Forex entry orders can increase the risk reward potential of a trade, while saving you valuable time and money, and keeping you accountable to your strategy.
Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out the window. Theis open 24 hours a day, so this means no trader can keep an eye on it all the time. So, traders need a way to execute our trading plan that fits with their daily schedule.
The image below shows an example of a deal ticket outlining the price field whereby a trader can set his/her price execution level. The process and layout should be similar across most platforms.Forex entry orders are very useful for saving time. By setting one, traders do not need to be at a computer when a trend line is hit or when price breaks out of its price channel. Traders can very easily add an entry order to get in the trade if price behaves in the way he/she thinks it will.
We must now compare that amount of time to the 24-hour day that the forex market is open. If a trader spends 10 minutes a day placing trades, this means the market is being watched 0.7% of the day. If a trader spends an hour a day placing trades, he/she is watching the market about 4% of the day.
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