1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Chapter 5, Part V. Order types in FOREX Page 8

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 15, 2013.

Thread Status:
Not open for further replies.
  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Joined:
    Aug 28, 2009
    Messages:
    9,615
    Likes Received:
    9,826
    SOME IMPORTANT THOUGHTS ABOUT ORDERS

    1. Usually the basic types of orders are enough for trading. I talk about Market, Stop, Limit and Trailing stop orders. OTO orders now are very popular also, basically, because their using is very simple.

    2. Do not hurry with compound orders. Try to move from simple to complicate.

    3. Be sure that you completely understand how each type of order works.

    4. Consult with the broker about any nuances of order application. Make sure, for instance that broker does not have any additional fees for holding positions or pending orders.

    5. You have to achieve full comfort with the broker order entry system.

    6. Surely open a demo trading account with broker that you intend to open real trading account with. Use this demo for entering different orders, even absurd ones, and investigate, how the broker and trading software will respond to them. Reach as I said, full comfort with order placing system.

    ADVANCED DISCUSSION ABOUT ORDERS EXECUTION

    Pipruit: Sir, can I close position prior the moment when my order will be triggered?​

    Commander in Pips: Sure. You may close any open position with market order and also cancel any other order that has not been triggered yet at any time. For example, you have placed Limit or Stop order, but after some macro data release market turns in opposite direction. In such circumstances you can cancel them and close or open positions with market orders. Look at the picture – sometimes the broker provides you with specific button for closing a position:

    [​IMG]

    You must click the “Close” yellow button in MT4.
    Other platforms may allow you to click “Close” or “Sell” to close this order.

    Pipruit: I see. Commander, when you’ve talked about different orders you talked some phrases that are not quite clear for me. Specifically:

    1. About Limit Buy/Sell orders – “Order will be filled, if market will reach particular level or higher/lower”. And that “Limit order can’t be executed at worse price”.

    2. About Stop orders – that when market will touch specified by order price level, “Stop order shifts to market order”.​

    Commander in Pips: Son, you’ve asked very important question about order execution. Let’s try to answer it.
     
    #1 Sive Morten, Dec 15, 2013
    Lasted edited by : Feb 7, 2016
    Nachoga and fran alvarez like this.
Thread Status:
Not open for further replies.

Share This Page