More on Forex trading

“Order” refers to the way you enter or exit a trade

2 basic orders:
Take Profit
Take profit (TP) is a specific type of market order, it is used to close a position once your profit has reached the desired level.

Stop-loss
Stop loss (SL) is first and foremost an order that is designed to protect you from losses if the price goes against you.
1) The first one is user defined and it’s basically the opposite of TP , when you open a position you can choose an exit point for the position.
2) The 2nd type is automatic; an automatic SL that come into action when you reach a loss of 100% of your initial investment.
So auto stop loss protects you by limiting your loss to the amount you first risked. That is quite useful!
So, SL and TP are two mechanisms which let you plan your trade and then continue to do other things. Whether it is going to work or seeing a movie – you can be sure that your trade has specified limits, both on the profits and losses.

My first time to try Forex Trading 

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