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Friday, March 17, 2006

Step 2: How to Buy and Sell the Currency Pairs
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.

5 Comments:

At 4:17 AM, Blogger Sizenando said...

thanks, I can't "speak" english, so, thanks for "travelling my blog".

I will try to read "yours" latter.

Nice to read you"!

 
At 3:44 AM, Blogger restaurantRunner said...

Nice blog, i'm in finanace as well... international credit risk!!

Keepin readin

rr

 
At 10:24 AM, Blogger Roger Damon said...

One of the best indicators that I use is the Commitments of Traders report, except that I chart the data instead of use the file that the CFTC comes out with. I kind of think of it as legal insider trading information that allows me to be the ultimate market parasite :-). Shatterfield makes the data chartable so I don't have to enter it in by hand each week. The price is good too for how much work it saves me. I work with it constantly.

 
At 5:10 AM, Blogger fatloss said...

Just browsing around the net for forex trading free commission and came across your blog. I've been trying to add as much info as I can about forex trading on my blog .

 
At 7:15 AM, Blogger EResourcesForSuccess said...

I wonder why my broker never talks about forex trading training.

 

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