YOU ARE ALMOST READY TO START TRADING! BUT BEFORE YOU PROCEED, LEARN THE DIFFERENT MARKET ORDERS FIRST OFFERED BY YOUR TRADING PLATFORM.
TYPES OF MARKET ORDERS
Market Order - is an order to buy or sell a currency that is placed in an instant. This type of order guarantees that the order will be executed immediately depending on the execution time of the broker in a millisecond. However, the price was not guaranteed the execution price, it can be near or the same as the current bid and ask price quotes.
Limit Order - an order to buy or sell a currency at a specified price. A buy limit is where you can set a limit price for which a buy order will be triggered and executed once the current price equals the limit price. A sell limit on the other hand is a limit price where a sell order will be executed once the current price equals or higher than the limit price.
Buy Stop Order - A specified price higher than the current price where a buy order will be executed once the current price equals or higher than the price set.
Sell Stop Order - Similar to buy Stop Order, It is a specified price lower than the current price where a sell order will be executed once the current price equals or lower than the price set.
Buy and Sell Stop Orders usually used by traders who expect a price breakout from the market.
Set Stop Loss - It is a price limit that is set in an open position to automatically close a trade to prevent further loss if the market goes against your bias. This is very important especially to all beginner traders for this is one of the methods in managing risk.
Set Take Profit - Similar to stop loss, it is a price limit that is set in an open position to automatically close a trade after the current price hits your price limit. This type of price limit secures a profit to your account to prevent the feeling of regret after the market turns your unrealized profit to unrealized loss.
NOW THAT YOU ARE MOSTLY EQUIPPED WITH THE BASIC PRINCIPLE OF THE FOREX MARKET 👏👏👏,
YOU MAY NOW START TO LOOK FOR A FOREX BROKER OF YOUR CHOICE AND OPEN YOUR VERY FIRST TRADING ACCOUNT.
FOR BEGINNER'S, IT IS RECOMMENDED TO PRACTICE FIRST IN A DEMO ACCOUNT BEFORE TRADING WITH REAL MONEY TO EXPLORE THE DIFFERENT MARKET PLATFORM AND BENEFITS OFFERED BY THE BROKERS.
ALWAYS REMEMBER TRADE AT YOUR OWN RISK!!! 🔥🔥🔥