The forex market is based on the exchange of currencies: the buying and selling intersect each other, depending on the trend that is generated based on the market and of course also to those who are the principles of any Forex pro strategy.
It moves through a series of possible 'orders' that the Trader decides to teach, to move in the market.
There are used 7 major orders which are applied in trading and which have to be learnt if you want to become a Forex pro. Here they are:
1. Stop and Stop Limit
Allow both to protect our capital, putting the stop on our behalf in certain situations. It can, for example, set a maximum amount of risk. Once you lost one, the stop means that you cannot fall further and continue to lose. These limits must be chosen carefully, finding the right mix of caution and use the potential of the Forex. Related blogpost What is Forex Hedging and How to Use It Correctly?
2. Trailing Stop Order
The combination of location and movement of a limitation of risk, without the need to constantly monitor the position, with this order would not lead to a gain.
The stop price moves in the price of the position. If the trailing stop is reached by the price, which then moved in a certain direction, then the order will be automatically sent to the market.
3. Order Cancel Orders
This is a Forex pro order excluding others. To be clear: You can select a group of orders, and once made one of these all the others are canceled.
Usually, any Forex pro platform allows the modification of orders before entry or simply cancels orders that are no longer needed, so that they can continue to adapt to their trading and operational features.
4. Bracket Order and Cancel Orders
Inside the Order Cancel Order is an order of support by which you can exit an existing position. These forex online pro orders are designed to limit losses and closed in profit. They consist of a stop order and a limit order simultaneously.
5. Order Which Sends Orders
Also known as OSO which lets you put two or more orders. So if you order primary, the order secondary or secondary orders will be sent to the market. It can be used in combination with Bracket Order Cancel Orders.
6. Activation Rules Order
It is a Forex pro order which is realized only when it reaches a preset time or if conditions are met the basic price.
Usually this order remains in effect until the conditions specified remain valid. These, then, remain the same when the order was sent to the market.Add me to friends forex trading .
7. Market If Touched Order
Or even MIT. An MIT order is usually used to enter the market or to start a position. Such orders are considered contrary to the stop, and can be of two types: short, placed above the market, and long otherwise. MIT orders, however, actually become active in the market only if the trigger price is touched or crossed.
Become a Forex Pro: Learn the Basic Orders