Article Set and Forget It

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T2W Bot

Staff member
Dec 19, 2004
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#1
From birth, we are conditioned to trade incorrectly. We naturally run from things we are fearful of and are drawn to things that make us feel good. If you take this action in trading, you are headed for trouble which in the trading world means losses. For example, if your invitation to buy into a market comes only after an uptrend is well underway, all the indicators are pointed up, and the news is good on that market, where do you think price is in that market? Yep, it’s likely very high. To buy here completely goes against how you make money buying and selling anything and is very high risk. Never forget, when you buy, many people have to buy after you and at higher prices or there is no chance you will profit in your trade. To obtain an entry that allows you to buy before others and at price levels where the risk is low, most of the time (if not all the time) you are buying at the end of a downtrend, when most indicators are pointing down, and when the news is bad. This action...
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Last edited by a moderator:
Feb 19, 2009
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#3
If you wanted to go Long on a currency pair and use the "set it and forget it method" you could:

Place a Market Order for a determined price (at support level, below current market price).

Place an OCO Sell order (one for a price higher than current market to take profit, one for a price lower than current market to stop loss).

My concern is: Say the Market Order was never reached (i.e. the price just moved higher and higher). You would then trigger the OCO to "take the profit", however the Trade was never made. Therefore you would be short the currency pair at a high price.

Is there a way to get round this problem without watching the screen to check the Market Order Limit is reached?

Thanks all
 
Mar 3, 2009
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New York
#4
To JohnPaulReardon:
Some trading platform have the option "If Then OCO". Your OCO order will never be triggered unless the "If " condition is met first. For example, you believe that
if the eur/usd goes higher than 1.2605 it will keep going up, the 1.2605 will be your "if" and only if that level is reached, the OCO will kick in in case the stop-loss or the profit-take levels are reached
 
Jun 2, 2011
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#5
i have searched high and low for a way to set and forget simple options trades based on the price of the underlying. Does anyone know a a platform that has this? I have yet to find it and can not believe that it is not available. It seems so simple and such a good tool to have. there are bracket orders for options but not bracket orders for options based on the price of the underlying. Not being about to use the underlying makes me have to guesstimate option prices. I for one don't find that a very easy thing to do.