Forex Order is a trader’s team informing a broker about the necessity to make the transaction, which means to buy or to sell certain papers or currency. One of the obligatory conditions that should be observed by every trader who is willing to open Forex Order is summation of the price of opening and spread, predetermined by a broker for this currency pair. Besides one should not forget about swap provided that you are planning to open the transaction for not less than for twenty-four hours. Smart calculation of all the positions stated will allow building the strategy of the trading correctly, and it will start bringing profits to its creator.
Forex Order has unlimited operating time it will exist until it is employed or cancelled. This is the reason a trader needs careful approach to taking orders, he should wait for the confirmation of this action from dealing center.
Now you know approximately what Forex Order is, so let’s pass to more precise study of it.Now we will tell you what kinds of orders for forex exist nowadays.
Forex Orders: main types
Forex Orders can of the following types:
- Market order supposes purchase of the currency for the price that exists on the market nowadays. This strategy allows the trader controlling the situation and watching the developing situation. But by choosing this type of orders a trader needs to take into account the fact that dealing centers employ them for the price which is less profitable for the buyer.
- Delayed Forex Orders suppose completed transactions provided certain conditions. Currently there are some forex strategies where delayed orders play the decisive role. In that case traders set beforehand convenient conditions of the transaction, by controlling the transaction with the help of the following commands: Stop Loss, Take Profit. Take Profit allows a trader getting the acceptable profits and closing the position, even while being in front of the computer. The system controls all the transactions on its own with predetermined parameters, that’s why there is no need to worry about your money. Stop Loss functions likewise, but it fixes the losses, without allowing merging the whole deposit.
Now you know what types of Forex Orders exist and you will be able to easily choose the most convenient option for your work. We wish you profitable transactions.Social button for Joomla