Does my PC need to be open to trigger Take Profit? And more...

[mastermeiji]

Hi guys,

I am fairly new to trading and have some floating questions in my mind. I hope you can help me out

1. Does my PC and MT4 need to be open to trigger Take Profit? Or it would trigger even if I shut it down. I am using the XM.com MT4.

2. How long can I keep an Order open? Basically if my orders stays open for 3 days onwards is there a problem with that? Is there a charge?

3. For instance I have $100 in my account and the Profit column* in the MT4 go past that, for instance -$120. Will it automatically close my order and take all my balance?

*Profit column screenshot included

Thanks in advance guys!

 

[Whitesnake]

To answer all your questions : -
1. No your PC and MT4 need not to be open to trigger Take Profit.

2. How long you would want to keep your trades open depends on you and your trading strategy, there is absolutely no problem provided you dont have any . Based on the currency pair there may be negative or positive swap.

3. Yes if your balance becomes negative then automatically you have blown your account.

 

[dianajs]

The MT4 trading platform will whatever it is you have told it to do regardless of whether your computer is open, closed, or even powered off.

 

[mastermeiji]

Thank you guys! I actually found out the answer on my 3rd question the hard way yesterday. Welp, no pain no gain I guess

 

[CryptoatForex]

Thank you guys! I actually found out the answer on my 3rd question the hard way yesterday. Welp, no pain no gain I guess

I hope you are demo trading. With respect, you seem to lack even the basic knowledge of mt4 atm.

 

[downtrend]

For TP or SL your PC should not be open but if you want to use any EA that put entries in market, you have to get VPS so that your MT4 can pe active 24 hours.

 

[CryptoatForex]

If you have set up a take profit already then no, your PC does not need to be on.

 

[Whitesnake]

If you have set up a take profit already then no, your PC does not need to be on.

True, setting up the take profit once will be helpful irrespective of being in the trading platform or not. If the market prices reach that level certainly the TP or SL will be triggered. It is an essential part of money and risk management.

 

[bigdolly]

True, setting up the take profit once will be helpful irrespective of being in the trading platform or not. If the market prices reach that level certainly the TP or SL will be triggered. It is an essential part of money and risk management.

What about trailing stop loss? Do you use it when you see that you got a nice trade but don't want to close it and run as much as possible?

 

[CryptoatForex]

What about trailing stop loss? Do you use it when you see that you got a nice trade but don't want to close it and run as much as possible?

I don't use a trailing stop loss.
I use S & R levels and move my stop loss up accordingly if already in profit.