Part V. Order types in FOREX
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.
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.
- 04-19-2011, 05:05 PM #1Administrator
- Join Date
- Sep 2007
Chapter 5, Part V. Order types in FOREX
Last edited by AsstModerator; 03-02-2013 at 10:19 PM.