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How to place order with broker ?

Discussion in 'Forex Beginner Q&A' started by James Berry, Oct 5, 2015.

  1. James Berry

    James Berry New Member

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    Before you enter into the forex market you need to know how to place order with forex brokers. Most important thing you need to know before you place an order with a broker is “How to place them appropriately”/ how you intend to enter and exit the market; orders should be placed staying on that determining factor. Improper order placement can skew your entry and exit points.
    https://www.5starsforex.com/
    Some of the orders you can choose are:

    • Market Order
    An order than an investor makes through a broker or brokerage service to buy or sell an investment immediately at the best available current price. It doesn’t contain restrictions in the buy and sell price or the timeframe in which the order can be executed. There is not a guarantee of market order going through even though market orders offer a greater likelihood of a trade being executed.
    You may use the market order to enter a new position (buy/sell) or to exit an existing position (buy/sell). All orders are processed within present priority guidelines. Whenever a market order is placed, there is always the threat of market fluctuations occurring between the time the broker receives the order and the time the trade is executed. This is especially a concern for larger orders, which take longer to fill and, if large enough, can actually move the market on their own. Sometimes the trading of individual stocks may be halted or suspended.

    • Stop Order
    Stop order is also referred as a stop loss; stopped market, on-stop buy or on-stop sell. This is one of the most useful orders. Unlike the limit and market orders; which are active as soon as they are entered- this order remains dormant until a certain price is passed, at which time is activated as a market order, so this order is different than other two.
    A buy-stop order is an instruction to buy a currency pair at the market price once the market reaches your specified price a higher, which is higher than the current market price. A sell-stop order is an instruction to sell the currency pair at the market price once the market reaches your specified price or lower, which is lower than the current market price.
    For instance USD/CHF is rallying toward a resistance level and based on your analysis you thing that if it breaks above that resistance level, it will continue to advance higher. To trade this opinion, you can place a stop-buy order a few pips above the resistance level so that you can trade the potential upside breakout. If the price after reaches or surpasses your specified price, this will open your long position.
    • Limit Orders
    Limit orders are designed to give investors more control over the buying and selling prices of their trades. Prior to placing a purchase order, a maximum acceptable purchase price amount must be selected, and minimum acceptable sales prices are indicated on sales orders. A limit order is placed when you are only wiling to enter a new position or to exit a current position at a specific price or better.
    Unlike market orders, it is common to allow limit orders to be placed outside of market hours. In these cases, the limit orders are more complicated to execute than market orders and subsequently can result in higher brokerage fees. For low volume stocks that are not listed on major exchanges, it may be difficult to find the actual price, making limit orders an attractive option
    • Limit orders are commonly used to enter a market when you fade breakouts.
    Suppose that based on your analysis of market, you think that USD/CHF;s current rally move is unlikely to break past a resistance successfully. Therefore you think that it would be a good opportunity to short when USD/CHF rallies up to near that resistance. You can then place a limit sell order a few pips below that resistance level so that your short order will be filled when the market moves up to that specified price or higher.

    • Limit orders are used to set your profit objective
    Before placing your trade, you should already have an idea of where you want to take profits should the trade go your way. A limit order allows you to exit the market at your pre-set profit objective. If you have long currency pair, you will use the limit sell order to place your profit objective. If you go short, the limit-buy order should be used to place your profit objective. Note that these orders will only accept price in profitable zone.
    • OCO orders
    One cancels the other refers to two separate orders that are linked together on the same market. The first the linked orders to be triggered and filled is entered into a live position, whilst the second order is subsequently deleted. I.e. one order filled will cancel the other. Traders use this order when they sense that one of the two scenarios may play out in a certain currency pair.
    For instance let’s say EUR/USD pair is trading at 1.6050/1.6052 and you felt that either a fall below 1.6000 would open the pair up for further losses, or a break above 1.6100 could indicate more gains. Therefore, you place an OCO order to BUY stop order at 1.6110 and a sell stop order at 1.5990. The EUR/USD forex pair price falls below the 1.6000 level and triggers the sell stop order at 1.5990. This means that the stop order is filled and a new sell position created whilst the linked buy stop order at 1.6110 is automatically canceled.

    Having a firm understanding of the different types of orders will enable you to use the right tools to achieve your intentions- how you want to enter the market ( trade or fade), and how you are going to exit from market (profit or loss). While there may be other types of orders, market, stop, and limit and OCO orders are the most common of them all. Be comfortable using them because improper execution of orders can cost you a lot of money.

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    #1 James Berry, Oct 5, 2015
    Last edited: Oct 5, 2015
  2. Marius

    Marius New Member

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    where i can find any new tutorials abut how to trade?
     
  3. Sharon Higgins

    Sharon Higgins New Member

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    Doing anything with my broker OctaFX is as easy as they come; it is because of their leniency in policy which allows us to do whatever we wish from scalping to hedging or pretty much everything that we could think off, it is very few companies that got such policy while most others have restrictions and rules that we need to follow. I am lucky that with OctaFX broker, I don’t have any such problem. Now this has really made me into a good trader, if we don’t have freedom in trading then we are likely to find our self struggling, so that’s why working with a company that is reliable and also give us room to do whatever we wish is definitely the best one to work with.
     
  4. Marius

    Marius New Member

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    i find good tutorial from liteforex also they have interesting blo with fresh information
     
  5. platinumtraderfx

    platinumtraderfx New Member

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    Guys could you please suggest me good account for trading? I'm going to sign up with Hotforex and use Zero spread account, is it good for scalping?
    Thanks.
     
  6. tianxiabachang

    tianxiabachang New Member

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    Yeah, zero spread account is good for scalping, lower spread will be better for scalping.
     
  7. learn2share

    learn2share New Member

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    Follow me, Fixed Spread account is much more suitable for scalping because you have fixed spread and it could be a great advantage for EA trading, Robot can implement and close multiple order at expected price.
     
  8. Fxtrader88

    Fxtrader88 New Member

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    Also you can use for scalping ECN account at freshForex. It has pips from 0 points on EURUSd and I really enjoy this type of accaunt for scalping.
     
  9. Marius

    Marius New Member

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    liteforex have good conditions for trader who trade with ECN
     
  10. learn2share

    learn2share New Member

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    Lower spead is not enough for scalping, fast execution and stable server, no requote are more important.
     
  11. sininfinity

    sininfinity Active Member

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    Babypips school is a good place start. I started my education from there and it was very helpful for me.
     
    Marius likes this.
  12. Marius

    Marius New Member

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    yes babypips it a good forum, i read about my broker on babypips forum
     
  13. 4xbug

    4xbug New Member

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    Agreed with babypips school, its a good place to learn however I am new to this forum but I guess it also have some good resources to learn. I think we should learn here by asking questions from senior traders but answers to same question might already be present on the forum so please surf the forum first and then ask necessary questions.
     
  14. sininfinity

    sininfinity Active Member

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    Well I was talking about their school. Not forum.

    You are right. Many question have answers already. But many don't know how to navigate forums properly and some are lazy to do it. lol
     
  15. platinumtraderfx

    platinumtraderfx New Member

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    Well I use one click feature from Hotforex it allows me to place orders instantly with set lot size, what saves times as well as ensures quick reaction during news times. Hope they'll introduce more comfortable order closing, better than clicking "X" which is hard to find for example if you trade grid strategy with numerous orders.
     
  16. Marius

    Marius New Member

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    i find useful blog from liteforex
     
  17. platinumtraderfx

    platinumtraderfx New Member

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    Some members here post useful stuff but for detailed trading explanations and tips you need to go on babypips...
     
  18. tiptip

    tiptip New Member

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    yeah they have good tutorial in liteforex but the thing is i tried trading with them but they refused to me to take withdrawals.
     
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