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We will examine in brief the following order types: Market Order Instant Execution and Close Order Stop Order Buy Stop, Sell Stop Limit Order Buy Limit Order, Sell Limit Order Standard Exits: Stop Loss and Take Profit We will be illustrating the method and reason for using each type, along with their advantages and disadvantages. Market Order A market orderthe most common type of order, is used when you want to execute an order immediately at the market price, which is either the displayed " bid " or " ask " price on your screen.
If you are going to buy a currency pairyou will buy at the "ask" price, and if you are going to sell a currency, you will sell at the "bid" price. All orders can be placed in a forex of ways You can double click or right click on a currency pair in the Market Watch window. Usually with STP or ECN brokers, the quotes you see are streamed to you as the tradable prices the best bid and offer collected from 10 or more top-tier banks.
If you decide to open or close a positionyour order will be executed at the best price available on the market directly from the liquidity providers. Depending on how the broker has set up their execution technology, your market order will be generated as a either an Instant Execution or Market Execution. What loss the difference? An instant execution broker allows to you place the stop loss and take profit at the same time as a your market order, whereas a market execution broker has you place a market order only, without an initial stop loss and take profit.
Only after the order has been executed can you go back and modify the order to include a stop loss and take profit. How can you tell them stop When you open the market order window, you can quickly spot the distinction.
Market Order as Instant Execution: You can see here in this window options to change the volumethat is, how many lots you want to trade in this example, 0.
Being able to indicate your stop loss and take profit at the same time as your order can be very handy. It saves you the trouble of adding them in later, which you would have to do if you only had a market execution type broker. Other features of market orders to consider.
In the above example, if stop are going to buy a currency pair, you will buy at the ask Buy price, which you can visualize as the blue Buy box, and you can also see this price as the blue tick chart in the chart window.
And if you are going to sell a currency, you will sell at the bid Sell price, which you can visualize as the red Sell box, and you can also see this price as the red tick chart. Notice also how you can enable maximum deviation from quoted price.
If you indicated 5 pips as your desired deviation, then as much of your order as possible will be filled no more than 5 pips from the current price. If the price suddenly moves more than that, the order will not be filled. The advantage here is the control of slippage and Price Certainty.
Market Order as Market Execution: Stop, we look at how the instant execution broker gives the ability to add a stop loss or take profit alongside the market order.
The advantage to that method is speed and convenience. Notice how the stop loss and take profit boxes are greyed out, meaning you cannot use them with the market order. Another drawback to this type of broker is that you cannot set the maximum deviation in pips from quoted price you want to execute at. Pros to Market Orders either instant or market execution A market order requests immediate execution, and this is a good when you definitely want to be in the trade nowwithout delay.
Because immediacy of execution is very important, market orders are the most popular form of entering trades. Because of the liquidity of Forex, market orders generally are filled at your quoted bid and ask prices, with minimum slippage, re- quote and error. Cons to Market Orders At times a market order can and does suffer from slippage and re-quote during intensely volatile periods, such as occurring during critical news announcement.
You may be re-quoted the price, not necessarily because the broker is trying to intentionally screw with you, but because the current market price may have rapidly changed since the last market snapshot. Cool Scripts to Open Market Orders Faster: You can take advantage of a number of scripts that can send your market order out to your MT4 faster than opening an order window box and manually inputting your desired volume, stop loss and take profit price levels.
Steve Hopwood has created a buy and sell market order scripts that allow you to easily customize a few additional things to your manual market order, in addition to the convenience of easily dragging the script across to your chart window to execute the market order: Set lot size Set stop loss and take profit, as either price or pips Set magic number Set comment Market long by Steve. Closing Trades at Market Limit a trade at market is the fastest way of exiting your trade without delay.
In order to do so, you need to right click on the open order from within the Terminal, and select Close Order. The box that appears stop very much like the Instant Execution Box, but now there is a highlighted box in yellow called Close xxxxx buy 0. If you press this yellow bar, your ticket order will be instantly closed at the current limit price. This quoted close price keeps updates every second with new prices, so you can keep it open and let prices move to where you want before you press bar.
Cool Scripts to Close Trades Faster: You can take advantage of a number of scripts that can close your orders faster than otherwise. Drag the scripts below from the scripts folder over to the chart window to close out your trades at levels you desire. Drop script close to open trade on chart it will be forex as a horizontal green dashed line. Market long by Steve. Market short by Steve.