Track 'n Trade LIVE Forex
How to Place Stop Orders
The next type of order I'd like to show you is the Stop Order. Of course, placing a stop order above the market or below the market is an indication that we want the market to proceed to that price level and continue. The way we would do that is to click our Stop Button. We come in above the market and this would be a position that we would put on if we wanted the market to continue through this price level. Once the market hit this price level, this order would become a market order and we would be filled at the best possible price available.
To profit we would want to make the market to continue higher. If we wanted to place a Stop Order, that goes short the position, underneath the market If we want the market to drop in price, you'll notice that as we cross over as I drag this order down as we cross over the strike price the bar turns the line turns red. That indicates we are going to short the market. That we would be "bearish" the market. So, in this case if we place the order here, the market would have to come down in price- touch that price level, which then would become a market order. It would give you a fill at the best possible price and continue lower to be profitable.
Again, crossing through the strike price above the strike price or the current market price would determine whether the order is going to be a BUY market order or a SELL market order below the price. Just by releasing the mouse button will bring up the Order Confirmation dialogue box.
Once again, if we no longer want the Order Confirmation box to appear when we place Stop orders, we simply hit Don't Show Me This Again. We get the One-Click standard disclaimer, we accept that, then we hit Okay, we say Okay. We place our Stop order. Now, if we want to place another Stop order, you'll notice that if I place another Stop order below the market, it's red. I release the mouse button and I no longer receive the Order Confirmation dialogue box. We now have two orders that are pending inside. You can see down in your Accounting window that these will be two pending Stop Orders.