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FOREX ORDER

TYPES OF FOREX ORDERS

The term “order” refers to how you will enter or exit a trade.

Market order

A market order is an order to buy or sell at the best available price.For example, the bid price for EUR/USD is currently at 1.2140 and the ask price is at 1.2142.If you wanted to buy EUR/USD at market, then it would be sold to you at the ask price of 1.2142. You would click buy and your trading platform would instantly execute a buy order at that exact price.

Limit Entry Order

A limit entry is an order placed to either buy below the market or sell above the market at a certain price.You use this type of entry order when you believe price will reverse upon hitting the price you specified!

Stop Entry Order

A stop entry order is an order placed to buy above the market or sell below the market at a certain price.You use stop entry orders when you feel that price will move in one direction!

Stop Loss Order

A stop loss order is a type of order linked to a trade for the purpose of preventing additional losses if the price goes against you.We don’t use stop loss as the market is very volatile, at times market moves in the opposite direction after the execution of trade. Using stop loss can close your future profit deal.

Trailing Stop

A trailing stop is a type of stop loss order attached to a trade that moves as price fluctuates.

Weird Forex Orders

“Can I order a Grande extra hot soy with extra foam, extra hot split quad shot with a half squirt of sugar-free white chocolate and a half squirt of sugar-free cinnamon, a half packet of Splenda and put that in a Venti cup and fill up the “room” with extra whipped cream with caramel and chocolate sauce drizzled on top?”
NOT POSSIBLE TO MIX ANYTHING AND EVERYTHING AND THEN EXPECT SOMETHING GOOD OUT OF IT…
E.g.: EURUSD IS SHOWING A BUY TREND AND WITHOUT ANALYSING THE MARKET YOU PLACE A SELL ORDER, THIS COULD BE FATAL FOR YOUR ACCOUNT. THIS IS CALLED AS A WEIRD ORDER.

One-Triggers-the-Other

An OTO is the opposite of the OCO, as it only puts on orders when the parent order is triggered. You set an OTO order when you want to set profit taking and stop loss levels ahead of time, even before you get in a trade.
For example: USD/CHF is currently trading at 1.2000. You believe that once it.
The problem is that you will be gone for an entire week because you have to join a basket weaving competition at the top of Mt. Fuji where there is no internet.
In order to catch the move while you are away, you set a sell limit at 1.2000 and at the same time, place a related buy limit at 1.1900, and just in case, place a stop-loss at 1.2100.As an OTO, both the buy limit and the stop-loss orders will only be placed if your initial sell order at 1.2000 gets triggered.

One-Cancels-the-Other (OCO)

An OCO order is a combination of two entry and/or stop loss orders. Two orders with price and duration variables are placed above and below the current price. When one of the orders is executed the other order is canceled.
Let’s say the price of EUR/USD is 1.2040. You want to either buy at 1.2095 over the resistance level in anticipation of a breakout or initiate a selling position if the price falls below 1.1985. The understanding is that if 1.2095 is reached, your buy order will be triggered and the 1.1985 sell order will be automatically cancelled.

Good for the Day (GFD)

A GFD order remains active in the market until the end of the trading day. Because foreign exchange is a 24-hour market, this usually means 5:00 pm EST since that’s the time U.S. markets close, but we’d recommend you double check with your broker.

Good ‘Till Cancelled (GTC)

A GTC order remains active in the market until you decide to cancel it. Your broker will not cancel the order at any time. Therefore, it is your responsibility to remember that you have the order scheduled.