Limit Orders

[Gazel]

I always use limit order in my trading setup. It’s because the right situation on the market occurs during an uncomfortable time for me and I need to get my orders placed at a certain price point to gain maximum efficiency.

The same goes with s/l and t/p. Actually it’s even more crucial to set the s/l.

 

[pashaev]

Yes, I use. So as not to miss the entry point from the level.

 

[Nasabayan]

I use it as a general approach and I always recommend this way of trading to everyone.
Of course if you have a lot of years of profitable forex trading, you can afford not to set stop losses all the time.
But do you want to take the unnecessary risks? I don’t think so. Trading is risky enough and you have to reduce them instead of stacking them up.

 

[bigdolly]

I always use limit order in my trading setup. It’s because the right situation on the market occurs during an uncomfortable time for me and I need to get my orders placed at a certain price point to gain maximum efficiency.

The same goes with s/l and t/p. Actually it’s even more crucial to set the s/l.

Use a limit order when you want to specify the maximum or minimum price at which you're willing to buy or sell. It's useful for entering or exiting the market at a specific price point. In contrast, a market order is executed immediately at the best available price. Choose a limit order when you want more control over the execution price, but be aware that it may not be filled if the market doesn't reach your specified price.

 

[VasilTodorov]

yes i do
it is funny but i use them for trades that cant happen
after my analysis if i realize that pair X will never become less than 100, i will set a pending one for 90
so i dont miss chances to earn easy profits and honsetly 9 out of 10 they will not become true but they can't make any damage so i do that

 

[Goldcaster]

I would even say I predominantly use limit orders, because I base my analysis on the overall picture of the asset. For instance, I see the resistance level, notice that there were tons of pullbacks from this level, track the volumes and if the puzzle is solved, then create a long limit order on the price of the resistance.
Sometimes it works out and there's a breakthrough, but there are unforeseen circumstances, so my strategy isn't fully profitable. Gotta work on it further on.

 

[Anakelv]

Limit orders are an essential part of my trading strategy. If I open my trading history, I can hardly find a trade executed manually. Maybe there are one or two, but the significant majority of them are executed through limit orders.
I was not always using them. But once I start using them I can say that my trading improved.
Let me share my routine and the way I am using them.
I follow a few currency pairs and every morning I start my day with a quick analysis.
I chase around 20 pips trades. So, I try to identify a support and resistance zone where I think the price would reach and bounce back. I put the limit order, together with stop loss and take profit orders, and close the chart. The rest is done automatically oftentimes trades are opened and closed without even noticing it.
This way saves me a lot of time waiting and watching charts and also increases the effectiveness of a trade. I avoid early entries or exits, which were happening when I was trading manually.

 

[Painskin]

Quite rarely to be fair. Most of the time my limit orders don’t trigger and I must open orders manually.
But on the other hand I realize that they can be very beneficial, especially if you strive for the best s/l and t/p ratio.