How to open a Forex order correctly.

For an experienced trader, newbie questions seem at least naive, but we've all taken our first steps in Forex at one point or another. One of those steps is opening and closing an order in a trader's trading terminal.

So, how do you open a Forex order correctly? But there are many possible answers to this seemingly simple question, depending on your trading strategy and the capabilities of your terminal.

Each has its own advantages and disadvantages, which can only be revealed through detailed study.

Options for how to open an order.

In addition to purely technical aspects, you should also consider market entry points . This is no less important aspect of trading, since the financial outcome of the transaction directly depends on it. A detailed description of these points is provided at the link above.

If we touch upon technical aspects, you can open a Forex order by:

• Pressing the F9 key — when the trading terminal is running, a window with additional parameters will appear, which we will discuss below.

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

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

Next, we proceed to the necessary settings.

• Volume — the size of the position to be opened, a rather complex issue, since you need to correctly calculate the ratio of the deposit to the lot. A detailed description of how to solve this problem can be found in the article “ Forex Lot Size ”.

• Stop Loss and Take Profit — stop order values, which are the main means of regulating the size of losses and profits. It is recommended that the stop loss parameter does not exceed 5% of the deposit amount, and the take profit is 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 to do this 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 the so-called requotes, you can deal with them by setting the permissible deviation from the quote price. That is, put a checkmark in the "use deviation" box and then set the number of points, recommended from 2 to 5.

• Sell and Buy - the choice between selling or buying a trading instrument, by clicking Sell you open a sell transaction, and by choosing Buy you buy a currency pair.

Once you've found one of the keys, a Forex order is placed. Information about it appears in a separate window, indicating the size of the open position, its direction, and stop order .