More forex orders..

Konichiwa to you budding trader,

We had previously learnt about the various forex orders the market, stop-loss, limit entry, stop entry and so on. This were the beginning of various orders you can execute as you learn how to trade forex. This orders are the difference between spending the whole day in front of the computer, making devastating losses or making enormous profits regularly like the train at the train station. As was previously discussed knowing the terms in this case orders is crucial to your forex success. This terms are the difference between you failure and success. If you don’t know which order to execute at specific times or how to maximize or minimize profits you’ll be at massive loss. If you don’t know or don’t remember the terms refer to the post FOREX ORDERS.

So we continue to more  types of forex orders;

Trailing Stop
A trailing stop is an order of stop-loss order attached to a trade that moves with the price.
An example you want to short USD/JPY at 90.80, with a trailing stop of 20 pips. This shows that originally, your stop loss is at 91.00. If the price goes down and hits 90.60, your trailing stop would move down to 90.80 (or breakeven).
Your trade will remain open as long as price does not move past your 20 pips. Once the market price hits the trailing stop price, a market order to close your position will be sent and your position will be closed.
Good ‘Till Cancelled (GTC)
A GTC order remains open in the market until you cancel it. Your broker will not cancel the order whatever the time. So  it is upon you to remember that you such an order scheduled.
Good for the Day (GFD)
A GFD order stays open in the market until the end of that trading day. Since foreign exchange is a 24-hour market, this usually means 5:00 pm EST since when the time U.S. markets close, but we’d always double check with your broker.
One-Cancels-the-Other (OCO)
An OCO order is seen a mixture of two entry and/or stop-loss orders. Two orders with price and duration variations are placed above and below the set price. When one of the orders is executed the other order is canceled.
Let’s say the price of EUR/USD is 1.2040. Here you decide to either buy at 1.2095 over the resistance level in preparation of a breakout or initiate a selling position if the price falls below 1.1985. This means that if 1.2095 is reached, your buy order will be opened and the 1.1985 sell order will be automatically closed.
Lets move to DEMO ACCOUNTS..

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