There are a variety of order types that can be used to execute trades. Are there support or not the following orders are depending the Brokers. So not all Forex Brokers supporting the following type of orders.
GTC (Good Till Cancelled) Orders
When placing an order, you must specify for how long the orders is to be valid. The GTC Order is very common type of order. It’s remain valid until you cancel it.
Market order
An order to buy or sell a specific currency, to be filled immediately at the next quoted exchange rate. This is the most common of all order types. Be careful, as you may not receive the most advantageous price in a fast–moving market.
Limit order
Specifies that a trade must be executed at a specific price. Limit orders are placed to enter the market or to protect profits. Because limit orders are not executed unless they reach the specified price.
Stop order
An order used to close out a market position (a currently open trade), reverse a position, or open a new position at a specified price. They are typically placed to limit losses, closing a position if a price drops or rises beyond the specified point.
Trailing stop order
A type of stop loss order that is set to follow price movements by specifying the distance in pips that you would like your stop to move, depending on the market direction and type of stop order placed.
OCO (Order cancels order)
After entry into the market, a limit for profit order and a protective stop–loss order can be placed. When either the limit or the stop order is executed, it will automatically cancel the other order. This allows traders to automatically execute specific trading strategies to limit losses and protect profits without having to constantly watch the market.
Parent and contingent order
Two separate orders that are linked by an if/then condition. The contingent order will not be subject to a fill until the parent is filled. This allows traders to set up the entire trade while they are away from their trading desk, including entry, exit and risk management, based on specific market prices.
Day Orders
Day Orders are good until 23:00 CET time.
Popularity: 41% [?]
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August 24th, 2007 | Posted in Forex Terms | 4 Comments
August 17th, 2007 | Posted in Forex Market Outlook | No Comments
Computer with the comfortable place
Computer desk with the standard height, balmy and soft chair. Is it enought for your comfortable measure?!. My be “yes” or may be “not yet”. For more comfortable you can put an aquarium beside you. But, all important is nothing that bother you. So you can concentration with your trading.
Internet connection
Forex Trading Online required fast and stable internet connection.
Physical and bounce
Healthy body and ready to accept lossing.
Extend your assocciation and knowledge
Extend your assocciation and knowledge by doing surfing, chating, and any kind of extend effort to make you more comprehending.
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August 17th, 2007 | Posted in Forex Articles | 1 Comment
Recently I came across an article on actionforex about “4 Key Questions to Gauge Your Trading Success“.
Each trader own their measure to gauge trading success. But this usually relate to four questions below. Here are a few questions to help determine if you are, or will be, a successful futures trader:
- Do enjoy the entire process of trading futures–from studying charts, reading about and learning fundamentals, listening to and learning from mentors, and even figuring out what mistakes you have made in previous trades, and how you will improve from those previous mistakes? (Remember, a trader never stops learning and should never stop seeking knowledge about markets and trading).
- If you are a beginning trader with less than a couple years experience, are you willing to use the very sound money management principles required for survival in futures trading even if it means meager profits (or meager losses) the first year or two?.
- Do you have the “patience” to wait for good trading opportunities to develop, and then have the “discipline” to follow your trading plan once you make the trade?.
- Are you the type of person who CAN stand to lose, and can you accept that trading losses are your own fault? (This is a very important question, because the typical futures trader has a more competitive personality. Remember that even the most successful traders have losing trades and sometimes several in a row).
If you have answered “yes”, to these questions, then your road to trading success will be less rocky. If you answered “no” to any of the above questions, then you face a more difficult task on the road to trading success, and you need to figure out what changes you should make to make the “process of trading” more rewarding.
And for myself, I have three point to gauge trading success:
- knowing some indicators to determining trend. Including in it are fundamental analysis and technical analysis.
- Owning ability to control emotion.
- Stability profits and continuation, although only 5-10 pips daily.
Popularity: 29% [?]
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August 16th, 2007 | Posted in Forex Articles, Forex for Newbie | No Comments
August 6th, 2007 | Posted in MT4 Files | No Comments
