Types of Orders
A Trader must understand what each order is and what part it
plays in capturing pips.
A Forex Trader must use three (3) types of orders: a Market
Order, a Limit Order, and a Stop Order.
The two, primary orders used for entering and exiting the
Forex market are Limit and Stop Orders. Once
an order is placed, there are two critical procedures:
One-Cancels-the-Other (OCO) and Cancel-and-
Replace Orders. Properly understanding the procedures of
order execution is a vital step to capturing.
Remember: All good carpenters carry a toolbox. The sharper
the tools, and the more skilled the
carpenter is at using them, the more effective they are. The
sharper you become as a trader, the more
efficient and lucrative you will be.
Market Orders
A Market Order is an order given to a broker to buy or sell
a currency at whatever the market is trading
it for at that moment. The Market Order can be an entry
order into the market, or an exit order to get
out of the market. Traders use Market Orders when they are
ready to make the commitment to enter or
exit the market. Caution should be exercised when using
Market Orders in fast moving markets. During
periods of rapid rallies, or down reactions, gains or losses
of many points may occur due to slippage
before receiving the fill.
Trading is an auction where there are buyers bidding on what
sellers are offering. The bid is the buy and
the offer to sell is the ask.
Thanks for today.....
Wait for What Types of Orders Provide: part-2
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