🧭ORDER TYPES IN TRADING🧭

⚙️STOP ORDER
This one is better to be explained with the examples:

These orders can be used for trading breakouts. If you thought the EUR/USD would rally further after a move above the 1.1500 level, you would place a buy stop for entry at 1.1501. As the market printed 1.1501, your buy stop would become a market order and be filled at the next best price available.

If you thought that the EUR/USD would continue moving down if it traded down through the 1.1200 level, you would place your sell stop for entry at the 1.1199 level. As the market printed 1.1199, your sell stop would become a market order and be filled at the next best price available.

⚙️MARKET ORDER
The market order is probably the most basic and often the first order type traders come across. Market orders are traded at market: if you want to get into the forex market immediately, you can trade a market order and be entered at the prevailing price.

⚙️LIMIT ORDER
This one is better to be explained with the examples:

If the EUR/USD is trading at 1.1294 and you thought it would trade down to 1.1200 before rallying, you would place your limit order to buy at 1.1200.

If the EUR/USD is trading at the 1.12939 level and you thought it would rally up to 1.1300 before selling off, you would place your limit order to sell 1.1300. When using a limit order, you will only be filled at the price you designated or better.

It’s important to remember that you should familiarize yourself with the platform you are working with before undertaking any form of trading activity. This can help minimize any impractical errors when executing or managing a trade.

Thanks for reading bro, you are the best☺️

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