Using Orders in The Forex Market

Orders are critical trading tools in the forex market. Think of them as trades waiting to happen, because that’s exactly what they are. If you enter an order and a subsequent price action triggers its execution, you’re in the market, so be as careful as you are thorough when placing your orders in the market. Currency traders use orders to catch market movements when they’re not in front of their screens.

Remember: The forex market is open 24 hours a day, five days a week. A market move is just as likely to happen while you’re asleep or in the shower as while you’re watching your screen. If you’re not a full-time trader, then you’ve probably got a full-time job that requires your attention when you’re at work. (At least your boss hopes he has your attention.) Orders are how you can act in the market without being there.
Experienced currency traders also routinely use orders to:
_ Implement a trade strategy from entry to exit
_ Capture sharp, short-term price fluctuations
_ Limit risk in volatile or uncertain markets
_ Preserve trading capital from unwanted losses
_ Maintain trading discipline
_ Protect profits and minimize losses

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