Forex for Beginners Answering all your questions about Forex! How to set stop loss and set take profit when buying selling in Forex? From the technical point of view, it depends on the trading platform you use. As an example, let’s review the forex pending order weekend order setting steps at the one the most popular trading platforms – METATRADER4.
On the price chart – mouse Right Click. You will have a new window with order specifications. Stop loss – you need to put the price you want to be stopped at in case a trade goes against you. Take profit – your profit goal. Type – leave it as Instant execution. Then you have two buttons: Buy and Sell.
You have a new trade open. You will be able to see it on your chart and also you can check menu ‘Trade’, located below your chart. If you now try to Right click on this trade, you will have an option to ‘Modify or Delete order’, where you’ll be able to change your trading preferences. WHAT IF A TRADER STARTS TRADING BY BUYING AT THE LOWEST, LETS SAY, EXCHANGE RATE AND STOPS WITH THIS POSITION AT THE END OF THE DAY? IS HE CONSIDERED TO BE SUCCESSFUL OR NOT AT THE END OF THE DAY? OR IS THIS A “COMPLETE” ACTION BY ITS OWN?
SO AS TO “COMPLETE” HIS PREVIOUS DAY’S POSITION BY SELLING AT A HIGHER EXCHANGE RATE? The best thing, of course, to get a Forex demo account and see how orders work. But, since you ave a question, let’s answer it. When you buy at some price, you put so called “Buy order”. This means that you now hold a currency that you bought, for example EURO.
During the day the value of the currency will rise or fall. In order to realise the profits you’ve earned, you’d need to Close your “Buy order”. On the trading platform it will simply be shown as “Close an order” or “Close a trade” etc. I have asked this question before but i believe the construction of the question made me not to be understood. All these are what to fill in for a pending order to trade fundamental analysis. Please help me resolve this proplem of gap in knowledge. Just yesterday i placed a trade where i got up to 80 pips but because of difficulties of no being able to exit the trade, i lost the pips and even took some losses.
Trading without TP and SL is like a car without break. The exact steps of setting a stop loss, take profit etc will depend on the trading platform you use. Typically you have an option to set stop loss and take profit orders during the moment when you request to open a trade, either a market order or a limit order. In the new order window you should be able to see fields for stops and profit inputs. If you opt not to set stops and profit targets during the time when you were placing a new order, you always have an option to edit your existing order. Usually by doing Right mouse click on an existing trade line on your account you can see a menu option inviting to edit the order. Finally, you always have the third option to close the trade here and now any time.
5 pm Friday to 5 pm Sunday. 4-th option in to call you broker by phone and ask to close a trade. Currency trading is a speculative market. You want to buy when the currency is cheap and then sell it when it becomes more expensive. EUR to rise in value, because if it does, they can sell it back and receive more US dollars in return.