Order entry type in forex trading

Forex Trading Guide - What is Forex Trading & How Does it Work?

The trade execution screen at exness  on the demo account offers a lot of useful information which you need to take advantage of. Look out for a variety of trade entry types as well as stop order and the safety provisions which might include Guaranteed Close All and Stop Losses orders. Majority of these methods of order routing are normally designed in protecting the trader against slippage that is excessive, which denotes the difference experienced between the actual and expected execution price.

The following are some of the order types that you need to consider the minimum requirements for whichever broker that you decide to choose:

  • The market order: It is where the order will be immediately filled at the price which is best available. it can be able to incur slippage which is excessive in markets which are fast moving, executing dollars or cents away from the ask and bid price listed at the entry time.
  • The stop order:  Sends a conditional sell and buy order which turns into a market order a the entry price that is chosen.
  • Limit order: It normally sends order which can only be filled at the entry price or something better.
  • Stop-limit order: It sends a conditional sell or buy order with two prices, limit and stop. The order turns into a limit order at the stop price chosen, filling only to the limit price. The order will end up being cancelled automatically if the quote end up passing via the limit price without it getting filled.
  • Guaranteed stop loss: It sends an order which is guaranteed to be filled within the parameters which are requested as long as the quote is able to pass through that price.
  • Close all: It sends an order for closing all open positions at the best price available. it can incur excessive slippage in market conditions which are fast moving.

Does the forex broker offer trading tools and education

Brokers who are reputable tend to offer various resources for clients so that they can make decisions which are smart, improving trading skills. You have to look for an educational section that is on the websites which has various webinars as well as tutorials on the fundamentals of the forex market, the currency pairs which are popular and market forces generating selling and buying pressure.

The materials need to include information that is detailed on how the central bank is affecting the currency markets when raising or lowering interest rates and how the traders can be able to prepare for those events periodically.

The educational sections need to provide instructions on the trading platform of the traders, market order types, and currency pairs. Check out for manuals, videos, or other tutorials which show you the way to build watch lists that are customized.

Set up the technical charts and ensure to display quotes which are easy to ready screens. The instructional materials need to always explain the way to access the news, researching directly from the platform to ensure that they don’t have to check the internet in search of information.