pending order while going to sleep, or not a good idea? | Forex Factory

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pending order while going to sleep, or not a good idea?

  • #1
  • First Post: Jun 13, 2016 10:01am Jun 13, 2016 10:01am
what are people's thoughts on using pending orders to trigger trades while they can't be in front of the PC? it sounds like a good idea. but i always wait for a candle to complete before i judge the situation. if i use a pending order it might get triggered by a market fluctuation. e.g. what is supposed to be a new high breakout ends up being a false breakout... what are people's thoughts ?

(maybe i can get mobile phone text to text me or something when price reaches a certain level, when i'm not sleeping...)
  • #2
  • Jun 14, 2016 7:19am Jun 14, 2016 7:19am
Well I'd first of all ask you if you've tried it, and what the results were?
  • #3
  • Jun 15, 2016 8:01am Jun 15, 2016 8:01am
Quoting captain13
what are people's thoughts on using pending orders to trigger trades while they can't be in front of the PC? it sounds like a good idea. but i always wait for a candle to complete before i judge the situation. if i use a pending order it might get triggered by a market fluctuation. e.g. what is supposed to be a new high breakout ends up being a false breakout... what are people's thoughts ? (maybe i can get mobile phone text to text me or something when price reaches a certain level, when i'm not sleeping...)
Well, let me put it this way. If using orders while you sleep is a bad idea then the Managed Futures field must be full of magical creatures who defy the need to sleep.
  • #4
  • Jun 19, 2016 9:50pm Jun 19, 2016 9:50pm
i see that some people trade price rather than the candlestick. e.g. if price breaks past a certain level, jump in, even if the candlestick hasn't completed or near completed. what is the correct approach, or which do you use and why ?

if u trade based on candlestick closing prices, then pending orders can't do that for you (u might get a false trigger). i tried it once, but the order didn't get triggered...
  • #5
  • Jun 19, 2016 11:47pm Jun 19, 2016 11:47pm
tight stop ?

Market orders work, if used properly. Whats the difference between a SL/TP to a entry Order ?

They both activate a "operation" in a situation where you believe the market will act accordingly. Once the area is identified it is important to ensure price does what you expect and have a plan if it doesnt!!!
Learn, a forex trader must, unlearn and relearn he will.
  • #6
  • Jul 16, 2016 11:00am Jul 16, 2016 11:00am
Quoting Atokys
{quote} Well, let me put it this way. If using orders while you sleep is a bad idea then the Managed Futures field must be full of magical creatures who defy the need to sleep.
I'm sure you've read about top traders having a life revolving around waking up multiple times at night to check on price.
  • #7
  • Jul 16, 2016 11:40am Jul 16, 2016 11:40am
I place my trades with pending orders at 3pm MST and get on with my life. Check the trade the next day, rinse and repeat.
  • #8
  • Jul 16, 2016 2:22pm Jul 16, 2016 2:22pm
I don't see nothing bad in pending order... of course it seems more calm and secure to stay before pc, observe everything that happens by your own eyes, but it's impossible to be always with your PC, trading is the way to earn money and to spend it! and also to sleep))
  • #9
  • Jul 17, 2016 2:18am Jul 17, 2016 2:18am
Quoting Atomic_Sheep
I'm sure you've read about top traders having a life revolving around waking up multiple times at night to check on price.
Not really.
  • #10
  • Last Post: Jul 27, 2016 4:02am Jul 27, 2016 4:02am
PLAY ON BIGGER VIEW
MARATHON LONG RUN INVESTMENT STYLE(NOT INTRADAY/DAY TRADING)
NO LEVERAGE POSITION/THE MOST SMALL LEVERAGE
CAPTURE THE TREND
CAPTURE THE WAVE(VALLEY&MOUNTAIN)
SPOT THE ZONE &
YES
USE ALL PENDING ORDER
MONITORING (no need sitting in front of the screen). the reason is how long it was sitting in front of the monitor can not affect the price to move upwards or downwards, SPECULATIVE LET IT ALWAYS BE SPECULATIVE
the gambler
the devils apprentice Return Today: na
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