Forex Orders

There are two types of Forex orders. The first is the market order
and the second is the entry order. When you access the trading
platform, you will be able to choose either a market or entry order.
A market order is an order to buy or sell a currency pair at the
market price the instant that the order is processed. When a market
order is placed, you are simply saying "I'll buy the currency pair, at
whatever price it is at when my order gets processed." This is too
risky. Market orders should be avoided entirely with the 4xtrend
method. Market orders tend to compel the trader to act on impulse
instead of according to their plan.
An entry order is an order to buy or sell a currency pair when it
reaches a certain price target. This can be any price in theory. You
could set an entry order for the low price of a time period, or the
high price of a time period. Forex Sailing shows you how to set an
entry order (or you can follow any of our entry order techniques).
The open price is explained in the next few pages. You should
exclusively use entry orders. When you place an entry order, you
are simply saying "I want to buy this currency pair at a certain
price, if it never reaches that price, I don't want to purchase the
pair." An entry order allows you to pick a price and place an order
to buy at that price. This is what you want to do. Do not worry that
you are going to miss a trade; new trades are constantly developing
and if your entry order doesn't get filled you can't lose any money.
Lear not to get upset when an entry order is not filled. You are
saved most of the time the order isn't filled because the currency
pair did the opposite of what you thought and you would have lost
money if it got filled. Do not get upset when orders are not filled.
When orders are not filled, it means you never risked any money!