How to buy/sell in Forex?
How to buy/sell in Forex?
How to set stop loss and set take profit when buying selling in Forex?
From the technical point of view, it depends on the trading platform you use.
Every Forex broker will gladly give you the Forex trading Platform manual or will be able to guide you through the steps of setting buy/sell orders, profit targets and exits per you request.
As an example, let's review the basic order setting steps at the one the most popular trading platforms - METATRADER4.
On the price chart - mouse Right Click. Go to 'Trading', 'New order'.
You will have a new window with order specifications.
Symbol - the currency you'll be trading
Volume - how many lots you'll be buying
Stop loss - you need to put the price you want to be stopped at in case a trade goes against you.
Take profit - your profit goal.
Comment - leave it blank.
Type - leave it as Instant execution.
Then you have two buttons: Buy and Sell.
Press one of them. Ok. You have a new trade open.
You will be able to see it on your chart and also you can check menu 'Trade', located below your chart. If you now try to Right click on this trade, you will have an option to 'Modify or Delete order', where you'll be able to change your trading preferences.
1. WHAT IF A TRADER STARTS TRADING BY BUYING AT THE LOWEST, LETS SAY, EXCHANGE RATE AND STOPS WITH THIS POSITION AT THE END OF THE DAY? IS HE CONSIDERED TO BE SUCCESSFUL OR NOT AT THE END OF THE DAY? WHAT I MEAN IS, HAS THIS POSITION TO BE FOLLOWED/CLOSED BY ANOTHER ONE IN ORDER TO REALISE A PROFIT (I.E. TO SELL AT A HIGHER LEVER RATE) OR IS THIS A "COMPLETE" ACTION BY ITS OWN?
WHAT IF HE MAKES ANOTHER POSITION ANOTHER DAY (SAY, NEXT DAY)SO AS TO "COMPLETE" HIS PREVIOUS DAY'S POSITION BY SELLING AT A HIGHER EXCHANGE RATE?
THANX IN ADVANCE (SORRY IF MY QUESTION IS STUPID, I HAVE NOT YET STARTED PLAYING)
The best thing, of course, to get a Forex demo account and see how orders work.
But, since you ave a question, let's answer it.
When you buy at some price, you put so called "Buy order". This means that you now hold a currency that you bought, for example EURO. During the day the value of the currency will rise or fall. In order to realise the profits you've earned, you'd need to Close your "Buy order". On the trading platform it will simply be shown as "Close an order" or "Close a trade" etc. What actually happens, you sell a currency you bought earlier, capitalising on the changes it produced while you were holding it. It can be a day, a few hours, a few minutes, a week, a month and so on.
I have asked this question before but i believe the construction of the question made me not to be understood.
Please once again i want to know how i can set: stop loss, Take profit, Type(buy limit or buy stop), and At price. All these are what to fill in for a pending order to trade fundamental analysis.Please help me resolve this proplem of gap in knowledge. Just yesterday i placed a trade where i got up to 80 pips but because of difficulties of no being able to exit the trade, i lost the pips and even took some losses.Trading without TP and SL is like a car without break. Please help.
Lionel D.L (Nigeria)
The exact steps of setting a stop loss, take profit etc will depend on the trading platform you use. Typically you have an option to set stop loss and take profit orders during the moment when you request to open a trade, either a market order or a limit order. In the new order window you should be able to see fields for stops and profit inputs.
If you opt not to set stops and profit targets during the time when you were placing a new order, you always have an option to edit your existing order. Usually by doing Right mouse click on an existing trade line on your account you can see a menu option inviting to edit the order.
Finally, you always have the third option to close the trade here and now any time. This is also done by either clicking on the open trade on the chart(if platform supports trading form the charts) or in your trade display/account window.
Note: in most cases you won't be able to close your trades using market order (e.g. manually here and now) if you come to do it on the weekend, to be precise: from 5 pm Friday to 5 pm Sunday.
4-th option in to call you broker by phone and ask to close a trade.
Also your Forex broker can always give you step-by-step explanation of how to use their trading platform and set up/close orders.
i dont know when is right to place a buy or a sell pls help....
rasheeda
nigeria
Currency trading is a speculative market. You want to buy when the currency is cheap and then sell it when it becomes more expensive.
For example, buying EUR/USD pair (when you buy EUR for US dollars), traders expect EUR to rise in value, because if it does, they can sell it back and receive more US dollars in return.
Regarding the topic of where to find good buying and Selling opportunities, first open any free live charts of any currency pair. Take a simple look and try to anticipate the next possible move. If this makes you exited and you want to learn what evaluation methods stand behind market forecasts, you've got an exiting world of Forex which is all about how and when to buy and sell. Read just about everything you can find. Start from: http://www.forex-charts-book.com/
What are the best indicators one can use. Is it go to us more dan two indicators in a trade. kumba nigeria
It is impossible to name best indicators, every trader has different view of how the chart analysis should be done.
The best indicator is the price itself with Support and Resistance levels. So, if you want to take a serious step towards success in trading, learn about the role of support and resistance in technical analysis.
Another tool to get a good grip on is a trend line.
Learning how and when to place a trade is very essential in FX trading. However, ther are various indicators. Candlesticks, Parabolic SAR, Moving Average and RSI. Please how is it possible that the Parabolic SAR will be saying BUY while the Candlesticks are saying SELL. WHich one is more reliable
I am some how confuse about the issue of buying and selling, when you want to buy say US dollars as against Euro-EUR/USD, do you click on buy or sell?
Thanks.
Ayegba,
Nigeria
exlent!
from anand India
Why do market go agaist me each time i place trade? Is it that i got it wrong or the platform owner uses some kind of soft ware agaist me?
Ahmed
what is the meaning of buy/sell in currency pair GBP/USD
can we sell currency before we buy it
by gulabsingh INDIA
How do i determine the amount of pips to allocate to my stoploss and the trailing stop control inorder to lock in profits?
Paul Adenowo, Lagos Nigeria.
most of the forex indicators are just deceiving, the best thing is for you to develope your own trading strategy.
Adepoju Sunday Nigeria
I honestly don't understand why people would take a loss when they can wait for the currency to rise again. Believe it or not, I had bought EUR/SEK and lost 167 pips. The very next day,I gained back and even made a profit of 30 pips!
How do you calculate for stop loss and take profit.
Yomi,
Nigeria
when should we buy
i virtualy dont know anything but i wish to learn about forex trading.
hassan from lagos
Hello, I am new to Forex market so naturaly I have a mass of questions but ofcourse I will set only a few :).
1. Should I always use stop and limit ? Is it more safe that way ?
2. How long should I wait to close the position ?
3. If I start with a 100EUR deposit how big my margin should be ?
4. Is it ok to close the postion if it's +4.01 to take the pf ?
5. If my trade goes against me when is the best time to stop it ? Should I give it a chance to get back on its feet and start to rise again ? Is that so huge risk ?
6. What is PIPS ?
7. Candlesticks, should I study them very well ?
8. Are there any profitable strategies or is it based only acording our own anticipation and spectulative capabilities ?
Thank You very much in advance !!!
Ivan
ive just lost 20 dollars in forex.....but i will be back for revenge...hmmmm
Good tips
My brother, the good news is that i have become an authority in forex trading over the years after loosing three thousand five hundred dollars. To answer the smallest question first. If you are buying the dollar and the currency pair is eur/usd, you will sell this pair. If the currency pair arrangement is usd/cad and you want to buy the dollar, them you will buy the pair. It all depends on which currency comes first in the arrangement. On when to buy or sell, i must tell you that all the indicators are meant to deceive you. No broker wants you to ever make a penny in forex no matter your losses. Even the trading systems you buy is only a deal to put money in the pocket of the seller.No one will ever tell you how to trade and make a profit, except me. No one ever told me. My paid trainers never did. So i learnt through the hard way and of course,God's guidance. The only system that tells you when to buy or sell is YOU. Now dont be disappointed with my answer as i will tell you what to do. The right decision is the simplest. Now look at the chart. Is it trending upward or downward? If upward, buy ; and vice versa. Then check whether the trend started recently or will soon get to resistance level. This will guide you in taking your decision. Also check whether the chart is not trending; that is, a ranging market. Now buy and sell between the resistance levels. Always confirm the change of direction before you do. This is the best guide you can get and it is for free. God bless us. Tolu Bamisile. 08185585307. Nigeria.
I am using MT4 platform but it seems it is programmed to give me an automatic stop loss of around 100 pips. The modify/delete button never lights up if I try to type in my own stop loss figures. Sometimes the same is true of take profit. MT4 tends to force me to take its own figures. What is the explanation. I am on a demo account. Peter - Uganda.
How long does a market trade last? Say I sell Euro/USD today at , how long will that order stand; days, weeks, forever? Currently I'm trading on CNBC demo account and periodically my positions disappear, as if expiring, yet I cannot find out what the term is? Also, if I sold Euro/USD and it expires in some way, is this effectively a close that realizes my gain/loss?
How do I calculate stop loss and take profit when trading currencies? You assistance will be highly appreciated.
How to buy and sell of the forex trades in nigeria
how do we determine profitable news? and when do we place buy and sell? do news have anything to do with current exchange rate? pls help me out.
bolaji, lagos.
Hello I need clarity on the issue of Value of a Position. My position was opened with 25USD and at 00:01 when the position was rolled over the email said the "value of my position was 6,364USD". Does this mean if I closed my position then I would have received that amount/value into my account? My pips were around 10USD during the rolling over.
Hello I need clarity on the issue of Value of a Position. My position was opened with 25USD and at 00:01 when the position was rolled over the email said the "value of my position was 6,364USD". Does this mean if I closed my position then I would have received that amount/value into my account? My pips were around 10USD during the rolling over.
Hello Everyone,
I have been in FX market for some time already. I am not an experienced trader but I am happy to answer questions you might have. I have. Just email me on [email protected] and I will reply to you.
I look forward hearing from you.
Ella