There are several type of trade orders. Besides simple buy, sell and close position actions there are some auxiliary orders. They called limit order and stop order. Some brokers provides instead of them OCO ( one cancels the other ) orders. Classic limit and stop orders are better. Because my broker do not have OCO I won't explain them here.
Limit orders allows you to buy at a certain price and stop orders do the same for selling.
In addition to any opened position you can set Take Profit and Stop Loss levels. When market hits any of the above, position would close accordingly.
If you trade by hand than you should at least use Stop Loss. When openning a position make certain goals for desirable profit and certain amount that you can afford to lose. It is necessary to set higher profit than loss. You could have Take Profit level in 2 or 3 times higher than Stop Loss level.
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