Automate Forex Trades Choosing from the Various Automate Forex Internet Trading Platforms

One of the more interesting ways of investing our money that has come along in quite some time is the ability to trade on the Forex market. This is a market that used to be reserved to a large extent for banks and financial institutions but in recent years, it has also become available to the general public. Understanding how to trade on the Forex market is one of the first steps to take whenever you are ready to start investing in this way. There is generally a lot of confusion that surrounds this particular market, simply because of the differences that it has with the more commonly known currencies markets.

A good example of this is understanding that you're not going to be able to trade directly on the Forex market. In order for you to begin trading, you're going to need to go through a qualified broker who will actually place the trades for you. It is possible for you to have a broker that you call up on the telephone to place these trades but many people prefer to go with one of the Forex trading platforms that is available on the Internet. Not only is it convenient to use the Internet in this way, it also gives you access to a broker and a variety of tools that will help you along the way. Choosing an forex internet trading platform that you're going to go with, however, may be a little bit difficult.

The reason why people have a difficult time with choosing a platform that they are going to use is simply because there are so many choices out there. Each of these different platforms is going to bring something else to the table and it is not always the easiest thing for you to change platforms once you're used to the system. You want to make sure that the platform that you choose is not only going to give you the information that you need now but it is also going to give you the information and tools that you will need as you get more advanced with your trading efforts. There are two basic ways for you to see what is on the inside before you ever actually go there.

The first way, and probably one of the most popular ways to find out what you are going to get from one of these trading platforms ahead of time is by looking at a review website. These websites give the ability for people who have been using these platforms for quite some time to not only voice their opinions but to give you a little bit of insight as to what you were going to receive on the inside. Most of these review websites will go over a number of different platforms so you can get an idea of the different options that are available, some of which you may not have thought about before. Another way is by signing up for a test account and seeing what all is available on the inside for yourself. This is a little bit more time consuming but it does work well.

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Automate Forex Trades Forex Orders How To Master Them And Profit

"Executing an order" is when your broker sells or buys a currency for you.

Depending on your objectives, your trading system and the way you expect prices to go, you can place different kinds of orders with your broker. These are the most common types of orders that you can instruct your broker to make on your behalf:

Market Orders

A market order is a simple kind of order and the one most commonly used in day trading. A market order is an order to sell or buy a currency at its current market price. A trader will specify the currency pair he wants to trade and the number of lots to trade. This is a market order.

Most online brokers can do this in a few seconds with one click of the mouse. The order is made straight away at the given price.

Limit Orders

This is when an order is placed to sell or buy a currency when it gets to a certain price. For example, let's say that USD/JPY is trading at 117.25. This price has been in a downtrend and your analysis tells you that it is going to drop to 116.25 then go back up.

You can either wait around for this to happen and then buy currency, or you can place a limit order at 116.25 and the price reaches that figure the order will be executed immediately.

If your analysis is incorrect and the price does not drop so much, your trade will be canceled rather than executed.

Stop-Loss Orders.

Stop-loss orders are commonly used by smart traders to minimize losses. Let's say you expect the price of GBP/USD to rise and you place a buy order at 1.8255 with a stop-loss order at 1.8235. Your analysis might be incorrect and let's say the price drops right down to 1.8185. Using the stop-loss order gives you protection by selling automatically at 1.8235. You will lose only 30 pips instead of 70.

OCO

OCO is an acronym for "one order cancels the other order". This is when you place 2 orders with prices below and above the current market price. When one trade is triggered, this cancels the other one.

Let's say, for example, the price of USD/CHF has been around the 1.2435 mark for a while. You know it will move soon but you don't know if it will go up or down. You could place an OCO to either buy at 1.2445 or sell at 1.2455. This means that as soon as the breakout begins, you can start trading. When the first trade is activated, the second one is cancelled out.

A better way to control this process however is by using your own robot which you program with a series of commands and which then manages the trades for you, visit our site for a full review of the many forex robots available for automate forex trades
The author is an avid Forex enthusiast. To get started with Forex investing, you'll need to open a trading account with a broker/trading platform. See a list of recommended forex accounts at how to automate forex trades Forex Trading Accounts and Platforms

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