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Author Topic: How to set stoploss on demo account  (Read 4484 times)

Offline alrob

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How to set stoploss on demo account
« on: May 22, 2009, 12:28:35 AM »
Hi Donna,

You never cease to amaze me at your ability to deal with all the queries the cross you desk. You are a WONDERFUL person - please keep it up!

I am following your Simple Trend Strategy on Demo while FapTurbo does it's thing. It will be a long time until I can supplement our pension waiting for it!! At the same time I've found BabyPips and I'm trying to get a better understanding of what it's all about - keeping me fully occupied :-)

I've done some very stupid things with Simple Trend Strategy on Demo but in doing so I'm learning fast. By NOT following the strategy to the letter I've lost half my account whereas I could have doubled it. I'm letting it run just to see what happens but I know now exactly what I did wrong i.e. I decided to sell, anticipating the trend was about to reverse but it didn't - I've learned that lesson the hard way i.e.  enter a trade in the direction of the trend only - don't think you know better!

Donna, how do I set the stop-loss function on the demo account ? For some reason everything I try to enter won't show the stop-loss figure in the terminal. Is this a demo thing or what am I missing? I can't find instructions on how to ACTUALLY set the stoploss on a demo chart or any other chart for that matter.

Thanks for your help in advance,

alrob.   

Offline ferran586

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Re: How to set stoploss on demo account
« Reply #1 on: May 22, 2009, 12:35:02 AM »
The only way I know how to do it is to right-click the order you want to modify(if its already placed) and choose modify order.  You then can change the stoploss in that window.  I am pretty sure you can set the stop loss when you place the order as well.  I wouldn't do it that way though because you could miss a few pips by taking the time to put in the information.

Offline alrob

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Re: How to set stoploss on demo account
« Reply #2 on: May 22, 2009, 01:01:33 AM »
Thanks Eric. That worked I think the point I've been missing is that you have to right click on the ORDER NO. not any other info related to the order - if you get what I mean.

Now all I need to know is why the 5 decimal places i.e. does 50.00000 mean 50 pips?
Sorry to be so dense!

Thanks

alrob

 

Offline ferran586

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Re: How to set stoploss on demo account
« Reply #3 on: May 22, 2009, 04:30:39 AM »
A 5 digit broker is just another way to refer to a broker that use fractional pips.  A pip is always the 4th digit to the right of the decimal.  This is true excpt for the JPY pairs. Then the pip is the 3rd.

Examples of 50 pips on non-JPY pairs:
4 Digit: 0.0050  5 Digit: 0.00500

Examples of 50 pips on JPY pairs:
4 Digit: 000.50  5 Digit: 000.500

Hope I answered your question.  If not just ask.

Offline alrob

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Re: How to set stoploss on demo account
« Reply #4 on: May 22, 2009, 06:21:41 AM »
Eric. Is this correct then-

If I'm selling and the entry price is say 1.35942 and I want to add a stoploss of 50 pips, my current thinking is I add 50 pips to the entry price i.e. the stoploss figure would be 1.36402.

Likewise, if I was buying and the entry price was 1.35942, applying the same 50 pip stoploss I would be deducting the 50pips to result in a stoploss entry figure of 1.35442.

I understand the 4 an 5 decimal places but I'm yet not sure I fully understand how to set the stoploss figures on the order screen.

Thanks for your patience - at my age the old brain is easily confused :-) Once I get it I'll be OK - it will stick.

Does this thinking also apply to Take Profit?

Thanks again,

alrob. 
 

Offline ferran586

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Re: How to set stoploss on demo account
« Reply #5 on: May 22, 2009, 06:29:51 AM »
Yes you are correct for both the stop loss an the take profit. Fortunately, a pip is a pip no matter how you look at it. :) Would get very confusing if it was different.  Don't hesitate to ask any questions. That is what we are here for.  To learn and share knowledge.

Offline alrob

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Re: How to set stoploss on demo account
« Reply #6 on: May 22, 2009, 06:44:44 AM »
That's a relief. I'm starting to enjoy this now. But what a lot there is to take on board.

Many thanks and I WILL ask - you people are just great the way you do thinks to help others - I'm really impressed.

Thanks again.

alrob.

Offline ferran586

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Re: How to set stoploss on demo account
« Reply #7 on: May 22, 2009, 06:57:52 AM »
No problem at all. You are very welcome.  Enjoy this great forum that Donna has created for us.

Offline donnaforex

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Re: How to set stoploss on demo account
« Reply #8 on: May 22, 2009, 02:11:47 PM »
Thanks guys for helping out-- it's great that we can all help each other. I am kinda snowed under right now with emails, mostly fapturbo resets since forex.com have moved their accounts to UK, so sorry i missed your message :)

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If you need to contact me, email admin@donnaforex.com or Skype 'donnaforex' or PM via the forum.

Offline ferran586

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Re: How to set stoploss on demo account
« Reply #9 on: May 22, 2009, 03:14:12 PM »
Not to worry Donna. 8) We all know you are very busy and do not mind helping you and other members.

Offline miket

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Re: How to set stoploss on demo account
« Reply #10 on: May 22, 2009, 03:24:22 PM »
Donna - If you need help with the FAP resets, just let me know. Will be glad to help out.

Offline alrob

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Re: How to set stoploss on demo account
« Reply #11 on: May 22, 2009, 11:51:24 PM »
To those interested --

I've just read further info on this matter i.e. Trailing Stoploss under General > Metatrader Questions.

alrob

Offline hybrid

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Re: How to set stoploss on demo account
« Reply #12 on: March 02, 2016, 04:43:07 PM »
Setting stop loss in demo or real account is same . You have to choose for example 20 or more pips as much or less you want to set this tool where you are going to open position . this stop loss will limit your loss to these pips.

 

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