When to close your order?

There are some ways to properly close your order.

First way is to set limit and stop orders. They guarantee you that your order will be closed no matter what. That way you'll never lose much money and never catch a margin call.

There is also a variety of stop called trailing stop. I like it very much because it allows me to get as much possible profit as possible. It simply pulls your stop order in profit direction with a setup distance. For example you can set it to 20 pips. If you buy and set a trailing stop and market grows on 40 pips and then falls on 20 pips you'll get your deserved +20 pips of profit. With trailing stop you'll never lose more than a setup number of pips.

Second way is to close your order based on your trading system. I prefer using this one because my robot follows the market 24 hours a day. As long as I have conditions to enter the market , I also have conditions to exit. Sometimes these conditions are opposite and sometimes I have more exit conditions than enter ones.

For example I used stochastic indicator to enter the market when it was overbought. Further I follow it till it becomes oversold and exit my position. With limit/stop orders I couldn't do this.

There is a catch though. If you choose this method you have to be very cold-blooded. Don't let your greed or fear to overtake you. React hard as when you opened your order.