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Chapter 5, Part V. Order types in FOREX

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Apr 19, 2011.

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  1. Administrator

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    Part V. Order types in FOREX [​IMG]
    Commander in Pips: Congratulations, Son, you’ve accomplished very important part of our school and now you understand many important terms that you see in the broker's trading terminal. Furthermore, you are not just understanding it, you know how to calculate it and what they mean.

    Today we will discuss the important part of trading - Orders.​

    Pipruit: Something like on Amazon.com?​

    Commander in Pips: Not quite, more precisely – quite not. Generally speaking orders on market is a possibility to open the trade or close it at occurrence of some particular events. For example, if the quote will reach some predetermined level. So, if you really know what you want – you don’t need to sit in front of your computer and wait for when it will happen. You may place an Order that will do it for you.

    Pipruit: Cool!​

    [​IMG]

    Commander in Pips: Do you remember, in one of the previous chapters you could understand some signs – “S/L and T/P”? So they are used for pointing the levels where your orders have been placed. S/L – stands for “Stop Loss” Order, T/P – “Take Profit” Order. But let’s crefully move step by step.

    MARKET ORDER

    This is the simplest and fastest type of order. It allows buying or selling at the best available price. The best available price for you will be quoted in the trading terminal. For example, you see the quote for EUR/USD = 1.35286/1.35295. If you want to Buy EUR/USD “at market” then it will be sold you at “Ask” price, or 1.35295. If you want to sell it also “at market” – then it will be bought from you at 1.35286. All that you will have to do is just click the Buy or Sell button (look at the picture below) and your order should be filled at price that was displayed at the moment of clicking. This type of Order is very similar to EBAY “Buy it now”. But here you have an additional option – “Sell it now” also. It’s a pity that EBAY does not allow to you to do that.

    [​IMG]

    Press the Buy or Sell button and your order should be instantly filled with the given quote. Take a look – the Broker has already taken care about Bid and Ask price. You can see “Sell” button under the Bid price and “Buy” under the Ask price.
     
    #1 Administrator, Apr 19, 2011
    Lasted edited by : Feb 7, 2016 at 7:45 PM
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