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#605: The Secret to Better Forex Entries Revealed
Manage episode 506254537 series 1567435
Content provided by Online Forex Trading Course. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Online Forex Trading Course or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
The Secret to Better Forex Entries Revealed
<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here To Learn How to Gain 1% Daily
#605: The Secret to Better Forex Entries Revealed
In this video:
00:28 – Avoid using a market order.
01:24 – Learn what a pending order is.
01:58 – You can enter the position and let the market work.
02:48 – Buying at a better price.
03:24 – Helps reduce emotions.
03:39 – NEW Masterclass.
03:52 – New course pricing structure available.
04:15 – Book a call with us.
04:23 – Blueberry Markets as a Forex Broker.
04:43 – Like, share and subscribe.
Today, I want to talk about why I believe that in most cases, entering a market order as a trader is not a great idea. So let’s discuss that topic and more right now.
Hey there, Traders! it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 605.
Avoid using a market order.
And you heard that right. I believe that using a market order for most of your trades is not a great idea. And there’s many reasons for that. One of the reasons, I think, that you should never really enter a market order is because what does the price right now mean?
What does it signify? Most people find that they enter a trade because they happen to be at their computer, and they happen to see a set up, and therefore they just enter straight away using a market order. And the issue I have with that is very rarely do people find that that price has any significance. It probably doesn’t have any price level.
It may not broken through any barriers. And so by entering the market for most people, most of the time it means they’re entering right now because I’m at the computer, I think there’s a trade. I’m going to enter a trade, buy or sell.
Avoid using a market order.
What I find, though, is that a lot of people do not understand pending orders particularly well. Most people, don’t use them, and a lot of people don’t even know they exist. So you can have what’s called a buy or sell stop or a buy or sell limit.
Now, I am a massive fan of using limit orders, so a buy limit means that you are buying below the current price and the sell limit means you’re taking a sell position if the price goes higher than where it currently is right now.
The beauty of those trades is it means you do not have to be there when the price gets hit. And when you think about it, if you’re taking a buy trade and the price is at a certain level, and you’re saying, I want to enter this buy trade, but if the price drops first, you getting in at a far better price.
It means that for the when the price takes off and you anticipate it direction back up again, it means that that movement between where the market may be at the when you saw the trade and you’ll buy limit order or the market needs to do is get back to the same market order original price and you’re already into some profit and beyond.
So therefore, what it means is your reward to risk becomes massively greater as well. You could simplify it and think of it this way.
Buying at a better price.
You’re going into a shop and buying something at $100. I could go into that shop and say that when you drop that price later today to $80, I want to buy it. And it’s a very similar thing to that.
So if the shop doesn’t drop its $80, you miss out on the trade. But if they bring that price back to $80 or $75, or you’ve bought the item, you know you get in at a better price and you bought the item at a lower price, then entering straight away in that example at $100.
Helps reduce emotions.
And so that is where you can use limit orders. It takes away the emotion of your trading because you’re not like in the market scrambling now, trying to get your position size and your stop loss and your profit targeting. You can into your buy limit or sell limit and just walk away and let the market do its thing.
NEW Masterclass.
Now, if you’d like to find out about how we do that and why we, heavily promote using limit orders, what I suggest you do is jump on to my short on demand masterclass. You’ll find a link to that here. If you’re interested in coming on board with us and joining us at the Forex Trading Coach, you may have seen recently that we changed the pricing structure. It’s on a bit of a trial basis right now, but if you want to jump in at a massively reduced price, I’ll put a link to the Google Drive document where you’ll see a new lower, entry price and then a small ongoing monthly fee. So how they’ll look out for that?
Book a call with us.
If you’d like to discuss your trading or how we can help you, I’ll put a link that you can call, make it time to book and call myself one of the team.
Blueberry Markets as a Forex Broker.
And if you are looking for a really good forex broker where you can also trade cryptos, metals, commodities, indices, etc.. Have a look at Blueberry Markets and they offer the MT4 and the MT5 trading platform. I’ve been with them personally for many years and I find them excellent. So I’ll put a link to Blueberry Markets as well.
Like, share and subscribe.
If you’re watching on YouTube, don’t forget that. Don’t forget to like and share and subscribe. And if you have any topics you’d like me to discuss on future videos and podcasts, just like this one, send me an email [email protected] or comment below.
I’ll see you this time next week. Bye for now.
Episode Title: #605: The Secret to Better Forex Entries Revealed
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here To Learn How to Gain 1% Daily
501 episodes
Share
Manage episode 506254537 series 1567435
Content provided by Online Forex Trading Course. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Online Forex Trading Course or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
The Secret to Better Forex Entries Revealed
<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here To Learn How to Gain 1% Daily
#605: The Secret to Better Forex Entries Revealed
In this video:
00:28 – Avoid using a market order.
01:24 – Learn what a pending order is.
01:58 – You can enter the position and let the market work.
02:48 – Buying at a better price.
03:24 – Helps reduce emotions.
03:39 – NEW Masterclass.
03:52 – New course pricing structure available.
04:15 – Book a call with us.
04:23 – Blueberry Markets as a Forex Broker.
04:43 – Like, share and subscribe.
Today, I want to talk about why I believe that in most cases, entering a market order as a trader is not a great idea. So let’s discuss that topic and more right now.
Hey there, Traders! it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 605.
Avoid using a market order.
And you heard that right. I believe that using a market order for most of your trades is not a great idea. And there’s many reasons for that. One of the reasons, I think, that you should never really enter a market order is because what does the price right now mean?
What does it signify? Most people find that they enter a trade because they happen to be at their computer, and they happen to see a set up, and therefore they just enter straight away using a market order. And the issue I have with that is very rarely do people find that that price has any significance. It probably doesn’t have any price level.
It may not broken through any barriers. And so by entering the market for most people, most of the time it means they’re entering right now because I’m at the computer, I think there’s a trade. I’m going to enter a trade, buy or sell.
Avoid using a market order.
What I find, though, is that a lot of people do not understand pending orders particularly well. Most people, don’t use them, and a lot of people don’t even know they exist. So you can have what’s called a buy or sell stop or a buy or sell limit.
Now, I am a massive fan of using limit orders, so a buy limit means that you are buying below the current price and the sell limit means you’re taking a sell position if the price goes higher than where it currently is right now.
The beauty of those trades is it means you do not have to be there when the price gets hit. And when you think about it, if you’re taking a buy trade and the price is at a certain level, and you’re saying, I want to enter this buy trade, but if the price drops first, you getting in at a far better price.
It means that for the when the price takes off and you anticipate it direction back up again, it means that that movement between where the market may be at the when you saw the trade and you’ll buy limit order or the market needs to do is get back to the same market order original price and you’re already into some profit and beyond.
So therefore, what it means is your reward to risk becomes massively greater as well. You could simplify it and think of it this way.
Buying at a better price.
You’re going into a shop and buying something at $100. I could go into that shop and say that when you drop that price later today to $80, I want to buy it. And it’s a very similar thing to that.
So if the shop doesn’t drop its $80, you miss out on the trade. But if they bring that price back to $80 or $75, or you’ve bought the item, you know you get in at a better price and you bought the item at a lower price, then entering straight away in that example at $100.
Helps reduce emotions.
And so that is where you can use limit orders. It takes away the emotion of your trading because you’re not like in the market scrambling now, trying to get your position size and your stop loss and your profit targeting. You can into your buy limit or sell limit and just walk away and let the market do its thing.
NEW Masterclass.
Now, if you’d like to find out about how we do that and why we, heavily promote using limit orders, what I suggest you do is jump on to my short on demand masterclass. You’ll find a link to that here. If you’re interested in coming on board with us and joining us at the Forex Trading Coach, you may have seen recently that we changed the pricing structure. It’s on a bit of a trial basis right now, but if you want to jump in at a massively reduced price, I’ll put a link to the Google Drive document where you’ll see a new lower, entry price and then a small ongoing monthly fee. So how they’ll look out for that?
Book a call with us.
If you’d like to discuss your trading or how we can help you, I’ll put a link that you can call, make it time to book and call myself one of the team.
Blueberry Markets as a Forex Broker.
And if you are looking for a really good forex broker where you can also trade cryptos, metals, commodities, indices, etc.. Have a look at Blueberry Markets and they offer the MT4 and the MT5 trading platform. I’ve been with them personally for many years and I find them excellent. So I’ll put a link to Blueberry Markets as well.
Like, share and subscribe.
If you’re watching on YouTube, don’t forget that. Don’t forget to like and share and subscribe. And if you have any topics you’d like me to discuss on future videos and podcasts, just like this one, send me an email [email protected] or comment below.
I’ll see you this time next week. Bye for now.
Episode Title: #605: The Secret to Better Forex Entries Revealed
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here To Learn How to Gain 1% Daily
501 episodes
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The official podcast of Rampver Financials. Delivering the best talks, advice, and recommendations about personal finance, investing, entrepreneurship, and success. Subscribe and never miss an episode!
…
continue reading
Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
…
continue reading
The show that helps you maximize your wealth by turning complex financial situations into actionable advice. On Your Money. Your Mission., we answer the questions you’ve been asking about -- financial planning, investing, retirement and everything in between. Whether you’re navigating the complexities of the market or looking for the best ways to save or spend your money, tune in to hear from experienced financial advisors with JFG. Walk away from each episode with savvy tips and financial t ...
…
continue reading
Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
…
continue reading
Matching real people, asking real questions about their money, with experienced Financial Advisors. You’ll hear answers to important questions like: Is now the right time to buy a house? What to do if your business fails? How should I be saving to cover the cost of college? How much do I really need to retire and am I on track? Join us as our guests share their stories around life's major moments. And hear the difference a conversation can make. Hosted by Morgan Stanley Wealth Management’s J ...
…
continue reading
An archive of each full weekday episode of the award-winning program presented by Stephen Grootes.
…
continue reading
Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living ...
…
continue reading
Each weekday, Marketplace’s Kimberly Adams makes today make sense along with her Marketplace colleagues, breaking down happenings in tech, the economy, and culture. Because none of us is as smart as all of us.
…
continue reading
Alessandro Bogliari, CEO and Co-Founder of The Influencer Marketing Factory, a global influencer marketing agency, talks with great guests about influencer marketing, social media, the creator economy, social commerce and much more.
…
continue reading
In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
…
continue reading
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