Managing SL/TP with multiple trades on the same FX pair?

[Guest Jay_FX]

 

Is it possible to manage two separate trades on the same FX pair with independent Stop Loss and Take Profit? On this USD/CAD pair I entered two trades, yet I can only enter a SL/TP on the entire pair. My same SL is applied to both trades and for some reason there is no close button on the second trade. Any ideas?

[AndaIG]

2 hours ago, Guest Jay_FX said:

 

Is it possible to manage two separate trades on the same FX pair with independent Stop Loss and Take Profit? On this USD/CAD pair I entered two trades, yet I can only enter a SL/TP on the entire pair. My same SL is applied to both trades and for some reason there is no close button on the second trade. Any ideas?

Hi Jay

Thank you for reaching out

By the sounds of it your account is US based. In the US you must close positions on a First In, First out Basis(FIFO). This is an NFA rule that prevents hedging, which is illegal in the US. This rule forces each position to have only 1 stop loss and 1 take profit. This means that the stop loss/take profit has to be applied to your aggregate position on a specific pair and not just the one entry. 

All the best 

Anda

[Mikeymike]

New on IG was using Sierra. How do I place a trade of 3 contracts on the NQ cash using different targets or stops? can I create a template