I have adopted manual entry ever since 3 months ago and I must say my trading did improve significantly partly because of that. I would credit the idea to two of my OTA instructors who uses manual entries predominantly in their live trading sessions. It did take me some time to understand why manual entries is better than limit orders.
Manual Entry
Pros
- Allows you to study the price actions and candles before entry
- Helps lowers the chance of getting into a very bad trade by a sudden huge spike against your desired trade direction
- Relatively better entry price than limit orders most of the time
Cons
- Might miss trades if you hesitate too long
- Must monitor price movement
Limit Order Entry
Pros
- High probability of getting filled at the price you preordered at
- Easier to get into trades
- You could have the option of set and forget
Cons
- Could easily turn out to be a bad entry sometime (possible dd negative pips)
Manual Entry
Pros
- Allows you to study the price actions and candles before entry
- Helps lowers the chance of getting into a very bad trade by a sudden huge spike against your desired trade direction
- Relatively better entry price than limit orders most of the time
Cons
- Might miss trades if you hesitate too long
- Must monitor price movement
Limit Order Entry
Pros
- High probability of getting filled at the price you preordered at
- Easier to get into trades
- You could have the option of set and forget
Cons
- Could easily turn out to be a bad entry sometime (possible dd negative pips)
'For the market to work, it needs people who think that they can beat it.'
