and set your stop price accordingly.

If your open position is a LONG/BUY position, then click the "Short" button (or it might say "Sell" - my Navigator is offline due to it being Saturday, so I can't check which it exactly says), if your open position is a SHORT/SELL position, click the "Cover" button. Your SL order will then be placed into your Open Orders window.

If you ever need to change/edit the stop loss price on that, you can do so by right clicking on it to edit the order.

For the TTO, you need to cancel your existing TTO from the Open Orders window and just create a new one (unfortunately, you can't edit/change it like I had mentioned above with the SL position).

I should mention ... you need to create your new TTO via the TTO template, since I don't believe it's available by itself in the "Type" dropdown box (but again, I can't double-check that right now with Navigator down).

On the FX Board1 window, under the currency pairs, right click on the area where there's the order template. Select "TTO" from the menu. The TTO template will replace the one there. You need to use that to place your new TTO for the already open position.

When the market opens tomorrow (Sunday) and Navigator comes back online, I'll double-check the above where needed.

Hi leighsww,

Thanks for the explanation, I tried to use the stop loss you mentioned but the system straight away exited my trade. Any way thanks, I will try it next week.

Regards
  • #5
  • Aug 26, 2007 4:13pm Aug 26, 2007 4:13pm
If your trade exited, you might not have entered a correct price, because I am always able to enter a stop loss the way I mentioned.

Can you give me an example of what your open position was, what the current price was showing, and what you entered for your "stop market" price?
  • #6
  • Aug 26, 2007 8:51pm Aug 26, 2007 8:51pm
One of the least talked about features on the mbt/efx platforms is hotkeys. This is the easiest way I had found to actually change orders, modify anything etc

I had setup hotkeys for -
close all trades
cancel all pending orders

Once you have set ur trade and your stop orders, then if you want to change the easiest way I found was to cancel pending orders, and then put them in again. Use hotkey to cancel order. Another thing that is a feature of sl or tp is - if it touches the price or goes thru the price u have stated, ie if you stop is at 20, then the first time it touches 20, your order will be triggered, but if u have to go thru (or something to that effect), ur order will only be triggered if it goes to 21.

Hope this helps u.

Regards,
K.
  • #7
  • Aug 26, 2007 9:41pm Aug 26, 2007 9:41pm
Quoting kermut
One of the least talked about features on the mbt/efx platforms is hotkeys. This is the easiest way I had found to actually change orders, modify anything etc

I had setup hotkeys for -
close all trades
cancel all pending orders

Once you have set ur trade and your stop orders, then if you want to change the easiest way I found was to cancel pending orders, and then put them in again. Use hotkey to cancel order. Another thing that is a feature of sl or tp is - if it touches the price or goes thru the price u have stated, ie if you stop is at 20, then the first time it touches 20, your order will be triggered, but if u have to go thru (or something to that effect), ur order will only be triggered if it goes to 21.

Hope this helps u.

Regards,
K.
well this is interesting, I was told by mb. that hot keys do not work with forex. how long have you been using them?
  • #8
  • Aug 30, 2007 3:09am Aug 30, 2007 3:09am
Quoting leighsww
If your trade exited, you might not have entered a correct price, because I am always able to enter a stop loss the way I mentioned.

Can you give me an example of what your open position was, what the current price was showing, and what you entered for your "stop market" price?

Hi Leighsww,

This is what I did,

1) I placed a market order to buy USD/CHF
2) I go to the Position Board and change the type to Stop market because I want to set my SL if the market go against me.


But can I after that change the type to limit and place a limit order also so that I can have both SL and TP set for this trade???

Regards
  • #9
  • Aug 31, 2007 1:50pm Aug 31, 2007 1:50pm
Quoting yyc196
But can I after that change the type to limit and place a limit order also so that I can have both SL and TP set for this trade???
No, you cannot do it this way, you cannot place separate/individual long and short orders to cover the same open position. EFX/MBT doesn't allow hedging, thus you have to use the TTO to place your SL (Stop Loss) and TP (Take Profit) at the same time in the one TTO order.

Whichever is hit first (either the SL or TP), the opposite open order will be terminated (well, unless there's a busted trade in which case if you're trading a live account, you need to call EFX/MBT to have them rectify it if you weren't able to cancel the left-hanging trade in time (ex: being away from your computer at the time it happened). Read this thread --> http://www.forexfactory.com/showthread.php?t=43640).

For TTO orders (SL and TP) that aren't placed at the same time the initial position is placed (Market+TTO, Limit+TTO, etc.) then you have to use the TTO template that I explained about in my post above:

Quoting leighsww
you need to create your new TTO via the TTO template, since I don't believe it's available by itself in the "Type" dropdown box (but again, I can't double-check that right now with Navigator down).
Oh, and I did check and the TTO is not available by itself in the "Type" drop down box, you have to activate it via the template choice by right clicking on the Order Entry area, then select "Template" from the popup menu that appears, then select "TTO" from the list (other selections will be Standard, Alternate, Extended, etc., but you want the TTO one for placing SL/TP orders after the initial position has already been placed). Once you activate the TTO as your Order Entry template, you have that available if you need to cancel an existing TTO to replace it with a new one.

You should "save" your layout, so that you don't have to always reset that whenever you exit Navigator, if you use it often enough.
  • #10
  • Aug 31, 2007 2:24pm Aug 31, 2007 2:24pm
One thing I forgot to mention ...

If you already had placed a Stop Market as your SL for the open position and it is residing in your Open Orders window, then you need to cancel it before you place your TTO for the open position.
  • #11
  • Last Post: Sep 1, 2007 6:42am Sep 1, 2007 6:42am
Quoting leighsww
One thing I forgot to mention ...

If you already had placed a Stop Market as your SL for the open position and it is residing in your Open Orders window, then you need to cancel it before you place your TTO for the open position.

Hi Leighsww,

Thanks for the explanation, I will try it again on Monday. In conjunction, I have also downloaded the video files from MBT and I think I have some clues now.

Regards
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