Entry Order
The other types of orders at Forex market for better suited to helping traders stay disciplined are using Stop and Limit Orders. Before jump to using there are two orders we must learn what the Entry Orders is.
Summary key concepts of Entry order:
Advantage: Greater likelihood that the trader will get the price wants
Disadvantage: Market may not reach the rate that trader specified, and hence the trader may miss out on the opportunity
All entry orders are essentially contingent orders; they will only be filled if the market reaches rate specified
Example:
Suppose you are trading USD/JPY and the current quote is 120.50-55. You can place an entry order to buy at 120.15, so that your order will only be filled if the market reaches 120.15. This allows you to potentially receive a better price.
Summary key concepts of Entry order:
Advantage: Greater likelihood that the trader will get the price wants
Disadvantage: Market may not reach the rate that trader specified, and hence the trader may miss out on the opportunity
All entry orders are essentially contingent orders; they will only be filled if the market reaches rate specified
Example:
Suppose you are trading USD/JPY and the current quote is 120.50-55. You can place an entry order to buy at 120.15, so that your order will only be filled if the market reaches 120.15. This allows you to potentially receive a better price.
AUDNZD Technical Fundamental
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