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

[Whitesnake]

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.

I used to use it in the initial stages of trading. But now with experience to a certain extent i do place SL with BE or at some profit level which i feel is ideal to reap from the market, so that maximum profit can be taken from that particular trade.

 

[bigdolly]

It can be open but I strongly advice to not stare at monitor for hours, because it puts great strains on your psychology and prompts to make mistakes. It's terrible experience, but if you had firm psyche then you are free to start scalping.

 

[dianajs]

I agree. And if you do stare at the monitor for hour devise a trading plan that allows you for some rest, both mental and physical.

 

[Notati]

Buy Stop” is a buy pending order above the market price.,And, you want to buy EUR/USD if the price goes higher and reaches 1.0515.Therefore, you have to set a buy stop order at 1.0515.If you place a buy pending order below the market price, that order is known as “Buy Limit”.

 

[Quinuiacl12]

When you put your entry in MT4 ( Execue market, buy-stop/limit , sell-stop/limit. You can also put your target and your stoploss as the same tim during your entry a position. There is no need to open your screen all the time. Nowaday, you can check how is going on your mobile.

 

[alexmarian]

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

That needs regular monitoring of your trades and works good if you are trading the daily time frames. For a day trader or scalper, trailing stop is the best thing who have to manage many trades.

 

[Rakovski]

The PC shouldn't be opened during the stop-order processing. But if you have some problem with monitoring your trades, you should care about mobile platform and mobile trading app.

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!

The PC shouldn't be open during the stop-order processing. But if you have some problem with monitoring your trades, you should care about mobile platform and mobile trading app.
Trade as long as you wish, but you should be sure about your account will not get a stop out when the margin is blowed.

 

[scott11]

Although I cannot be completely sure, I think that all trading platforms have automated SL and TP options. Sitting continuously at your computer and watching screen doesn’t make any sense. So just go relaxing or do some market analysis, your trades will be executed