How to correctly open an order on Forex.

For an experienced trader, the questions of beginners seem at least naive, but we all took our first steps in Forex at one time or another.

One of these steps is opening and closing an order in the trader’s trading terminal. How to correctly open an order on Forex?

– But such a seemingly simple question has quite a few answer options, it all depends on your trading strategy and the capabilities of the terminal. Each of them has its own positive and negative sides, which can only be revealed through detailed study.

Options for opening an order.

In addition to purely technical aspects, you should also take into account market entry points ; this is an equally important point in trading, since the financial result of the transaction directly depends on it; a detailed description of these points is given at the link above.

If we touch on the technical aspects, you can open an order on Forex:

• By pressing the F9 key – with the trading terminal running, a window will then appear with additional parameters, which we will discuss below.

• Click the “New Order” tab - at the top of the screen.

• By right-clicking on the selected trading instrument in the quotes window, a submenu will open in which we select the first line.

Next we move on to the necessary settings.

• Volume – the size of the position to be opened is a rather difficult question, since you need to correctly calculate the ratio of the deposit to the lot. You will find a detailed description of how to solve this problem in the article “ Forex Lot Size ”.

• Stop loss and take profit are indicators of stop orders, which are the main means of regulating the size of losses and profits.

It is recommended that the stop loss parameter should not exceed 5% of the deposit amount, and the take profit should be at least twice as much as the stop loss. • Type – if you want the transaction to open immediately, select “Immediate execution”, in the same case, if you plan to open as soon as the price reaches a certain level, select “Pending order”. How this is done is described in the article “ Placing pending orders ”.

• Maximum deviation – if you often receive messages that the price has changed and the order cannot be opened, these are so-called requotes; you can deal with them by setting a permissible deviation from the quote price.

That is, we put a check mark in the “use deviation” box and then set the number of points, it is recommended from 2 to 5. • Sell and Buy – a choice between selling or buying a trading instrument, by clicking Sell you open a sell transaction, and when choosing Buy you buy a currency pair .

After you have found one of the keys, a direct order is placed on Forex, information about it appears in a separate window, where the size of the open position, its direction and parameters of stop orders .