Avoid buying currency at a price higher or lower than the one that you expect, you should set a limit order. Limit order - an order to buy or sell a currency at a specified price. Limited purchase order can be executed at the limit price or a price below the limit price.Limited sell order is executed if the price level corresponds to the limit or above it.
If you have firmly decided to become a Forex trader on an ongoing basis, then you need to know everything about how to successfully install a stop order and limit order.
You'll be surprised when you find out how often are driven by your planned amount of profit and shall come into force of Stop when you're not on the computer, especially during night sessions. If you do not install these types of orders, it would mean that your theoretical planned amount of profit will be achieved, and prices begin to move in the opposite direction. But if you will not have a computer, you can not close the position at the time and lose profits.
Therefore, you should thoroughly understand your chosen online forex trading currency platform and learn how to display limit orders and stop orders. Just imagine: you get up from bed in the morning and see that the night was introduced operate your limit order, and you made a profit of 100-150 min, while asleep.
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