PWB#3: Getting the Bid & Ask Mixed Up

Long
Once you've set your entry price, it's the Ask price that determines if your order is taken up or not. Or if you place a Market Order, you get in at the Ask price.

Once in the trade, the Bid price determines if your Take Profit or Stop Loss is hit. Or if you Exit At Market, you exit at the Bid price.

Short
Once you've set your entry price, it's the Bid price that determines if your order is taken up or not. Or if you place a Market Order, you get in at the Bid price.

Once in the trade, the Ask price determines if your Take Profit or Stop Loss is hit. Or if you Exit At Market, you exit at the Ask price.

That's for currency anyway - with stocks and such the price is the price is the price. But don't forget the commission/brokerage (just to repeat myself).