From your own experience, trading during "non news" times, if someone has specific price levels when broken through, for exit and entry of currency trades and wants consistant fills and at those price levels is market or limit orders best, again at "non news" times.
Steve
Just kidding. If I don't get the price I want, I just walk away. Opportunity knocks almost every day so why settle for crap deals.
The only time I attempt a market order is when I see a great setup that has just begun or is about to unfold, but if I'm requoted I sit and wait or leave my PC and throw something through a wall or window.
Same philosophy as Micro_MiniMe M not fond of using the limit order because you are only predicting tops & bottoms as if you were Gods at least with market order you have a 50% chance that the market will goes favorable to your position!
Same philosophy as Micro_MiniMe M not fond of using the limit order because you are only predicting tops & bottoms as if you were Gods at least with market order you have a 50% chance that the market will goes favorable to your position!
This is so wrong. A limit order is A LOT safer than a market order by the way of SLIPPAGE- which is a real problem. Another thing with limit orders, is that the price you want A LOT MORE OFTEN than not WILL BECOME AVAILABLE again VERY soon after your impulse tells you that it is time to enter at market, so limit makes a whole lot more sense.
Everyone should put a post-it on their screen that says "Always Demand A Better Price" and leave it there until doing so becomes habit.
bobblong is so right. Way more often than not, a limit order will get you a better price, and soon.
This is so wrong. A limit order is A LOT safer than a market order by the way of SLIPPAGE- which is a real problem. Another thing with limit orders, is that the price you want A LOT MORE OFTEN than not WILL BECOME AVAILABLE again VERY soon after your impulse tells you that it is time to enter at market, so limit makes a whole lot more sense.
Hey Bill, not directed at you. Just an addendum.
If you are, on any kind of regularity, saying to yourself...
"WTF. EVERY Time I Enter a Trade, It Turns Against Me."
Ya may just be a Redneck. Hmmph. Sorry wrong forum.
You Really need to place Limit Orders.
On the other hand.
If you know what you are doing and have waited for Confirmation of a Potential Move, You probably want in right now.
Analogy.
1)
Some solid Bank Investment with decent money.
I have time to decide Which Bank.
I'm going to take my time and pull out Every 1/4% he has hiding in his bottom drawer.
2)
Cruising the antique store I noticed a Chagall with hand written notes to the printer who was to run some Liths.
I negotiated Price with the Store Owner {Limit} but not with Bank who Honors the Credit Card I used to purchase it {Market}. (I did that when I accepted the card)
btw, on that note, does everyone here realize that you can call your card provider and simply Tell Them that you want the Low Interest Rate?
If you have been making regular payments on the account, you can probably get ~ 10% reduction on Rate.
hth.
M sorry to disappoint you bro but Looking for bargains works well at the supermarket but not trading foreign exchange; try to trade in the direction the price is going and you’re results will improve. In addition, There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when you’re trading against the trend.
This is an excerpts from Jimmy Young's 45 Ways to Avoid Losing Money Trading FOREX!
What makes you think that there's less than 50% chance with a limit order? And another point, you can use a limit just a couple or pips above/below market which provided market isn't moving too quickly will probably get filled, at a better price than any market order would give you- not 5-10-20 pips later.Go ask Jimmy Young what he's going to do when he gets slipped 20-30 pips when anticipating a 20 pip profit? Besides that, Using a market order does not increase the probability of the market going in your favour, you even admit to that- you said there's a 50% chance
I personally do not enter when price is moving, rather when it is pausing. Some people can anticipate a reaction from a point where price will be fueled by bids/offers and some people will look at a bunch of indicators in a random point on the chart and wait for price to rush in a direction and indicators to agree with each other.. about as good as a random entry if price is not bouncing from somewhere.
