There are several different order types you should understand to be able to trade the Forex Market.
Market Order: This order type is used to enter or exit the market immediately at the current quoted price. If you want to buy you will be filled at the ask price; if you want to sell, you will be filled at the bid price.
Limit Order: This order type is used to buy or sell a pair at a predetermined price. A buy limit order will only be filled if the market trades at or below the limit price you determine. A sell limit order will only be filled if the market trades at or above the limit price. Read more... (172 words, estimated 41 secs reading time)
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What types of orders can I use to trade Forex
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One of the questions I’m often asked is what constitutes a good trading method (or how do I know if a trading method is really worth buying). In this article, I’ll show you what most methods look like (and why they are bad) and show you a simple way to evaluate a trading method.
If you take a close look at most of the so-called Forex trading methods and systems on the market, they consistently share the same shortcomings: Read more... (394 words, estimated 1:35 mins reading time)
- They are incomplete. Too many courses teach hours of ‘in theory’ — but spend little to no time teaching a step-by-step plan to help you trade.
If you want to become a Forex Trader, choose one of these mindsets.
The Independent trader or the Dependent trader
Which type of trader you are will dramatically affect the potential money you can make in the markets. In fact, it could well determine what the rest of your life will look like, whether it is how long you work for someone else, when and where you vacation, or where and how you live.
You may think that’s an exaggeration, but the reality is those who take initiative can positively affect the outcome of their lives (and their trading) as opposed to those who let others determine the course of their lives for them. Read more... (700 words, estimated 2:48 mins reading time)
One phenomenon that derails amateur Forex traders time and time again is method complexity syndrome. They research a trading method, buy it and the minute they receive it, they jump ahead to what they consider to be “the guts” of the method. In doing so, they completely ignore all of the other aspects of trading, including risk management, discipline, and psychology.
They get into the “guts” of the method only looking for that big, mysterious, slap-your-forehead, jaw-dropping “secret” which will suddenly unlock the mysteries of the Forex universe and make them Master and Commander of every Forex pair. All too often, they find themselves completely disappointed or the “guts” reveal something they’d already heard about (but had not practiced). Amateur traders will then dismiss the method as ‘too simple’. Read more... (417 words, estimated 1:40 mins reading time)
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Forex trading: Why most amateur traders fail
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