Forex orders are different from the stock market and the transmission mechanism works more simply. You can give orders over a computer, tablet or smartphone with an Internet connection. These orders are made in the forex trading days, which have a trading volume greater than $ 6 trillion per day. Your transactions are processed at the same speed and you earn from instant trading. Of course, you should be able to give the right orders for it at the right time, and you should follow market movements well.
Let’s look at the details of how to give forex orders, what orders are used and what to look for:
What are Forex Order Types?
In the Forex market, orders are given in simpler forms, unlike stock market orders. Forex trading is generally analogous to transactions made in jewelers and foreign exchange bureaus. So if you are simply buying gold from a goldsmith with the expectation that gold will rise, you will be trading on a forex market with a simple buy order. The orders that make you do these simple trading are:
Market Order: Also known as ‘Market Order’, this order is given on instant prices. They are given over the buying and selling price of the investment instrument. This order is immediate when issued. Transactions take place at the prices you see on the trading platform.
Stop Orders: There are two types of stop orders in the Forex market. The first one is the Stop Loss order called Stop Loss; The second is called Take Profit Snow Al emridir.
- Damage Stop Order: orders placed at a price determined below the current price in the buying process and above the current price in the sales process. With these orders being determined and the prices coming to these levels, the transaction is automatically terminated. This will also prevent damage.
- Profit Buying Order: orders entered at a level determined above the current price in the buying process and below the instant price in the sales process. When a buy order is entered, the price automatically reaches the specified level and the transaction is automatically stopped and the profit obtained is passed to the account. Progressive closing is visible as an order and provides profitable closing of positions.
Waiting Orders: These are the types of orders that enable you to process at different prices instead of instant prices. There are 6 pending orders in Forex market. These orders are:
Buy Limit Order: Also known as ‘Buy Limit‘, this order allows buying at a level where the prices are lower than the market price. It is expected that the price will be reduced to the determined level and the rising prices after that level will bring you profit.
- Sales Limit Order: Also known as ‘Sell Limit‘ order and occurs when the prices are higher than the instant market price. When this order is given, the order is processed when the specified price is realized and the profit is made when the price goes down.
- Buy Stop Order: Also known as ‘Buy Stop‘ order and entered to make purchases at a level above the price traded on the market. Buying The situation is similar even though it is similar to the limit order; Is based on the expectation that the market will rebound with the break of a determined resistance point.
- Sales Stop Order: Also known as ‘Sell Stop‘, this order is entered to make a sale at a level below the current price. Similar to Sales Limit order but also different; The breakdown of a given level of support and the expectation that the market will fall further.
- Buying Stop Limit Order: This order, which can also be seen as ‘Buy Stop Limit‘; Stop and limit orders. When the instantaneous price reaches the set stop point, Buy Limit order is given over the Buy Limit Price. The price in the price field is higher than the instant price. The Stop Limit Price may be lower, higher, or the same as the price range.
- Sales Stop Limit Order: This order you can also see as ‘Sell Stop Limit‘; When the market price reaches the specified stop point, the Sell Limit order is entered on the Sell Limit Price. The stop point, ie the number to be written in the price field, has to be lower than the instant price.
How to Order Forex?
Orders you place on your Forex market for trading transactions are located on your trading platform. In order to give these orders you must determine your price levels and analyze the market well. Of course, you need to know the forex market well and know how to make investment transactions. By taking advantage of free training, you will learn both how to make investments and how to make orders correctly. With demo accounts you can also get a good experience.
You need to monitor the price levels of the investment instruments you want to trade for a while, watch the market and examine the economic data. In this way you can set reasonable price levels for buying and selling and you can create your position correctly. You should make your decisions by doing both technical and basic analysis. You should give your orders after observing every point and be careful to be at the top of the screen while giving these orders.
Forex Orders Should Be Considered What to Watch?
In the forex market where you will be evaluating your savings in profitable forms, there are points that you need to be aware of. The first of these is the definition of the market and you know the logic of transactions. It is not possible to be successful without an idea of how the market works and the logic of investment transactions. You should have a good experience to catch up with instantaneous prices and you should be able to predict changes in prices.
Not buying or selling from the top and bottom is the most important issue you should pay attention to. The changes that will take place here can be compared to the results you have never expected. By analyzing these levels you should determine well and stay away. Similarly, when you create a position, you are indecisive and there is a great risk of moving away from your initial decisions. You should stick to the levels you set when you create a position, and you should not go to a change later.
Finally, forex orders may cause you to panic, rush, or make incorrect decisions. For this reason, you should act in a planned manner and perform your analysis in a calm manner, taking your decisions and giving your orders. After you give your orders and create your position, the changes will bring you lost. For this reason, you should follow a decisive path and create it after you are sure of the position you will create later.