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Forex Advice - Stop Loss?

Discussion in 'General Discussion' started by Saberu, Sep 24, 2009.

  1. Saberu

    Mobster

    Joined: Feb 25, 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.
     
  2. Saberu

    Mobster

    Joined: Feb 25, 2003

    Posts: 3,263

    Location: Stafford (uni)

    bump. At least someone flame me, please? It's getting quiet.
     
  3. Stev

    Hitman

    Joined: Nov 10, 2007

    Posts: 831

    Location: South coast

    I have no idea what your on about :)
     
  4. Clum

    Mobster

    Joined: Dec 7, 2008

    Posts: 2,772

    Location: Auckland/Edinburgh

    I think it depends on the trading company you use although i've only traded on the ftse.
     
  5. silversurfer

    Capodecina

    Joined: Jul 13, 2004

    Posts: 18,891

    Location: Stanley Hotel, Colorado

    If it wasnt allowed automatically then just phone them up and say your fine with this and ask them to guarantee it too maybe
     
  6. megakid

    Wise Guy

    Joined: Jun 6, 2004

    Posts: 2,381

    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.
     
  7. thephantom114

    Gangster

    Joined: Jan 18, 2006

    Posts: 466

    Location: Sidcup/ExeterUni-Falmouth

    Punch it in the ovaries?:confused:
     
  8. paul8811

    Wise Guy

    Joined: Nov 5, 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
     
  9. mattyprice4004

    Soldato

    Joined: Apr 24, 2007

    Posts: 7,137

    Location: Infinite Sheldon

    Nuke it from orbit, of course.