Trade duration can be measured in minutes. For a $10 or $50 trade, it’s possible to trade for less than an hour and still get out, while a trading marathon takes days of trades and even weeks to trade.
How do I buy/sell on the open market?
You’re almost always better off placing your orders on a stock that’s going to close before the last opening or close at which you would have sold if you took the short position. On the other hand, there are times when a stop loss is best avoided. For example:
You have just sold an open position. You want to sell the open position before the market closes
You don’t know when the closing price for the open position will be so you’re still waiting
You want to know what you think the closing price will be before making a trade.
Your options are still open and you’d like to make a trade against them.
You can buy/sell on the open market and make a profit without having to wait and/or have to get a stop loss.
There are several ways to trade. The primary way to trade is to buy and sell at the same time, making a stop loss (or close). The secondary method of trading involves buying/selling when prices are at or below your desired level, i.e. stop loss and open position.
When a stop or close is placed at a level, the price falls. If that happens too frequently then it becomes difficult for you to be successful. The secondary method of trading involves buying or selling when prices are at or above your desired level, making a sell order so that you can purchase the next trade at the level you want to trade at.
Where do I place stop limits?
Stop limits can be placed wherever you want them. Stop limits are a good idea if you:
Want to buy on margin and stop losing you money in case of any losses.
Want to sell a short position that is nearing closing. You can always buy it back a shorter time and then make a stop loss.
Want to buy a short position and sell when your desired level is above. You can never buy or sell at the level above because it will have a stop limit!
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