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Ninjatrader Question: Broker Demo License and Stops
I had a general question about Ninjatrader. The broker I am currently going with provides a free Ninjatrader key for use with live trading. However the free key does not allow the use of atm strategies including stop loss.
My basic question is, rather then using a stop loss to protect big losses from occurring, is it not the same thing if I just put a sell or buy limit after my trade?
Example : If I go long on a CL trade at 80.25, Will it be the same as a stop loss if I just put a Sell Limit at $80.10 selling my position if it drops 15 cents? or would it open a new position all together for a sell and keep the long position open?
I have tried it on a demo account and it does indeed close the long position, but I just want to make sure 100% since I have not tried it on a live account.
Thanks in advance.
Can you help answer these questions from other members on NexusFi?
If you go long, you want to put in a sell stop. I don't think you want a sell stop limit because you might not get filled. If you have a sell stop, if the price hits that it gets you out. It is the same as a stop loss order.