Now that our charts are set up, let’s learn HOW to open and close a position, or buy and sell on the a platform. After we learn HOW, we can look at WHEN to enter/exit a trade using the technical indicators.
Simply move your cursor to the the platform table and click. A menu will pop up and at the top it will say buy with the current exchange rate to buy and sell with the current exchange rate to sell. You should Buy if you think the price line will go up on your chart or sell when you think the rate will drop
Stop Order: Is a price you enter into an open position, where the trading platform automatically closes your position when the Exchange rate touches that level. If you are in a winning trade, you can move your stop up or down to protect profits. If the exchange rate never hits that level, then the Order doesn’t get filled.
**tip: If you are in a winning trade, you can move your stop to your entry level, so that if your trade moves against you, the platform closes your position without any losses.
**tip: You should be comfortable setting your stop Order at 15-20 pips. If you can’t handle a 15-20 pip loss, then you are need to trade smaller amounts. This will help you from over leveraging your trading account.
Limit Order: Is a price you enter into an open position for the trading platform to automatically close your position at a profit. For example, you might set your limit order at a 15 pip profit. If the exchange rate never hits that level, then the Order doesn’t get filled.
Simply move your cursor to the the platform table and click. A menu will pop up and at the top it will say buy with the current exchange rate to buy and sell with the current exchange rate to sell. You should Buy if you think the price line will go up on your chart or sell when you think the rate will drop
Stop Order: Is a price you enter into an open position, where the trading platform automatically closes your position when the Exchange rate touches that level. If you are in a winning trade, you can move your stop up or down to protect profits. If the exchange rate never hits that level, then the Order doesn’t get filled.
**tip: If you are in a winning trade, you can move your stop to your entry level, so that if your trade moves against you, the platform closes your position without any losses.
**tip: You should be comfortable setting your stop Order at 15-20 pips. If you can’t handle a 15-20 pip loss, then you are need to trade smaller amounts. This will help you from over leveraging your trading account.
Limit Order: Is a price you enter into an open position for the trading platform to automatically close your position at a profit. For example, you might set your limit order at a 15 pip profit. If the exchange rate never hits that level, then the Order doesn’t get filled.
posted by DZman @ 11:20 AM
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