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The FXCM Micro Trading Station gives traders the ability to make 6 different types of orders: |
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| Entry Order |
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| This option allows a trader to buy or sell at a price different from the current price. Use this to automatically open a trade for you when the price
you designate is reached—whether your computer is on or not. There are two types of Entry Orders: |
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| Stop Entry |
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This is an order to make an “At Best” market order when the market touches a specific price. Use it when you want to enter the market at a less-favorable price than the current price (higher price if buying, lower if selling).
Why might you want a worse price? Example: The EUR/USD is currently 1.54200. You believe that the price reaching 1.55000 will confirm a continued upward trend—and a profitable trade. You also think that if it does not reach 1.55000, the price will fall. You therefore want to buy only if the price reaches 1.55000, and you do so with a Stop Entry Order to Buy at 1.55000. |
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| Limit Entry |
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| This is an order to enter the market at a better price than the current one. Limit Orders are only filled at a designated price. When buying, lower prices are better, and when selling, higher prices are better. |
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| To make either a Stop or a Limit Entry Order, click on the “Entry Button” at the top of the Trading Station, and choose the parameters of your order in the Create an Entry Order box. |
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