Types Of Orders In Forex Trading

by Action Forex

The forex market provides different kinds of orders for trading. The following are some major types of orders that can be found on forex trading stations.

Market orders - A buy or sell order in which the forex firm is to execute the order at the best available current price. It is also called at the market.

Entry orders - A request from a client to a forex firm to buy or sell a specified amount of a particular currency pair at a specific price. The order will be filled once the requested price is hit.

Stop Loss orders - An order placed to close a position when it reaches a specified price. It is designed to limit a trader's loss on a position. If the position is opened with buying a currency pair, the stop loss order would be a request to sell the position when the price fall to the specified level. And vice versa. Traders are strongly recommended to use stop loss orders to limit their losses. It is also important to use stop loss orders when investors may enter a situation where they are unable to monitor their portfolio for an extended period.

Take Profit Orders - An order placed to close a position when it reaches a predetermined profit exit price. It is designed to lock in a position's profit. Once the price surpasses the predefined profit-taking price, the take profit order becomes market order and closes the position.

Good Until Cancelled (GTC) - In online forex trading, most of the orders are GTC, meaning an order will be valid until it is cancelled, regardless of the trading session. The trader must specify that they wish a GTC order to be cancelled before it expires. Generally, the entry orders, stop loss orders and take profit orders in online forex trading are all GTC orders.

The above are the basic orders types available in most of them trading systems. Some trading systems may offer more sophisticated orders. Traders should be familiar with the different orders and make the most of them during trading.


About the Author
Action Forex provides forex analysis reports, live pivot points on majors and crosses, etc are provided with collection of carefully selected educational articles and free trading ebooks downloads.

Forex Trading Systems, How To Find A Company

by Kenneth Langlet

A forex trading system is all about investing your money anywhere in the world that you choose. All countries have their own stock markets, and this is where you invest money in companies of your own liking, that are located in your own country.

A forex trading system is one that allows you the opportunity to invest in any company or any currency anywhere in the world. A forex trading system stands for foreign exchange investments. A forex trading system is going to give you a return on your money that will differ every time you invest, but that is very similar to the stock market.

The similarities are that you invest in your own currency base, and then when you choose where you are going to invest your money, it is then converted into the currency of the company you are investing in. The exchange rates and broker fees are going to have a determining factor on how much money you can make, and how much money you can lose overall, but the fees and the currencies involved are going to be small compared to the potential amount of money you could make if you are prepared.

Preparing yourself for forex trading systems is really all about learning about exchange rates, where you are going to be investing, learning about the broker you will be using while learning about companies and opportunities you can invest with while using the forex trading systems. Various forex trading systems are available online and offline. You will receive the same treatment online as you would with an offline forex trading systems broker.

You can find a forex trading system company online or offline. What you need to do is find a company that is located in a country you desire, or in your own country. The forex trading systems you deal with should be a company you have spent time investigating and learning more about before putting your investment money into the forex trading system they use. An investment should only be money you can afford to lose. If you are investing money, you want to increase your wealth, but sometimes you are going to lose money. Invest only money you could feel comfortable about losing while you learn any forex trading system.

In finding a forex trading systems company, you will use keywords to search in any major search engine. You will find thousands of pages. How will you know what forex trading system is just right your personal needs? if you can call the company, email the company and you can find references for the company online and offline, you can then determine if you are comfortable using the forex trading system they are providing. A company that is just too pushy, or that doesn't offer great customer service doesn't need your business. Find a forex trading system company that is going to treat you great, no matter how much money you are investing.


About the Author
Kenneth Langlet is an independent writer and owner of the website http://www.broker-trading-system.com/ where you can get more information about forex trading system.

FOREX trading psychology: Learn to see the line between the trading plan and your emotional impulses

by Bogdan Vasile

The vast majority of FOREX education organizations fail to address the only true characteristic of a market place, the human nature.

You can easily find loads of charts, pivot points, moving averages, trend lines and all sorts of Fibonacci ratios, together with the latest in trading automation. Any FOREX website publishes some or all of these data, along with myriads of other details, interviews and opinions.

You may even get entry and exit signals, support and resistance levels, all of which could appear as sufficient in the decision making process.

I was under the same impression as a beginner, I was at the same level as an intermediate trader and only heavy losses and low risk/reward decisions made me look for a different approach to trading.

If you are aware of the importance of having a trading plan for each trade you plan to initiate, then you must be familiar with moments of doubt, when following the opening of the trade, the market goes awry, together with your emotions and self-esteem.

Do you feel frustrated? Join the vast club of frustrated professional FOREX traders.

When you see the market moving against all odds and logic, your emotional self cries for an immediate position reversal (SHORT from LONG and vice-versa), in a complete disregard of your own trading plan.

On the other hand, all your training books, videos and mentors have pumped the "trading plan supremacy" into your brain.

While the viable solution seems to reside in the robotic way of trading the plan, a professional operator must learn to listen to his or her "hidden partner", the subconscious.

Our brain is capable of storing immense quantities of data, without us being aware of it. Our five senses perceptions are in constant use and they permanently add to our overall life experience. While our subconscious is capable of dealing with all this seamlessly, the conscious mind has only a very limited operational capacity, primarily used to help us dealing with our daily tasks.

As we trade, ALL our experiences are deposited deep within our brain, slowly building up what I call the unseen analyst. This is what you may call the sixth sense or the instinct traders develop as they progress.

As the name of the game with FOREX trading is VOLATILITY and 80% of all trades do not last more than 2-3 days, with the vast majority of them being daytrades, it is easy to accept that conditions can and will change in a heartbeat, rendering most trade plans obsolete.

The only way to alleviate the contradictions between your emotional self and the heavily trained brain is to learn how to give them priority over time.

As a beginner, you simply cannot have the emotional experience to "feel" anything related to the market processes and therefore it is advisable to rely completely on the mechanisms of a trading plan.

At this stage, take your time to learn how to interpret the charts, prepare yourself according to the daily economic calendar and how to construct a comprehensive trading plan. Once you took a trading decision, stick with it, no matter what. At this stage, you are a robot, implementing a trading strategy.

Your emotional weight should be nonexistent in the economy of the trade.

As you progress along the path of becoming a professional FOREX operator, your unseen analyst will start adjusting your trading decisions, silently participating in your trading decision process.

It is now the time to make room to your "feel", to accommodate your growing sentiment of "feeling the market".

Your emotional weight should now become an accepted presence.

You will soon learn how to adjust this "mix" in a way to achieve the optimal trading performance.


About the Author
Mr. Bogdan VASILE is the founder and President of VORTEX Capital Management, a seasoned FOREX trader, member of the Securities & Investment Institute in London and author of the revolutionary SyncronDec™ training program used in his professional FOREX course.

Mr. Vasile has a Professional Certification in Financial Regulation with the Securities & Investment Institute in London, United Kingdom as well as extensive knowledge and experience in th

Forex Day Trading - Is It Too Good To Be True?

by Michael Williams

A type of trading available in the Forex market is called Forex day trading. This financial trading option can be something that can definitely make trading work better for you. One of the biggest benefits of trading day currencies is that it is available twenty-four hours a day. This of course can give traders the obvious benefit of trading at any hour that they choose. With foreign exchange day trade there is no rush or panic, and decisions can be more carefully considered and executed.

Something else that is beneficial when it comes to day trading is that a lender can start a lot smaller if they choose. Starting smaller can also let them concentrate on a few major currencies rather than on tens of thousands. Foreign exchange day trading allows for more focus and a better ability to spread an investment. These benefits are not available with a traditional stock market approach. Something else that is great when it comes to Forex day transactions is that spreads can be narrower if the trader wishes. This allows the trader to regulate more easily the day spends. Of course this also leads to more liquidity.

Some other benefits that come with Forex day trade include there being no restrictions when selling currencies short. This allows for a trader to continue making money at a steady rate, whether markets are rising or falling. Also because of certain times when trading volumes are high, having day trading as an available tool can help a trader avoid these times if they choose, yet still make high enough profits. Foreign exchange day trading allows the trader to avoid times when the British, European, and United States markets are all open at the same time and activity is overwhelming, yet still make profits if they so choose.

Day trade also allows the Forex trader to take full advantage of some of the general benefits offered in the Forex market. These include twenty-four hour online currency trading, one hundred to one leverage, commission free trading and regulated FCM status. Having some of these advantages can definitely improve one's chance of making large profits in the Forex market.

As you can see being able to use Forex day transactions in your trading activities could be a decision that could make you millions of dollars if used properly. Trading day currencies is a great option for those who like to make their own hours, yet still want to benefit fully from the Forex market in general.


About the Author
Check out http://www.forex-made-ez.com/ for more articles on forex trading signals and futures trading.