Different Trades & How to Enter on Metatrader

Let's start by covering the aspects of placing trades and the different variations from stop loss, buy limits and take profits, Often used for Risk Reward Ratio (RRR) and Risk Management assistance which will be discussed further on in the Advanced Course for now let's just cover how to place trades as we have covered some of the fundamentals of Forex Trading.

So for those of you that have purchased the Alpha Advanced version you will have many more sections, challenges, tests and video tutorials ahead of you so you can practice what your learning as you go on and using the 30 day FREE signal speculations provided with the advanced upgrade you can generate profits as you go on through the course resulting in your trading account not only being increased for a better start at the end but a more practical understanding of how to place trades and what actually goes on in the Markets.

Stop Loss:

This is a point on the chart you can place so that if your trade goes in the opposite direction once it hits this mark it will close the trade automatically, This is excellent for Swing Traders when leaving positions open for a few days to weeks or if your at work etc during the day or just to cover your risk in general as discussed with the Risk Reward Ratio many traders like to use this approach for example if you have your stop loss on and if triggered you lose 15 you would want to have it so you would gain 50-100. Just an example but most people go for 1:3.

Take Profit:

Just like the SL the Take Profit is a point on the chart where if triggered your trade will close automatically in profit, Again if you are away from the charts or screens and you miss any market movements then this can save the day making sure you still walk away with profit. Often you will find that traders beginner and advanced will miss profit peaks, All it takes is for that one bathroom break and BOOM the pair breaks out into profit due to some news release but within the same minute it shoots up and your in profit it comes back down and can even then start going the opposite direction then missing the profit you would have yielded if having the take profit set on. That being said its not guaranteed to hit your take profit this is just for safety precautions alongside the Stop Loss.

Buy Limit /Buy Stop + Sell Limit/Sell Stop

This is an entry point on the chart you can place so that when or if the currency hits the price marker it then activates the trade, Say your not sure if EUR/USD is going to drop you could place a (Sell Stop) say 5-10 pips below the current price and if it so happens to align with your analysis and start dropping it would then activate a sell on this pair at the chosen entry. If you wanted to place it so that if the currency price increased then hit a point to sell its the (Sell Limit) vice versa with the buy’s.

Placing a Trade on The Metatrader Application

Okay so you are on the platform and want to now place a trade, If you hold down on the chosen currency pair you want to enter into a box will appear with the options saying :

- New Order

- Open Chart

- Symbol Properties

- Simple View Mode

If you select New Order this screen will then appear:

On the left is the page that appears, At the top you have the option to select which variation of trade you want to place if you select ‘Instant Execution’ This drop down list as displayed on the right photo appears providing the option to choose what sort of trade you are entering. For now let's just place a instant order okay, You’ve just received the signal saying:

BUY GBP/USD

SL: 1.27230

TP: 1.30040

Now you go onto this new order selection on the provided currency pair then at the top where it says 0.10 that is your ‘Lot Size’ which will be discussed further on in the course but this is basically how much you are putting on the trade which depending on your leverage can vary.

On the left you have the Stop Loss entry so you would enter the price given by SL which in this case would be 1.27230 then on the right if you enter the take profit which would be 1.30040 then select buy. Congratulations you just placed your first trade, Now remember as this course was made previous to this current day when you are reading this the market prices will be different but this is just an example of how to enter a trade so that as stated before whilst going through the advanced course you can still generate profit.

When entering one of the other variations of trades you would input the entry price of the trigger point for your trade so if that was a buy limit you would also enter which price you want it to activate on for example: