How to Get the Best Price in Forex
It often happens that when you buy the market goes down and when you click sell the market goes up. A strategy is needed to determine the right price when selling or buying. One strategy that traders can use to get the best price is pending orders.
A pending order is an order that will be executed when it hits a certain price point in accordance with the trader's order. Prices are set above or below the current price. If the price that the trader ordered has not been reached, then the pending order is still active and will wait until the price that the trader ordered is touched. When the price is reached, it will automatically be bought or sold. Pending orders are divided into 2, namely pending stop orders and limit pending orders.
Stop Order
Buy Stop: Order a buy order above the current price, with the hope that if the market price moves up to a certain point, and at that point a buy will be automatically installed in the hope that the chart can move up again in order to get a profit.
Sell Stop: Order a sell order below the current price, with the hope that if the market price moves down to a certain point, and at that point a sell will be automatically installed in the hope that the chart can move down again in order to get a profit.
Limit Order
Buy Limit: Order a buy order below the current price, with the hope that if the market price moves down to a certain point, and at that point a buy will be automatically installed in the hope that after that the chart can move up so that profit.
Sell Limit: Order a sell order above the current price, with the hope that if the market price moves up to a certain point, and at that point a sell will be automatically installed in the hope that after that the chart can move down so that it is profitable.
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