The Secret to Better Forex Entries Revealed
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#605: The Secret to Better Forex Entries Revealed
In this video:
00:28 – Avoid using a market order.
01:24 – Learn what a pending order is.
01:58 – You can enter the position and let the market work.
02:48 – Buying at a better price.
03:24 – Helps reduce emotions.
03:39 – NEW Masterclass.
03:52 - New course pricing structure available.
04:15 – Book a call with us.
04:23 – Blueberry Markets as a Forex Broker.
04:43 – Like, share and subscribe.
Today, I want to talk about why I believe that in most cases, entering a market order as a trader is not a great idea. So let's discuss that topic and more right now.
Hey there, Traders! it's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 605.
Avoid using a market order.
And you heard that right. I believe that using a market order for most of your trades is not a great idea. And there's many reasons for that. One of the reasons, I think, that you should never really enter a market order is because what does the price right now mean?
What does it signify? Most people find that they enter a trade because they happen to be at their computer, and they happen to see a set up, and therefore they just enter straight away using a market order. And the issue I have with that is very rarely do people find that that price has any significance. It probably doesn't have any price level.
It may not broken through any barriers. And so by entering the market for most people, most of the time it means they're entering right now because I'm at the computer, I think there's a trade. I'm going to enter a trade, buy or sell.
Avoid using a market order.
What I find, though, is that a lot of people do not understand pending orders particularly well. Most people, don't use them, and a lot of people don't even know they exist. So you can have what's called a buy or sell stop or a buy or sell limit.
Now, I am a massive fan of using limit orders, so a buy limit means that you are buying below the current price and the sell limit means you're taking a sell position if the price goes higher than where it currently is right now.
The beauty of those trades is it means you do not have to be there when the price gets hit. And when you think about it, if you're taking a buy trade and the price is at a certain level, and you're saying, I want to enter this buy trade, but if the price drops first, you getting in at a far better price.
It means that for the when the price takes off and you anticipate it direction back up again,
