thank god someone is backing me up, was begining to feel like an idiot! wep not looking for an argument, just trying to help you out here as to how brokers think. They take stops (market or limit) not a stop loss. Maybe in FX it's different I don't know but in futures I know my stuff!
Don't know what you are trading or who you are trading with but is my case, trading full size S&P contracts requires that my broker know EXACTLY what my intentions are. With the kind of commissions involved, he had better be jumping through hoops to know my intentions!! Or he sure as hell won't be my broker for very long. Sure, if you are trading mini-peanut butter contracts, I understand your point.
Example: If I am long 1 S&P contract at 11000 and I place an order to sell 1 S&P contract at 10990 it is considered a stop loss order. If I place an order to sell 1 S&P contract at 11010 it is considered a stop limit order. If I place an order to sell 2 contracts at 10990 it is considered a stop limit reverse order. Many more scenereos for stop limit orders but the stop loss order is pretty cut and dry.
I'll do the same. The guy is not only wrong, but he doesn't care to learn why... Besides, he says he trades Forex and then speaks of SnP... Just a waste of time, IMHO.
Ok Mr smartass, explain how I am wrong? Sure I trade futures and FX and sometimes stocks. What does that have to do with anything? Are you trying to say that I don't know what I'm talking about with a stop loss order??? Man you have alot to learn.
You are so mixed up if you are long of S&P from 11000 the order to do 1 at 11010 is a limit sell order - the word stop should not be in this order AT ALL. Honestly, please go away and learn, you came on here, asked a question, you now have 2 people telling you you are wrong and you still disagree.
you are long, getting out higher than where you bought, how can the word stop even come into that order ?????? You're taking profit not a loss - what is wrong with you?