Trading Tips and Thoughts from Nobs Network

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Jun 10th 2007

Jude tips, forex 1 year, 5 months ago
Tags: Forex Tips and Thoughts.

These tips are from Traderj from Nobsnetwork. Traderj is a fulltime futures trader, but I find all these views, thoughts and tips are relevant and can be used on trading forex as well. Do read them, and share your views if you have any.

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7 Responses to “Trading Tips and Thoughts from Nobs Network”

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1 JoseLeon Jun 11th, 2007 at 11:17 am

I don’t know if many people knows that you can close only part of your positions. I have proved it in NorthFinance and now in Interbankfx.

For example, you have a bad position with negative pips but you don’t want to close this entire position for any valid reason, or you are hedging that position with another opposite position,etc..

This position is for example with 0,30 lot in a mini account:

You can close for example only 0,10 lot of this 0,30 position. Few people knows it and I wanted to share with you.

Regards.
2 nobsforex Jun 11th, 2007 at 1:11 pm

Ah, that’s OCO right Jose?
3 JoseLeon Jun 11th, 2007 at 1:54 pm

What is OCO Jude?
4 Paul Jun 11th, 2007 at 2:19 pm

Hi Jude,

No OCO means Order cancels Order. This would be if you had 1 GBP/USD lot going long and you placed one lot of GBP/USD going short. one position would cancel the other and you would have no trades open.

On the other hand, let’s say you have a multiple lot position open. With most platforms, they will allow you to close out part of the position.

Some people use this as a money management strategy. As a positions moves in the favor of the trader they close out part of the position to lock in profits.

If you have a platform that allows hedging you can also hedge a portion of a trade to limit the losses as the trade goes against you.

I hope this was helpful
Paul
5 Jude Jun 11th, 2007 at 10:23 pm

Hi Paul, yea I understand what you mean. My mistake. From what Jose is trying to explain, is that some brokers allow your trades to do part lots I guess.

I’ve been trading with 0.1 lots with my real accounts and understand I can open more positions of 0.1 to 0.9 instead of opening one big lot for a trade.
6 JoseLeon Jun 12th, 2007 at 1:18 am

Paul has explained very well what I wanted to say