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stop loss / take profit questions

  • #1
  • First Post: Jul 1, 2008 8:01pm Jul 1, 2008 8:01pm
Hello

Question #1 :

I set my order SL = 10 pips and TP = 20 pips OK ?

I find that the order closes very fast for SL =10 pips. Because shortly later
profits came in again after stop loss.

Question #2 :

"short position" is how long ? 15 min to hour ?

"long position" is how long ? 3 hours ? 1 day ?

Advice please from experienced traders ? Many thanks.
  • #2
  • Jul 1, 2008 8:21pm Jul 1, 2008 8:21pm
Dude . . .

Don't trade with a live account yet.
  • #3
  • Jul 1, 2008 8:23pm Jul 1, 2008 8:23pm
Quoting topforex
Hello

Question #1 :

I set my order SL = 10 pips and TP = 20 pips OK ?

I find that the order closes very fast for SL =10 pips. Because shortly later
profits came in again after stop loss.

There are many factors that determine what your SL and TP will be for a given trade.

 Question #2 :

"short position" is how long ? 15 min to hour ?

"long position" is how long ? 3 hours ? 1 day ?

Advice please from experienced traders ? Many thanks.

Short and long positions don't refer to the length of time you are in a trade. They are trading terms for sell and buy.
Before you go another step please go to these sites, especially babypips, and study up for a couple months. Then come back and re-read this thread.

http://www.forexfactory.com/showthread.php?t=6948

http://www.investopedia.com/categories/tradingterms.asp

http://www.babypips.com/school/
  • #4
  • Jul 1, 2008 8:31pm Jul 1, 2008 8:31pm
On first glance at that question I just thought it was a novice question which is totally fine. But when I re-read it...let's just say the advice you've been given above is the best you're going to EVER get at this precise moment in your Forex career.

Read, practice, read, practice...rinse and repeat.

Good luck

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • #5
  • Last Post: Jul 2, 2008 1:55am Jul 2, 2008 1:55am
Long means you buy something. Short means you sell something.
Lol.
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