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Pending order

Discussion in 'Beginners Bootcamp' started by Usaba70, Dec 2, 2009.

  1. Usaba70

    Usaba70 Recruit

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    I am new to forex trading and I have being trying to use Pending order, but my platform always return 'Invalid s/l or t/p, Let someone explain what I can do.
     
    #1 Usaba70, Dec 2, 2009
    Last edited: Dec 2, 2009
  2. Ricex

    Ricex Sergeant

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    First thing to check is how far away in pips are you trying to put the 'pending order' from the actual price.

    You may find that you have a minimum number of pips before it will be excepted, 20pips for example.
     
  3. Pharaoh

    Pharaoh Colonel

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    This is definitely something to check out when you are selecting a broker. Most have some sort of limit about how close you can set SL or TP. Some have limits on how close you can set a pending order to current price. The limits can range from a few pips up to completely crazy amounts.
     
  4. oshaban

    oshaban Recruit

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    An other reason,
    You may be mix between limit and stop orders !
     
  5. cowmadagan

    cowmadagan Sergeant

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    oshaban is right.
    A buy order can be a stop or a limit, and a sell order can be a stop or a limit, and if you're looking for an entry order you have to think of the 'traditional' ideas.
    You want to buy low, so it won't let you order a 'limit' buy at a price higher than the current price, you can only get a stop buy. - Why would you want to buy at a higher price if you could make more profit from buying now?
    You want to sell high, so it won't let you order a 'limit' sell at a price lower than the current price. - Why would you sell at a lower price if you could make more profit from selling now?
    That's how the computer systems do it, even though it's reporting stop loss and take profit levels.
     

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