When we`ve identified a trade opportunity at Currency Traders Club and developed a risk-aware trading plan. We`re going to have active orders out in the market to cover our position one way or the other. Depending on our trading style at the time and the trade setup. We can reasonably follow a set-it and-forget-it trade strategy where our orders will watch the market and our position for us.
Medium-to-longer-term traders are more likely to rely on set, or resting market orders to cover open positions. due to the longer time frame of such trade strategies and the burdens of monitoring the market overnight or for longer stretches of time.
Shorter-term traders are more likely to follow a more dynamic approach, again based on the shorter time frame of such trades. Sometimes at Currency Traders Club we may want to be flexible with where we leave our take-profit order, but always have a stop-loss order in place to protect us in case of unexpected news or price movements. If we`re trading the market from the long side, we need to pinpoint the ultimate price level on the downside, which negates a short-term view.