The Best Way on Forex

[nemo328p]

Originally Posted by Sasho

Can somebody explain please, when a LIMIT ORDER SELL and when a STOP ORDER SELL are issued. What is the difference between the two and in which case the first one is used and in which case the second.
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If you want to sell a pair from a resistance level, the limit sell is used. If you want to sell a pair from the breakout of a support level, the stop sell is issued.

Use EUR/USD as example, the present price is around 1.2280. If you want to sell this pair from the price of 1.2320, then you set a limit sell order. Once, the price reaches 1.2320, the pending order will be activate.

If you want to sell at the breakout of the 1.2270 support, then a stop sell order can be placed at 1.2268/2261. So, when the price drops below 1.2270, the stop sell pending order will be activated.

Both conditions apply to bearish market, if you believe the market is going down.

Limit buy and stop buy apply to bullish market. limit buy is buying from below the present price and stop buy is buying of the resistance level breakout (above present price). Hope this can help.

Note: the numbers used are just for demonstration purpose. They may not reflect the true market conditons.

[abosarah]

I prefer to develop my own system.
I know its nead time , but i think its the right way to get seccessful in this market !!!

[Achip]

I too believe that you need to develope and learn on your own and at your own pace that fits your life style, but working with a mentor to help you understand basic indicators and how they work in which situations would definitely help to preserve some capital.
I believe in using demo accounts to some extent, but until you use real money you'll never develope a true system that works with your stomach.

Andy

[draganfx]

Very well said, I am new here, just trying to learn

[Askjo]

To study FX is to learn how to trade it, but to learn your risk on FX because it is very complicated.

When I studied FX by using a demo, I realized that I have many mistakes on trading, but I practice and practice it since almost one year. I improved myself a little bit.

[gar]

Was wondering if there are sources for being couched by a forex professional while observing charts so that a blow by blow evaluation of the Euro can be done simultanteous to a pro's actions and observations and noticing his or her actions on the trade while you observe the trade. This procedure works particularly well with couching and mentoring done in the real estate investment field whereby a couch is on hand to answer questions and assist and teach with the decision making process. The two things we have learned in real estate is that one needs a (1) System and (2) Couching. One out of two results in failure as would be true in a couch in athletics or in other activities. Are open to suggestions in this area. I do already have sources of education such as DeMark and Nison. Many thanks and regards! Gar

[Nick Tompson]

I voted for "develope your own system" and this also imply's that I found it best to study on my own via forums and forum friends, starting with MoneyTec

[PipCrawler]

The best way is to definitely develop your own system. That doesn't mean that you have to start from scratch. You can borrow ideas from one or more systems and incorporate your own ideas until you find a set of indicators, time frames, or news events you are most comfortable and confident in trading in. Besides, if you blindly follow another system or guru how will you ever learn to adjust and get a feel for the market...