This article looks at the order types that you can learn about with forex training.
There are a number of different orders that you should learn when you go through forex training. There are the common order types like the limit order, market order and stop order. However, there are also other order types that you should be told about. Having forex training that covers all the orders that you can use on the forex market is the best course to use. The other order types that you should be taught about are the conditional orders and the time duration orders.
The Conditional Orders that Forex Training Covers
Conditional orders are something that many forex training courses will not cover. This is due to the advanced nature of these orders. The new trader training that all trades have to go through do not cover this because they are not seen as relevant to the new trader. However, if you are looking at forex training that is geared toward the more experienced trader then you may come across this.
The conditional order is an order type that is automatically submitted or cancelled when certain criterion are met. The conditional order has to be placed before the trade is entered. These orders are considered to be the basic form of automated trading. There are two types of orders that you can place and they are the order cancels order and the order sends order.
The Time Duration Orders
There are a number of time duration orders that your training should tell you about. These orders are based on how long they last on the market. You should consider all of these orders so that you understand how they can be used and whether or not you should actually be using them.
The first order is the day order which will expire at the end of the trading session. When you use this on the forex market the order will automatically close at the end of day as detailed by the broker.
The second order that you should know about is the Good until Cancelled order. As the name would suggest the order will remain until the trade is executed or you cancel the order. These orders will generally expire if they have not been triggered after 30 to 90 days.
The third order that you need to know about is the Good until Date order. This order will have a set date when it will expire if it has not be cancelled or triggered. You will need to set the date when you set up the order.
Another order that you should know about is the immediate or cancel order. This order will have part of the order executed immediately and the other part will be held until the order is triggered.
The fill or kill order is another type that you should know about. This order will be filled immediately and in its entirety or it will be cancelled. This is not an order that many traders will use because of the market order that you can use.