Friday, August 31, 2007

First Use Of Limits

Surprise, surprise, I've been involved in yet another trading session. This time, due to my reading, I decided to add a stop and a limit after completing my purchase. I'd never done this before and wasn't sure how easy it would be to do. One more small step on my road to knowing what I'm doing:

B USDCAD @ 1.0565
S USDCAD @ 1.0571 (L)

While not all that exciting, I should mention that I only risked $3.00 due to the stop order (which was not used). So, with that amount of money risked I earned $0.57 profit. In reality, more was available to be made, but as this was my first limit trade I set the limit low and was able to observe it in action.

Cool stuff!

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