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Ttaolin

Can't i put a pending order above the current market price

I have been demo trading for the past 4 months,but i was unable to place an other above the current market price.school of pipsology thought me something about order cancelled order, where i would have to place two orders.one of the orders will be above the market price and the other order will be below.whenever i place an order above the current market price,it tells me invalid stop loss or take profit.please why is it so?

over 2 years ago

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ForexGump

Hi Ttaolin! Yes you can place a limit order above or below the current market price. If for example you place a short limit order, make sure you place the stop loss above your desired entry price and your profit target below. Conversely, you should place your stop loss below your desired long entry point and your target above it.

over 2 years ago

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jrthenew

Hi Titaolin, you don`t even have to set a stop/loss or take/profit to place a pending order, you might do it later."According to some platforms" you just can`t place a buy limit or a buy pending order above of the market price, you may place it only, below of the market price. Conversely is also true,.You may place a pending sell order above the market price but you can`t place a short or sell pending order below the market price.Besides, open price you set must differ from the market price by at least 30 pips in most of the broker features. I hope it helps.

over 2 years ago

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