All of Forex Trading orders like buy or sell limit and stop orders like Forex stop loss explain in this article, Price of any currency does not always rise. Rising and falling of prices are the two sides of a same coin. If price is rising at one time then it will surely go downwards in the next hour or next day and no one knows that when the price will start falling down. So to avoid from going in losses because of price suddenly going downwards, follow stop loss. Following stop loss is a way to save your money from evil effects of price fluctuations in the Forex market. Without a stop loss, only God can save you. Some of the unlucky traders who opened a position without stop loss had their account ended with in few hours after entering this market, So its important to learn forex trading orders .
In the stop loss, we set a price below the market price and order it to sell so that if price reaches this level then position is closed saving the remaining money of the traders. One more feature has been introduced to minimize your losses and maximize profit and it is Trailing stop loss. Trailing stop loss is an automated stop loss procedure following the price. Some of the important terms with steps are explained below by Fxstay team.
How To Set Forex Trading Orders
Buy Order
It is an order given by the trader or investor to the broker to buy the specified quantity of certain security at the desired price. This fixed price is termed as the buy price. It is triggered when the current price touches the buy price.
• Open New Order form.
• Select Buy and fill in the price.
• Click OK to proceed.
Sell Order
It is an order given by the trader or investor to the broker to sell the specified quantity of certain security at the desired price. This fixed price is termed as the sell price. It is triggered when the current price touches the sell price.
• Open New Order form.
• Select Sell and fill in the price.
• Click OK to proceed.
Buy Stop Order
It is an order given by the trader or investor to the broker to buy the specified quantity of certain security at a fixed price or above the fixed price. This fixed price is termed as the stop price. It is triggered when the current price touches the buy stop price or moves through it.
• Open New Order form.
• Click on instant execution and change the type to pending order.
• Fill in the price and choose your order as buy stop order.
• Click OK to proceed.
Sell Stop Order
It is an order given by the trader or investor to the broker to sell the specified quantity of certain security at a fixed price or below the fixed price. This fixed price is termed as the stop price. It is triggered when the current price touches the sell stop price or moves through it.
• Open New Order form.
• Click on instant execution and change the type to pending order.
• Fill in the price and choose your order as sell stop order.
• Click OK to proceed.
Buy Limit Order
It is an order given by the trader or investor to the broker to purchase the specified quantity of certain security at a fixed price or below a fixed price. This fixed price is termed as the limit price.
• Open New Order form.
• Click on instant execution and change the type to pending order.
• Fill in the price and choose your order as buy limit order.
• Click OK to proceed.
Sell Limit Order
It is an order given by the trader or investor to the broker to sell the specified quantity of certain security at a fixed price or above a fixed price. This fixed price is termed as the limit price.
• Open New Order form.
• Click on instant execution and change the type to pending order.
• Fill in the price and choose your order as sell limit order.
• Click OK to proceed.
Trailing Stop Loss
It is one of Forex Trading orders and a method to change the level of stop loss automatically. This tool is more useful in the situations when too much price fluctuation is there. As soon as the profit moves more in the positive direction order level is automatically shifted at the specified level from the current price. Again if price reverses anytime then as soon as it becomes equal to the trailing stop loss, the position is closed. This is how traders manage to trade safely with the help of Trailing Stop Loss. Remember an important point if you are using the feature of trailing stop loss that trailing stop loss works at client computer only so if anyway your computer is disconnected from the Internet then trailing stop loss will not work. So if you want trailing stop loss to work perfectly then manage to don’t let your computer to disconnect from Internet.
To set trailing stop loss, follow the steps below.
1. Right click on your opened position and select Modify or Delete order.
2. Fill in the stop loss price in the next window.
3. Push the modify button and your order with stop loss is placed now.
Take Profit Order
One of other Forex Trading orders is take profit, It is a method used by the Forex traders or investors to specify the exact rate of a currency pair or the number of pips above the current price to close their opened position and take profit. The profit point where the trader or investor wants to earn profit is also termed as take profit point. This method helps the foreign exchange traders or investors to make maximum profit. To set take profit order, follow the steps below.
• Right click on your opened position and select Modify or Delete order.
• Fill in the take profit price in the next window.
• Push the modify button and your order with take profit is placed now.
Take Limit Order
Limit orders execute only if the specified period is not expired and the exchange rate becomes equal to the specified threshold. now you know all types of Forex Trading orders