Why closing live trades doesn't cancel attached orders?

[Nicko]

Hi,

Got caught out bad, real bad, with a trade recently. I manually closed the position, in profit actually, but by doing that, the related stop order - in this case a sell order as I was long - remained active. Market move down, triggered the sell order but the was never the place for that, in fact the market went up and I was out of action for 3 days and when I got back I saw myself with an order no only going "against me" but also with no stop loss. 4% that cost me.

Is there an option to enable to close all related position when we manually close a position?

Cheers

 

[MotiveWave_Jason]

Hi Nicko,

This will depend on which broker you're using, some forex brokers behave like this.

In general though, a stop order isn't related to a particular position. If you wanted this behavior then MotiveWave would need to handle the order instead of your broker (server side) which would be more reliable. MotiveWave would need to be connected and open at all times.

If your broker supports attached orders (OCO) you could use this with a profit target (limit) order and stop order that are attached and if one gets hit the other is cancelled. This is probably the way to go in your case.