Forex Advice - Stop Loss?

Soldato
Joined
25 Feb 2003
Posts
3,263
Location
Stafford (uni)
Hey guys so I'm about to get into Forex trading online and I want to know what the maximum stop loss I could have open is, and if it is allowed to stay open indefinitely?

For example would I be able to open a trade with a stop loss of 4000 pips, and keep it open until either a) It hits Take Profit or b) hits stop loss. Or is there a max time frame?

Assuming I have enough money in the account to cover the stop loss. Thanks for your advice.
 
Associate
Joined
6 Jun 2004
Posts
2,389
Location
London
You can keep it open for as long as you want unless you're trading an FX option, future or some other expirable instrument - in which case you will have to roll the trade (costs some money but should be cheaper than crossing the spread twice by selling and buying back into the new expiry).

You should also check that your stop orders are placed GTC (Good til cancelled) and not with a particular date etc.
 
Associate
Joined
5 Nov 2002
Posts
2,152
Location
Melbourne
As long as your margin allows it...What you thinking of buying gbp/aud? Good money to be made there in the long term.

On my igmarkets account to buy 1 lot I would need just over AUD$1700 with a 4000 stop loss
 
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