Trading Process by FxPremiere Review

Trading Process by FxPremiere Review

The most important steps of trading are order opening and order closing to fix the results of the trade.

Order Opening in Forex

Trading Process by FxPremiere Review It is possible to trade on the FX platform MetaTrader 4 using either market or even pending orders. Capital Market orders are used to open positions at the certain time. Pending order is executed when the price reaches a certain. Pending orders let you trade even when you do not have an option to be at your working place. After the pending order is set, it will be executed when the desired price level is reached even if the platform is closed.

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There are four pending orders on open trade positions:
  • Buy Limit – Buy Stop – Sell Limit – Sell Stop

Pending Order Placing

  • 1. Open the “New Order” tab. There are several ways to do this on MetaTrader 4:
    • in menu “Tools” choose “New order”; in the “Terminal” block, open the “Trade” tab and right-click and choose “New Order”; click twice on the currency pair in the “Market Watch” window; right-click on the chart and choose “Trade” – “New order”;
    • Trading Process by FxPremiere Review
  • 2. Choose the type “Pending order” (under “comment” field). Then, you need to modify the main meanings of fields, such as:
    • symbol – the financial instrument that will be traded;
    • volume – the amount of lots;
    • stop loss the function of limiting losses at the indicated price;
    • take profit  the function of fixing the profit at the indicated price;
    • type – the type of the pending order
    • at price – the level of the price, at which the order is to be open;
    • expiry – the function of the cancellation of pending order
    • Trading Process by FxPremiere Review
  • 3. When all the information is entered, click “Set” and after this, the pending order will show up in the “Terminal” – “Trade” window. If you want, you can modify or delete it (if it is not open yet), by right-clicking on the order in the “Terminal” window and choosing “Modify or Delete Order”. You can also modify or delete pending order in one click.

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Open a forex account with our Recommended Broker.

You can also place/modify pending orders directly on the chart. Trading Process by FxPremiere Review shows you our insights to success.

Market Order Opening

Trading Process by FxPremiere Review

  • 1. Open tab “New Order”.
  • 2. Fill in the fields:
    • symbol – the financial instrument that will be traded;
    • volume – the size of the lot.
  • 3. When all the information is entered, click “buy” or “sell” – depending on the position that you will open: a short one or a long one. Then, the market order appears in the “Terminal” – “Trade” window.

You can also open new order in one click. In order to fullfil this click “Show trading panel” in the top left of the chart or right-click on the chart and choose “One Click Trading”, open an order by clicking “buy” or “sell”.

Trading Process by FxPremiere Review

The execution method of market orders is Market Execution therefore the slippage may take place during the execution process of such orders. As it has already been said, slippage is the amount of market movements from the time of placing order till its execution.

  • It is impossible to place Take Profit and Stop Loss while opening a market order.  They can be set only by modifying the order that is already open. To do this, in the tab “Trade” right-click on the order and choose “Modify order”. Enter the desired levels of Take Profit, Stop Loss in the appeared window and click “Change”. You can also set/modify Take Profit and Stop Loss directly on the chart.
  • When placing an order, clicking the Enter button does not give the broker the instruction to open the position.

Order Closing

To fix the result of your trade, you must close the order. There are several ways to do this: to set Take Profit and Stop loss levels or to close by market.

  • 1. Stop Loss and Take Profit are clients’ orders to close previously open positions. They are executed automatically. After setting these levels, you do not have to be near your terminal all the time waiting for the order execution.

    Stop Loss is meant for minimizing loss, in case the price of the financial instrument starts to move in the unprofitable direction. If the price reaches an indicated level, the order is closed automatically.

  • See our article that covers choosing a trading strategy for help.

  • Take Profit is designed to fix the profit at the moment when the price reaches the predicted level. The execution of this condition also leads to the automatic fixing of profit.

    It is very important to understand that you must set the Stop Loss/Take Profit at such a level, that will help you minimize risk and increase profit. When opening an order to sell, Take Profit must be lower than the level of the current price, whereas Stop Loss must be higher. When opening an order to buy, Stop Loss is set at a level that is lower than the current price, whereas Take Profit is set at a higher level.

  • Trading Process by FxPremiere Review – Take profit and Stop Loss execution occurs just like the execution of pending stop and limit orders. Take profit is a limit order and Stop Loss is a stop order.

    As it has already been said, Take Profit and Stop Loss can be set only when modifying the order which is already open.

  • 2. Close by market is necessary when you want to close the order immediately. To close by market, you must double click on the order in the “Terminal” – “Trade” window or right-click on it and choose “Close order”. In the appeared window click “Close”. An order can also be closed in one click. Just click “x” in the “Profit” column in the line of the necessary order.

    After clicking, results of the trade will appear in the “Terminal” – “Account history” window. All the information on all closed orders is kept there with our Trading Process by FxPremiere Review.

 To see how everything described in the article works, you can open a practice account. If you feel that you are ready to start chasing profit, open a live account and start earning.

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