Man you people are just real quick to try to make someone into a dumbass. Maybe it feeds you ego or something. As I said above (read it again please) brokers will often throw the word "STOP" around in places where technically is doesn't belong. Does that mean that I don't know what a limit order is?? Give me a break!! And besides, I am talking about stop loss orders. Some of you guys seem to think there is no such order.
I think it is you throwing the word stop around where it shouldn't exist. You are just quite clearly wrong in the example you gave and won't admit it
Wep, the best thing you can do is ignore markless1's rants of panic. lest you end up trading like him. fx
hahah, so I take it you agree with what this guy is saying - sums you up really. But hey sure you know how the stops on your demo software works haha
Listen how can you call me a moron, I just can't figure you out, or what's going on in your head. You came on here, asked a question, a couple of people told you the answer, you didn't like it, so you started arguing. I'm sticking to my guns because I feel I am right, I'm not just gona turn around and say ok fine, when I think you are wrong. I have never ever in my career heard of the word stop being used in an order when you are selling above where the market is trading, whether you are long or flat. Never. I have also never heard a broker use an order called a stop loss. I would not give a broker an order called a stop loss. No one in my office would either. Yes we would give a stop limit or stop (i.e pay market) but never a stop loss. As someone mentioned what you really needed to do was make your stop order an OCO so it got cancelled when you got filled on your bid. Your broker can't assume automatically that your stop order is to exit a position only (and not to enter a position) hence he will not pull it unless you tell him or make it an OCO. If you think about it you could have orders/positions with different brokers, and only you know what you really want to do. Your stop order could be to get out of a position, entered into through another broker. So just because you are flat through one broker doesn't neccesarily mean that you don't want to use a stop to enter an order. That's why in my experience I have never heard the term stop loss used as an order entry. Granted in the US the terminolgy is different, for example you don't use AT and FOR to diffrentiate between buying and selling which can also lead to confusion (and I am assuming you are US and not Europe) And I note your last post that this was in reference too has been removed.
You are hung up on terminology. It's pretty simple to understand the example. Are you trying to say that the word STOP is never used with limit?? Right or wrong it is used by alot of brokers. But that is all beside the point that an order placed in the opposite direction of the open position, for the same amount of contracts would definately be considered as a stop loss order. No matter what you wanna call it. If it is placed in the opposite direction for more contracts then it is a limit (buy or sell) order. Too damn simple to argue about.
Ok let's call it a day then, really not trying to make you look dumb by any means, just trying to pass on what I know. With the greatest of respect I am hung up on terminology (and most traders in Europe are) because as you have discovered it's all too easy for mistakes to be made if things are not made perfectly clear. It may help you in the future to think along the lines of stop loss being an order in your head, but giving it is a stop,a nd if neccesary making it an OCO with a bid or offer - may protect against more mistakes in the future.
Well, thanks for your concern. But I didn't start this thread this morning in search of advice on how to avoid mistakes in the future. I already know what the mistake is and how to avoid it. It was simply to point out that on Forex.com a stop loss order does exist but turns into a limit order if the trade is exited and the stop loss is not manually removed. Sure an OCO eliminates the problem but I don't trade FX markets with a specific target since market conditions change rapidly. And here in the US, a stop loss order is exactly what it says. An order intended to liquidate a position in order to prevent further loss. No hidden meanings and definately never used to enter a position.