What Orders Do I Need to Know to Trade FOREX?limit and stop orders for both buying and selling a currency pair. You liquidate an order by closing it, not by initiating an opposite position.
Know which type of orders you need, and know how they work.
The author strongly recommends the new trader place a market order to enter a trade and place both a fixed-dollar stop-loss and fixed-dollar take-profit order simultaneously. Then, sit on your hands and watch. At this time, the mechanics are the main interest, and getting a feel for how currency pair prices move. Whether or not you win or lose on a test trade is not important. In Part 4, you will begin learning specific trading techniques required to trade both a demo and a live account. Start slow, learn, move on to the next step. Do not bite off more than you can chew.
Tip: You have four areas of interest in a demo account at this time: (1) the order process, (2) the accounting process, (3) platform features, and (4) how currency prices move. Trading, for now, is just a means of learning these processes, nothing more.
Practice, Practice, Practice!
By Michael Duane Archer