Closing out?

[suggy]

Clsoing out?

HI all, was trading yesterday using MM5, placed a stop but forgot it wasn't cancelled by the original order being ended (which is ******* stupid but there you go). It cost me 40 points and I was going to cancel on monday morning but I see the market has risen another 30 or so since the close last night. However, I can't close my position because the market is closed. This isn't very fair is it. Is there anything I can do?

 

[sidinuk]

a) Stop orders can be used to open positions as well as to close them. In this respect MM5 is a little more like trading proper futures than the other bookies that want to make it as simple as possible for punters to lose and don't offer these sort of orders.

b) D4F operate the same trading times as the underlying futures market. How can the market move 30 points against you if it's closed? It might open 30 points against you on Sunday night, but you won't know that until it actually opens again.

Seems to me you made a mistake and don't won't to take responsibility for that error.

 

[suggy]

Well I did make a mistake. But MM5 showed me this morning the DJ at 9575 when it closed at 9530. It doesnt anymnore so Ill just have to close the position on monday. oh well won't do it again . . .

 

[zebra]

I do sympathize with you, I've done exactly what you did but as it happened it went in my favor. Sometimes mistakes cost you lots but I'll guarantee you'll never make the same mistake again!

I still use D4F but now I only ever trade using CRB. Yes I know it costs me 4 extra point if I bet on the DOW but I tell you this, knowing what my worst case scenario is has really had a very positive effect on my trading success (mainly position to swing) and I never have to worry about remembering to close out my stop loss position. Just hit it on the head when you want out and it closes autumatically.

I'm just waiting for the day when D4F incorporates a trailing stop loss, ever tried to alter a CRB stop? It can be done, but D4F hate doing it.

Don't get too disheartened, take your medicine and go on to succeed. You'll soon recoup your losses.

Zebra.

 

[suggy]

thanks zebra need some encouragement atm but you're right it won't happen again. cheers

suggy

 

[ColinRiche]

The advantage of this is that stop orders can be used as breakout entry orders

you can get more complex orders trading cfd's thats because cmc treat there cfd customers like traders and sb customers more like gamblers - mainly for legal reasons me thinks