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FOREX BASICS
✓ FOREX HISTORY ✓ FOREX TRADING CONCEPT ✓ TYPE OF ORDERS
✓ CONTRACT SIZE ✓ MARGIN AND LEVERAGE ✓ ROLLOVER
✓ FOREX GLOSSARY

TYPE OF ORDERS

Market Order

A market order is an order to buy or sell at the current price. For example, if EUR/USD is priced at [BID]1.2000/1.2003[ASK]. It means in order to buy 1 unit of euro, you need to pay 1.2003 US dollar. 1.2003 is also the known as the ask price. It's the price that dealer willing to sell.

If you would like to sell euro against US dollar, you would sell at 1.2000. It's also known as the bid price, meaning it is the price that dealer willing to buy from you.

You may realize that there's a different between the bid and ask price. This difference is known as spread. Usually, Forex dealers do not charge a commission. They make money based on the bid and ask spreads. In this case, if you enter a buy euro position, you are instantly down 3 pips. Therefore, you must wait for the price to come up to [BID] 1.2003/1.2006[ASK] in order to breakeven.

Stop-Loss Order

You can get the basic idea from its name. Stop-loss order enables you to get out of a position at a certain preset price with a loss. For example, EUR/USD is trading at 1.2000/1.2003. You enter a long (buy) euro position. For some reason, you belive the euro is very likely to weaken in the near term. In order to protect yourself from incurring huge losses due to the potential decline of the euro, you can preset a close price where your position is automatically closed at that price. If you set your stop-loss at 1.1950, when EUR/USD price reaches 1.1950/1.1953, you will be taken out of the market will a loss of 53 pips. 1.2003 [close price] -1.1950 [entry price] = 0.0053.

Limit Order

Limit order allows you to get out of a position at a preset price with a guarantee profit. It works oppositely as stop-loss order. For example, EUR/USD is trading at 1.2000/1.2003. You enter a long (buy) euro position. For some reason, you belive the euro is very likely to strenghen in the near term. In order to secure a handsome profit, due to the rise of the euro, you can preset a close price where your position is automatically closed at that price. If you set your limit at 1.2053, when EUR/USD price reaches 1.2053/1.2056, you will be taken out of the market will a profit of 50 pips. 1.2053 [close price] -1.2003 [entry price] = 0.0050.

Entry-Stop Buy Order

Entry-stop orders are advanced order types. It's sort of like a pending order, where the order will become a working order when the price is hit. Entry-stop buy order enables you to open a buy position above the current market price. For example, EUR/USD is trading at 1.2000/1.2003. You predict the price has an uptrend of 50 pips in the next 2 hours. If the price reaches 1.2050/1.2053, then the upside will transform into a momentum driven trade. However, your strategy or gut feeling tells you that if the price doesn't reach 1.2050 within 2 hours, downward movement is seen. In this situation, you would place an entry-stop buy order at 1.2050. If the price doesn't hit 1.2050 within your expected time, you can cancel the pending order.

Entry-Stop Sell Order

Entry-stop sell order enables you to place a sell order below the current market price. The order will become working order when the price is hit. For example, EUR/USD is trading at 1.2000/1.2003. You predict the price has a downtrend of 50 pips in the next 2 hours. If the price reaches 1.1150/1.1153, then the downside will transform into a momentum driven trade. However, your strategy or gut feeling tells you that if the price doesn't reach 1.1150 within 2 hours, upward movement is seen. In this situation, you would place an entry-stop sell order at 1.1150. If the price doesn't hit 1.1150 within your expected time, you can cancel the pending order.

Entry-Limit Buy Order

Entry-limit order is another type of advanced order. The order is a pending order until price is hit. Entry-limit buy order enables you to open a buy position below the current market price. For example, EUR/USD is trading at 1.2000/1.2003. You predict the price will still go down for another 50 pips in the next 2 hours before rebounding. If you submit a buy order now, you would lose the potential 50 pips movement. In this situation, you would submit a entry-limit buy order to buy euro against the US dollar at 1.1150 in order to caputre a bigger gain. Since it's a pending order until the price hit, you can cancel it if it doesn't work out for you within your expected time frame.

Entry-Limit Sell Order

Entry-limit sell order allows you to place a sell order above the current market price. The order is a pending order until price is hit. For example, EUR/USD is trading at 1.2000/1.2003. You predict the price will still go up for another 50 pips in the next 2 hours before rebounding. If you submit a sell order now, you would lose the potential 50 pips movement. In this situation, you would submit a entry-limit limit order to buy euro against the US dollar at 1.2050 in order to caputre a bigger gain. Since it's a pending order until the price hit, you can cancel it if it doesn't work out for you within your expected time frame.

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ECONOMIC CALENDARS
DATE TIME COUNTRY EVENT FORECAST PREVIOUS
10-17-10 5:45pm NZD CPI q/q 1.0% 0.2%
10-18-10 9:00am USD TIC Long-Term Purchases 47.5B 61.2B
8:30pm AUD Monetary Policy Meeting Minutes
10-19-10 5:00am EUR German ZEW Economic Sentiment -7.0 -4.3
8:30am USD Building Permits 0.58M 0.57M
9:00am CAD BOC Rate Statement
9:00am CAD Overnight Rate 1.00% 1.00%
2:50pm GBP BOE Gov King Speaks
7:00pm NZD RBNZ Gov Bollard Speaks
10-20-10 4:30am GBP MPC Meeting Minutes 1-0-8 1-0-8
4:30am GBP Public Sector Net Borrowing 14.2B 15.3B
10:30am CAD BOC Monetary Policy Report
11:15am CAD BOC Press Conference
10:00pm CNY CPI y/y 3.6% 3.5%
10:00pm CNY GDP q/y 9.5% 10.3%
10-21-10 4:30am GBP Retail Sales m/m 0.4% -0.5%
5:15am GBP MPC Member Posen Speaks
8:30am USD Unemployment Claims 455K 462K
10:00am USD Philly Fed Manufacturing Index 0.5 -0.7
10-22-10 4:00am EUR German Ifo Business Climate 106.5 106.8
7:00am CAD Core CPI m/m 0.3% 0.1%
8:30am CAD Core Retail Sales m/m 0.5% -0.4%
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