There might be various reasons why closing your open order in MT4 or MT5 platform is not possible. Some potential factors to consider include:
Closing Open Orders during Market Closure: If attempting to close an open order during weekends or a trading instrument's daily break, it may fail until the market reopens
Resolve this by waiting for the market to reopen for the specific trading instrument and then attempting to close the order.
Visual Glitches and/or Connectivity Problems: The presence of visual bugs or connectivity issues might falsely convey that an open order is not closing.
Address this by completely closing your trading terminal and reopening it to verify the status of the order.
Technical errors: Technical errors can indeed be one of the reasons why a client might face difficulty in closing an open order
If the problem persists, it's recommended to reach out to the Trading Pro Support team for assistance.
A take-profit order, a form of limit order, allows you to specify a precise price at which your trading provider will close your open position, securing a profit for you.
Traders utilize a stop-loss order to curtail losses or secure the remaining profit on an existing position. This order is a crucial tool in effectively managing the risk associated with a trade.
For short-term traders, take-profit orders prove valuable as they enable the management of risk by exiting a trade immediately upon reaching the planned profit target. This strategy helps them avoid potential downturns in the market.
Stop-loss orders provide a straightforward and intelligent approach to mitigating the risk of loss in a trade. Additionally, they serve the dual purpose of securing profits.
Determining the optimal prices for both take-profit and stop-loss orders typically involves a blend of technical and fundamental analysis, reflecting a comprehensive approach to the trading strategy.
How do you calculate the best take-profit and stop-loss price levels?
Determining the optimal price levels for both your take-profit and stop-loss orders involves considering a wide range of factors, and these factors naturally vary from one trade to another. They encompass elements such as your individual risk tolerance, the security's volatility, and your short-term and long-term investment objectives.
Traders often employ technical analysis tools, including support and resistance levels, to pinpoint suitable prices for entry, take-profit, and stop-loss points. Some assets warrant scrutiny to discern whether retracements are frequent, necessitating a more proactive stop-loss and re-entry strategy.
In essence, take-profit and stop-loss orders are widely used, straightforward, and effective instruments that provide benefits to traders aiming to secure profits while minimizing potential losses. They are viewed as safeguards in trading. In adverse scenarios, a stop-loss can avert significant losses in unforeseen circumstances, while a take-profit order shields a trader from a downturn that has already reached their price target.
Nevertheless, it's crucial to recognize that take-profit and stop-loss orders may not be suitable for every situation. For instance, employing them may not be advisable for very long-term investments or when dealing with extremely volatile instruments.
It's important to note that trading with CFDs involves leverage, which can result in faster-than-expected losses. Additionally, relying solely on past performance as an indicator for future returns through technical analysis may not always be reliable, so it's essential to factor in your risk tolerance.
Employing both trading strategies concurrently offers numerous benefits. The primary advantage lies in the ability of these orders to collectively constrain the overall risk associated with executing a trade. Nonetheless, similar to any trading strategies, there are certain drawbacks to consider;
Advantages of take-profit orders Disadvantages of take-profit orders Advantages of stop-loss orders Disadvantages of stop-loss orders
Advantages of take-profit orders
Traders can avoid constant monitoring of their trades throughout the day and eliminate the need for second-guessing regarding the potential highs or lows of an asset. This approach helps in maintaining a trade devoid of emotional influence.
Short-term traders have the ability to control their risk by exiting a trade as soon as their pre-determined profit target is achieved. This eliminates the necessity to expose themselves to the potential downturn.
Levels for take-profit orders can be established based on technical analysis tools, such as chart patterns or money management systems, providing a foundation for their placement.
The automated nature of take-profit orders simplifies the process of risk management, making it more convenient for traders.
Disadvantages of take-profit orders
Regardless of the asset's movements, take-profit orders are executed at the predetermined price. Even if the asset experiences a breakout to the upside, the order will still be executed, incurring opportunity costs.
While implementing take-profit orders may lower the risk for long-term investors, it also diminishes the potential for maximizing profits.
Although automating trades serves as a valuable risk management tool, it can potentially lead traders to become complacent, so it's easier to make mistakes
Advantages of stop-loss orders
Utilizing stop-loss orders provides a straightforward and intelligent approach to mitigating the risk of losses in a trade while simultaneously assisting in securing profits.
Stop-losses can be seamlessly incorporated into the strategy of any investor, as they are user-friendly and simple to set up.
Stop-loss orders introduce discipline into short-term trading by mitigating emotional influences that frequently result in transforming a profitable position into a loss.
The implementation of stop-loss orders eliminates the necessity for constant monitoring of investments, proving particularly advantageous during prolonged periods of absence.
Disadvantages of stop-loss orders
If an asset suddenly jumps above or below the stop price, the order is triggered. This results in selling the asset at the next available price, even if it's trading far from the stop-loss level. For instance, setting a 5% stop-loss order for an asset with a typical daily fluctuation of 10% may not be a sensible strategy.
Traders may experience their positions being closed in a rapidly changing market that reverses quickly, but this can be avoided by using a trailing stop. A trailing stop adjusts its stop price based on the asset's movements and is set at a specific percentage/amount above or below the market price. Alternatively, a 'guaranteed stop' can be obtained by paying a premium, ensuring a fixed stop price.
Long-term investors need not worry about short-term market fluctuations in solid companies; instead, they can view downturns as opportunities to add to their positions.
Stop-losses don't solve all problems; making poor investment decisions can still result in losses, albeit at a slower rate. Every trade incurs commission, and these small losses can accumulate over time.
When you reach your stop price, your stop order becomes a market order. This means the selling price can differ from the stop price, especially in fast-moving markets. This is relevant even when holding a position overnight, as poor earnings results can cause the asset to open below your stop price.
There are instances where you can't place a stop order for certain assets, including highly volatile penny stocks.
A 'stop-loss' order, formally referred to as a 'stop closing order,' is a tool employed by traders to either restrict losses or secure the remaining profit on an existing position. This order plays a crucial role in risk management during trading.
Stop-loss orders come with instructions to execute the closure of a position through buying or selling an asset, depending on whether the trader is in a long or short position, once the market reaches the specified price known as the stop price.²
Consider a scenario where our trader acquires an option on a stock and sets a stop-loss order 5% below the purchase price. In the event that the stock subsequently experiences a 5% decline, activating the stop-loss, the stock is sold at the best available price. If, on the other hand, the trader had taken a short position on the stock, the position would be closed through a compensating purchase when the asset begins trading at the designated price.
A 'take-profit' order, also referred to as a 'limit closing order,' is a specific type of limit order where you establish a precise price. Your trading provider will use this designated price to close your open position and secure a profit. If the limit order fails to reach the specified price, it remains inactive.
Many traders employ take-profit orders in conjunction with stop-loss orders to effectively manage the risk associated with their open positions. When you go long on an asset and it reaches the take-profit point, the order is automatically triggered, leading to the closure of the position with a profit. Conversely, if the asset experiences a decline, the stop-loss order is activated to minimize losses, aligned with your predetermined risk tolerance.
As a result, the disparity between the asset's market price and your take-profit and stop-loss orders establishes the maximum risk–reward trade-off for the trade.
Consider a scenario where a trader initiates a long position on an asset, anticipating a 20% increase. In such a case, they might place a take-profit order set at 20% above the purchase price and a stop-loss order positioned 5% below the acquisition price. This configuration results in a favorable 5:20 risk-to-reward ratio, assuming equal or tilted odds toward a positive outcome.¹
TradingPro's Market Execution feature guarantees efficient and seamless trading experiences for traders across all instruments.
Market Execution is a rapid order execution method, allowing traders to execute orders at the current price within fractions of a second. The price may fluctuate, either higher or lower than what the trader observes in the terminal window, as prices are in constant flux.
The primary advantage of this execution type lies in its speed, making it the fastest available option and providing traders with 100% market access.
Consider the following scenario:
Imagine a trader intending to place a buy order for EURUSD.pro in a Standard account equipped with market execution. Upon clicking "Buy" in the trading platform, the initial prices display as 1.21705/1.21735, but they swiftly adjust to 1.21719/1.21740. Without requiring any additional confirmation, the system automatically initiates the order at the new ask price of 1.21740. The phenomenon of prices shifting to a different value is commonly referred to as slippage and is a frequent occurrence in this type of execution.
What is the maximum number of trading accounts I can open?
You are limited to opening up to 10 trading accounts per type of live account. You can explore the details of different account types before initiating the opening of a trading account, ensuring you select the one that best aligns with your requirements.
Hedged orders, alternatively termed offsetting orders, involve placing orders for the same instrument in opposite directions. For example, buying 1 lot of XAUUSD and selling 1 lot of XAUUSD in the same trading account. Hedging is employed to protect against adverse market movements and is a risk management technique in the foreign exchange market.
The Scalpx account is designed for traders with experience. It is particularly well-suited for individuals who exhibit patience, find contentment in securing small profits, and excel in scalping strategies.
In forex trading, several vital differences exist between a demo account and a real (live) account. Here are the main distinctions:
Real Money vs. Virtual Money:
Demo Account: Functioning as a practice account, it utilizes virtual money. Traders can experiment with strategies and familiarize themselves with the trading platform without risking actual funds.
Real Account: Involving real money deposited by the trader, profits and losses directly impact the trader's financial situation.
Market Conditions:
Demo Account: Trades in a demo account occur in a simulated environment. Market conditions might not precisely mirror the real market, and order execution can be instant without slippage.
Real Account: Live trading exposes traders to genuine market conditions, including slippage, liquidity fluctuations, and the influence of news events. These factors can impact order execution and overall performance.
Psychological Impact:
Demo Account: Traders may not undergo the same psychological pressure and emotions since there's no real money at risk.
Real Account: Live trading involves significant psychological aspects. The fear of losses and the thrill of gains can influence decision-making and overall trading behavior.
Broker Execution and Slippage:
Demo Account: Order execution in demo accounts is typically flawless and might not reflect the actual speed or challenges faced in real markets.
Real Account: Live accounts may encounter slippage, delays, and variations in order execution, especially during volatile market conditions.
Risk Management:
Demo Account: Traders might not strictly adhere to risk management principles when using virtual money.
Real Account: Effective risk management is critical in live trading to safeguard capital. Losses have tangible financial implications, underscoring the importance of risk control.
Market Sentiment:
Demo Account: Traders in demo accounts don't contribute to real market sentiment, as they are not executing trades in the live market.
Real Account: Live traders actively participate in the market, influencing price movements and contributing to overall market sentiment.
Account Funding:
Demo Account: It is free, and users are not required to deposit real money.
Real Account: Traders need to fund a live account with real money to initiate trading.
Learning and Skill Development:
Demo Account: A valuable tool for learning and developing trading skills without financial risk.
Real Account: Trading with real money provides practical experience and reinforces the application of learned skills.
Traders commonly begin with a demo account for practice and gradually transition to a real account as they gain confidence. Both account types play crucial roles in a trader's development, offering distinct environments and experiences.
The Micro account is appropriate for traders of all levels, whether they are beginners or seasoned. It serves as an excellent entry point into the world of trading, allowing individuals to develop skills and accumulate experiences as they progress in their trading journey.
The Pro account is suitable for both novice and experienced traders to apply their trading skills and implement them for a greater opportunity to gain profits. Traders can trade forex on 57 currency pairs, precious metal and oil with variable spread starts from 1.6 pips and no commissions. It is suitable for various trading styles, ranging from day trading to automated trading strategies and everything in between.
The Rookie account is an account type that suitable to use by newbie traders, which providing them with the opportunity to engage in trading with smaller volumes and minimal trading units (cent lots). This account features the smallest minimum trading volumes, making it well-suited for experimenting with and testing various trading strategies.
Leverage modifications are linked to your equity; as it climbs to a higher tier, the leverage automatically decreases. When your equity falls to a lower tier, the leverage will stay the same unless the client takes the initiative to request a change through the Client Portal.
For Example:
Client Deposit $100 the leverage he chooses is 1: 2000, then trade and reached $1000 in equity, the leverage will down to 1: 1000. Then he withdraws or loss his fund becomes $100, the leverage will remain at 1:1000 until he requests to change leverage at client portal.
Leverage for all type of account
Leverage for precious metal and oil (all type of account)
Leverage for index and crypto (all type of account)
To initiate trading with the lowest possible amount of funds, you have the option of selecting a Rookie account or Micro account with a deposit amount of USD 1. The Rookie account offers the smallest minimum trading volume, known as the cent lot, enabling you to easily commence trading across various instruments.
Alternatively, you can commence trading with virtual funds by creating a demo account. This option is cost-free and serves as a valuable practice tool for aspiring traders.
What steps should I take if my trading account has a negative balance?
In case your trading account shows a negative balance and you have no active trades, it's essential to reach out to the Support team to rectify the negative difference.
If you prefer to keep trading right away, you can establish a new trading account and make a deposit into it to prevent the loss of the negative balance.
Free swap accounts, also known as "Islamic" or "swap-free" accounts, are designed to cater to traders who have religious or ethical reasons for avoiding interest charges.
On a free swap account, overnight positions do not accrue interest, making it suitable for traders who want to avoid the interest element in their trades. However, it's important to note that free swap accounts might have other differences or restrictions compared to standard trading accounts.
Remember that while free swap accounts do not incur interest charges, they may have other fees or commissions, and the spreads offered on currency pairs may differ. Therefore, it's essential to thoroughly understand the account terms and how they may impact your trading strategy before opening a free swap account.
Slippage occurs when an order is executed at a price that differs from the originally requested price. In other words, slippage occurs when there is a change in the bid/ask price between the moment a market order is placed and when it gets executed on the exchange. Slippage is the difference between the expected price of an order and the price at which the order is executed.
When does slippage happen?
Slippage is most prevalent during periods of market volatility, where prices can fluctuate rapidly. Various factors, such as trading server delays and significant market developments, can contribute to slippage. It's important to note that slippage can occur when executing both market and pending orders across all types of trading accounts.
Is slippage a bad thing?
While it's advisable to minimize slippage for a smoother trading experience, it's worth noting that slippage isn't inherently detrimental since the price difference can work either in favor of or against the trader. The executed price of an order can be classified as positive slippage, negative slippage, or no slippage.
Positive slippage: occurs when the ask price is lower when buying or the bid price is higher when selling.
Negative slippage: on the other hand, happens when the ask price is higher when buying or the bid price is lower when selling.
We offer a feature known as negative balance protection, which guarantees that even if a trade leads to a negative balance in a trading account, the amount owed is erased. The account balance is reset to zero.
To illustrate this, let's consider a scenario where a trader has a trading account balance of USD 50 and closes a trade that incurs an overnight loss of USD 100. In the absence of negative balance protection, the trader would need to deposit USD 50 to restore their balance to zero and reactivate their trading account. However, with negative balance protection in place, we reset the balance to zero without requiring the trader to cover the loss with their own funds.
The primary purpose of negative balance protection is to ensure that, regardless of the extent of trading losses, traders will never find themselves in debt; losses are confined solely to the balance in the trading account and no more.
At Tradingpro, we provide these features to foster sustainable, long-term relationships with traders. Our revenue is generated solely from the spreads on trades, and we do not benefit from our traders' losses.
Trading Pro provides a range of spot CFD (contract for difference) commodities, enabling traders to engage in price speculation for trading instruments without possessing the underlying assets. It's worth noting that orders executed on these instruments do not come with an expiry date.
In summary, Trading Pro offers the following tradable instruments:
Cryptocurrencies:
CFDs on cryptocurrencies like Bitcoin, Ethereum, and more are available for trading 24/7, except during scheduled breaks and server maintenance hours. These CFDs are traded against the US dollar.
Forex:
In the foreign exchange category, trading instruments always involve pairing a base currency with a quote currency (e.g., USD/GBP). This encompasses major, minor, and exotic currency pairs.
Commodities:
This instrument category covers metals and natural gases. Traders can access precious metals like silver and gold, which are tradable against the US dollar.
Equities:
Trading Pro offers CFDs on stocks from international stock markets, including well-known companies like AAPL (Apple Inc.), AMZN (Amazon), and more.
Indices:
Popular indices such as US30 and US500, among others, are available for trading activity on Trading Pro's platform.
What is Forex? Forex, short for foreign exchange, refers to the practice of swapping one currency for another, typically for various purposes, such as trading, business, or tourism. Since currency values are constantly in flux, the amount you can get in your local currency for 1 US dollar today may differ from yesterday or tomorrow. These fluctuations in exchange rates can result in either profits or losses.
Illustrating Currency Exchange with an Example: Imagine a scenario where an individual visits a currency exchange to convert USD 100,000 into euros. If the exchange rate (USD/EUR) at that moment is 0.84000, they will acquire EUR 84,000. However, if the exchange rate later falls to 0.80000, exchanging the euros back into US dollars would yield USD 105,000. This results in a profit of USD 5,000 for the person.
Forex traders analyze economic and political conditions to predict market trends, enabling them to buy or sell currencies for potential profit. In the above example, the individual foresaw a decline in the exchange rate, leading them to sell their dollars and buy them back later when the rate had dropped, thereby generating a profit.
This is the essence of forex trading.
Trading Pro and CFDs: At Trading Pro, we offer Contract for Difference (CFD) instruments, allowing clients to speculate on the price difference of various currencies and assets in the market. Through leverage, clients can engage in substantial trades without physically owning the underlying assets.
Understanding the Forex Market: The forex market is the global arena for foreign exchange transactions, conducted electronically over-the-counter (OTC) through computer networks, connecting traders worldwide, as opposed to a centralized exchange.
Key Features of the Forex Market:
The forex market boasts a daily trading volume exceeding USD 5 trillion, surpassing other financial markets like commodities, futures, and stock exchanges.
Forex trading operates 24/5, from Monday to Friday, allowing for the continuous buying and selling of currencies by market-maker banks, brokerage firms (such as Trading Pro), independent brokers, investors, and traders.
Currency quotes are in constant motion, influenced by various factors like economic indicators, interest rates, bank activities, time of day, and traders' preferences and expectations.
Client transactions are executed using user-friendly trading platforms, such as MetaTrader 4 or MetaTrader 5, enabling traders to access real-time quotes from market participants like banks and market makers.
About Trading Pro: Trading Pro is a versatile broker offering high-quality trading services to a global clientele. It provides a convenient platform for conducting these transactions and consistently offers competitive spreads, making it a preferred choice for forex traders.
The TradingPro International (PTY) LTD (Registration number 2014/202132/07) is a Financial Services Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa under the licence number FSP No. 49624. The registered address is at Office 106 1st Floor Pharos House 70 Buckingham Terrace Westville Kwa-Zulu Natal 3630
TradingPro International Limited (Registration number 208079 GBC) is a Global Business Licence under Section 72 of the Financial Services Act 2001 and an Investment Dealer (Full Service Dealer, excluding Underwriting) Licence under Section 29 of the Securities Act 2005 authorised and regulated by Financial Services Commission, Mauritius under license number GB23202513. The registered address is at 3rd Standard Chartered Tower, Cybercity, Ebene 72201, Mauritius.
Information: Clients who are interested in registering must be at least 18 years of age and above to use the Trading Pro service. For traders who want to start trading, one must know and understand the risks involved, if not including possibilities for you to experience losses ahead. One must be cautious when using the currency market. Traders are encouraged to use the margin to assess the level of ones ability.
Risk Warning: Any information or element made for publication purposes, copying, or reproduction shall be obtained only in writing from Trading Pro. Kindly note that forex trading and trading in other leveraged products involve a significant level of risk and are not suitable for all investors. Trading with financial instruments may result in profits as well as losses, and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
This information is not directed nor intended for distribution to or use by residents of certain countries including, but not limited to, Australia, Belgium, France, Iran, Japan, North Korea, and the USA. The Company does not offer its services to residents of certain countries including, but not limited to, Australia, Belgium, France, Iran, Japan, North Korea, and the USA. The Company holds the right to alter the above lists of countries at its discretion.
