Olymp Trade is happy to share good news with you. As a part of another update, we have increased the number of useful tools for forex traders. Now, you can turn all your investment ideas into real trades and will not miss best moments.
The “Orders” service, which is a regular component of trading options, has become available in forex mode. Place orders that enable you to control their financial results and enjoy automated trading.
A concept of a pending order
Disciplined traders say that every trade should be made only at the right time or under advantageous conditions. But how can one achieve this without sitting in front of the monitor for days?
If you want your forex trades match your trading plan more often, but you could also do other things, use orders. This tool enables traders to open a position, even if the conditions they need have not been met yet.
An order can be placed with a key condition of the price or time. In the first case, the position will be opened automatically only if the asset price reaches the preset quote. The second version of an order implies that you open a trade at some specified time.
For example: the analysis of a bitcoin chart showed that the price may rise to the sloping trend line, and then decrease again. Therefore, it may be a good trading idea to sell the asset at around $3 800.
However, the asset price is much lower now — at $3 520. In such a situation, a disciplined trader will definitely place a price order. When placing an order, he will indicate the investment amount, the multiplier, and the price, which is the main condition. In our case, this is $3 800.
To limit the risk of the investment, enter the stop loss value, and set take profit in order to close a position automatically if the outcome is positive. However, these conditions are not binding.
The order is placed after the trader chooses the direction of the trade: up (buy) or down (sell).
If we take the above-mentioned example, the trader will make a deal under the desired conditions when bitcoin really increases to $3 800.
To place a time order, you should also enter the amount of the transaction and choose a multiplier. In addition, you can set stop loss or take profit, but it is not necessary. However, time is the main criterion.
For example: a trader is confident that the United States will release strong labor market data at 15:00, but at the same time, he has to attend a working meeting or walk with the child. A solution to the situation is using a time order, in which the trader can select the time at 2:59 pm (that is, 1 minute before the news release comes out).
The trader may also limit his risks, set the take profit and choose the direction of the trade.
A trader can place up to 10 different orders (pending orders) on the Olymp Trade Forex platform. Please note that price orders are automatically deleted after 24 hours if the specified conditions have not been met.
Also note that the amount of the commission payment for such trades cannot be clearly defined. During the European and American sessions, the trading fee is in the minimum range. During the less volatile Pacific session, the commission pay may vary more considerably.