Forex for Beginners Forex trading the weekend gap 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 basic 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.