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Invalid S/L or T/P

  • #1
  • First Post: Sep 12, 2012 6:47pm Sep 12, 2012 6:47pm
I entered a long position of NZD/USD at the price of 0.8205 today at 7.39pm. I set the stop loss at 0.8200 and the take profit at 0.8220, but the system is saying INVALID S/L or T/P. Can somebody please tell me what i am not doing right. I am a newbie is still getting confused on how to correctly set the S/L and T/P.

ThankGod
  • #2
  • Sep 13, 2012 2:59am Sep 13, 2012 2:59am
Your S/L is too close to the current price.
  • #3
  • Sep 13, 2012 6:26am Sep 13, 2012 6:26am
If you set up pending orders use 'Sell Stop' or 'Buy Stop' instead of 'Sell limit' or 'Buy Limit'. You'll see that make the difference !
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #4
  • Sep 13, 2012 7:49am Sep 13, 2012 7:49am
Also you can ask your broker what is the minimal allowed distance to the current price. If you are placing an order too close to the price then the broker will not allow you doing that, different brokers may have different restrictions
  • #5
  • Sep 13, 2012 5:04pm Sep 13, 2012 5:04pm
Thanks for your answers to my question. I love you all. Now my next question is this: What is the difference between "buy stop" or "sell stop" and "sell limit " or "buy limit".

Are they applied in different market orders like in "pending order" and "instant execution".
  • #6
  • Sep 13, 2012 5:57pm Sep 13, 2012 5:57pm
Quoting richdadeze
Thanks for your answers to my question. I love you all. Now my next question is this: What is the difference between "buy stop" or "sell stop" and "sell limit " or "buy limit".

Are they applied in different market orders like in "pending order" and "instant execution".
This will help you. Basically, limit orders are used to indicate the maximum price you're willing to pay, and stop orders are mainly used (at least, in my experience) to ensure that the market is heading in your direction before making any trades. http://forexmetropolis.com/blog/wp-c...der-chart1.gif
  • #7
  • Sep 15, 2012 6:53pm Sep 15, 2012 6:53pm
Quoting richdadeze
Thanks for your answers to my question. I love you all. Now my next question is this: What is the difference between "buy stop" or "sell stop" and "sell limit " or "buy limit".

Are they applied in different market orders like in "pending order" and "instant execution".
You might find the following post helpful. At the end of the post, there's a diagram (copied from the MT4 help) that's very similar to that posted by Belaslav. Apart from order types, there's also a lot of other material in the post about how to calculate pips, lots, risk, margin, leverage, etc. Or you might prefer the material in babypips school; apart from their money management info, the rest of the material there is very good.
  • #8
  • Oct 9, 2012 1:22pm Oct 9, 2012 1:22pm
Quoting richdadeze
I entered a long position of NZD/USD at the price of 0.8205 today at 7.39pm. I set the stop loss at 0.8200 and the take profit at 0.8220, but the system is saying INVALID S/L or T/P. Can somebody please tell me what i am not doing right. I am a newbie is still getting confused on how to correctly set the S/L and T/P.

ThankGod
If the spread of the pair is 3 pips than you must place sl, 3pips away from market price. In this case, either your selected pair have higher spread in your selected broker or market price go down 2pips when you are making this order.
Please don't use 5pips sl , it can be easily triggered. at least 10 pips should be used if you are a scalper.
  • #9
  • Oct 13, 2012 1:39am Oct 13, 2012 1:39am
Note that some brokers have "stop level restriction" this is a minimum distance from the current price to the SL or TP, they do not allow setting SL/TP levels which are too close to the current close price (bid or ask depending on the order type). Usually "Stop level" is equal to 30-50pips
  • #10
  • Last Post: Oct 22, 2012 8:17pm Oct 22, 2012 8:17pm
I usually take 20 pips for TP, for SL loose it ... lol
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