If you have pending orders (of any type) then if you change your mind about the order you can either cancel it or modify it. To cancel a pending order simply right-click on it and select “Cancel Order”. To modify a pending order simply right-click on it and select “Modify Order”. You will now be able to change the variables of the order such as the strike price.
CAUTION
If you’ve been trading with FXCM or RefcoFX for a while then you might
have become accustomed to the fact that your stops and limits are tied to your
trade, and that by manually exiting the trade those other things are
automatically canceled as well. You need to be cautious however when using
these other types of brokers because your stop loss order might NOT be tied to
your active trade, and so you need to check to make sure that it too has been
cancelled (if needed then cancel it manually). The danger is that if you were
to exit a trade but not cancel your stop then if you were to leave your
computer for the rest of the day the market might reverse, hit your “stop”, and
activate it into a trade that DOESN’T have a stop loss to it! You could
potentially come back the next day to find that you’ve lost a huge amount of
money due to a tiny stupid mistake such as this.
The bottom line is to always be sure that any corresponding Stops and Limits
are placed / canceled when you are trading, and get into the habit of checking
everything before you close your computer for the day.
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