How do I Use the Limit Order to specify how much forex trading profit I want?**
Limit orders are used to exit a trade at a pre-specified price. If you are long a currency pair, you can only set a limit order at a price higher than the one the trade was executed at. If you are short a position, your limit order would naturally be at a price lower than the current market price. The Royal Division of IKON GM does not guarantee any profits and you may incur losses trading the FX Market.
How do I use Stop Orders to limit my losses?**
Before a trade is executed, the trader should decide how much loss he/she is willing to take. Accordingly, a stop order is set at a price that, if the market reaches that position, will be automatically liquidated. When the stop order is executed, any floating loss will become a realized loss and will be automatically calculated into the traders equity. This feature also gives the trader the ability to leave the computer and still pre-determine the loss one is willing to take. The Royal Division of IKON GM does not guarantee any profits and you may incur losses trading the FX Market.
How do I determine where to set my stops and limits?**
Stop/loss orders are set closer to the opening price than limit orders. The exact price at which a trader hould place stop and limit orders depend on the strategy and aggressiveness of the trader. Stop orders should be placed close to the opening price so the posision does not get liquidated due to normal market volatility.
Can I change my stop and limit orders after I enter a trade?
Absolutely! If your online fx trading decision was right and the price rallies in your favor, you can always double click on your limit order and change it if the order has not been executed. You can also set a Trailing Stop, where the order moves in the same direction as the price movement, naturally in your favor. If the market moves to your expectations, a trailing stop allows you to minimize your risk and potential loss.
**All stop/loss, limit and entry orders are not guaranteed against slippage especially in abnormal or volatile market condidions. All quotes and trades are subject to the terms and conditions of the Client Agreement accessible through this website.
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