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In addition to the information we saw earlier, you need to understand the types of orders to learn how to get started in Forex. They are nothing more than commands to start or end a negotiation. They can be used on the fly or programmed to run in a particular configuration the trader chooses. Next, I’ll explain a little more about the most used orders in the Forex market. Follow:
Market time or real-time order. Traders widely use it to place the buy or sell order at the current price or condition.
When purchasing a currency pair, it means that we buy in the first currency, that is, we gain with its appreciation and lose with its devaluation. In this case, the USD/BRL pair means that we buy in dollars and gain from its rise against the real.
When selling a currency pair, we gain appreciation and lose with the devaluation of the second currency. So, in the USD/BRL example, we will gain from the rise of the real against the dollar.
Pending orders are used to open a position (Bought and/or Short) only when the quote reaches a previously defined parameter of values. There are four ways to apply pending orders, they are:
Now that you know how to get started in Forex, let’s pay attention to some precautions when trading, look:
Take advantage of the benefit of the demo account offered by the broker and train hard before going to the market. With it, you can feel how operations work without needing real money to do so. Also, discover everything about their trading platform, adapt to the broker and be keen to start with full trading skills.
To know how to get started in Forex, and not make beginner’s mistakes, you still need to understand how robots work. Understanding the program’s pre-configured strategy, running the appropriate pairs, avoiding manually closing orders, and setting risk proportionately are among some of the basic requirements of automated trading. With this in mind, I have prepared a step-by-step guide to help you in this task:
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