Qustion regarding pending order on MT 4 Platform | Forex Factory

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Qustion regarding pending order on MT 4 Platform

  • #1
  • First Post: Apr 12, 2010 11:25pm Apr 12, 2010 11:25pm
Hi,

I am a newbie and I have two basic questions regarding pending order as follow:

1. Is pending order type better than instant execution order type?
2. If I long GBP/USD using only one order, is it possible to close the position at different levels of price? (e.g. Is it possible to close half my position on a lower TP than let half my position's profit run)

I've been using two market orders to do the example that I put on question number 2.

Thank you in advance.
  • #2
  • Apr 13, 2010 3:00am Apr 13, 2010 3:00am
Market orders are for traders who have an idea where they want to enter and leave a trade, where they have their final stop loss set and what their reward risk ratio is, roughly.

Another advantage of market orders is that the price comes to us, is already doing what we are planning for.

A famous general (was it Patten?) said you need a plan for battle. The plan will and must change as the battle progresses, but if you didn't have one to begin with, you're toast.

What was the the rtfm question? Oh yes. Just click on the order in the terminal and choose "close order". Then select the number of lots you wish to close and that portion will close.
Gone to a better place
  • #3
  • Apr 13, 2010 4:47am Apr 13, 2010 4:47am
Quoting smikester
Market orders are for traders who have an idea where they want to enter and leave a trade, where they have their final stop loss set and what their reward risk ratio is, roughly.

Another advantage of market orders is that the price comes to us, is already doing what we are planning for.

A famous general (was it Patten?) said you need a plan for battle. The plan will and must change as the battle progresses, but if you didn't have one to begin with, you're toast.

What was the the rtfm question? Oh yes. Just click on the order in the terminal...
I see, so I could partially close one order. That means I don't have to line up multiple orders with MT4.

Thanks for the reply smikester.
  • #4
  • Apr 13, 2010 6:03am Apr 13, 2010 6:03am
Quoting bun888
I see, so I could partially close one order. That means I don't have to line up multiple orders with MT4.

Thanks for the reply smikester.
Sometimes you might need to line up orders.
Using the Battle analogy as the one before, Sun (the author of Art Of War)
said that in battle it might be necessary most times to go in less than your full
strength (full battalion or whatever) then increase (draft in more soldiers) as the battle progresses only if you see chances of victory. Many times in trading you might need to enter 1 lot instead of 3, and then add more if you see difficult levels being taken out. That way you are more ready to cover your flanks in case of a need to retreat (I feel like a General already)
This addition does not change anything in the previous answer by "smikester" above.

Kenn
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #5
  • Last Post: Apr 13, 2010 6:30am Apr 13, 2010 6:30am
Quoting Precap2
Sometimes you might need to line up orders.
Using the Battle analogy as the one before, Sun (the author of Art Of War)
said that in battle it might be necessary most times to go in less than your full
strength (full battalion or whatever) then increase (draft in more soldiers) as the battle progresses only if you see chances of victory. Many times in trading you might need to enter 1 lot instead of 3, and then add more if you see difficult levels being taken out. That way you are more ready to cover your flanks in case of a need to retreat ...
I see.
Thanks for the input, kenn
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